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Company registration number: 01732746

Adapa UK St Helens Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023
 

 

Adapa UK St Helens Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Adapa UK St Helens Limited

Company Information

Directors

Mr A P Parisi

Mr S V Parisi

Company secretary

Mr S V Parisi

Registered office

8 Brindley Road
Reginald Road Industrial Estate
St. Helens
WA9 4HY

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Adapa UK St Helens Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Adapa UK St Helens Limited for the year ended 31 December 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Adapa UK St Helens Limited, as a body, in accordance with the terms of our engagement letter dated 19 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of Adapa UK St Helens Limited and state those matters that we have agreed to state to the Board of Directors of Adapa UK St Helens Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adapa UK St Helens Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Adapa UK St Helens Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Adapa UK St Helens Limited. You consider that Adapa UK St Helens Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Adapa UK St Helens Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

15 April 2024

 

Adapa UK St Helens Limited

(Registration number: 01732746)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,368,283

801,729

Current assets

 

Stocks

1,030,649

1,070,113

Debtors

5

265,940

53,056

Cash at bank and in hand

 

24,536

60,962

 

1,321,125

1,184,131

Creditors: Amounts falling due within one year

6

(1,572,249)

(1,033,124)

Net current (liabilities)/assets

 

(251,124)

151,007

Total assets less current liabilities

 

1,117,159

952,736

Creditors: Amounts falling due after more than one year

6

(437,922)

(250,000)

Provisions for liabilities

(185,574)

(187,014)

Net assets

 

493,663

515,722

Capital and reserves

 

Called up share capital

72

72

Capital redemption reserve

50

50

Retained earnings

493,541

515,600

Shareholders' funds

 

493,663

515,722

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Adapa UK St Helens Limited

(Registration number: 01732746)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mr S V Parisi
Director

   
     
 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Brindley Road
Reginald Road Industrial Estate
St. Helens
WA9 4HY
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services and is shown net of value added tax, returns, rebates and discounts. Turnover is recognised when the company has delivered the goods and services to the customer and they are accepted.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred Tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% straight line

Plant and machinery

15% reducing balance / straight line 5-15 years

Fixtures and fittings

15% reducing balance

Motor vehicles

33% reducing balance

Computer equipment

25% reducing balance

Stocks

Stocks comprise raw materials and finished goods. Raw materials are stated at the lower of cost and estimated selling price less costs to complete and sell. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis, except where another systematic basis is more representative of the time pattern in which the economic benefits from the leased asset are consumed.

Defined contribution pension obligation

The company operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the company to the fund in respect of the year.

 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Reasearch and development

Research expenditure is written off in the period in which it is incurred.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 34).

4

Tangible assets

Property Improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

136,398

129,295

2,513,173

64,267

3,523

2,846,656

Additions

112,597

2,529

565,812

697

-

681,635

At 31 December 2023

248,995

131,824

3,078,985

64,964

3,523

3,528,291

Depreciation

At 1 January 2023

65,617

85,165

1,850,855

41,993

1,297

2,044,927

Charge for the year

20,901

6,875

81,115

5,455

735

115,081

At 31 December 2023

86,518

92,040

1,931,970

47,448

2,032

2,160,008

Carrying amount

At 31 December 2023

162,477

39,784

1,147,015

17,516

1,491

1,368,283

At 31 December 2022

70,781

44,130

662,318

22,274

2,226

801,729

 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

36,204

13,659

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

151,862

10,638

Prepayments

 

45,918

21,493

Other debtors

 

31,956

7,266

 

265,940

53,056

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Obligations under finance lease and hire purchase contracts

 

52,548

-

Trade creditors

 

505,281

303,177

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

603,368

309,109

Taxation and social security

 

216,096

217,046

Accruals and deferred income

 

177,000

184,687

Other creditors

 

17,956

19,105

 

1,572,249

1,033,124

Creditors include finance lease liabilities of £52,548 ( 2022 - £nil ) which are secured on the assets concerned.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Obligations under finance leases and hire purchase contracts

187,922

-

Amounts owed to group undertakings

 

250,000

250,000

 

437,922

250,000

Creditors inclded finance lease liabilities of £187,922 ( 2022 - £nil ) which are secured on the assets concerned.

 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023


7

Commitments under operating leases

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £97,733 (2022 - £226,169). These commitments relate to the total minimum lease payments under non cancellable operating leases.

The total amount of financial commitments not included in the balance sheet concerning pensions is £5,995 (2022 - £6,129).

8

Related party transactions

Included within debtors are the following loans to directors:

2023

At 1 January 2023
£

At 31 December 2023
£

Loans

3,788

3,788

     
   

 

2022

At 1 January 2022
£

At 31 December 2022
£

Loans

3,788

3,788

     
   

 

Summary of transactions with parent

Included within creditors over one year at the balance sheet date is a long term loan owed to the parent company Schur Flexibles Uni SAS amounting to £250,000 (2022: £250,000). Interest is payable on this loan at 1.4% per annum.
 

 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with group companies were as follows:-

Sales

Purchases

2023

2023

£

£

Schur Flexibles Uni SAS

-

-

Adapa Italy Florence SpA

-

281,902

Adapa UK Edinburgh Limited

6,071,213

-

Adapa France Fontenay Le Compte SAS

-

13,967

Adapa Finland Jackobstad Oy

-

19,685

Adapa Germany Kempten Gmbh

-

184,830

Adapa Germany Freital Gmbh

9,464

3,117

Adapa Denmark Bjert

553

8,004

Adapa Holding GesmbH

63,521

14,669

Schur Flexibles Vacufol Gmbh

101,174

Adapa Poland

8,861

Adapa France Averdoingt SAS

1,317

-

6,146,068

636,209

The amounts owed (to)/from group companies are as follows:-

2023

2022

£

£

Schur Flexibles Uni SAS

(121,037)

(121,036)

Adapa Italy Florence SRL

(5,194)

Adapa UK Edinburgh Limited

151,862

(13,794)

Adapa France Forntenay Le Comte SAS

(3,203)

-

Adapa Germany Kempten Gmbh

(39,249)

6,078

Adapa Germany Freital Gmbh

-

655

Adapa Holding GesmbH

(269,609)

3,905

Schur Flexibles Vacufol Gmbh

(6,773)

Adapa France Averdoingt SAS

(11,863)

(28,221)

Adapa Gmbh

(146,440)

(146,058)

(451,506)

(298,471)

 

Adapa UK St Helens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Parent and ultimate parent undertaking

The company's immediate parent is Schur Flexibles Uni SAS, registered in France.

 The ultimate parent is Atlas Flexibles GmbH, incorporated in Germany.