REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Reginox UK Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Reginox UK Limited |
Reginox UK Limited (Registered number: 03711442) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Reginox UK Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
The Glades |
Festival Way |
Stoke on Trent |
Staffordshire |
ST1 5SQ |
Reginox UK Limited (Registered number: 03711442) |
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Balance Sheet |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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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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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Reginox UK Limited (Registered number: 03711442) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Reginox UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including the provisions of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency. |
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The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance. |
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Reginox B.V. have agreed to fully support Reginox UK Ltd financially and will not seek repayment of the loans due to them beyond that of which Reginox UK Ltd can afford to repay, or reduce the terms of the trade credit arrangements between them. |
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In arriving at this assessment of the going concern status of the company the director has made key judgements about the continuing demand for its products and the ongoing support of the parent company. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
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the company has transferred to the buyer the significant risks and rewards of ownership of
the goods; |
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the company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold; |
- | the amount of turnover can be measured reliably; |
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it is probable that the economic benefits associated with the transaction will flow to the
company; and |
- | the costs incurred or to be incurred in respect of the transition can be measured reliably. |
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Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed. |
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Tangible fixed assets |
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Freehold property | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets under the cost model are stated at historical cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses. 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 by management. |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Reginox UK Limited (Registered number: 03711442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Financial instruments |
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to and from related parties. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Reginox UK Limited (Registered number: 03711442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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Disposals | ( |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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Reginox UK Limited (Registered number: 03711442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Deferred tax asset |
Tax losses carried forward |
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Prepayments |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 192,404 | 358,914 |
Other creditors |
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Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
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Amounts due after more than 5 years and repayable in installments is £420,239 (2020 - £492,234). |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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Total lease payments recognised as an expense during the period amounted to £2,731 (2020 - £2,731). |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Loan from Reginox BV | 630,358 | 715,977 |
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A loan of €750,000 (2020: €800,000) is owed to Reginox BV, the parent company. This amount has been translated at the year end to £630,358 (2020: £715,977) and is repayable over 15 years. The loan is secured over the land & buildings and all other assets of the company (including fixed assets, debtors, stock and cash). |
Reginox UK Limited (Registered number: 03711442) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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13. | ULTIMATE CONTROLLING PARTY |
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The parent company preparing consolidated accounts is Reginox BV, registered at Noordermorssingel 2, 7461 JN, Rijssen, The Netherlands. |
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The ultimate controlling party is Mr W. Ter Steege , who controlled the company by virtue of a controlling interest of 100% of the issued share capital of the ultimate parent company, Supercom BV. |