Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31The principal activity of the company throughout the year was that of sales and technical services for inert-gas systems.false7truetruetruetruetrue2023-01-017truefalse 07021098 2023-01-01 2023-12-31 07021098 2022-01-01 2022-12-31 07021098 2023-12-31 07021098 2022-12-31 07021098 2022-01-01 07021098 c:Director1 2023-01-01 2023-12-31 07021098 c:Director2 2023-01-01 2023-12-31 07021098 c:Director3 2023-01-01 2023-12-31 07021098 c:RegisteredOffice 2023-01-01 2023-12-31 07021098 c:Agent1 2023-01-01 2023-12-31 07021098 d:FurnitureFittings 2023-01-01 2023-12-31 07021098 d:FurnitureFittings 2023-12-31 07021098 d:FurnitureFittings 2022-12-31 07021098 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07021098 d:OfficeEquipment 2023-01-01 2023-12-31 07021098 d:OfficeEquipment 2023-12-31 07021098 d:OfficeEquipment 2022-12-31 07021098 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07021098 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07021098 d:CurrentFinancialInstruments 2023-12-31 07021098 d:CurrentFinancialInstruments 2022-12-31 07021098 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07021098 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07021098 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 07021098 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 07021098 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 07021098 d:ReportableOperatingSegment2 2022-01-01 2022-12-31 07021098 e:UnitedKingdom 2023-01-01 2023-12-31 07021098 e:UnitedKingdom 2022-01-01 2022-12-31 07021098 e:RestWorldOutsideUK 2023-01-01 2023-12-31 07021098 e:RestWorldOutsideUK 2022-01-01 2022-12-31 07021098 d:UKTax 2023-01-01 2023-12-31 07021098 d:UKTax 2022-01-01 2022-12-31 07021098 d:ShareCapital 2023-01-01 2023-12-31 07021098 d:ShareCapital 2023-12-31 07021098 d:ShareCapital 2022-01-01 2022-12-31 07021098 d:ShareCapital 2022-12-31 07021098 d:ShareCapital 2022-01-01 07021098 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07021098 d:RetainedEarningsAccumulatedLosses 2023-12-31 07021098 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07021098 d:RetainedEarningsAccumulatedLosses 2022-12-31 07021098 d:RetainedEarningsAccumulatedLosses 2022-01-01 07021098 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07021098 c:OrdinaryShareClass1 2023-12-31 07021098 c:OrdinaryShareClass1 2022-12-31 07021098 c:FRS102 2023-01-01 2023-12-31 07021098 c:Audited 2023-01-01 2023-12-31 07021098 c:FullAccounts 2023-01-01 2023-12-31 07021098 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07021098 d:WithinOneYear 2023-12-31 07021098 d:WithinOneYear 2022-12-31 07021098 d:BetweenOneFiveYears 2023-12-31 07021098 d:BetweenOneFiveYears 2022-12-31 07021098 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07021098










M. BRAUN UK LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
M. BRAUN UK LIMITED
 
 
COMPANY INFORMATION


Directors
P Bane 
D Kacerovsky 
P Bieger 




Registered number
07021098



Registered office
Room 405
Mansfield Business Centre

Ashfield Avenue

Mansfield

Nottinghamshire

NG18 2AE




Independent auditors
MHA

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ




Bankers
HSBC Bank Plc
1 Leeming Street

Mansfield

Nottinghamshire

NG18 1LU





 
M. BRAUN UK LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8 - 9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 22


 
M. BRAUN UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

P Bane 
D Kacerovsky 
P Bieger 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Following a rebranding exercise on 15 May 2023 the trading name of the Company's independent auditor changed from MHA MacIntyre Hudson to MHA. The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
M. BRAUN UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

This report was approved by the board and signed on its behalf.
 





................................................
P Bane
Director

Date: 26 January 2024

Room 405
Mansfield Business Centre
Ashfield Avenue
Mansfield
Nottinghamshire
NG18 2AE

Page 2

 
M. BRAUN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. BRAUN UK LIMITED
 

Opinion


We have audited the financial statements of M. Braun UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
M. BRAUN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. BRAUN UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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.


