Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31Statiflo GmbH Statiflo CorpStatiflo Corp Statiflo GmbHNo description of principal activity17false2022-06-01false18trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02780638 2022-06-01 2023-05-31 02780638 2021-06-01 2022-05-31 02780638 2023-05-31 02780638 2022-05-31 02780638 c:Director3 2022-06-01 2023-05-31 02780638 d:PlantMachinery 2022-06-01 2023-05-31 02780638 d:PlantMachinery 2023-05-31 02780638 d:PlantMachinery 2022-05-31 02780638 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02780638 d:MotorVehicles 2022-06-01 2023-05-31 02780638 d:MotorVehicles 2023-05-31 02780638 d:MotorVehicles 2022-05-31 02780638 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02780638 d:OfficeEquipment 2022-06-01 2023-05-31 02780638 d:OfficeEquipment 2023-05-31 02780638 d:OfficeEquipment 2022-05-31 02780638 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02780638 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 02780638 d:CurrentFinancialInstruments 2023-05-31 02780638 d:CurrentFinancialInstruments 2022-05-31 02780638 d:Non-currentFinancialInstruments 2023-05-31 02780638 d:Non-currentFinancialInstruments 2022-05-31 02780638 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02780638 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 02780638 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 02780638 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 02780638 d:ShareCapital 2023-05-31 02780638 d:ShareCapital 2022-05-31 02780638 d:CapitalRedemptionReserve 2023-05-31 02780638 d:CapitalRedemptionReserve 2022-05-31 02780638 d:RetainedEarningsAccumulatedLosses 2023-05-31 02780638 d:RetainedEarningsAccumulatedLosses 2022-05-31 02780638 c:FRS102 2022-06-01 2023-05-31 02780638 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 02780638 c:FullAccounts 2022-06-01 2023-05-31 02780638 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02780638 d:Subsidiary1 2022-06-01 2023-05-31 02780638 d:Subsidiary1 1 2022-06-01 2023-05-31 02780638 d:Subsidiary2 2022-06-01 2023-05-31 02780638 d:Subsidiary2 1 2022-06-01 2023-05-31 02780638 2 2022-06-01 2023-05-31 02780638 4 2022-06-01 2023-05-31 02780638 6 2022-06-01 2023-05-31 02780638 7 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 02780638









Statiflo International Limited







Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2023

 
Statiflo International Limited
Registered number: 02780638

Balance Sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,880
19,478

Investments
 5 
17,389
17,389

  
46,269
36,867

Current assets
  

Stocks
 6 
11,281
10,363

Debtors: amounts falling due within one year
 7 
1,699,098
1,407,438

Cash at bank and in hand
  
846,082
558,512

  
2,556,461
1,976,313

Creditors: amounts falling due within one year
 8 
(1,145,486)
(842,124)

Net current assets
  
 
 
1,410,975
 
 
1,134,189

Total assets less current liabilities
  
1,457,244
1,171,056

Creditors: amounts falling due after more than one year
 9 
(24,138)
(33,678)

Provisions for liabilities
  

Deferred tax
  
(2,233)
-

  
 
 
(2,233)
 
 
-

Net assets
  
1,430,873
1,137,378


Capital and reserves
  

Called up share capital 
  
4,403
4,403

Capital redemption reserve
  
5,597
5,597

Profit and loss account
  
1,420,873
1,127,378

  
1,430,873
1,137,378


Page 1

 
Statiflo International Limited
Registered number: 02780638
    
Balance Sheet (continued)
As at 31 May 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P T Davies
Director

Date: 1 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

1.


General information

Statiflo International Limited is a private company limited by share capital incorporated in England & Wales, company number 2780638. The address of the registered office and the principal place of business is Wood Street Mill, Wood Street, Macclesfield, Cheshire, SK11 6JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20%-33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 7

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.21

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 18).

Page 8

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2022
25,140
42,980
192,179
260,299


Additions
-
-
29,265
29,265


Disposals
-
(20,880)
-
(20,880)



At 31 May 2023

25,140
22,100
221,444
268,684



Depreciation


At 1 June 2022
25,140
31,033
184,648
240,821


Charge for the year on owned assets
-
7,095
7,916
15,011


Disposals
-
(16,028)
-
(16,028)



At 31 May 2023

25,140
22,100
192,564
239,804



Net book value



At 31 May 2023
-
-
28,880
28,880



At 31 May 2022
-
11,947
7,531
19,478


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2022
17,389



At 31 May 2023
17,389






Net book value



At 31 May 2023
17,389



At 31 May 2022
17,389

Page 9

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Statiflo GmbH
Auf der Vobwiese 2, 51643 Gummersbach, Germany
Ordinary
100%
Statiflo Corp
75 South Church St, 6th Floor, Pittsfield, MA01201, USA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 May 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Statiflo Corp
(19,104)
169,603

Statiflo GmbH
299,974
101,708


6.


Stocks

2023
2022
£
£

Raw materials and consumables
11,281
10,363



7.


Debtors

2023
2022
£
£


Trade debtors
476,867
423,692

Amounts owed by group undertakings
979,660
840,649

Other debtors
38,885
22,336

Prepayments and accrued income
203,686
118,602

Deferred taxation
-
2,159

1,699,098
1,407,438


Page 10

 
Statiflo International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,881
10,022

Trade creditors
462,497
527,223

Amounts owed to group undertakings
-
3,791

Corporation tax
68,705
4,596

Other taxation and social security
17,962
19,459

Other creditors
-
10,000

Accruals and deferred income
586,441
267,033

1,145,486
842,124


The Company entered into a loan agreement in respect of a loan totalling £50,000 with HSBC UK Bank Plc and this was drawn down in September 2020. The lending facility is supported by the Bounce Back Loan Scheme, with interest due during the first 12 months being payable by the UK Government under the terms of the scheme. After the first 12 months, the interest will be payable by the Company.
An interest rate of 2.5% per annum is applicable. In relation to the first 12 months, the annual interest rate applicable during that period is, in effect 0%.
The Company will repay the loan by monthly repayments of £887. The first instalment is due 13 months after the date on which the loan is drawn and the final instalment is due 72 months after the loan was drawn.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,138
33,678



10.Financial commitments and contingencies

The company has future operating lease commitments of £281,920 (2022: £309,781). The company provides bank bonding against warranties and advances given on the sale of certain machines.  As at 31 May 2023, the total value of bank bonding was £221,064 (2022 £88,204).

 
Page 11