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No description of principal activities is disclosed
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Company registration number:
01358229
Isringhausen (GB) Limited
Financial statements
31 December 2021
Isringhausen (GB) Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Isringhausen (GB) Limited
Directors and other information
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Directors |
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K Taylor |
(Resigned 26 November 2021) |
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R Tommey |
(Resigned 26 November 2021) |
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S Szabo |
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Secretary |
K Taylor |
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Company number |
01358229 |
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Registered office |
Second Avenue |
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Redwither Business Park |
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Wrexham |
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Clwyd |
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LL13 9XQ |
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Auditor |
Wright Vigar Limited |
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Alexandra House |
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43 Alexandra Street |
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Nottingham |
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NG5 1AY |
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Bankers |
HSBC Bank Plc |
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St David's Business Park |
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Ewloe |
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Flintshire |
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CH5 3UZ |
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Isringhausen (GB) Limited
Strategic report
Year ended 31 December 2021
Business review and future plans
The company is wholly owned by Airvent AG (based in Switzerland) who in turn are part of the Aunde Group, global manufacturers of textiles and seating systems to the car, commercial vehicle, construction, bus and coach industry OEM's.
In our principal market of Construction vehicles activity levels for 2021 have increased compared with 2020. A surge in the market caused by the increased construction required following the Covid-19 pandemic has been the main driving force behind this.
The directors have made decisions to increase our UK industrial footprint. This includes investment in capital equipment in the UK plant, thereby reducing our dependence on imports. The benefit of this is anticipated to be a stabilising material cost whilst also increasing the 'value added' within the Wrexham plant.
The Directors also report that the Aunde Group is fully supportive of the UK business strategy and will continue to invest in the long term.
Analysis of key performance indicators
The Board looks at turnover, margins and profitability when monitoring business performance.
The company has reported an increase in turnover from £5.7m to £8.4m, because of new product launches, and the gross profit margin has also increased because of this also.
The Board also considers key statement of financial position areas in order to understand the financial position of the company.
The statement of financial position has been further strengthened during the year, with a good profit and an increase in net current assets being reported.
Cash at bank remains healthy, and the Board are satisfied that the company can continue to pay its debts as they fall due for the foreseeable future.
Key business risks and uncertainties
The key business risks and uncertainties include general economic uncertainty and the company's ability to expand the customer base in order to give access to new markets.
The Board aims to maintain margins on sales whilst focusing on growth of the company's business, and the Directors are aware that maintaining the company's strong retention of key employees will help to achieve this.
The company purchases some stock lines from overseas, and this exposes it to risks relating to foreign exchange fluctuations. The company does not actively use financial instruments as part of its financial risk management because currencies that the company is exposed to have generally been stable in recent years.
The company is exposed to the usual credit risk and cash flow risk associated with its business, and the credit terms afforded to customers, and manages this through tight credit control procedures.
This report was approved by the board of directors on 10 May 2022 and signed on behalf of the board by:
S Szabo
Director
Isringhausen (GB) Limited
Directors report
Year ended 31 December 2021
The directors present their report and the financial statements of the company for the year ended 31 December 2021.
Directors
The directors who served the company during the year were as follows:
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K Taylor |
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(Resigned 26 November 2021) |
R Tommey |
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(Resigned 26 November 2021) |
S Szabo |
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Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Qualifying indemnity provision
The company takes out indemnity insurance on behalf of the directors.
Disclosure of information in the strategic report.
The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report on pages 2 - 3. The report includes an explanation of the company's financial risk management policies.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
10 May 2022
and signed on behalf of the board by:
S Szabo
Director
Isringhausen (GB) Limited
Independent auditor's report to the members of
Isringhausen (GB) Limited
Year ended 31 December 2021
Opinion
We have audited the financial statements of Isringhausen (GB) Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year 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 auditor’s 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
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. 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 the 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims. - In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. -
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
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 an auditors report 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.
