Company Registration No. 01643417 (England and Wales)
Steinel UK Limited
Financial statements
for the year ended 31 December 2022
Pages for filing with the registrar
Steinel UK Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Steinel UK Limited
Statement of financial position
As at 31 December 2022
Page 1
As at
31 December
2022
As at
31 December
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,855
30,997
Current assets
Stocks
597,865
740,611
Debtors
4
701,648
833,712
Cash at bank and in hand
228,868
204,251
1,528,381
1,778,574
Creditors: amounts falling due within one year
5
(1,633,402)
(1,903,257)
Net current liabilities
(105,021)
(124,683)
Total assets less current liabilities
(87,166)
(93,686)
Creditors: amounts falling due after more than one year
6
(105,909)
(137,700)
Provisions for liabilities
7
(160,000)
(170,000)
Net liabilities
(353,075)
(401,386)
Capital and reserves
Called up share capital
269,894
269,894
Profit and loss reserves
(622,969)
(671,280)
Total equity
(353,075)
(401,386)
The directors of the company have elected not to include a copy of the income statement 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.
Steinel UK Limited
Statement of financial position (continued)
As at 31 December 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 13 March 2023 and are signed on its behalf by:
Sven Liestmann
Director
Company Registration No. 01643417
Steinel UK Limited
Notes to the financial statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
Steinel UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Manasty Road, Orton Southgate, Peterborough, Cambridgeshire, PE2 6UP.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In addition, the company receives support from its parent company in the form of a working capital loan and has received confirmation that this support will be continuing. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probably that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 4
1.4
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over life of lease
Plant and equipment
25% per annum reducing balance
Office equipment
33% per annum 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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in, first out method.
1.6
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.
1.7
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.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies (continued)
Page 5
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
1.12
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.
1.13
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.
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
13
13
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 January 2022
256,291
22,916
137,526
416,733
Additions
2,863
2,863
At 31 December 2022
256,291
22,916
140,389
419,596
Depreciation and impairment
At 1 January 2022
248,665
20,545
116,526
385,736
Depreciation charged in the year
7,626
828
7,551
16,005
At 31 December 2022
256,291
21,373
124,077
401,741
Carrying amount
At 31 December 2022
1,543
16,312
17,855
At 31 December 2021
7,626
2,371
21,000
30,997
HSBC hold both a fixed and floating charge over all assets of the company.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
671,439
789,109
Other debtors
30,209
44,603
701,648
833,712
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 7
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
82,840
51,425
Amounts owed to group undertakings
1,199,434
1,162,938
Taxation and social security
181,933
240,893
Other creditors
169,195
448,001
1,633,402
1,903,257
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
105,909
137,700
7
Provisions for liabilities
2022
2021
£
£
Provision for dilapidation costs
160,000
170,000
8
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.
Senior Statutory Auditor:
Ross Lomas
Statutory Auditors:
Saffery Champness LLP
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2022
Page 8
9
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:
2022
2021
£
£
295,889
74,555
10
Controlling party
The company's immediate parent undertaking was Steinel Vertrieb GmbH, registered in Germany at Dieselstrasse 80-84, 33442 Herzebrok-Clarholz, Germany. This is the smallest group in which the company's results are consolidated in.
The company's ultimate parent undertaking was ADCURAM Invest GmbH, registered in Germany at Theatinerstraße 7, 80333 München, Germany. This is the largest group in which the company's results are consolidated in.
The company has no ultimate controlling party.