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Registration number: 13082223

Cidan Machinery UK Limited

Annual Report and Financial Statements

for the Period from 1 January 2022 to 30 September 2022

 

Cidan Machinery UK Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Cidan Machinery UK Limited

Company Information

Directors

Lars Hjelmqvist

Henrik Warlund

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

 

Cidan Machinery UK Limited

(Registration number: 13082223)
Statement of Financial Position as at 30 September 2022

Note

2022
£

2021
£

Current assets

 

Receivables

4

118,893

1

Cash at bank and in hand

 

306,094

-

 

424,987

1

Payables: Amounts falling due within one year

5

(530,962)

-

Net liabilities

 

(105,975)

1

Equity

 

Called up share capital

9

1

1

Retained earnings

9

(105,976)

-

Shareholders' deficit

 

(105,975)

1

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 Board on 15 November 2024 and signed on its behalf by:
 

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

Henrik Warlund
Director

 

Cidan Machinery UK Limited

Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022

1

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.

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

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 period, was 0 (2021 - 0).

 

Cidan Machinery UK Limited

Notes to the Financial Statements
for the Period from 1 January 2022 to 30 September 2022 (continued)

4

Receivables

2022
£

2021
£

Trade receivables

91,937

-

Other receivables

26,956

1

118,893

1

5

Payables

Payables: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade payables

975

-

Amounts owed to group undertakings

480,453

-

Deferred income

49,534

-

530,962

-

The amount owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.

6

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)

7

Parent and ultimate parent undertaking

The company's immediate parent is Cidan Machinery Sweden AB, incorporated in Järnvägsgatan 15, 533 30 Götene, Sweden.

 The most senior parent entity producing publicly available financial statements is Pilar Holding AB. These financial statements are available upon request from Järnvägsgatan 15, 533 30 Götene, Sweden

 The ultimate controlling party is Pilar Holding AB.

8

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.

9

Share capital and reserves

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

Reserves

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

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 15 November 2024 was Ransford Agyei-Boamah, who signed for and on behalf of Shaw Gibbs (Audit) Limited.