Steven Newman LLB BFP FCA
(Senior Statutory Auditor)
For and on behalf of
Wright Vigar Limited
Chartered Accountants and Statutory Auditor
Alexandra House
43 Alexandra Street
Nottingham
NG5 1AY
10 May 2022
Isringhausen (GB) Limited
Statement of comprehensive income
Year ended 31 December 2021
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2021 |
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2020 |
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Note |
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£ |
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£ |
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Turnover |
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4 |
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8,406,194 |
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5,697,999 |
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Cost of sales |
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(
6,323,825) |
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(
4,581,655) |
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_________ |
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_________ |
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Gross profit |
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2,082,369 |
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1,116,344 |
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Distribution costs |
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(
36,466) |
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(
34,747) |
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Administrative expenses |
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(
1,465,890) |
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(
975,609) |
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Other operating income |
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5 |
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285,251 |
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467,952 |
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_________ |
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_________ |
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Operating profit |
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6 |
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865,264 |
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573,940 |
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Other interest receivable and similar income |
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9 |
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63,995 |
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67,818 |
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Interest payable and similar expenses |
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10 |
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(
2,130) |
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- |
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_________ |
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_________ |
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Profit before taxation |
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927,129 |
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641,758 |
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Tax on profit |
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11 |
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(
185,216) |
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(
121,531) |
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_________ |
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_________ |
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Profit for the financial year and total comprehensive income |
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741,913 |
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520,227 |
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_________ |
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_________ |
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All the activities of the company are from continuing operations.
Isringhausen (GB) Limited
Statement of financial position
31 December 2021
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2021 |
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2020 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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13 |
1,266,710 |
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1,311,753 |
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_________ |
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_________ |
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1,266,710 |
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1,311,753 |
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Current assets |
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Stocks |
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14 |
1,808,500 |
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914,435 |
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Debtors |
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15 |
6,895,921 |
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6,102,133 |
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Cash at bank and in hand |
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1,343,552 |
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2,612,133 |
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_________ |
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_________ |
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10,047,973 |
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9,628,701 |
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Creditors: amounts falling due |
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within one year |
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16 |
(
972,732) |
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(
820,965) |
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_________ |
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_________ |
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Net current assets |
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9,075,241 |
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8,807,736 |
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_________ |
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_________ |
Total assets less current liabilities |
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10,341,951 |
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10,119,489 |
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Creditors: amounts falling due |
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|
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|
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after more than one year |
