REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
NEOGRID EUROPE LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
NEOGRID EUROPE LTD |
NEOGRID EUROPE LTD (REGISTERED NUMBER: 07717968) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
NEOGRID EUROPE LTD |
|
COMPANY INFORMATION |
for the Year Ended 31 December 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
6b Parkway |
Porters Wood |
St Albans |
Hertfordshire |
AL3 6PA |
NEOGRID EUROPE LTD (REGISTERED NUMBER: 07717968) |
|
BALANCE SHEET |
31 December 2019 |
|
31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 8 |
|
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 9 |
|
|
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
|
|
|
|
|
|
|
NEOGRID EUROPE LTD (REGISTERED NUMBER: 07717968) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2019 |
|
1. | STATUTORY INFORMATION |
|
Neogrid Europe Ltd is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis which assumes that the company will continue to |
trade. The directors continue to adopt the going concern basis of accounting despite the current economic impact |
as a result of COVID-19. The directors consider that their available reserves and the availability of continued |
financial support will ensure the required working capital be in place for the company to continue operations for |
the foreseeable future. If the company were unable to continue to trade adjustments would have to be made to |
reduce the value of assets to their realisable amount, to reclassify fixed assets as current assets, long-term |
liabilities as current liabilities, and to provide for any further liabilities that may arise.The directors and the |
immediate parent undertaking are satisfied that the financial support provided by the parent undertaking will |
continue for the foreseeable future and accordingly, that the company is a going concern. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Tangible fixed assets |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
|
Financial instruments |
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 and loans from fellow group undertakings 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 payments 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. Amounts 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. |
NEOGRID EUROPE LTD (REGISTERED NUMBER: 07717968) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
|
2. | ACCOUNTING POLICIES - continued |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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 balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
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. |
|
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. |
|
Foreign currencies |
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. |
|
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. |
|
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to income on a |
straight line basis over the term of the relevant lease except where another more systematic basis is more |
representative of the time pattern in which economic benefits from the lease asset are consumed. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
NEOGRID EUROPE LTD (REGISTERED NUMBER: 07717968) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2019 |
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2019 |
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
At 31 December 2018 |
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
|
|
|
7. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
|
|
|
8. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
NEOGRID EUROPE LTD (REGISTERED NUMBER: 07717968) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2019 |
|
8. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 January 2019 |
|
Credit to Profit and Loss Account during year | ( |
) |
Balance at 31 December 2019 |
|
|
9. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
|
Ordinary | £1 | 1 | 1 |
|
10. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2019 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2019 | ( |
) |
|
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
12. | RELATED PARTY DISCLOSURES |
|
No guarantees have been given or received. |
|
Included within creditors is a balance of £132,196.73 due to NeoGrid North America LLC, a company |
incorporated in the USA. |
|
13. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
|
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
to the tax authorities and assist with the preparation of the financial statements. |
|
14. | ULTIMATE CONTROLLING PARTY |
|
The company is a subsidiary of NeoGrid North America LLC which is incorporated in the USA. The ultimate |
parent company is NeoGrid Participacões SA incorporated in Brazil. |
|
The largest and smallest group in which the results of the company are consolidated is that headed by NeoGrid |
Participacões SA. The consolidated accounts of this company are available to the public and may be obtained |
from Santos Dumont Avenue, 935 Santo Antonio Neighbourhood 89218-105 Joinville, Brazil. |