5 23 August 2024 false false false false false false false false false false true false false true true true true true true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02198020 2023-01-01 2023-12-31 02198020 2023-12-31 02198020 2022-12-31 02198020 2022-01-01 2022-12-31 02198020 2022-12-31 02198020 2021-12-31 02198020 bus:Director2 2023-01-01 2023-12-31 02198020 core:PlantMachinery 2022-12-31 02198020 core:FurnitureFittings 2022-12-31 02198020 core:PlantMachinery 2023-12-31 02198020 core:FurnitureFittings 2023-12-31 02198020 core:WithinOneYear 2023-12-31 02198020 core:WithinOneYear 2022-12-31 02198020 core:ShareCapital 2023-12-31 02198020 core:ShareCapital 2022-12-31 02198020 core:SharePremium 2023-12-31 02198020 core:SharePremium 2022-12-31 02198020 core:RetainedEarningsAccumulatedLosses 2023-12-31 02198020 core:RetainedEarningsAccumulatedLosses 2022-12-31 02198020 core:BetweenOneFiveYears 2023-12-31 02198020 core:BetweenOneFiveYears 2022-12-31 02198020 core:MoreThanFiveYears 2022-12-31 02198020 core:PlantMachinery 2023-01-01 2023-12-31 02198020 core:FurnitureFittings 2023-01-01 2023-12-31 02198020 core:PlantMachinery 2022-12-31 02198020 core:FurnitureFittings 2022-12-31 02198020 bus:SmallEntities 2023-01-01 2023-12-31 02198020 bus:Audited 2023-01-01 2023-12-31 02198020 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02198020 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02198020 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 02198020
NUM (UK) LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
NUM (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
746
1,650
Current assets
Stocks
78,165
83,680
Debtors
6
25,291
43,456
Cash at bank and in hand
179,396
201,289
---------
---------
282,852
328,425
Creditors: amounts falling due within one year
7
( 50,902)
( 69,349)
---------
---------
Net current assets
231,950
259,076
---------
---------
Total assets less current liabilities
232,696
260,726
---------
---------
Net assets
232,696
260,726
---------
---------
Capital and reserves
Called up share capital
655,000
655,000
Share premium account
5,466
5,466
Profit and loss account
( 427,770)
( 399,740)
---------
---------
Shareholder funds
232,696
260,726
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
S D Moore
Director
Company registration number: 02198020
NUM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, Fairfield Court, Seven Stars Industrial Estate, Coventry, CV3 4LJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of NUM Industry Alliance AG which can be obtained from NUM Industry Alliance AG, Battenhusstrasse 16, 9062 Lustmuhle, Switzerland. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The only instance of an estimate or assumption that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is stock provisioning in relation to the numerical control equipment. As a result of changing consumer demands it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. The total stock provision at 31 December 2023 is £22,627 (2022 - £22,003)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
over two to five years on cost
Fixtures and fittings
-
over two to five years on cost
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
24,403
3,978
28,381
--------
-------
--------
Depreciation
At 1 January 2023
24,112
2,619
26,731
Charge for the year
125
779
904
--------
-------
--------
At 31 December 2023
24,237
3,398
27,635
--------
-------
--------
Carrying amount
At 31 December 2023
166
580
746
--------
-------
--------
At 31 December 2022
291
1,359
1,650
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
17,865
38,244
Other debtors
7,426
5,212
--------
--------
25,291
43,456
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,285
3,093
Amounts owed to group undertakings
16,536
13,637
Social security and other taxes
15,464
19,034
Pension liability
2,064
Other creditors
14,553
33,585
--------
--------
50,902
69,349
--------
--------
8. Deferred tax
The company has accumulated trading losses totalling £580,068 (2022 - £553,253) which are eligible to be utilised against future trading profits. Due to the uncertainty over the timings of the relief no deferred tax asset has been recognised in respect of trading losses.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
29,090
21,490
Later than 1 year and not later than 5 years
59,097
63,320
Later than 5 years
6,500
--------
--------
88,187
91,310
--------
--------
10. Summary audit opinion
The auditor's report dated 23 August 2024 was unqualified .
The senior statutory auditor was Mark Bradshaw , for and on behalf of Streets Audit LLP .
11. Related party transactions
The company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with other wholly owned subsidiaries within the group. No other transactions are required to be disclosed under Financial Reporting Standard 102 Section 1A.
12. Controlling party
The company is a wholly owned subsidiary undertaking of NUM Industry Alliance AG , a company incorporated in Switzerland. The smallest group in which the results of NUM (UK) Limited are consolidated is that headed by NUM Industry Alliance AG. The consolidated accounts of this group are available to the public and may be obtained from NUM Industry Alliance AG, Battenhusstrasse 16, 9062 Lustmuhle, Switzerland.