REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
FOR |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
FOR |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Croft Chambers |
11 Bancroft |
Hitchin |
Hertfordshire |
SG5 1JQ |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
STRATEGIC REPORT |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
The directors present their strategic report for the period 1 October 2016 to 31 December 2017. |
REVIEW OF BUSINESS |
The performance in 2017 is in line with expectations of the directors. The Company made a loss for the financial year, |
net of taxation of £86,109 (2016: £10,611,793) |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Company sees its main risks and uncertainties to be that of; |
Business risks associated with health and safety in the workplace, and the use of hazardous products. This has now been |
reduced due to the new policies brought in by the parent company. |
FINANCIAL INSTRUMENTS |
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities |
which are largely conducted in sterling. The company does not enter into any formal hedging arrangements. |
ON BEHALF OF THE BOARD: |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
The directors present their report with the financial statements of the company for the period 1 October 2016 to 31 December 2017. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of provision of warehousing facilities. |
DIVIDENDS |
No dividends will be paid for the period ended 31 December 2017. |
CURRENT DEVELOPMENTS |
During the period The Valspar Corporation was acquired by Sherwin-Williams, details of the ultimate parent company |
can be found in note 21. |
DIRECTORS |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
Contained within the strategic report is a review of business for this period with a prior year comparative plus the |
principle risks and uncertainties the company faces. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
AUDITORS |
The auditors, Bradshaw Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED |
Opinion |
We have audited the financial statements of Quest Automotive Products UK Limited (the 'company') for the period |
ended 31 December 2017 on pages seven to nineteen. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Croft Chambers |
11 Bancroft |
Hitchin |
Hertfordshire |
SG5 1JQ |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
INCOME STATEMENT |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(1,601,589 | ) | 1,312,190 |
Other operating income |
OPERATING (LOSS)/PROFIT | 6 | ( |
) |
Cost of fundamental |
reorganisation | 7 | ( |
) |
Profit/loss on sale of intangible fixed assets | 7 |
(129,427 | ) | 10,507,338 |
Interest receivable and similar income |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 8 | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD |
( |
) |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
31.12.17 | 30.9.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
2,200,078 | 2,286,187 |
The financial statements were approved by the Board of Directors on |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2015 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2016 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2017 |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
1. | STATEMENT OF COMPLIANCE |
Quest Automotive Products UK Limited is a limited company incorporated in England. The registered office is: |
Avenue One |
Station Lane |
Witney |
Oxfordshire |
OX28 4XR |
The Company's financial statements have been prepared in compliance with FRS 102 as it applies to the financial |
statements for the period ended 31 December 2017. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards. The financial |
statements are prepared in sterling. The company has extended its accounting period to 31 December 2017 to be |
consistent across the group. These accounts therefore cover a 15 month period. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
Preparation of consolidated financial statements |
The financial statements contain information about Quest Automotive Products UK Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The Company is exempt |
under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial |
statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial |
statements of its parent, Sherwin-Williams, a Company registered in the United States of America. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions |
that affect the amounts reported for assets and liabilities as at the statement of financial position date and the |
amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual |
outcomes could differ from those estimates. The following judgements (apart from those involving estimates) |
have had the most significant effect on amounts recognised in the financial statements. |
Operating lease commitments |
The Company, as a lessee, obtains use of property, plant and equipment. The classification of such leases as |
operating or finance leases requires the Company to determine, based on an evaluation of the terms and |
conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of |
these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of |
financial position. |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its |
performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, |
VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods |
have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is |
probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred |
or to be incurred in respect of the transaction can be measured reliably. |
Intangible assets |
Intangible assets are measured at cost less accumulated amortisation. |
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated |
useful lives, using the straight-line method. The intangible assets are amortised over the following useful |
economic life: |
Software - 4 years |
Property, plant and equipment |
Short leasehold | - |
Plant and machinery | - |
Equipment on loan to customers | - |
Motor vehicles | - |
Computer & office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Taxation |
Taxation for the period 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 statement of financial position date. |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and |
total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in the financial statements, except that: |
- where there are differences between amounts that can be deducted for tax for assets (other than goodwill) and |
liabilities compared with the amounts that are recognised for those assets and liabilities in a business |
combination a deferred tax liability/(asset) shall be recognised. The amount attributed to goodwill is adjusted by |
the amount of the deferred tax recognised; and |
- unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider |
that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profits. |
Deferred tax is measured on an undiscounted basis at the tax rates that they are expected to apply in the periods |
