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REGISTERED NUMBER: 03141642 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ISKRAEMECO (UK) LIMITED

ISKRAEMECO (UK) LIMITED (REGISTERED NUMBER: 03141642)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ISKRAEMECO (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: B E A Mohamed Baiomy





REGISTERED OFFICE: First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY





REGISTERED NUMBER: 03141642 (England and Wales)





AUDITORS: Galloways Accounting
Statutory Auditor
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

ISKRAEMECO (UK) LIMITED (REGISTERED NUMBER: 03141642)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Debtors 4 618,370 672,503
Cash at bank 127,417 94,351
745,787 766,854
CREDITORS
Amounts falling due within one year 5 111,058 68,762
NET CURRENT ASSETS 634,729 698,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

634,729

698,092

CAPITAL AND RESERVES
Called up share capital 6 2,833,530 2,833,530
Retained earnings (2,198,801 ) (2,135,438 )
SHAREHOLDERS' FUNDS 634,729 698,092

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 March 2023 and were signed by:





B E A Mohamed Baiomy - Director


ISKRAEMECO (UK) LIMITED (REGISTERED NUMBER: 03141642)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Iskraemeco (Uk) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised upon the point that the goods are despatched.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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 instruments are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently carried at fair value, with adjustments through the profit or loss.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 and other post-retirement benefits
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
Whilst the directors acknowledge the continuing trend in decreasing revenue, based on their review of the Company's expected results and forecast cash flows, the directors believe that the Company will continue to meet its obligations as they fall due.

The current inflationary and economic pressures generate a level of uncertainty in trading projections. The directors believe that there is sufficient liquidity in cash reserves and in the Company's ability to call group loan balances to ensure that there is headroom on these projections.

On this basis, the directors have prepared these financial statements on a going concern basis.

ISKRAEMECO (UK) LIMITED (REGISTERED NUMBER: 03141642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 208,617 72,064
Amounts owed by group undertakings 398,683 592,718
Other debtors 3,428 -
PAYE 659 1,145
Prepayments 6,983 6,576
618,370 672,503

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 20,082 8,361
Amounts owed to group undertakings 15,753 20,252
VAT 63,368 10,815
Other creditors - 6,946
Deferred income 6,855 17,388
Accrued expenses 5,000 5,000
111,058 68,762

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
2,833,530 Ordinary £1 2,833,530 2,833,530

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Crowter BSc FCA (Senior Statutory Auditor)
for and on behalf of Galloways Accounting

8. OFF-BALANCE SHEET ARRANGEMENTS

At the balance sheet date, the Company was contracted to two service agreements generating £9,464 (2021: £9,344) payable to suppliers within one year.

A group company was also contracted to a service agreement generating £8,780 (2021: £8,780) receivable by the Company within one year.

9. IMMEDIATE PARENT COMPANY

The immediate parent company is Iskraemeco d.d., a company registered in Slovenia. The company's accounts are consolidated into the financial statements of the parent company, Iskraemeco d.d. Copies of accounts may be obtained from Iskraemeco d.d. Savska Ioka 4, 4000 Kranj, Slovenia.

ISKRAEMECO (UK) LIMITED (REGISTERED NUMBER: 03141642)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

10. ULTIMATE PARENT COMPANY

The directors consider that the ultimate parent company is Elsewedy Electric Co S.A.E., a company incorporated in Egypt.