Registered number: 08335705
EMICON-U.K. LTD
(formerly known as HIDROS U.K. LTD)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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EMICON-U.K. LTD
REGISTERED NUMBER: 08335705
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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EMICON-U.K. LTD
REGISTERED NUMBER: 08335705
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income 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 by:
The notes on pages 3 to 11 form part of these financial statements.
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
EMICON-U.K. Ltd (the "Company") is a private company limited by share capital, incorporated under the UK Companies Act 2006 and domiciled in England. The address of the Company's registered office is Np-105 Icentre, Howard Way, Newport Pagnell, Milton Keynes, United Kingdom, MK16 9PY.
The Company, originally named HIDROS U.K. Ltd, changed its name to EMICON-U.K. Ltd by special resolution on 20 May 2024.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company 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 UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial reporting period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the director has reviewed the Company’s principal and emerging risks, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date.
Based on their assessment, the director is of the conclusion that the Company will have, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain an inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Turnover comprises revenues in respect of the following activities, undertaken during the reporting period, exclusive of Value Added Tax and trade discounts:
∙Sales and commissioning of HEVAC units;
∙Provision of maintenance services and replacement parts in respect of HEVAC units; and
∙Commissions on third party arrangements
Revenues are recognised either:
∙Upon delivery, in the case of sales and commissioning of HEVAC units; or
∙Upon completion, in the case of maintenance services and commissions on third party arrangements
The Company makes contributions towards defined contribution pension plans on behalf of 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 assets of the plan are held separately from the Company in independently administered funds.
The contributions are recognised as an expense in profit or loss for the reporting period when they fall due under the rules of the pension plan. Amounts falling due but not paid are shown as part of other creditors in the balance sheet.
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The tax expense for the financial reporting period comprises of current (i.e. corporation) and deferred taxation and is recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where the Company solely operates and generates taxable income.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date expected to apply when the related deferred tax asset/liability is realised/settled. Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Tangible fixed assets comprise of computer and other equipment and are recognised under the cost model and stated at historical cost less accumulated depreciation.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
Depreciation is provided on a straight line over 3 years and commences once the asset is available for use.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks comprise of spare parts for the future maintenance of goods provided and are stated at the lower of cost and net realisable value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised in the balance sheet upon becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity is outlined as follows:
Debtors and creditors
Debtors, excluding deferred tax assets (see note 2.8), and creditors deemed to be short term in nature and not deemed to be a financing transaction are initially measured at transaction price (i.e
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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fair value) and subsequently held, at transaction price less provision for impairment of assets.
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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The Company held no debtors, excluding deferred tax assets, deemed not to be short term in nature during the current or preceding financial reporting periods. Creditors deemed to be either short term or not and originating from an arrangement that is a financing transaction are initially measured at the present value of the future cash payments discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis.
Cash and cash equivalents
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Equity
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from a share premium account.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the director is required to apply judgment and make estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other available sources based on historical experience and other factors that are considered to be relevant. Consequently, actual results may differ from that originally estimated.
In the opinion of the director, the following judgments, estimates and/or assumptions made in applying the principal accounting policies, outlined in note 2 of these financial statements, towards the preparation of these financial statements may be considered as having a significant risk of causing a material adjustment to the carrying amount of assets and/or liabilities carried forward as at the balance sheet date where by which the actual future outcome observed may differ from that originally determined and reported.
Impairment of trade debtors
∙When assessing the recoverable value of trade debtors, the director considers factors including the credit rating of the debtor, ageing profile, historical experience and communications with the debtor to date.
Present value of financing transactions
∙A financing transaction is measured at the present value of the future cash receipts or payments discounted at a market rate of interest of a similar financial asset or financial liability.
∙Determination of the present value requires assumptions to be made by the director regarding the timing of future cash receipts or payments as well as the estimation of the discount rate to be applied in reflecting the time value of money.
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The average monthly number of employees, including directors, during the year was 3 (2022 - 2).
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Computer and other equipment
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Due after more than one year
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Falling due within one year
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Trade debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against trade debtors falling due within one year was £nil (2022: £nil).
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Cash and cash equivalents
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included in trade creditors falling due within one year is a balance payable held at its present value of £26,790 (2022: £18,597) discounted at a rate of 9% per annum in respect of goods purchased from a fellow group undertaking with payment agreed to be made in fixed interest-free installments over a seven year term commencing from 1 March 2019 and comprising of two annual payments amounting to £18,179 (2022: £13,635) and €16,533 (2022: €12,400) respectively.
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Creditors: Amounts falling due after more than one year
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Trade creditors falling due after more than one year comprises of interest-free liabilities payable at their present value, discounted at a rate of 9% per annum, in respect of goods purchased from a fellow group undertaking with payment agreed to be made in fixed installments over a seven year term commencing from 1 March 2019 and comprising of two annual payments amounting to £18,179 (2022: £13,635) and €16,533 (2022: €12,400) respectively.
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Financial liabilities measured at amortised cost and amounting to £97,563 (2022: £98,430) comprise of trade creditors originating from a financing transaction arrangement (see notes 8 and 9).
The Company held no other financial instruments that would require specific disclosure under sections 1.12, 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
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EMICON-U.K. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other reserves
Other reserves comprise solely of the equity component in respect of financing transactions accounted for under Financial Reporting Standard 102 (see notes 8 and 9).
Profit and loss account
The profit and loss account includes all current and prior period retained profits and (losses) net of amounts distributed, where applicable, to the Company's equity shareholders.
Contributions payable towards defined benefit pension plans totalling £nil (2022: £nil) were outstanding at the balance sheet date.
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Related party transactions
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The Company has taken advantage of exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the balance sheet date between the Company and its fellow wholly-owned group undertakings.
There were no other related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The immediate parent undertaking is HIDROS s.r.l., an intermediary holding company incorporated in Italy under the Italian Company Law, which holds a 100% interest in the total voting rights of the Company.
The parent undertaking of the smallest group to consolidate these financial statements is EMICON A.C. S.p.A.. The registered office of EMICON A.C. S.p.A. is located at Cesena (FC) Via R. Brusi 37 Int.1 and copies of the aforementioned consolidated financial statements for EMICON A.C. S.p.A. may be obtained from the Italian Business Registrar's website: http://www.registroimprese .it.
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