Registration number:
Cidan Machinery UK Limited
for the Period from 1 January 2022 to 30 September 2022
Cidan Machinery UK Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Cidan Machinery UK Limited
Company Information
Directors |
Lars Hjelmqvist Henrik Warlund |
Registered office |
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Independent Auditors |
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Cidan Machinery UK Limited
(Registration number: 13082223)
Statement of Financial Position as at 30 September 2022
Note |
2022 |
2021 |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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- |
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Payables: Amounts falling due within one year |
( |
- |
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Net liabilities |
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Equity |
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Called up share capital |
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Retained earnings |
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- |
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Shareholders' deficit |
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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 Cidan Machinery UK Limited were approved and authorised for issue by the
.........................................
Director
Cidan Machinery UK Limited
Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022
General information |
Cidan Machinery 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.
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, unless otherwise stated.
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, Cidan Machinery Sweden AB, which may be obtained from Järnvägsgatan 15, 533 30 Götene, 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.
Cidan Machinery UK Limited
Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022 (continued)
2 |
Accounting policies (continued) |
Going concern
The directors have considered the company's financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the ongoing financial support from the company's parent undertaking and are confident this will be available for the foreseeable future. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the
going concern basis in preparing the company's financial statements.
Cidan Machinery UK Limited is reliant on the support of Cidan Machinery Sweden AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.
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 value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
Cidan Machinery UK Limited
Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022 (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
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Cidan Machinery UK Limited
Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022 (continued)
Receivables |
2022 |
2021 |
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Trade receivables |
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- |
Other receivables |
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Payables |
Payables: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade payables |
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- |
Amounts owed to group undertakings |
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Deferred income |
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- |
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- |
The amount owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.
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.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
Cidan Machinery UK Limited
Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022 (continued)
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
Events after the financial period |
There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.
Share capital and reserves |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Audit report |