in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at 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 |
statement of financial position 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period 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. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short |
term deposits with an original maturity date of three months or less. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the income statement in other operating |
income. |
3. | TURNOVER |
The turnover and loss (2016 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
United Kingdom |
Europe |
United States of America |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
4. | EMPLOYEES AND DIRECTORS |
Period 1.10.16 to 31.12.17 | Year ended 30.09.16 |
£ | £ |
Wages and salaries | 1,358,523 | 1,552,930 |
Social security costs | 105,136 | 132,543 |
Other pension costs | 11,745 | 25,728 |
1,475,404 | 1,711,201 |
The average monthly number of employees during the period was as follows: |
Period 1.10.16 to 31.12.17 | Year ended 30.09.16 |
Manufacturing | - | 23 |
Logisitics | 7 | 6 |
Sales | 3 | 10 |
Administration | 7 | 1 |
17 | 40 |
5. | DIRECTORS' REMUNERATION |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Directors' remuneration |
Directors' remuneration for the period ended 31 December 2017 and year ended 30 September 2016 have been |
borne by the ultimate parent Company. The directors of the Company are also directors or officers of other |
companies within the Sherwin-Williams group. The directors' services to the Company do not occupy a |
significant amount of their time. As such, the directors do not consider that they have received any remuneration |
for their incidental services to the Company for the period ended 31 December 2017 and year ended 30 |
September 2016. All directors have retirement benefits accruing to them under pension schemes with |
Sherwin-Williams. |
Share options in the ultimate parent undertaking are granted to the directors. During the period no directors |
exercised share options (2016: nil). |
6. | OPERATING (LOSS)/PROFIT |
Period 1.10.16 to 31.12.17 | Year ended 30.9.16 |
£ | £ |
Hire of plant and machinery | 43,697 | 55,191 |
Other operating leases | 382,500 | 306,000 |
Depreciation - owned assets | 9,079 | 270,718 |
Loss on disposal of fixed assets | 154,055 | - |
Auditors' remuneration | 5,200 | 14,280 |
Auditors' remuneration for non audit work | - | 10,070 |
Other non-audit services | 1,245 | 2,837 |
Hire of vehicles | 13,575 | 32,334 |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
7. | EXCEPTIONAL ITEMS |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Cost of fundamental |
reorganisation | ( |
) |
Profit/loss on sale of intangible fixed assets |
- | 9,195,148 |
In 2016 the Company underwent a restructuring programme in respect of the cessation of production at the |
Biggleswade facility following the decision to move production to another group Company. |
2017 | 2016 |
£ | £ |
Site related costs | - | 258,901 |
Employee related costs | - | 845,951 |
Profit on sale of intangible fixed asset | - | (10,300,000 | ) |
- | (9,195,148 | ) |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the period was as follows: |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Deferred tax | ( |
) | ( |
) |
Tax on (loss)/profit | ( |
) | ( |
) |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred tax charge for the period | ( |
) | ( |
) |
Group loss relief | ( |
) | ( |
) |
Intra group transfer | - | (2,060,000 | ) |
Total tax credit | (34,337 | ) | (30,408 | ) |
9. | DIVIDENDS |
Period |
1.10.16 |
to | Year Ended |
31.12.17 | 30.9.16 |
£ | £ |
Ordinary shares of £1 each |
Final |
10. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 October 2016 |
and 31 December 2017 |
AMORTISATION |
At 1 October 2016 |
and 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 30 September 2016 |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
11. | TANGIBLE FIXED ASSETS |
Equipment |
on loan |
Short | Plant and | to |
leasehold | machinery | customers |
£ | £ | £ |
COST |
At 1 October 2016 |
Disposals | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 October 2016 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 30 September 2016 |
Computer |
Motor | & office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2016 |
Disposals | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 October 2016 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 30 September 2016 |
12. | STOCKS |
31.12.17 | 30.9.16 |
£ | £ |
Stocks |
Stocks recognised as an expense in the period were £nil (2016 : £3,377,353) for the group. Write-downs of |
obsolete and slow moving stock during the period amounted to £nil (2016 : £101,149). |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 30.9.16 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
Deferred tax asset |
Accelerated capital allowances | 46,598 | 12,261 |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 30.9.16 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors and accruals |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.17 | 30.9.16 |
£ | £ |
Within one year | 320,294 | 352,212 |
Between one and five years | 1,228,105 | 1,250,822 |
In more than five years | 1,912,996 | 2,320,500 |
16. | SECURED DEBTS |
The company banking facilities are secured by a debenture over all assets and undertakings both present and |
future. |
17. | DEFERRED TAX |
£ |
Balance at 1 October 2016 | ( |
) |
Credit to Income Statement during period | ( |
) |
Balance at 31 December 2017 | ( |
) |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.17 | 30.9.16 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
QUEST AUTOMOTIVE PRODUCTS UK LIMITED (REGISTERED NUMBER: 02925683) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 OCTOBER 2016 TO 31 DECEMBER 2017 |
19. | PENSION COMMITMENTS |
The Company contributes to group personal pension plans for its employees. the assets of the scheme are held |
separately from those of the Company. The pension cost charged represents contributions payable during the |
year by the Company to the personal pension plans. The outstanding balance unpaid at the period end was £nil |
(2016 - £nil). |
20. | RELATED PARTY DISCLOSURES |
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. |
Key management personnel |
All directors and certain senior employees who have authority and responsibility for planning, directing and |
controlling the activities of the Company are considered to be key management personnel. Total remuneration in |
respect of these individuals is £nil (2016 - £62,860). |
21. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The Company is a wholly owned subsidiary of The Valspar (UK) Corporation Limited, a company registered in |
England & Wales. |
The Company's ultimate parent undertaking and controlling party is Sherwin-Williams, which is incorporated in |
the United States of America. Copies of its group financial statements, which include the Company are available |
from: |
The Sherwin Williams Company |
101 Prospect Ave |
Cleveland |
Ohio |
USA |
44115 |