Matters on which we are required to report by exception
 

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 material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
M. BRAUN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. BRAUN UK LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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.


Auditors' 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 Auditors' 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.


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:
 
Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations.
Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations.
Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.
Reviewing minutes of meetings of those charged with governance.


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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
M. BRAUN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M. BRAUN UK LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Shelley Harvey FCCA (Senior Statutory Auditor)
  
for and on behalf of
MHA, Statutory Auditor
 
Leicester
United Kingdom

 

26 January 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 6

 
M. BRAUN UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
886,710
602,628

Gross profit
  
886,710
602,628

Administrative expenses
  
(663,659)
(491,084)

Operating profit
 5 
223,051
111,544

Tax on profit
 9 
(53,137)
(21,329)

Profit for the financial year
  
169,914
90,215

There were no recognised gains and losses for 2023 or 2022 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 7

 
M. BRAUN UK LIMITED
REGISTERED NUMBER: 07021098

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
7,104
9,260

  
7,104
9,260

Current assets
  

Debtors: amounts falling due within one year
 12 
336,012
210,808

Cash at bank and in hand
 13 
48,558
25,187

  
384,570
235,995

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(308,882)
(182,377)

Net current assets
  
 
 
75,688
 
 
53,618

Total assets less current liabilities
  
82,792
62,878

  

Net assets
  
82,792
62,878


Capital and reserves
  

Called up share capital 
 15 
1
1

Profit and loss account
  
82,791
62,877

  
82,792
62,878


Page 8

 
M. BRAUN UK LIMITED
REGISTERED NUMBER: 07021098
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by by: 




................................................
P Bane
Director

Date: 26 January 2024

The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
M. BRAUN UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1
72,662
72,663


Comprehensive income for the year

Profit for the year
-
90,215
90,215
Total comprehensive income for the year
-
90,215
90,215


Contributions by and distributions to owners

Dividends: Equity capital
-
(100,000)
(100,000)



At 1 January 2023
1
62,877
62,878


Comprehensive income for the year

Profit for the year
-
169,914
169,914
Total comprehensive income for the year
-
169,914
169,914


Contributions by and distributions to owners

Dividends: Equity capital
-
(150,000)
(150,000)


At 31 December 2023
1
82,791
82,792


The notes on pages 11 to 22 form part of these financial statements.

Profit and loss account
Includes all current and prior period retained profit and losses. All amounts distributable.

Page 10

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

M. Braun UK Limited is a company limited by shares which is incorporated in England and Wales, registration number 07021098. The registered office is Room 405, Mansfield Business Centre, Ashfield Avenue, Mansfield, Nottinghamshire, NG18 2AE.
The principal activity of the Company throughout the year continued to be that of commission based sales and technical services for inert-gas systems. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of INDUS Holding AG as at 31 December 2023 and these financial statements may be obtained from www.indus.de.

 
2.3

Going concern

After reviewing the Company's forecasts, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Based on the continued profitability and working capital, the directors consider the Company has the ability to continue as a going concern for the next 12 months and have not identified any material uncertainity in relation to going concern. The financial statements are therefore prepared on a going concern basis.

Page 11

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

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 the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within administration expenses.

 
2.5

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Page 12

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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 the Statement of Comprehensive Income 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.

 
2.8

Taxation

Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years straight line per annum
Office equipment
-
3 years straight line per annum

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 the Statement of Comprehensive Income.

 
2.10

Debtors

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

Page 13

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.12

Creditors

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

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

 

Page 14

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the share of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 15

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales commission
677,413
432,946

Provision of technical services
209,297
169,682

886,710
602,628


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
868,200
585,671

Rest of the World
18,510
16,957

886,710
602,628


Page 16

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
3,329
3,680

Exchange differences
673
(79)

Other operating lease rentals
31,237
20,933

Operating lease rentals - other
9,742
6,240


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,500
11,850

2023
2022
£
£

Fees payable to the Company's auditor and its associates in respect of:


Other services supplies pursuant to such legislation
7,899
12,585

7,899
12,585

Page 17

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

2023
2022
£
£

Wages and salaries
397,799
297,061

Social security costs
47,920
32,387

Cost of defined contribution scheme
31,220
19,048

476,939
348,496


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3



Administration
4
4

7
7


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
191,120
153,283

Company contributions to defined contribution pension schemes
11,246
10,233

202,366
163,516


During the year retirement benefits were accruing to 1 director (2022: 1) in respect of defined contribution pension schemes.


