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REGISTERED NUMBER: 01795571




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

CELTIC SMR LIMITED

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CELTIC SMR LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: Mr M J H Howe
Mr A Clarkson
Mr J Oekler



REGISTERED OFFICE: Frederick House
Hayston View
Johnston
Pembrokeshire
SA62 3AQ



REGISTERED NUMBER: 01795571



SENIOR STATUTORY AUDITOR: Andrew Morris FCA



AUDITORS: Dains Audit Limited
15 Colmore Row
Birmingham
West Midlands
B3 2BH

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

STATEMENT OF FINANCIAL POSITION
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 471,752 413,038

CURRENT ASSETS
Stock 5 1,636,676 1,844,545
Debtors 6 1,284,028 761,245
Cash at bank 7 680,462 74,400
3,601,166 2,680,190
CREDITORS
Amounts falling due within one year 8 1,595,172 1,088,842
NET CURRENT ASSETS 2,005,994 1,591,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,477,746

2,004,386

CREDITORS
Amounts falling due after more than one
year

9

(13,255

)

(178,621

)

PROVISIONS FOR LIABILITIES 10 (113,929 ) (99,197 )
NET ASSETS 2,350,562 1,726,568

CAPITAL AND RESERVES
Called up share capital 245,098 245,098
Retained earnings 2,105,464 1,481,470
SHAREHOLDERS' FUNDS 2,350,562 1,726,568

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





Mr M J H Howe - Director


CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Celtic SMR Limited is a company incorporated in England and Wales under the Companies Act. The company is a private company limited by shares. The address of the company's registered office is shown on the company information page. The principal activities of the company and the nature of it's operations are set out in the Directors' report.

2. ACCOUNTING POLICIES

Basis of preparing the 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

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 11.42, 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;
-the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
-the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oehm und Rehbein GmbH as at 31st August 2023 and these financial statements may be obtained from Neptunallee 7C, 18057 Rostock.

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Revenue recognition
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 cost incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with 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 cost to complete the contract can be measured reliably.

Tangible fixed assets
Tangible assets under the costs 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:

Plant and machinery25% on cost
Motor vehicles25% on cost

Property improvements2% on cost


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 Statement of income and retained earnings.

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Stock
Stock are stated at the lower of cost and net realisable value, being the estimated selling price less stock to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

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 Statement of income and retained earnings.

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

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.

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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to Statement of income and retained earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date, except that:

-The recognition of deferred tax asset is limited to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 Statement of income and retained earnings.

Operating leases: the company as lessee
Rentals paid under operating leases are charged to Statement of income and retained earnings 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.

Leased assets: the company as a lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and the useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included under creditors net of finance charge allocated to future periods. The finance elements of the rental payment is charged to the statement of Income and retained earnings.

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for it's 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 Statement of income and retained earnings 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.

Going concern
After reviewing the latest management information and making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. As such, they have concluded that it is reasonable to continue to prepare the financial statements on a going concern basis.

Finance costs
Finance costs are charged to profit and 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.

Borrowing costs
All borrowing costs are recognised in the Statement of income and retained earnings in the period which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 34 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 September 2022 20,801 808,458 111,258 940,517
Additions - 251,654 - 251,654
Disposals - (59,418 ) - (59,418 )
At 31 August 2023 20,801 1,000,694 111,258 1,132,753
DEPRECIATION
At 1 September 2022 4,551 452,420 70,508 527,479
Charge for year - 134,691 15,252 149,943
Eliminated on disposal - (16,421 ) - (16,421 )
At 31 August 2023 4,551 570,690 85,760 661,001
NET BOOK VALUE
At 31 August 2023 16,250 430,004 25,498 471,752
At 31 August 2022 16,250 356,038 40,750 413,038

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022
and 31 August 2023 65,716
DEPRECIATION
At 1 September 2022 24,966
Charge for year 15,252
At 31 August 2023 40,218
NET BOOK VALUE
At 31 August 2023 25,498
At 31 August 2022 40,750

5. STOCK
2023 2022
£    £   
Stocks 1,636,676 1,844,545

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,092,469 648,769
Other debtors 689 -
Prepayments 190,870 112,476
1,284,028 761,245

7. CASH AT BANK
2023 2022
£    £   
Bank account no. 1 680,411 74,362
Bank account no. 2 51 38
680,462 74,400

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 13,633 18,222
Trade creditors 673,115 338,677
Group undertakings 197,912 223,926
Corporation tax 155,524 112,478
Social security and other taxes 39,667 34,691
VAT 258,449 176,207
Other creditors 6,547 6,511
Accrued expenses 250,325 178,130
1,595,172 1,088,842

Net obligations under hire purchase contracts are secured on the assets they relate to.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings - 151,732
Hire purchase contracts 13,255 26,889
13,255 178,621

Net obligations under hire purchase contracts are secured on the assets they relate to.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 113,929 99,197

Deferred
tax
£   
Balance at 1 September 2022 99,197
Accelerated capital allowances 14,732
Balance at 31 August 2023 113,929

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Morris FCA (Senior Statutory Auditor)
for and on behalf of Dains Audit Limited

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

12. HIRE PURCHASE AND FINANCE LEASES

Minimum lease payments under hire purchase fall due as follows:


31 August
2023
31 August
2022
£   £   
Within one yer13,63318,222
Between 1-5 years13,25626,889
26,88945,111

13. COMMITMENTS UNDER OPERATING LEASES

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


31 August
2023
31 August
2022
£   £   
Not later than 1 year47,00046,000
Later than 1 year and not later than 5 years12,00059,000
59,000105,000

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 August 2023 and the period ended 31 August 2022:

2023 2022
£    £   
Mr M J H Howe
Balance outstanding at start of year - 28,050
Amounts repaid - (28,050 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr A Clarkson
Balance outstanding at start of year - 4,842
Amounts repaid - (4,842 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

CELTIC SMR LIMITED (REGISTERED NUMBER: 01795571)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

15. ULTIMATE CONTROLLING PARTY

At 31st August 2023, the immediate parent undertaking is Oehm und Rehbein Gmbh, a company incorporated in Germany. Copies of the financial statements for Oehm und Rehbein Gmbh can be obtained from its registered office, Neptunallee 7c,18057 Rostock.

At 31st August 2023, the ultimate parent undertaking is OR Invest Gmbh, a company incorporated in Germany.

The parent undertaking of the smallest group to consolidate their financial statements is Oehm und Rehbein GmbH, a company incorporated in Germany. Copies of these financial statements can be obtained from Neptunallee 7c, 18057 Rostock.

The parent undertaking of the largest group to consolidate their financial statements is Oehm und Rehbein GmbH, a company incorporated in Germany. Copies of these financial statements can be obtained from Neptunallee 7c, 18057 Rostock.

At 31st August 2023, the directors considered the ultimate controlling party to be OR Invest Gmbh.