Company No:
Contents
DIRECTORS | Abu Hanifa Choudhury |
Petri Mikael Kallio |
REGISTERED OFFICE | Suite 102 Earl Business Centre |
Dowry Street | |
Oldham | |
OL8 2PF | |
England | |
United Kingdom |
COMPANY NUMBER | 11837228 (England and Wales) |
AUDITOR | HSKSG Audit |
3rd Floor | |
Butt Dyke House | |
33 Park Row | |
Nottingham | |
NG1 6EE | |
United Kingdom |
The directors present their annual report and the audited financial statements of the Company for the financial year ended 31 December 2022.
The Company has taken advantage of the exemption in Section 414 A(2) of the Companies Act 2006 from the requirement to prepare a Strategic Report on the basis that it would be entitled to prepare financial statements for the year in accordance with the small companies regime but for being a member of an ineligible group.
PRINCIPAL ACTIVITIES
GOING CONCERN
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
A resolution to reappoint HSKSG Audit as auditors will be proposed at the forthcoming Annual General Meeting.
The Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.
Approved by the Board of Directors and signed on its behalf by:
Abu Hanifa Choudhury
Director |
The directors are responsible for preparing the annual 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* 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. The directors 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.
Report on the audit of the financial statements
In our opinion the financial statements of Varta Consumer Batteries UK Limited (the 'Company'):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
* The Profit and Loss Account;
* The Balance Sheet;
* The Statement of Changes in Equity; and
* The related notes 1 to 17.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
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 Financial Reporting Council's (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.
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 contained within the annual report. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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:
We considered the nature of the Company’s business and its control environment. We also enquired of management about their identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework in which the Company operates and identified key laws and regulations that:
* Had a direct effect on the determination of material amounts and disclosures in the financial statements, which included the Companies Act 2006, tax legislation and payroll legislation.
* Did not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate.
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how / where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition, our procedures to respond to the risks identified included:
* Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* Performing analytical procedures to identify any unusual or unexpected variances that may indicate risks of material misstatement due to fraud;
* Enquiring of management about any instances of non-compliance with laws and regulations and any instances of known or suspected fraud.
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.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Directors’ Report has been prepared in accordance with applicable legal requirements.
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 any material misstatements in the Directors’ Report.
Under the Companies Act 2006 we are required to report in respect of the following matters 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 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; or
* The directors were not entitled to take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a Strategic Report.
We have nothing to report in respect of these matters.
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 auditor's 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.
For and on behalf of
Statutory Auditor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
United Kingdom
Note | 2022 | 2021 | ||
£ | £ | |||
Turnover | 2 |
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Cost of sales | (
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Gross profit |
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Distribution costs | (
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Administrative expenses | (
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Other operating income |
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Operating profit |
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Finance income | 3 |
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Profit before taxation | 4 |
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Tax on profit | 7 | (
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Profit for the financial year |
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There were no items of other comprehensive income or losses for the current or prior year other than those included in the Profit and Loss Account, accordingly no Statement of Comprehensive Income is presented.
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 8 |
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Tangible assets | 9 |
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986,264 | 1,139,694 | |||
Current assets | ||||
Stocks | 10 |
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Debtors | 11 |
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Cash at bank and in hand |
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31,761,501 | 29,598,955 | |||
Creditors: amounts falling due within one year | 12 | (
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Net current assets | 28,533,095 | 27,887,150 | ||
Total assets less current liabilities | 29,519,359 | 29,026,844 | ||
Provision for liabilities | 13 |
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Net assets | 29,519,359 | 29,026,002 | ||
Capital and reserves | 14 | |||
Called-up share capital |
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Share premium account |
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Profit and loss account |
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Total shareholder's funds | 29,519,359 | 29,026,002 |
The financial statements of Varta Consumer Batteries UK Limited (registered number:
Abu Hanifa Choudhury
Director |
Called-up share capital | Share premium account | Profit and loss account | Total | ||||
£ | £ | £ | £ | ||||
At 01 January 2021 |
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Profit for the financial year |
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Total comprehensive income |
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At 31 December 2021 |
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At 01 January 2022 |
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Profit for the financial year |
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Total comprehensive income |
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At 31 December 2022 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Varta Consumer Batteries UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 102, Earl Business Centre, Dowry Street, Oldham, OL8 2PF, United Kingdom.