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
53,137
21,329


Total current tax
53,137
21,329

Page 18

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
223,051
111,544


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
55,763
21,193

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
177
317

Capital allowances for year in excess of depreciation
539
(181)

Adjustment for change in UK tax rate leading to a decrease in the tax charge
(3,342)
-

Total tax charge for the year
53,137
21,329


Factors that may affect future tax charges

From 1 April 2023, the Corporation Tax main rate was increased to 25% for profits over £250,000. A small profits rate has also been introduced for profits of £50,000 or less, charging Corporation Tax at 19%. Profits between £50,000 and £250,000 will be taxed at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. Deferred tax has been calculated at 25%.

BEPS 2.0 Pillar 2 Legislation
M. Braun UK Limited is part of a group that operates in a number of jurisdictions. The standard tax rate in the UK at the end of financial year 2023 was 25% (2022: 19%). The effective tax rate for the financial year 2023 was 24% (2022: 19%). The difference is due to a combination of non-deductible expenses, capital allowances in excess of depreciation, and a change in the UK rate of corporation tax part way through the year.
For periods commencing on or after 1 January 2024, new tax legislation will apply to ensure the effective tax rate of the UK companies within the group will be at least 15%, subject to various complex calculations. This is in line with the minimum taxation rules announced by the G7 and progressed by the OECD Inclusive Framework on Base Erosion and Profit Shifting. These rules have been implemented in the UK via the Domestic Top Up Tax legislation during the year.


 
Page 19

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)

Historically M. Braun UK Limited’s effective rate has been above 15% and the company has assessed its future exposure to Domestic Top Up Tax to be immaterial. In addition, the temporary exemption has been taken in relation to recognising any deferred tax assets or liabilities in relation to the OECD pillar two income taxes.


10.


Dividends

2023
2022
£
£


Dividends paid on Ordinary Shares
150,000
100,000

150,000
100,000


11.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
17,727
9,097
26,824


Additions
1,173
-
1,173


Disposals
-
(874)
(874)



At 31 December 2023

18,900
8,223
27,123



Depreciation


At 1 January 2023
11,414
6,150
17,564


Charge for the year on owned assets
1,810
1,519
3,329


Disposals
-
(874)
(874)



At 31 December 2023

13,224
6,795
20,019



Net book value



At 31 December 2023
5,676
1,428
7,104



At 31 December 2022
6,313
2,947
9,260

Page 20

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
312,862
187,028

Other debtors
3,932
5,820

Prepayments and accrued income
19,218
17,960

336,012
210,808



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
48,558
25,187

48,558
25,187



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
150,000
100,000

Corporation tax
1,437
11,825

Other taxation and social security
9,968
6,552

Accruals and deferred income
147,477
64,000

308,882
182,377



15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1

The shares have attached to them full voting, dividend and capital distribution (including on wind up) rights; they do not confer any rights of redemption.


Page 21

 
M. BRAUN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Pension commitments

The Company operates a defined contribution 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 £31,220 (2022: £19,048). Contributions totalling £NIL (2022: £NIL) were payable to the fund at the balance sheet date.


17.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
26,588
21,791

Later than 1 year and not later than 5 years
22,484
29,154

49,072
50,945


18.


Related party transactions

In accordance with FRS102 33.1A, as a wholly owned subsidiary of M. Braun Inertgas-Systeme GmbH, which is wholly owned by INDUS Holding AG, the Company is exempt from the requirements to disclose transactions with other members of the group that are wholly owned by INDUS Holding AG.


19.


Controlling party

The Directors consider INDUS Holding AG, a company incorporated in Germany, to be the ultimate holding company and controlling party. The immediate parent company is M. Braun Inertgas-Systeme GmbH, a company incorporated in Germany. INDUS Holding AG are based in Kolner Strasse 32, D 51429, Bergisch, Gladbach, Germany.
 
Page 22