PROBST LTD
Company registration number 11730215 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
31 December 2021
PAGES FOR FILING WITH REGISTRAR
PROBST LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PROBST LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
(13,074)
(19,588)
Tangible assets
5
19,679
23,648
6,605
4,060
Current assets
Stocks
510,779
512,504
Debtors
6
619,990
574,193
Cash at bank and in hand
104,391
83,309
1,235,160
1,170,006
Creditors: amounts falling due within one year
7
(652,216)
(366,426)
Net current assets
582,944
803,580
Total assets less current liabilities
589,549
807,640
Creditors: amounts falling due after more than one year
8
(257,847)
(755,760)
Provisions for liabilities
(280)
(423)
Net assets
331,422
51,457
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
331,322
51,357
Total equity
331,422
51,457

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.

The financial statements were approved by the board of directors and authorised for issue on 8 July 2022 and are signed on its behalf by:
Mr H  Merholz
Director
Company Registration No. 11730215
PROBST LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Probst Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Fletcher House, Stafford Park 17, Telford, Shropshire, TF3 3DG.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
Intangible fixed assets - goodwill

Negative goodwill represents the excess over cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% Straight Line
1.5
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.

PROBST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
25% Straight Line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

PROBST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.13
Leases

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.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,250
8,250
PROBST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
6
6
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
(32,808)
192
(32,616)
Amortisation and impairment
At 1 January 2021
(13,124)
96
(13,028)
Amortisation charged for the year
(6,562)
48
(6,514)
At 31 December 2021
(19,686)
144
(19,542)
Carrying amount
At 31 December 2021
(13,122)
48
(13,074)
At 31 December 2020
(19,684)
96
(19,588)
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
41,878
Additions
7,508
At 31 December 2021
49,386
Depreciation and impairment
At 1 January 2021
18,230
Depreciation charged in the year
11,477
At 31 December 2021
29,707
Carrying amount
At 31 December 2021
19,679
At 31 December 2020
23,648
PROBST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
598,125
530,691
Amounts owed by group undertakings
17,070
40,378
Other debtors
4,795
3,124
619,990
574,193
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
25,263
16,385
Amounts owed to group undertakings
219,052
127,626
Corporation tax
65,034
8,183
Other taxation and social security
129,632
201,305
Other creditors
213,235
12,927
652,216
366,426
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
257,847
755,760
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

All shares have attached to them full voting rights, dividend rights and capital distribution (including on winding up) rights.

10
Audit report information

As the income statement 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 auditor's report was unqualified.

The senior statutory auditor was Stacey Lea ACA and the auditor was Dyke Yaxley Limited.
PROBST LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
169,750
194,660
12
Related party transactions

Included within debtors is an amount of £17,070 (2020: £40,378) owed by Probst GmbH. This debt arose under commercial terms.

 

Included within creditors due less than one year is an amount of £219,052 (2020: £127,626) owed to Probst GmbH. This debt arose under commercial terms.

 

 

Included in other creditors falling due after more than one year is a debt of £457,847 (2020: £755,760) which is owed to the parent company, Probst GmbH. Interest is charged at a commercial rate.

 

 

13
Parent company

The parent company of Probst Limited is Probst GmbH and its registered office is Gottlieb-Daimler, Strasse 6, Erdmannhausen, Germany, 71729.

The ultimate parent company is Alveus Beteiligungen GmbH and the largest group in which Probst Ltd is consolidated into. The principal place of business and copies of the accounts are available at Georgenstraße 42, München 80799.

2021-12-312021-01-01false05 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr H MerholzMr E Wilhelm2022-07-08117302152021-01-012021-12-31117302152021-12-31117302152020-12-3111730215core:NetGoodwill2021-12-3111730215core:IntangibleAssetsOtherThanGoodwill2021-12-3111730215core:NetGoodwill2020-12-3111730215core:IntangibleAssetsOtherThanGoodwill2020-12-3111730215core:OtherPropertyPlantEquipment2021-12-3111730215core:OtherPropertyPlantEquipment2020-12-3111730215core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3111730215core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3111730215core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3111730215core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3111730215core:CurrentFinancialInstruments2021-12-3111730215core:CurrentFinancialInstruments2020-12-3111730215core:ShareCapital2021-12-3111730215core:ShareCapital2020-12-3111730215core:RetainedEarningsAccumulatedLosses2021-12-3111730215core:RetainedEarningsAccumulatedLosses2020-12-3111730215bus:Director12021-01-012021-12-3111730215core:Goodwill2021-01-012021-12-3111730215core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3111730215core:ComputerSoftware2021-01-012021-12-3111730215core:PlantMachinery2021-01-012021-12-3111730215core:FurnitureFittings2021-01-012021-12-3111730215core:MotorVehicles2021-01-012021-12-31117302152020-01-012020-12-3111730215core:NetGoodwill2020-12-3111730215core:IntangibleAssetsOtherThanGoodwill2020-12-31117302152020-12-3111730215core:NetGoodwill2021-01-012021-12-3111730215core:OtherPropertyPlantEquipment2020-12-3111730215core:OtherPropertyPlantEquipment2021-01-012021-12-3111730215core:WithinOneYear2021-12-3111730215core:WithinOneYear2020-12-3111730215core:Non-currentFinancialInstruments2021-12-3111730215core:Non-currentFinancialInstruments2020-12-3111730215bus:PrivateLimitedCompanyLtd2021-01-012021-12-3111730215bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3111730215bus:FRS1022021-01-012021-12-3111730215bus:Audited2021-01-012021-12-3111730215bus:Director22021-01-012021-12-3111730215bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP