Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falsesale of hygiene products22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08888461 2022-03-01 2023-02-28 08888461 2021-03-01 2022-02-28 08888461 2023-02-28 08888461 2022-02-28 08888461 c:Director1 2022-03-01 2023-02-28 08888461 d:PlantMachinery 2022-03-01 2023-02-28 08888461 d:PlantMachinery 2023-02-28 08888461 d:PlantMachinery 2022-02-28 08888461 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08888461 d:MotorVehicles 2022-03-01 2023-02-28 08888461 d:MotorVehicles 2023-02-28 08888461 d:MotorVehicles 2022-02-28 08888461 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08888461 d:FurnitureFittings 2022-03-01 2023-02-28 08888461 d:FurnitureFittings 2023-02-28 08888461 d:FurnitureFittings 2022-02-28 08888461 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08888461 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08888461 d:CurrentFinancialInstruments 2023-02-28 08888461 d:CurrentFinancialInstruments 2022-02-28 08888461 d:Non-currentFinancialInstruments 2023-02-28 08888461 d:Non-currentFinancialInstruments 2022-02-28 08888461 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08888461 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 08888461 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08888461 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 08888461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 08888461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 08888461 d:ShareCapital 2023-02-28 08888461 d:ShareCapital 2022-02-28 08888461 d:RetainedEarningsAccumulatedLosses 2023-02-28 08888461 d:RetainedEarningsAccumulatedLosses 2022-02-28 08888461 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 08888461 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 08888461 c:FRS102 2022-03-01 2023-02-28 08888461 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 08888461 c:FullAccounts 2022-03-01 2023-02-28 08888461 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08888461 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 08888461 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 08888461 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 08888461 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 08888461 2 2022-03-01 2023-02-28 08888461 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 08888461 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-02-28 08888461 d:LeasedAssetsHeldAsLessee 2023-02-28 08888461 d:LeasedAssetsHeldAsLessee 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 08888461









GERMSTAR UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
GERMSTAR UK LIMITED
REGISTERED NUMBER: 08888461

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
27,342
36,458

  
27,342
36,458

Current assets
  

Stocks
 5 
32,915
48,558

Debtors: amounts falling due within one year
 6 
81,671
31,832

Cash at bank and in hand
 7 
3,174
16,938

  
117,760
97,328

Creditors: amounts falling due within one year
 8 
(279,770)
(215,515)

Net current liabilities
  
 
 
(162,010)
 
 
(118,187)

Total assets less current liabilities
  
(134,668)
(81,729)

Creditors: amounts falling due after more than one year
 9 
(28,314)
(45,756)

  

Net liabilities
  
(162,982)
(127,485)


Capital and reserves
  

Called up share capital 
  
102
102

Profit and loss account
  
(163,084)
(127,587)

  
(162,982)
(127,485)


Page 1

 
GERMSTAR UK LIMITED
REGISTERED NUMBER: 08888461
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2023.






................................................
Stephen Armstrong
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Germstar UK Limited is a private company limited by share capital incorporated in England and Wales. The principal activity of the Company is the sale of hygiene products. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. The Company is dependent on the continuing support of the director, which he has pledged for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Reducing Balance
Motor vehicles
-
25% Reducing Balance
Fixtures and fittings
-
25% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2022
97,464
42,834
3,636
143,934



At 28 February 2023

97,464
42,834
3,636
143,934



Depreciation


At 1 March 2022
83,447
21,532
2,497
107,476


Charge for the year on owned assets
3,504
5,326
286
9,116



At 28 February 2023

86,951
26,858
2,783
116,592



Net book value



At 28 February 2023
10,513
15,976
853
27,342



At 28 February 2022
14,017
21,302
1,139
36,458

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
15,523
20,698

15,523
20,698


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
32,915
48,558

32,915
48,558




Page 7

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
80,767
29,959

Prepayments and accrued income
904
1,873

81,671
31,832



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,174
16,938

3,174
16,938


Page 8

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
63,513
2,079

Other taxation and social security
9,959
15,058

Obligations under finance lease and hire purchase contracts
7,442
7,443

Other creditors
186,593
178,111

Accruals and deferred income
2,263
2,824

279,770
215,515




The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
7,442
7,443

7,442
7,443



Obligations due under hire purchase contracts are secured on the relevant assets. 

Page 9

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,833
35,833

Net obligations under finance leases and hire purchase contracts
2,481
9,923

28,314
45,756




The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
2,481
9,923

2,481
9,923



Obligations due under hire purchase contracts are secured on the relevant assets. 


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


Amounts falling due 2-5 years

Bank loans
25,833
35,833


35,833
45,833


Page 10

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
7,442
7,443

Between 1-5 years
2,481
9,923

9,923
17,366


12.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,174
16,938




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,388 (2022 - £335). Contributions totalling £239  (2022 - £80) were payable to the fund at the balance sheet date.


14.


Controlling party

The Company is controlled by the director, Stephen Armstrong, by virtue of his shareholding, as described in the director's report.

 
Page 11