Company registration number 00759870 (England and Wales)
TAPROGGE U.K. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TAPROGGE U.K. LIMITED
COMPANY INFORMATION
Directors
Mr D Taprogge
Dr O Frohling
Secretary
Mr B Tenbrock
Company number
00759870
Registered office
Unit 27
Blick Road
Heathcote Industrial Estate
Warwick
Warwickshire
United Kingdom
CV34 6TA
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
TAPROGGE U.K. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TAPROGGE U.K. LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,144
65,085
Current assets
Stocks
5
24,998
42,488
Debtors
6
112,001
55,091
Cash at bank and in hand
994,625
1,050,815
1,131,624
1,148,394
Creditors: amounts falling due within one year
7
(63,070)
(123,109)
Net current assets
1,068,554
1,025,285
Total assets less current liabilities
1,109,698
1,090,370
Provisions for liabilities
(7,817)
(12,366)
Net assets
1,101,881
1,078,004
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss reserves
1,096,881
1,073,004
Total equity
1,101,881
1,078,004
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2022 and are signed on its behalf by:
Dr O Frohling
Director
Company Registration No. 00759870
TAPROGGE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Taprogge U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 27, Blick Road, Heathcote Industrial Estate, Warwick, Warwickshire, United Kingdom, CV34 6TA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The company has been adversely affected by the ongoing COVID-19 pandemic in 2020. The duration of the outbreak and the impact on the industry cannot be accurately determined, however the company continues to be profitable with a strong financial position and therefore at the date of approving the financial statements, the directors are satisfied that the company will continue its operational existence for the foreseeable future and therefore the financial statements continue to be prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
Over lease term
Plant and machinery
15% reducing balance
Office and computer equipment
33.3% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Provisions are made for damaged, obsolete and slow-moving stock where appropriate.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TAPROGGE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception:
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account in the year they are payable.
1.10
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
1.11
Government grants
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received.
In response to the COVID-19 coronavirus pandemic, in March 2020 the government of England introduced a business grant fund scheme for companies. Under the programme, an eligible company could apply for the subsidy up to amount of £10,000. The company presents grants related to income as ‘other operating income' in the statement of profit or loss.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TAPROGGE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
6
6
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
10,358
18,899
Deferred tax
Origination and reversal of timing differences
(4,549)
(4,347)
Total tax charge
5,809
14,552
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
29,686
75,981
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
5,640
14,436
Tax effect of expenses that are not deductible in determining taxable profit
169
116
Taxation charge for the year
5,809
14,552
TAPROGGE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Tangible fixed assets
Leasehold property
Plant and machinery
Office and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
67,027
3,789
19,360
93,590
183,766
Depreciation and impairment
At 1 January 2021
67,027
2,993
18,181
30,480
118,681
Depreciation charged in the year
120
424
23,397
23,941
At 31 December 2021
67,027
3,113
18,605
53,877
142,622
Carrying amount
At 31 December 2021
676
755
39,713
41,144
At 31 December 2020
796
1,179
63,110
65,085
5
Stocks
2021
2020
£
£
Stocks
24,998
42,488
Stocks at the year end consists of finished goods and work in progress.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
90,323
42,424
Prepayments and accrued income
21,678
12,667
112,001
55,091
TAPROGGE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
8,067
9,084
Amounts owed to group undertakings
18,690
59,415
Corporation tax
10,358
18,899
Other taxation and social security
15,408
25,136
Other creditors
780
Accruals and deferred income
9,767
10,575
63,070
123,109
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
7,817
12,366
2021
Movements in the year:
£
Liability at 1 January 2021
12,366
Credit to profit or loss
(4,549)
Liability at 31 December 2021
7,817
The deferred tax asset set out above relates to accelerated capital allowances.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report in respect of these accounts was unqualified with no emphasis of matter. The Senior Statutory Auditor was Charlotte Toemaes of Ellacotts Audit Services Limited.
Statutory Auditor:
Ellacotts Audit Services Limited
10
Financial commitments, guarantees and contingent liabilities
At 31 December 2021 the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £50,667 (2020: £66,720).
TAPROGGE U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
11
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.