REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2020 |
for |
Eickhorn-Solingen Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2020 |
for |
Eickhorn-Solingen Limited |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Eickhorn-Solingen Limited |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
c/o Blackthorn House |
St Pauls Square |
Birmingham |
West Midlands |
B3 1RL |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Balance Sheet |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | € | € | € | € |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Balance Sheet - continued |
31 December 2020 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
Eickhorn-Solingen Limited is a |
The company operates from its base in Germany and has no activities or presence in the United Kingdom . Its operations are based at Kolumbus Strasse 6, Solingen, Germany D42655. As at the year end the company's trade and all of its assets and liabilities have been transferred to a company registered and operating in Germany, Eickhorn-Solingen GmbH. Accordingly this company is now a holding company in respect of its investment in the new subsidiary. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Eickhorn-Solingen Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents the net invoiced sales of goods, excluding value added tax. All of the company's activities are in Germany and therefore are external to the UK. |
Patents and licences |
The costs of acquiring patent and licence rights are written off over a period of 4 years, which is deemed to be the expected useful life of these. |
Tangible fixed assets |
Depreciation is charged on the company's assets in accordance with the tax law applicable in Germany. The rates fall within the following ranges |
Buildings over 50 years |
Machinery over 3 to 15 years |
Vehicles over 2 to 4 years |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year, which arises solely in Germany, comprises current taxation only as no deferred liabilities arise. 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. |
Current or deferred taxation assets are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
The accounts are presented in Euros which represents the operational currency of the company. For the purposes of conversion of the accounts to sterling, a balance sheet rate of €1.1064 (2019 €1.1705) would be applicable and the average rate for the trading figures for the year to 31st December 2020 was €1.1289 (2019 €1.1342) |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
€ |
COST |
At 1 January 2020 |
Disposals | ( |
) |
At 31 December 2020 |
AMORTISATION |
At 1 January 2020 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
€ | € | € |
COST |
At 1 January 2020 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
Eickhorn-Solingen Limited (Registered number: SC360107) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
€ |
COST |
Additions |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
The investment refers to the net asset value of the company's balance sheet which has been transferred to a new subsidiary company Eickhorn-Solingen GmbH. This value therefore represents the cost of this investment at the time of the transfer in December 2020. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
€ | € |
Trade debtors |
Other debtors |
The amount that was owed in 2018 by the company's immediate parent company was settled by a Euro 499,140 reduction in the share premium account. This reduction reflects the excess paid for the company upon acquisition which will be treated as a reduction in that company's investment in Eickhorn Solingen. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
€ | € |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
€ | € |
Other creditors |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is S Kerr. |
The company is controlled by the director, S Kerr, by virtue of his holding in the ultimate parent company as at the date of these accounts. |