REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2021 TO 31 DECEMBER 2022 |
FOR |
PROALL UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 DECEMBER 2021 TO 31 DECEMBER 2022 |
FOR |
PROALL UK LIMITED |
PROALL UK LIMITED (REGISTERED NUMBER: 11429490) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 December 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PROALL UK LIMITED |
COMPANY INFORMATION |
for the Period 1 December 2021 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
PROALL UK LIMITED (REGISTERED NUMBER: 11429490) |
BALANCE SHEET |
31 December 2022 |
31.12.22 | 30.11.21 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
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 |
PROALL UK LIMITED (REGISTERED NUMBER: 11429490) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 December 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
ProAll UK Limited is a |
The length of the reporting period has been extended. In light of this, please note the following: |
- | The financial statements cover the 13 month period between 1 December 2021 and 31 December 2022 |
- | The extension of the accounting period was a direct result of the Company's takeover in the year by Terex Corporation, in order to bring their accounting year in line with the rest of the group. |
- | The prior year figures are therefore not entirely comparable. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on the going concern basis in light of the fact that the parent company, ProAll International Manufacturing Inc., will continue to provide financial support to ProAll UK Limited for the foreseeable future and in any event for at least one year and one day from the date of the audit report. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Sales comprise the fair value of the consideration received or receivable for the products sold in the ordinary course of the Company's activities. Sales are presented net of VAT, rebates and discounts. |
The company recognises revenue in accordance with the terms contained within a consignment agreement, under which recognition is based upon receipt of monies for the goods provided. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Goods,which are provided to customers under a consignment agreement, remain the property of the company and are therefore recorded as stock. All stock has been provided under a consignment agreement. |
Taxation |
Taxation for the period comprises current and deferred tax. 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 and liabilities 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. |
PROALL UK LIMITED (REGISTERED NUMBER: 11429490) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 December 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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 period 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 |
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. |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2021 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 30.11.21 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 30.11.21 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 30.11.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
PROALL UK LIMITED (REGISTERED NUMBER: 11429490) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 December 2021 to 31 December 2022 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included |
within the full financial statements:- |
"Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed." |
8. | ULTIMATE PARENT COMPANY |
The ultimate parent undertaking is Terex Corporation, a company incorporated in Delaware, USA, with a registered office address at 45 Glover Avenue, 4th Floor, Norwalk, Connecticut, CT 06850, USA. |
The ultimate parent company is the smallest group producing consolidated accounts incorporating ProAll UK Ltd. These can be found at www.sec.gov/edgar. |