REGISTERED NUMBER: 01122006 (England and Wales)

Financial Statements

for the Period 1 January 2018 to 30 November 2018

for

HKScan UK Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

O A Husskonen

SECRETARY:

Ms D Jones

REGISTERED OFFICE:

The Glades

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

01122006 (England and Wales)

AUDITORS:

Mitten Clarke Audit Limited

Statutory Auditors

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

FIXED ASSETS

Tangible assets

5

-

3,413

CURRENT ASSETS

Stocks

6

-

154,207

Debtors

7

-

836,552

Cash at bank

-

47,205

-

1,037,964

CREDITORS

Amounts falling due within one year

8

-

2,419,000

NET CURRENT LIABILITIES

-

(1,381,036

)

TOTAL ASSETS LESS CURRENT LIABILITIES

-

(1,377,623

)

CAPITAL AND RESERVES

Called up share capital

86,000

86,000

Retained earnings

(86,000

)

(1,463,623

)

SHAREHOLDERS' FUNDS

-

(1,377,623

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 5 December 2018 and were signed by:

O A Husskonen - Director

1.	STATUTORY INFORMATION

HKScan UK Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

In June 2018 the company ceased trading. As a result of this, the company is not considered to be a going

concern. The financial statements have been prepared on a break-up basis.

The financial statements cover a period of 11 months from 1 January 2018 to 30 November 2018. A

shorter period has been used due to the company ceasing to trade and the parent company wishing to

strike off and dissolve HKScan UK Limited. The results for the year ended 31 December 2017 are,

therefore, not entirely comparable.

Related party exemption

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.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

3 years straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value

with changes recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax if applicable. 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 statement of financial position date.

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 an agreed fixed

rate of exchange set at the start of each financial year. Exchange differences are taken into account in

arriving at the operating result.

Leasing commitments

All leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss

account on a straight line basis over the life of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2017 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2018

9,755

Disposals

(9,755

)

At 30 November 2018

-

DEPRECIATION

At 1 January 2018

6,342

Eliminated on disposal

(6,342

)

At 30 November 2018

-

NET BOOK VALUE

At 30 November 2018

-

At 31 December 2017

3,413

6.

STOCKS

2018

2017

£

£

Finished goods

-

154,207

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

721,366

Amounts owed by group undertakings

-

42,008

Other debtors

-

73,178

-

836,552

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

-

96,092

Amounts owed to group undertakings

-

1,638,256

Taxation and social security

-

5,448

Other creditors

-

679,204

-

2,419,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

-

19,607

Between one and five years

-

1,990

-

21,597

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Clarke BA FCA (Senior Statutory Auditor)

for and on behalf of Mitten Clarke Audit Limited

11.	POST BALANCE SHEET EVENTS

The company ceased trading in the period. The company is now to be struck off and dissolved.

12.	ULTIMATE PARENT COMPANY

The immediate and ultimate parent company is HKScan Oyj, a company registered in Finland, which owns

100% of the share capital of the company. Copies of the consolidated financial statements of HKScan Oyj

can be obtained from PO Box 50, FI-20521 Turku, Finland.

During the two periods ended 31 December 2017 and 30 November 2018, LSO Osuuskunta, a company

registered in Finland, controlled the company by virtue of a controlling interest of 34.88% of the issued

ordinary share capital of the Ultimate Parent Company HKScan Oyj, which equates to 69.25% of the voting

rights in HKScan Oyj.