Company Registration No. 00694081 (England and Wales)
SIEBTECHNIK TEMA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SIEBTECHNIK TEMA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SIEBTECHNIK TEMA LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
316,402
343,665
Investments
5
44,574
44,574
360,976
388,239
Current assets
Stocks
127,481
152,960
Debtors
6
390,968
387,156
Cash at bank and in hand
1,180,883
1,061,762
1,699,332
1,601,878
Creditors: amounts falling due within one year
7
(97,537)
(260,765)
Net current assets
1,601,795
1,341,113
Total assets less current liabilities
1,962,771
1,729,352
Provisions for liabilities
(41,825)
(49,108)
Net assets
1,920,946
1,680,244
Capital and reserves
Called up share capital
8
304,574
304,574
Profit and loss reserves
1,616,372
1,375,670
Shareholders' funds
1,920,946
1,680,244
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 1 September 2022 and are signed on its behalf by:
Mr S Hylott
Director
Company Registration No. 00694081
SIEBTECHNIK TEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Siebtechnik Tema Limited is a private company limited by shares incorporated in England and Wales. The registered office is noted on the company information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold improvements
2% and 20% straight line
Plant and machinery
10%, 15% and 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
SIEBTECHNIK TEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
SIEBTECHNIK TEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2020 - 12).
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
61,116
960,942
1,022,058
Additions
1,704
36,914
38,618
Disposals
(20,000)
(20,000)
At 31 December 2021
62,820
977,856
1,040,676
Depreciation and impairment
At 1 January 2021
25,653
652,740
678,393
Depreciation charged in the year
1,228
54,589
55,817
Eliminated in respect of disposals
(9,936)
(9,936)
At 31 December 2021
26,881
697,393
724,274
Carrying amount
At 31 December 2021
35,939
280,463
316,402
At 31 December 2020
35,463
308,202
343,665
5
Fixed asset investments
2021
2020
£
£
Investments
44,574
44,574
SIEBTECHNIK TEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2021 & 31 December 2021
44,574
Carrying amount
At 31 December 2021
44,574
At 31 December 2020
44,574
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
264,603
263,676
Corporation tax recoverable
23,467
Amounts due from group undertakings
124,464
99,137
Prepayments and accrued income
1,901
876
390,968
387,156
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
(220)
74,367
Amounts owed to group undertakings
23,312
52,546
Corporation tax
30,012
Other taxation and social security
11,382
34,658
Accruals and deferred income
33,051
99,194
97,537
260,765
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
304,574 Ordinary shares of £1 each
304,574
304,574
SIEBTECHNIK TEMA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
9
Audit report information
As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The audit report in respect of these accounts was unqualified with no emphasis of matter. The Senior Statutory Auditor was Charlotte Toemaes of Ellacotts Audit Services Limited.
10
Financial commitments, guarantees and contingent liabilities
At 31 December 2021 the company had outstanding commitments of £109,280 (2020 - £163,920) for future minimum lease payments under non-cancellable operating leases.
11
Related party transactions
In accordance with FRS 102, the company has not disclosed transactions with other group companies as its results are consolidated into the financial statements of the ultimate parent undertaking.
12
Parent company
The parent company of Siebtechnik Tema Limited is Tema Holdings N.V. by virtue of its 69% share holding. Tema Holdings N.V is a company registered in The Netherlands. Isenmann Siebe Gmbh holds the remaining 31% of the ordinary share capital.
The ultimate parent company of Siebtechnik Tema Limited is Stafag International GmbH. Stafag International GmbH group accounts can be obtained from Platanenallee 46, 45478 Mulheim an der Ruhr, Germany.