REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBROFROST UK LIMITED |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBROFROST UK LIMITED |
|
FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
|
|
|
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 | to | 7 |
|
EBROFROST UK LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
82 High Street |
Tenterden |
Kent |
TN30 6JG |
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
BALANCE SHEET |
31ST DECEMBER 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than
one year |
8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 10 |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Ebrofrost UK Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The balance sheet, although showing a solvent position, has net current liabilities due to amounts owed to group companies. The trading results for the year exceeded forecasts and this continued in to 2020. |
|
Due to the outbreak of Covid-19 in March 2020 the company went into shut down for a period of time followed by a planned closure for significant plant upgrades. This coupled with a drop in demand for product, due to the temporary closure of the restaurant trade due to Covid-19, has resulted in below budget results for the company since March 2020. |
|
The company has now returned to being fully operational and is expected to continue on this basis. |
|
The directors are of the opinion that the company in the short term will be able to meet its liabilities but, should it be required the company will continue to be financially supported by its parent company Ebrofrost Holding GmbH. |
|
The directors therefore believe it is appropriate to prepare these financial statements on a going concern basis. |
|
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 |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replacement part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred. |
|
No depreciation is provided on assets in the course of construction until the asset is brought into use. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
2. | 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. |
|
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. |
|
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. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2019 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31st December 2019 |
|
|
|
|
|
DEPRECIATION |
At 1st January 2019 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31st December 2019 |
|
|
|
|
|
NET BOOK VALUE |
At 31st December 2019 |
|
|
|
|
|
At 31st December 2018 |
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1st January 2019 |
and 31st December 2019 |
|
DEPRECIATION |
At 1st January 2019 |
|
Charge for year |
|
At 31st December 2019 |
|
NET BOOK VALUE |
At 31st December 2019 |
|
At 31st December 2018 |
|
|
5. | STOCKS |
2019 | 2018 |
£ | £ |
Finished goods |
|
|
Raw materials |
|
|
|
|
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
|
|
|
9. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase | contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable | operating leases |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
EBROFROST UK LIMITED (REGISTERED NUMBER: 09587743) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2019 |
|
|
10. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 | 2,968,796 | 2,968,796 |
|
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
12. | CAPITAL COMMITMENTS |
2019 | 2018 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
13. | RELATED PARTY DISCLOSURES |
|
As a wholly owned subsidiary of Ebro Foods S.A. the company is exempt from the requirements to disclose transactions to other wholly owned members of the group headed by Ebro Foods S.A. |
|
Ebrofrost Holding GmbH: |
The balance outstanding on the Ebrofrost Holding GmbH loan at the year end was €1,148,383 (2018 - €1,116,583) was outstanding. The loan was granted for an unlimited period of time and may be terminated at the end of any month on giving nine months notice of termination. Interest is accruing at 3% per annum on the capital outstanding. |
|
Herba Foods S.L: |
Herba Foods S.L provides a cash pooling arrangement with the company, at the year end the company owed Herba Foods S.L. £1,882,424 (2018 - £899,995). The arrangement was granted for an unlimited period of time and may be terminated on demand. Interest is charged at 2% per annum. |
|
14. | ULTIMATE CONTROLLING PARTY |
|
The company is controlled by Ebrofrost Holding GmbH, a company incorporated in Germany, which holds 100% of the issued share capital of Ebrofrost UK Limited. |
|
The ultimate parent company and controlling party is Ebro Foods S.A., a company incorporated in Spain. |
|
The financial statements of Ebro Foods S.A. which represent the smallest and largest group in which the company is consolidated, are available from Ebro Foods S.A., Paseo de Castellana, 20, 28046, Madrid, Spain. |