REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
ISKRAEMECO (UK) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT 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 director and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
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. |
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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
PAYE | 659 | 1,145 |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | 63,368 | 10,815 |
Other creditors |
Deferred income |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
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. |
for and on behalf of |
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. |