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Registration number: 07046333

Scandi (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Scandi (UK) Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Scandi (UK) Limited

Company Information

Directors

T M Erlandsson

C Erlandsson

T Erlandsson

Registered office

Sweden House
5 Upper Montagu Street
London
W1H 2AG

Independent Auditors

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Scandi (UK) Limited

(Registration number: 07046333)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Receivables

5

529,975

185,980

Cash at bank and in hand

 

4,475

5,255

 

534,450

191,235

Payables: Amounts falling due within one year

6

(471,074)

(167,544)

Net assets

 

63,376

23,691

Equity

 

Called up share capital

7

1

1

Retained earnings

7

63,375

23,690

Shareholders' funds

 

63,376

23,691

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 and in accordance with the provisions of FRS 102 Section 1A- small entities.

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 Income statement.

The financial statements of Scandi (UK) Limited were approved and authorised for issue by the Board on 31 July 2024 and signed on its behalf by:
 

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

T M Erlandsson
Director

 

Scandi (UK) Limited

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

1

General information

Scandi (UK) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company and the availability of financial support from its parent company over the foreseeable future being at least twelve months from the date of approving the financial statements. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Scandi (UK) Limited is reliant on the support of Scandi Gruppen AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Scandi Gruppen Overseas International AB, which may be obtained from 9 Energigatan, Kungsbacka, SE43422, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

 

Scandi (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue includes revenue earned from the sale of goods.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit and loss, except that a change attributable to an item of income and expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

 

Scandi (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

-

-

Tax expense/(receipt) in the income statement

-

-

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

39,685

86,174

Corporation tax at standard rate

9,326

16,373

Effect of tax losses

(9,326)

(16,373)

Total tax charge/(credit)

-

-

 

Scandi (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Receivables

2023
£

2022
£

Amounts owed by group undertakings

508,463

140,513

Other receivables

21,512

45,467

529,975

185,980

The amounts owed by group undertakings are unsecured, interest free and repayable on demand.

6

Payables

2023
£

2022
£

Due within one year

Trade payables

20,032

134,154

Accruals

451,042

33,390

471,074

167,544

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1

1

1

1

1

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

 

Scandi (UK) Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

8

Related party transactions

The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.95 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.

There were no other related party transactions to disclose.

9

Parent and ultimate parent undertaking

The company's immediate parent undertaking is Scandi Gruppen Overseas International AB; incorporated in Sweden.

The parent of the largest and the smallest group in which these financial statements are consolidated is Scandi Innovative Projects AB, registered in Sweden. These financial Statements are available from 19 Energigatan, Kungsbacka, SE43422, Sweden.

10

Events after the financial period

There has been no significant events between the year and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

11

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 July 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.