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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
02198020
2021-01-01
2021-12-31
02198020
2021-12-31
02198020
2020-12-31
02198020
2020-01-01
2020-12-31
02198020
2020-12-31
02198020
bus:Director2
2021-01-01
2021-12-31
02198020
core:PlantMachinery
2020-12-31
02198020
core:FurnitureFittings
2020-12-31
02198020
core:MotorVehicles
2020-12-31
02198020
core:PlantMachinery
2021-12-31
02198020
core:FurnitureFittings
2021-12-31
02198020
core:MotorVehicles
2021-12-31
02198020
core:PlantMachinery
2021-01-01
2021-12-31
02198020
core:FurnitureFittings
2021-01-01
2021-12-31
02198020
core:MotorVehicles
2021-01-01
2021-12-31
02198020
core:WithinOneYear
2021-12-31
02198020
core:WithinOneYear
2020-12-31
02198020
core:ShareCapital
2021-12-31
02198020
core:ShareCapital
2020-12-31
02198020
core:SharePremium
2021-12-31
02198020
core:SharePremium
2020-12-31
02198020
core:RetainedEarningsAccumulatedLosses
2021-12-31
02198020
core:RetainedEarningsAccumulatedLosses
2020-12-31
02198020
core:PlantMachinery
2020-12-31
02198020
core:FurnitureFittings
2020-12-31
02198020
core:MotorVehicles
2020-12-31
02198020
bus:SmallEntities
2021-01-01
2021-12-31
02198020
bus:Audited
2021-01-01
2021-12-31
02198020
bus:FullAccounts
2021-01-01
2021-12-31
02198020
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
02198020
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
02198020
FILLETED FINANCIAL STATEMENTS |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2021
Fixed assets
Tangible assets |
5 |
10,548 |
14,739 |
|
|
|
|
Current assets
Stocks |
72,124 |
134,676 |
Debtors |
6 |
52,284 |
63,121 |
Cash at bank and in hand |
285,932 |
108,791 |
|
--------- |
--------- |
|
410,340 |
306,588 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
202,771 |
207,825 |
|
--------- |
--------- |
Net current assets |
207,569 |
98,763 |
|
--------- |
--------- |
Total assets less current liabilities |
218,117 |
113,502 |
|
--------- |
--------- |
Net assets |
218,117 |
113,502 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
655,000 |
655,000 |
Share premium account |
5,466 |
5,466 |
Profit and loss account |
(
442,349) |
(
546,964) |
|
--------- |
--------- |
Shareholder funds |
218,117 |
113,502 |
|
--------- |
--------- |
|
|
|
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
8 April 2022
, and are signed on behalf of the board by:
Company registration number:
02198020
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, Fairfield Court, Seven Stars Industrial Estate, Coventry, CV3 4LJ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of
NUM Industry Alliance AG
which can be obtained from NUM Industry Alliance AG, Battenhusstrasse 16, 9062 Lustmuhle, Switzerland. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Stock provisioning The company sells numerical control equipment and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. The total stock provision at 31 December 2021 is £24,608 (2020 - £55,713)
Revenue recognition
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.
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 the profit and loss account.
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 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 |
- |
over two to five years on cost
|
|
Fixtures and fittings |
- |
over two to five years on cost
|
|
Motor vehicles |
- |
over five years on cost
|
|
|
|
|
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its 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. 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. The Coronavirus business support grants have been recognised under the accrual model, and is shown as Government grants within the financial statements.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2020:
5
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 January 2021 |
32,787 |
3,999 |
25,395 |
62,181 |
Additions |
– |
2,037 |
– |
2,037 |
Disposals |
(
8,441) |
(
2,358) |
– |
(
10,799) |
|
-------- |
------- |
-------- |
-------- |
At 31 December 2021 |
24,346 |
3,678 |
25,395 |
53,419 |
|
-------- |
------- |
-------- |
-------- |
Depreciation |
|
|
|
|
At 1 January 2021 |
32,231 |
3,360 |
11,851 |
47,442 |
Charge for the year |
334 |
695 |
5,079 |
6,108 |
Disposals |
(
8,441) |
(
2,238) |
– |
(
10,679) |
|
-------- |
------- |
-------- |
-------- |
At 31 December 2021 |
24,124 |
1,817 |
16,930 |
42,871 |
|
-------- |
------- |
-------- |
-------- |
Carrying amount |
|
|
|
|
At 31 December 2021 |
222 |
1,861 |
8,465 |
10,548 |
|
-------- |
------- |
-------- |
-------- |
At 31 December 2020 |
556 |
639 |
13,544 |
14,739 |
|
-------- |
------- |
-------- |
-------- |
|
|
|
|
|
6.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
47,623 |
57,802 |
Other debtors |
4,661 |
5,319 |
|
-------- |
-------- |
|
52,284 |
63,121 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Trade creditors |
6,887 |
3,355 |
Amounts owed to group undertakings |
120,790 |
145,722 |
Social security and other taxes |
37,501 |
23,353 |
Other creditors |
37,593 |
35,395 |
|
--------- |
--------- |
|
202,771 |
207,825 |
|
--------- |
--------- |
|
|
|
8.
Deferred tax
The company has accumulated trading losses totalling £587,447 (2020 - £684,967) which are eligible to be utilised against future trading profits. The company has elected not to recognise a deferred tax asset in respect of trading losses.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2021 |
2020 |
|
£ |
£ |
Not later than 1 year |
6,500 |
6,500 |
|
------- |
------- |
|
|
|
10.
Summary audit opinion
The auditor's report for the year dated 12 August 2022 was unqualified.
The senior statutory auditor was
Mark Bradshaw
, for and on behalf of
Streets Audit LLP
.
11.
Related party transactions
The company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with other wholly owned subsidiaries within the group. No other transactions are required to be disclosed under Financial Reporting Standard 102 Section 1A.
12.
Controlling party
The company is a wholly owned subsidiary undertaking of
NUM Industry Alliance AG
, a company incorporated in Switzerland. The smallest group in which the results of NUM (UK) Limited are consolidated is that headed by NUM Industry Alliance AG. The consolidated accounts of this group are available to the public and may be obtained from NUM Industry Alliance AG, Battenhusstrasse 16, 9062 Lustmuhle, Switzerland.