REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2021 |
for |
THD (UK) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2021 |
for |
THD (UK) Limited |
THD (UK) Limited (Registered number: 06560635) |
Contents of the Financial Statements |
for the Year Ended 31st December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THD (UK) Limited |
Company Information |
for the Year Ended 31st December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Thorneloe House |
25 Barbourne Road |
Worcester |
Worcestershire |
WR1 1RU |
THD (UK) Limited (Registered number: 06560635) |
Balance Sheet |
31st December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THD (UK) Limited (Registered number: 06560635) |
Notes to the Financial Statements |
for the Year Ended 31st December 2021 |
1. | STATUTORY INFORMATION |
THD (UK) Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of goods have passed to the buyer, usually on dispatch of the goods. |
GOODWILL |
Acquired goodwill has been fully amortised in the financial statements. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses: |
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: |
Plant and machinery | - | 20% on cost and 33% on cost |
Fixtures and fittings | - | 25% on cost |
Computer equipment | - | 25% on cost and 20% on cost |
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 an asset, and is credited or charged to the profit or loss. |
GOVERNMENT GRANTS |
Government grants are recognised on the performance model. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions is recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Certain consumable stock items are provided free of charge to customers, these are carried at cost and written out to cost of sales once sent to the customer. |
FINANCIAL INSTRUMENTS |
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
Financial assets are offset, with the net amounts presented in the accounts where there is a legally 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. |
Basic Financial Assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic Financial Liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
THD (UK) Limited (Registered number: 06560635) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
2. | ACCOUNTING POLICIES - continued |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
PENSION COSTS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
GOING CONCERN |
The ultimate parent company, Fispa SRL have confirmed their support for a period of at least 12 months from the date of these financial statements. |
The directors, after considering the financial position in relation to the above, have a reasonable expectation that the company has adequate and potential resources to continue in operation for the foreseeable future. For these reasons, the going concern basis has been adopted in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st January 2021 |
and 31st December 2021 |
AMORTISATION |
At 1st January 2021 |
and 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
THD (UK) Limited (Registered number: 06560635) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st December 2021 |
DEPRECIATION |
At 1st January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st December 2021 |
NET BOOK VALUE |
At 31st December 2021 |
At 31st December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Unprovided deferred tax asset |
The deferred tax asset has not been recognised in the financial statements due to the uncertainty of future profits being generated. If tax losses can be utilised in the future, the estimated value of the deferred tax asset as at the year end is £273,301 (2020: £288,766). |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 78,232 | 148,684 |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
THD (UK) Limited (Registered number: 06560635) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2021 |
10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate holding company is FISPA SRL The parent company is THD SPA a company registered in Italy, who own all the issued share capital of THD (UK) Ltd. |
The registered office address of FISPA SRL is Corso Mazzini, 14, 42015 Correggio (RE), Italy. |
12. | LOAN GUARANTEE |
A loan of £200,000 has been made to THD (UK) Ltd during the year, a guarantee has been provided to the lender by Spal Automotive SRL, a related company. |