Company registration number 03114998 (England and Wales)
SKANEM SE LABELS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SKANEM SE LABELS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SKANEM SE LABELS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,155,996
2,155,996
Current assets
Debtors
5
5,086
Cash at bank and in hand
226,525
319,780
226,525
324,866
Creditors: amounts falling due within one year
6
(142,458)
(217,223)
Net current assets
84,067
107,643
Total assets less current liabilities
2,240,063
2,263,639
Creditors: amounts falling due after more than one year
7
(879,989)
(990,000)
Net assets
1,360,074
1,273,639
Capital and reserves
Called up share capital
14
14
Share premium account
1,099,988
1,099,988
Profit and loss reserves
260,072
173,637
Total equity
1,360,074
1,273,639
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A - small entities.
The financial statements were approved by the board of directors and authorised for issue on 4 April 2024 and are signed on its behalf by:
Mr Ole Kristian Rugland
Director
Company Registration No. 03114998
SKANEM SE LABELS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Skanem SE Labels (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3Mc Middlemarch Business Park, Siskin Drive, Coventry, United Kingdom, CV3 4FJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Investment Property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
SKANEM SE LABELS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
SKANEM SE LABELS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,155,996
Investment property comprises an office building. The fair value of the investment property has been determined in relation to the open market value by reference to market evidence of similar rental properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,086
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
85
Amounts owed to group undertakings
110,000
179,528
Taxation and social security
25,323
27,195
Other creditors
7,050
10,500
142,458
217,223
Amounts owed to group undertakings are repayable in 40 equal instalments, commencing in March 2023. Interest is payable at LIBOR + 2% and is paid quarterly in arrears.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
879,989
990,000
Amounts owed to group undertakings are repayable in 40 equal instalments, commencing in March 2023. Interest is payable at LIBOR + 2% and is paid quarterly in arrears.
SKANEM SE LABELS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The Senior Statutory Auditor was Andrew Shaw
for and on behalf of Anderson Anderson & Brown Audit LLP
9
Parent company
The company's ultimate parent undertaking and controlling party at the Balance Sheet date was Skanem Eiendom AS, a company registered in Norway.
10
Related party transactions
Transactions with related parties
The company has taken the exemptions available under section 33 of FRS102, to not disclose related party transactions between wholly owned of group companies.