Company Registration No. 00045771 (England and Wales)
SWISSTULLE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
SWISSTULLE UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SWISSTULLE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
558,080
571,771
Current assets
Stocks
892,986
902,092
Debtors
4
344,503
310,405
Cash at bank and in hand
39,840
61,977
1,277,329
1,274,474
Creditors: amounts falling due within one year
5
(808,371)
(415,500)
Net current assets
468,958
858,974
Total assets less current liabilities
1,027,038
1,430,745
Creditors: amounts falling due after more than one year
6
(241,356)
(255,533)
Net assets
785,682
1,175,212
Capital and reserves
Called up share capital
7
600,000
600,000
Distributable profit and loss reserves
185,682
575,212
Total equity
785,682
1,175,212
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company was a subject to and audit and unmodified audit report has been issued. The Senior Statutory Auditor was P A Stallard of Lentells Limited.
The financial statements were approved by the board of directors and authorised for issue on 31 December 2020 and are signed on its behalf by:
Mr CG Illi
Director
Company Registration No. 00045771
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Swisstulle UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Factory Lane, Perry Street, South Chard, Somerset, TA20 2NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
Swisstulle UK Limited is a 99.9% subsidiary of Swisstulle AG. The results of Swisstulle UK Limited are included in the consolidated financial statements of Swisstulle AG which are available from Weinfelderstrasse 66, 9542 Muenchwilen, Switzerland.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% and 2% on cost
Plant and equipment
12.5% and 25% on reducing balance
Fixtures and fittings
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 74 (2018 - 76
).
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
284,111
2,511,010
2,795,121
Additions
-
83,772
83,772
Disposals
-
(15,675)
(15,675)
At 31 December 2019
284,111
2,579,107
2,863,218
Depreciation and impairment
At 1 January 2019
188,400
2,034,950
2,223,350
Depreciation charged in the year
12,037
75,483
87,520
Eliminated in respect of disposals
-
(5,732)
(5,732)
At 31 December 2019
200,437
2,104,701
2,305,138
Carrying amount
At 31 December 2019
83,674
474,406
558,080
At 31 December 2018
95,711
476,060
571,771
Freehold land and buildings with a carrying amount of £83,674 (2018 - £95,711) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
228,712
207,625
Other debtors
115,791
102,780
344,503
310,405
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
26,574
88,477
Trade creditors
129,250
122,354
Amounts owed to group undertakings
518,577
-
Taxation and social security
26,074
30,522
Other creditors
107,896
174,147
808,371
415,500
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
241,356
255,533
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2,400,000 Ordinary 25p shares of 25p each
600,000
600,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was P A Stallard FCA.
The auditor was Lentells Limited.
9
Capital commitments
Amounts contracted for but not provided in the financial statements:
2019
2018
£
£
Acquisition of tangible fixed assets
14,125
-
SWISSTULLE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2019
2018
2019
2018
£
£
£
£
Entities with control, joint control or significant influence over the company
1,363,792
1,550,150
129,109
118,090
Other related parties
-
-
118,316
59,423
Interest paid
2019
2018
£
£
Entities with control, joint control or significant influence over the company
7,074
-
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
18,918
10,040
Other related parties
29,725
-
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
(253)
81,360
At 31 December 2019, the company owed it's parent company £518,577 (2018:nil). Interest has been charged on the loan and the loan is repayable on demand.
11
Parent company
The parent company is Swisstulle AG, a company incorporated in Switzerland. It draws up group accounts and its registered office is Weinfelderstrasse 66, 9542 Muenchwilen, Switzerland.
The intermediate parent company is CWC Textil AG, a company registered in Switzerland. It has its registered office at Hotzestrasse 29, 8042 Zurich, Switzerland. CWC Textil AG is ultimately owned and controlled by I&H Partner Holding AG which can be contacted via c/o lic iur Marcello Weber, Poststrasse 14, 6300 Zug. I&H Partner Holding AG is owned by the Illi and Hautle families.