Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3162022-04-01falseSales of PTFE, Fluoropolymers, Elastomers and castings7truetrue 02596931 2022-04-01 2023-03-31 02596931 2021-04-01 2022-03-31 02596931 2023-03-31 02596931 2022-03-31 02596931 c:Director4 2022-04-01 2023-03-31 02596931 d:CurrentFinancialInstruments 2023-03-31 02596931 d:CurrentFinancialInstruments 2022-03-31 02596931 d:Non-currentFinancialInstruments 2023-03-31 02596931 d:Non-currentFinancialInstruments 2022-03-31 02596931 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02596931 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02596931 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02596931 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02596931 d:ShareCapital 2023-03-31 02596931 d:ShareCapital 2022-03-31 02596931 d:SharePremium 2023-03-31 02596931 d:SharePremium 2022-03-31 02596931 d:RetainedEarningsAccumulatedLosses 2023-03-31 02596931 d:RetainedEarningsAccumulatedLosses 2022-03-31 02596931 c:FRS102 2022-04-01 2023-03-31 02596931 c:Audited 2022-04-01 2023-03-31 02596931 c:FullAccounts 2022-04-01 2023-03-31 02596931 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02596931 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02596931 2 2022-04-01 2023-03-31 02596931 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 02596931









DUFLON EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
DUFLON EUROPE LIMITED
REGISTERED NUMBER: 02596931

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
217,756
303,575

Debtors: amounts falling due after more than one year
 4 
-
63,050

Debtors: amounts falling due within one year
 4 
1,797,348
2,548,578

Cash at bank and in hand
 5 
168,920
218,357

  
2,184,024
3,133,560

Creditors: amounts falling due within one year
 6 
(780,904)
(2,042,708)

Net current assets
  
 
 
1,403,120
 
 
1,090,852

Total assets less current liabilities
  
1,403,120
1,090,852

Creditors: amounts falling due after more than one year
 7 
(21,413)
(32,387)

  

Net assets
  
1,381,707
1,058,465


Capital and reserves
  

Called up share capital 
  
35,340
35,340

Share premium account
  
633,326
633,326

Profit and loss account
  
713,041
389,799

  
1,381,707
1,058,465


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 profit and loss account 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 on 24 January 2024.

................................................
B A Fernandes
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
DUFLON EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Duflon Europe Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and registered in England and Wales. The registered office is Unit 6, Waterside Drive, Langley, SL3 6EZ.
The principal activity of the company in the year under review was that of fluoropolymer wholesalers.

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

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Amounts recorded in the financial statements are rounded to the nearest whole £1.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
DUFLON EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Interest income

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

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

Taxation

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.

Page 3

 
DUFLON EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).

Page 4

 
DUFLON EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
-
63,050

-
63,050


2023
2022
£
£

Due within one year

Trade debtors
988,501
1,703,682

Amounts owed by group undertakings
792,136
604,457

Other debtors
15,530
239,258

Prepayments and accrued income
1,181
1,181

1,797,348
2,548,578



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
168,920
218,357



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,952
9,627

Trade creditors
138,273
95,588

Amounts owed to group undertakings
316,117
1,646,559

Corporation tax
75,822
67,002

Other taxation and social security
4,762
4,839

Other creditors
219,092
219,093

Accruals and deferred income
16,886
-

780,904
2,042,708


Page 5

 
DUFLON EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
21,413
32,387



8.


Pension commitments

The Company operates a defined contribution pension scheme, the assets of which are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,790 (2022: £9,571). Contributions totalling £832 (2022: £832) were payable to the fund at the balance sheet date and are included within creditors.


9.


Related party transactions

Duflon Americas LLC
A company in which Mr J S Gandhum has a 95% holding. 
During the year £85,409 (2022: £62,145) of sales were made to DuFlon Americas LLC and this is shown under turnover. In addition, in the financial year payments were made of £74,996 (2022: £63,050) to DuFlon Europe Limited.
E-Careers Limited
Mr. D S Gandhum and Mr. J Gandhum are directors and shareholders.
Management fees charged to E-Careers Limited during the year totaled £nil (2022: £nil) and £25,000 (2022: £125,000) cash was received during the year.


10.


Controlling party

The Company is controlled by Duflon Industries PVT Limited which directly controls 95% of the ordinary issued share capital. The ultimate controlling party is Shailesh H Mehta by way of his 86% shareholding in Duflon Industries PVT Limited.
Duflon Industries PVT Limited is the largest and smallest group for which consolidated financial statements are drawn up.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 1 February 2024 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

Page 6