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Company registration number: 03655618
Esteban UK Limited
Filleted financial statements
31 December 2021
Esteban UK Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Esteban UK Limited
Directors responsibilities statement
Year ended 31 December 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Esteban UK Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 81,359 109,562
_________ _________
81,359 109,562
Current assets
Stocks 277,286 256,488
Debtors 6 749,385 272,987
Cash at bank and in hand 1,914,632 2,683,736
_________ _________
2,941,303 3,213,211
Creditors: amounts falling due
within one year 7 ( 490,761) ( 277,805)
_________ _________
Net current assets 2,450,542 2,935,406
_________ _________
Total assets less current liabilities 2,531,901 3,044,968
Provisions for liabilities ( 20,340) ( 46,213)
_________ _________
Net assets 2,511,561 2,998,755
_________ _________
Capital and reserves
Called up share capital - allotted and fully paid 100,000 100,000
Profit and loss account 2,411,561 2,898,755
_________ _________
Shareholders funds 2,511,561 2,998,755
_________ _________
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 May 2022 , and are signed on behalf of the board by:
S Szabo
Director
Company registration number: 03655618
Esteban UK Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Second Avenue, Redwither Business Park, Wrexham, Clwyd, LL13 9XQ. The principal activity of the company is that of the manufacture and sale of bus seats.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Going concern
The directors have confirmed that there is a possibility that the assets and liabilities of the company will be transferred to Isringhausen (GB) Limited through a merger deal between the two companies, both of which are currently under common control in a group. If this is the case then the company will cease to trade.At this stage, the company continues to trade and the directors are still in negotiations for the two companies to combine. The accounts are prepared on a going concern basis.The board have assessed the statement of financial position and have concluded that it is unlikely that any impairments or other adjustments would be required as all assets and liabilities would be transferred to Isringhausen (GB) Limited at book value.In the event that the merger does not take place then Esteban UK Limited will continue to trade as a separate business. The directors are satisfied that current trading performance and cash flow, when taken in conjunction with budgets and forecasts for the foreseeable future, are sufficient for them to conclude that the going concern basis remains appropriate should this be the case.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:Warranty provision - this involves judgement as to the extent of the provision required to account for the potential costs of warranty issues.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing differences.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10-20% Straight line
Fittings fixtures and equipment - 15-25% Straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the average purchase price or direct production costs and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
No staff were employed by the company during the year, including directors, as they were all employed under contracts of employment by Isringhausen (GB) Limited, a fellow group company.
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2021 and 31 December 2021 343,841 40,295 384,136
_________ _________ _________
Depreciation
At 1 January 2021 234,279 40,295 274,574
Charge for the year 28,203 - 28,203
_________ _________ _________
At 31 December 2021 262,482 40,295 302,777
_________ _________ _________
Carrying amount
At 31 December 2021 81,359 - 81,359
_________ _________ _________
At 31 December 2020 109,562 - 109,562
_________ _________ _________
6. Debtors
2021 2020
£ £
Trade debtors 744,125 268,177
Other debtors 5,260 4,810
_________ _________
749,385 272,987
_________ _________
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 41,220 4,656
Amounts owed to group undertakings and undertakings in which the company has a participating interest 265,680 162,727
Corporation tax 75,998 88,195
Social security and other taxes 72,117 3,729
Other creditors 35,746 18,498
_________ _________
490,761 277,805
_________ _________
8. Summary audit opinion
The auditor's report for the year dated 10 May 2022 was unqualified.
The senior statutory auditor was Steven Newman LLB BFP FCA for and on behalf of Wright Vigar Limited
9. Related party transactions
The company has taken advantage of the exemption available from disclosing transactions and balances with other group companies on the basis that Esteban UK Limited is a wholly owned subsidiary.
10. Controlling party
The company is wholly owned by Aunde Esteban S.A in Spain and the ultimate holding company is Isringhausen GmbH & Co. KG in Germany.The directors consider that the company is controlled by the directors of Aunde Esteban S.A.The only group in which the results of the company are consolidated is that headed by Isringhausen GmbH & Co. KG, the ultimate holding company.