|
17 |
|
|
(
55,438) |
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(
77,535) |
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|
|
|
|
|
|
|
|
Provisions for liabilities |
|
19 |
|
|
(
38,845) |
|
|
|
(
36,199) |
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|
|
|
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|
|
|
|
|
|
|
|
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_________ |
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_________ |
Net assets |
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|
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10,247,668 |
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10,005,755 |
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|
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_________ |
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_________ |
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|
|
|
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|
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Capital and reserves |
|
|
|
|
|
|
|
|
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Called up share capital |
|
23 |
|
|
1,168,500 |
|
|
|
1,168,500 |
Profit and loss account |
|
24 |
|
|
9,079,168 |
|
|
|
8,837,255 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Shareholders funds |
|
|
|
|
10,247,668 |
|
|
|
10,005,755 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
10 May 2022
, and are signed on behalf of the board by:
S Szabo
Director
Company registration number:
01358229
Isringhausen (GB) Limited
Statement of changes in equity
Year ended 31 December 2021
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2020 |
|
1,168,500 |
|
8,317,028 |
9,485,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
520,227 |
520,227 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
520,227 |
520,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
At 31 December 2020 and 1 January 2021 |
|
1,168,500 |
|
8,837,255 |
10,005,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
741,913 |
741,913 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
741,913 |
741,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
500,000) |
(
500,000) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
500,000) |
(
500,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
At 31 December 2021 |
|
1,168,500 |
|
9,079,168 |
10,247,668 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Isringhausen (GB) Limited
Statement of cash flows
Year ended 31 December 2021
|
|
2021 |
|
2020 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Profit for the financial year |
|
741,913 |
|
520,227 |
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
48,833 |
|
46,542 |
|
Government grant income |
|
(
12,618) |
|
(
219,361) |
|
Other interest receivable and similar income |
|
(
63,995) |
|
(
67,818) |
|
Interest payable and similar expenses |
|
2,130 |
|
- |
|
Gain/(loss) on disposal of tangible assets |
|
- |
|
(
7,502) |
|
Tax on profit |
|
185,216 |
|
121,531 |
|
Accrued expenses/(income) |
|
(
4,038) |
|
(
5,391) |
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Stocks |
|
(
894,065) |
|
282,438 |
|
Trade and other debtors |
|
(
793,788) |
|
(
386,024) |
|
Trade and other creditors |
|
165,065 |
|
234,096 |
|
|
|
_________ |
|
_________ |
|
Cash generated from operations |
|
(
625,347) |
|
518,738 |
|
|
|
|
|
|
|
Interest paid |
|
(
2,130) |
|
- |
|
Interest received |
|
63,995 |
|
67,818 |
|
Tax paid |
|
(
133,000) |
|
(
93,846) |
|
|
|
_________ |
|
_________ |
|
Net cash (used in)/from operating activities |
|
(
696,482) |
|
492,710 |
|
|
|
_________ |
|
_________ |
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
(
3,790) |
|
(
80,000) |
|
Proceeds from sale of tangible assets |
|
- |
|
9,000 |
|
|
|
_________ |
|
_________ |
|
Net cash used in investing activities |
|
(
3,790) |
|
(
71,000) |
|
|
|
_________ |
|
_________ |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from loans from group undertakings |
|
(
51,515) |
|
- |
|
Government grant income |
|
12,618 |
|
219,361 |
|
Payment of finance lease liabilities |
|
(
29,412) |
|
88,150 |
|
Equity dividends paid |
|
(
500,000) |
|
- |
|
|
|
_________ |
|
_________ |
|
Net cash (used in)/from financing activities |
|
(
568,309) |
|
307,511 |
|
|
|
_________ |
|
_________ |
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
1,268,581) |
|
729,221 |
|
Cash and cash equivalents at beginning of year |
|
2,612,133 |
|
1,882,912 |
|
|
|
_________ |
|
_________ |
|
Cash and cash equivalents at end of year |
|
1,343,552 |
|
2,612,133 |
|
|
|
_________ |
|
_________ |
|
|
|
|
|
|
|
Isringhausen (GB) Limited
Notes to the financial statements
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office and principal place of business is Second Avenue, Redwither Business Park, Wrexham, Clwyd, LL13 9XQ. The principal activity of the company is that of manufacturing seats and components for supply to the OEM truck, van bus and off road construction vehicle industry.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.
Judgements and key sources of estimation uncertainty
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 balance sheet 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:Stock valuations - this involves judgements as to pricing and the extent to which provisions are required to account for the risk of obsolescence.
Turnover
Turnover represents the total invoice value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements 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.Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing differences.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expenses over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
Improvements to property |
- |
between 10 - 20 years straight line |
|
Plant, machinery and factory equipment |
- |
between 4 - 10 years straight line |
|
Office furniture and equipment |
- |
between 4 - 10 years straight line |
|
Motor vehicles |
- |
4 years straight line |
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
No depreciation is charged on freehold land. In addition, depreciation is not changed on the original cost of freehold buildings because the board believe that the net book value is now reported at residual value.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution. Work in progress is valued at cost of materials used including apportioned overheads incurred up to the relevant stage of production.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Turnover
Turnover arises from:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Sale of goods |
|
8,406,194 |
5,697,999 |
|
|
|
_________ |
_________ |
|
|
|
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
UK |
|
7,532,141 |
4,700,787 |
|
Europe |
|
206,756 |
223,806 |
|
Rest of the World |
|
667,297 |
773,406 |
|
|
|
_________ |
_________ |
|
|
|
8,406,194 |
5,697,999 |
|
|
|
_________ |
_________ |
|
|
|
|
|
5.