The principal activities are set out in the Directors’ Report.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Varta Consumer Batteries UK Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel. Please refer to note 17 for more details.
In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company continues to be profitable and has cash reserves. The group companies have also indicated that they will continue to support the Company if required and will not request repayment of the loan within 12 months of the date of signing the accounts unless the Company has sufficient funds to do so. As a result, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses 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 only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Goodwill |
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Office equipment |
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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.
The Company as lessee
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown business class
An analysis of the Company's turnover by class of business is set out below.
Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.
2022 | 2021 | ||
£ | £ | ||
Interest receivable and similar income |
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Profit before taxation is stated after charging/(crediting):
2022 | 2021 | ||
£ | £ | ||
Depreciation of tangible fixed assets (note 9) |
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Amortisation of intangible assets (note 8) |
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Operating lease rentals |
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Foreign exchange (gains)/losses | (
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An analysis of the auditor's remuneration is as follows:
2022 | 2021 | ||
£ | £ | ||
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 6,750 | 6,750 | |
Total audit fees |
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2022 | 2021 | ||
Number | Number | ||
The average monthly number of employees (including directors) was: | |||
Management |
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Sales and marketing |
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Customer service |
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Their aggregate remuneration comprised:
2022 | 2021 | ||
£ | £ | ||
Wages and salaries |
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Social security costs |
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Other retirement benefit costs |
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223,549 | 277,752 |
2022 | 2021 | ||
£ | £ | ||
Current tax on profit | |||
UK corporation tax |
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Adjustments in respect of prior years | |||
UK corporation tax |
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(
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Total current tax |
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Deferred tax | |||
Origination and reversal of timing differences | (
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(
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Effect of changes in tax rate | (792) | 446 | |
Adjustment in respect of prior periods | 0 | 1,859 | |
Total deferred tax | (
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Total tax on profit |
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At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable entirely to the main rate of corporation tax and therefore deferred tax balances as at 31 December 2022 have been re-calculated to 25%.
The tax assessed for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK:
2022 | 2021 | ||
£ | £ | ||
Profit before taxation | 680,524 | 810,769 | |
Tax on profit at standard UK corporation tax rate of 19.00% (2021: 19.00%) |
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Effects of: | |||
- Expenses not deductible for tax purposes |
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- Adjustments in respect of prior years |
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- Tax rate changes | (792) | 446 | |
Total tax charge for year | 187,167 | 145,838 |
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2022 |
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At 31 December 2022 |
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Accumulated amortisation | |||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 31 December 2021 |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2022 |
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At 31 December 2022 |
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Accumulated depreciation | |||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||
At 31 December 2022 |
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At 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Stocks |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings (note 16) |
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Other debtors |
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Accrued income |
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Deferred tax asset |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings (note 16) |
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Corporation tax |
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Other taxation and social security |
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Accruals |
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Other creditors |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 January 2022 |
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842 | |
Credited to the Profit and Loss Account | (
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( 842) | |
At 31 December 2022 |
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0 | |
Deferred tax
2022 | 2021 | ||
£ | £ | ||
Accelerated capital allowances |
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Provision for deferred tax |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Presented as follows: | |||
Called-up share capital presented as equity | 3 | 3 |
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2022 | 2021 | ||
£ | £ | ||
within one year |
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between one and five years |
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The commitments above relate to office and car leases.
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2022 | 2021 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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The charge to Profit and Loss Account in respect of defined contribution schemes is £10,855 (2021: £5,319).
The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.
During the year, a total sum of £78,284 (2021: £78,959) was paid to the directors as directors' emolument for their services to the Company.
The Company is a wholly owned subsidiary of VARTA Aktiengesellschaft which is the parent and the smallest group to consolidate these financial statements. The registered office is Varta-Platz 1 Ellwangen (Jagst), Baden-Württemberg, 73479, Germany.
The directors consider Dr Michael Tojner as the ultimate controlling party due to his substantial holdings in the ultimate parent company, Mortana Tech Components AG.