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Contemi UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2017

Contemi UK Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 9

Contemi UK Limited

Company Information

Directors

Adrian Barker Gaute Herdlevaer

Company secretary

Adrian Barker

Registered office

Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Auditors

Wenn Townsend Chartered accountant & statutory auditor 30 St Giles' Oxford OX1 3LE

Page 1

Contemi UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

Contemi UK Limited

(Registration number: 06606865)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	7,019	10,707
Investments	5	13,179	13,179
		20,198	23,886
Current assets
Debtors	6	600,633	576,539
Cash at bank and in hand		-	44,942
		600,633	621,481
Creditors: Amounts falling due within one year	7	(159,437)	(127,120)
Net current assets		441,196	494,361
Total assets less current liabilities		461,394	518,247
Creditors: Amounts falling due after more than one year	7	(4,054)	(15,179)
Net assets		457,340	503,068
Capital and reserves
Called up share capital		280,000	280,000
Profit and loss account		177,340	223,068
Total equity		457,340	503,068

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 September 2018 and signed on its behalf by:
 

Adrian Barker

Company secretary and director

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

The principal place of business is:
Fountain House
2 Queens Walk
Reading
RG1 7QF
England

These financial statements were authorised for issue by the Board on 27 September 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The group has considerable financial resources. As a consequence, the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to operate the going concern basis in preparing the annual report and accounts.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 September 2018 was Lee Baker ACA, who signed for and on behalf of Wenn Townsend.

Page 4

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2016 - 17).

Page 5

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2017	125,299	125,299
Additions	1,892	1,892
At 31 December 2017	127,191	127,191
Depreciation
At 1 January 2017	114,592	114,592
Charge for the year	5,580	5,580
At 31 December 2017	120,172	120,172
Carrying amount
At 31 December 2017	7,019	7,019
At 31 December 2016	10,707	10,707

Page 6

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5	Investments

	2017 £	2016 £
Investments in subsidiaries	13,179	13,179