Other operating income
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Government grant income |
|
12,618 |
219,361 |
|
Other operating income |
|
272,633 |
248,591 |
|
|
|
_________ |
_________ |
|
|
|
285,251 |
467,952 |
|
|
|
_________ |
_________ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2021 |
2020 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
48,833 |
46,542 |
|
(Gain)/loss on disposal of tangible assets |
|
|
- |
(
7,502) |
|
Operating lease rentals |
|
|
10,574 |
13,312 |
|
Foreign exchange differences |
|
|
199,388 |
(
147,066) |
|
Fees payable for the audit of the financial statements |
|
|
13,000 |
12,741 |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2021 |
2020 |
|
Manufacturing |
|
47 |
46 |
|
Administration |
|
16 |
16 |
|
|
|
_________ |
_________ |
|
|
|
63 |
62 |
|
|
|
_________ |
_________ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
1,381,085 |
1,204,618 |
|
Social security costs |
|
122,739 |
104,950 |
|
Other pension costs |
|
47,117 |
33,104 |
|
|
|
_________ |
_________ |
|
|
|
1,550,941 |
1,342,672 |
|
|
|
_________ |
_________ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Remuneration |
|
87,467 |
78,604 |
|
Company contributions to pension schemes in respect of qualifying services |
|
5,406 |
5,571 |
|
|
|
_________ |
_________ |
|
|
|
92,873 |
84,175 |
|
|
|
_________ |
_________ |
|
|
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
|
|
2021 |
2020 |
|
|
|
Number |
Number |
|
Defined contribution plans |
|
3 |
3 |
|
|
|
_________ |
_________ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank deposits |
|
89 |
2,228 |
|
Other interest receivable and similar income |
|
63,906 |
65,590 |
|
|
|
_________ |
_________ |
|
|
|
63,995 |
67,818 |
|
|
|
_________ |
_________ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2021 |
2020 |
|
|
|
|
£ |
£ |
|
Other loans made to the company: |
|
|
|
|
|
|
Finance leases and hire purchase contracts |
|
2,130 |
- |
|
|
|
|
_________ |
_________ |
|
|
|
|
2,130 |
- |
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax expense
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
182,570 |
111,670 |
|
|
|
_________ |
_________ |
|
Total current tax |
|
182,570 |
111,670 |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
2,646 |
9,861 |
|
|
|
_________ |
_________ |
|
Tax on profit |
|
185,216 |
121,531 |
|
|
|
_________ |
_________ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2020: lower than) the
standard rate of corporation tax in the UK
of
19.00
% (2020: 19.00%).
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
927,129 |
641,758 |
|
|
|
_________ |
_________ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
176,155 |
121,934 |
|
Effect of expenses not deductible for tax purposes |
|
(
1,030) |
(
1,388) |
|
Effect of capital allowances and depreciation |
|
7,445 |
(
8,876) |
|
Deferred taxation |
|
2,646 |
9,861 |
|
|
|
_________ |
_________ |
|
Tax on profit |
|
185,216 |
121,531 |
|
|
|
_________ |
_________ |
|
|
|
|
|
12.
Dividends
Equity dividends
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
500,000 |
- |
|
|
|
_________ |
_________ |
|
|
|
|
|
13.
Tangible assets
|
|
Freehold property |
Improvements to property |
Plant, machinery and factory equipment |
Office furniture and equipment |
Motor vehicles |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
|
At 1 January 2021 |
1,827,515 |
464,484 |
690,280 |
307,080 |
11,750 |
3,301,109 |
|
Additions |
- |
- |
3,790 |
- |
- |
3,790 |
|
Disposals |
- |
(
36,607) |
(
51,820) |
(
11,424) |
- |
(
99,851) |
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
At 31 December 2021 |
1,827,515 |
427,877 |
642,250 |
295,656 |
11,750 |
3,205,048 |
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
Depreciation |
|
|
|
|
|
|
|
At 1 January 2021 |
765,504 |
368,811 |
539,498 |
303,793 |
11,750 |
1,989,356 |
|
Charge for the year |
- |
11,754 |
35,187 |
1,892 |
- |
48,833 |
|
Disposals |
- |
(
36,607) |
(
51,820) |
(
11,424) |
- |
(
99,851) |
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
At 31 December 2021 |
765,504 |
343,958 |
522,865 |
294,261 |
11,750 |
1,938,338 |
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2021 |
1,062,011 |
83,919 |
119,385 |
1,395 |
- |
1,266,710 |
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
At 31 December 2020 |
1,062,011 |
95,673 |
150,782 |
3,287 |
- |
1,311,753 |
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
|
|
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Plant, machinery and factory equipment |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
At 31 December 2021 |
72,000 |
|
|
|
|
|
|
|
|
_________ |
|
|
|
|
|
|
|
At 31 December 2020 |
80,000 |
|
|
|
|
|
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.
