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REGISTERED NUMBER:
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Diono UK Limited |
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Financial Statements |
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for the Year Ended 31 December 2017 |
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REGISTERED NUMBER:
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Diono UK Limited |
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Financial Statements |
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for the Year Ended 31 December 2017 |
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Diono UK Limited (Registered number: 04252542) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Diono UK Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
Diono UK Limited (Registered number: 04252542) |
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Statement of Financial Position |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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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 Board of Directors on
by: |
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Diono UK Limited (Registered number: 04252542) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Diono UK Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The UK entity has continued to make operating losses. For the prior two consecutive years, 2017 inclusive, this |
was due to the acquisition and backward integration of Narrative, the design house, as well as the on-going |
impact of the struggling retail sector in the UK. The product ranges for 2016 & 2017 focussed predominately on |
the accessory line of Diono's product range. This is a low value market and although the loss was significantly |
lower in 2017 a review of the business strategy was required. This occurred in late 2017 with the arrival of the |
new CEO Tim Maule. His business strategy will have a significant impact on revenue in the UK and international |
markets, where the introduction of higher margin products will be offered on a standard product line basis across |
all markets. In addition the 'Digital First' channel strategy is reducing the company's reliance on the retailed |
sector as it moves more into the business to consumer market place. The discounted cashflow shows healthy |
gross profit forecast over the next 4 years and a net profit position. |
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2018 will see some exceptional operating costs as centralisation is finalised in the UK to create a design, sales |
and business hub in the Northwest. The on-going operating costs of the design team will permanently change |
the net position in the UK, however the revenue is substantial enough to cover such costs. The acquisition is |
proof that Diono is committed to its UK base of operations from where it is driving its EMEA sales currently. The |
continued growth in Eastern European markets is likely to increase the current forecast further. |
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The company also continues to receive the full support from the USA parent company. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Diono UK Limited (Registered number: 04252542) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and 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 profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
Additions |
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At 31 December 2017 |
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AMORTISATION |
Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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Diono UK Limited (Registered number: 04252542) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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Disposals | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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7. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by associates |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to associates | 901,985 | 853,002 |
Taxation and social security |
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Other creditors |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to group undertakings |
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Diono UK Limited (Registered number: 04252542) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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We draw attention to the going concern element to note 3 in the financial statements, which refers to the |
overdrawn Balance Sheet position. As stated in note 3, this position, along with the other matters as set forth in |
the note, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to |
continue as a going concern. |
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Our opinion is not modified in respect of this matter and the Report of the Auditors was unqualified. |
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Darren Barlow FCCA (Senior Statutory Auditor) |
for and on behalf of Haines Watts |