Stocks
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Raw materials |
|
1,705,582 |
809,539 |
|
Work in progress |
|
95,309 |
86,476 |
|
Finished goods |
|
7,609 |
18,420 |
|
|
|
_________ |
_________ |
|
|
|
1,808,500 |
914,435 |
|
|
|
_________ |
_________ |
|
|
|
|
|
15.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade debtors |
|
2,207,833 |
1,483,136 |
|
Amounts owed by group undertakings |
|
4,592,168 |
4,578,213 |
|
Prepayments and accrued income |
|
95,920 |
40,784 |
|
|
|
_________ |
_________ |
|
|
|
6,895,921 |
6,102,133 |
|
|
|
_________ |
_________ |
|
|
|
|
|
16.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade creditors |
|
420,705 |
293,562 |
|
Amounts owed to group undertakings |
|
72,178 |
123,693 |
|
Accruals and deferred income |
|
44,561 |
40,479 |
|
Corporation tax |
|
109,241 |
59,671 |
|
Social security and other taxes |
|
293,002 |
257,880 |
|
Obligations under hire purchase contracts |
|
14,127 |
29,562 |
|
Other creditors |
|
18,918 |
16,118 |
|
|
|
_________ |
_________ |
|
|
|
972,732 |
820,965 |
|
|
|
_________ |
_________ |
|
|
|
|
|
Assets held under hire purchase contracts are secured against the assets to which they relate.
17.
Creditors: amounts falling due after more than one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
10,827 |
18,947 |
|
Obligations under hire purchase contracts |
|
44,611 |
58,588 |
|
|
|
_________ |
_________ |
|
|
|
55,438 |
77,535 |
|
|
|
_________ |
_________ |
|
|
|
|
|
18.
Obligations under hire purchase contracts
Company lessee
The total future minimum payments under hire purchase contracts are as follows:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
14,127 |
29,562 |
|
Later than 1 year and not later than 5 years |
|
44,611 |
58,588 |
|
|
|
_________ |
_________ |
|
Present value of minimum payments |
|
58,738 |
88,150 |
|
|
|
_________ |
_________ |
|
|
|
|
|
19.
Provisions
|
|
Deferred tax (note 20) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 January 2021 |
36,199 |
36,199 |
|
|
|
|
Additions |
2,646 |
2,646 |
|
|
|
|
|
_________ |
_________ |
|
|
|
|
At 31 December 2021 |
38,845 |
38,845 |
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
20.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Included in provisions (note 19) |
|
38,845 |
36,199 |
|
|
|
_________ |
_________ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
38,845 |
36,199 |
|
|
|
_________ |
_________ |
|
|
|
|
|
21.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
47,117
(2020: £
33,104
).
22.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Recognised in other operating income: |
|
|
|
|
Government grants recognised directly in income |
|
12,618 |
219,361 |
|
|
|
_________ |
_________ |
|
|
|
|
|
23.
Called up share capital
Issued, called up and fully paid
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
1,168,500 |
|
1,168,500 |
|
1,168,500 |
|
1,168,500 |
|
|
|
_________ |
|
_________ |
|
_________ |
|
_________ |
|
|
|
|
|
|
|
|
|
|
24.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
25.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
20,082 |
36,108 |
Later than 1 year and not later than 5 years |
17,622 |
37,300 |
|
_________ |
_________ |
|
37,704 |
73,408 |
|
_________ |
_________ |
|
|
|
26.
Related party transactions
The company has transactions and balances with a number of other subsidiaries within the Isringhausen GmbH & Co. KG group.
During the year the company made sales to Isringhausen BVBA in the sum of £202,687 (2020 - £219,795). £7,921 (2020 - £33,317) remained outstanding at the year end and is included within amounts owed from group undertakings. During the year the company made purchases from Isringhausen BVBA in the sum of £389 (2020 - £483). £Nil (2020 - £Nil) remained outstanding at the year end. During the year the company made sales to Isringhausen GmbH & Co. KG in the sum of £66,175 (2020 - £11,986). £63,906 (2020 - £65,436) remained outstanding at the year end. During the year the company made purchases from Isringhausen GmbH & Co. KG in the sum of £1,453,090 (2020 - £1,010,205). This includes a management charge of £110,940 (2020 - £40,875). £60,596 (2020 - £94,458) remained outstanding at the year end and is included within amounts owed to group undertakings. In 2014 the company provided a loan to Isringhausen GmbH & Co. KG for the sum of £1,192,938. At 31 December 2021 this changed to £1,260,420 (2020 - £1,348,545) due to exchange differences. In 2017 and 2018 the company provided further loans to Isringhausen GmbH & Co. KG for the sum of £2,500,000 and £500,000 respectively. £4,260,420 (2020 - £4,348,545) remained outstanding at the year end and is included within amounts owed from group undertakings, falling due within one year. During the year the company received interest of £63,906 (2020 - £65,436) which remained outstanding at the year end and is included within amounts owed to group undertakings. During the year the company made purchases from Airvent AG in the sum of £29,478 (2020 - £15,904). £1,163 (2020 - £5,182) remained outstanding at the year end and is included within amounts owed to group undertakings. During the year the company made purchases from Isringhausen Spain S.L.U in the sum of £418,221 (2020 - £99,725). £5,353 (2020 - £237) remained outstanding at the year end and is included within amounts owed to group undertakings. During the year the company made sales to ISRI-France S.A.S in the sum of £1,800 (2020 - £1,024). £Nil (2020 - £Nil) remained outstanding at the year end. During the year the company made purchases from ISRI-France S.A.S in the sum of £110,500 (2020 - £95,321). £5,233 (2020 - £20,262) remained outstanding at the year end and is included within amounts owed to group undertakings. During the year the company made sales to Isringhausen Inc in the sum of £15,476 (2020 - £2,362). £9,156 (2020 - £Nil) remained outstanding at the year end. During the year the company made sales/recharges to Esteban UK Limited in the sum of £2,179,846 (2020 - £2,045,928). £250,764 (2020 - £130,914) remained outstanding at the year end and is included within amounts owed from group undertakings.
During the year the company made purchases from Aunde Achter & Ebels GmbH in the sum of £51, 167 (2020 - £20,163). £917 (2020 - £Nil) remained outstanding at the year end and is included within amounts owed to group undertakings. During the year the company made purchases from SKA Sitze GmbH in the sum of £2,891 (2020 - £20,015). £Nil (2020 - £3,430) remained outstanding at the year end and is included within amounts owed to group undertakings. During the year the company made purchases from Airvent Hungary KFT in the sum of £Nil (2020 - £619). £Nil (2020 - £Nil) remained outstanding at the year end. During the year the company made purchases from Aunde KFT in the sum of £Nil (2020 - £529). £Nil (2020 - £Nil) remained outstanding at the year end. During the year the company made purchases from Aunde C & S Automotive S.R.L in the sum of £823 (2020 - £873). £Nil (2020 - £Nil) remained outstanding at the year end. During the year the company made sales to Isringhausen Pty. Ltd in the sum of £6,702 (2020 - £7,614). £Nil (2020 - £Nil) remained outstanding at the year end. During the year the company made purchases from Aunde Kulmbach in the sum of £19,014 (2020 - £4, 541). £Nil (2020 - £Nil) remained outstanding at the year end.
27.
Controlling party
The company is a subsidiary undertaking of Airvent AG, incorporated in Switzerland.The largest group in which results of the company are consolidated is that headed by
Isringhausen GmbH & Co. KG
, incorporated in Germany. The consolidated financial statements of this company are not available to the public. No other group financial statements include the results of the company.The directors control the company's operations in the UK, but overall control of the strategic direction of the company is retained by the directors of Isringhausen GmbH & Co. KG.