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REGISTERED NUMBER: 02440744 (England and Wales)









SELUX UK LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SELUX UK LIMITED (REGISTERED NUMBER: 02440744)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2 to 3

Balance Sheet 4

Notes to the Financial Statements 5 to 7


SELUX UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N Emery
M Dreismann



REGISTERED OFFICE: 31 St. John's
Worcester
Worcestershire
WR2 5AG



REGISTERED NUMBER: 02440744 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Carvell



AUDITORS: SFB Group Limited
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU

SELUX UK LIMITED (REGISTERED NUMBER: 02440744)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, manufacture and supply of interior and exterior lighting.

REVIEW OF BUSINESS
Ongoing global instability, economic headwinds resulting in project delays and continued difficulty securing face to face sales meetings post Covid remained challenges throughout the 2023. Nevertheless, there was a significant increase in the number and value of quotations and specifications compared to 2022 due to the popularity of new product innovations and highly impactful marketing, CPD and online content.
Our core client base remains consistent resulting in Selux' inclusion on an increasing number of large public realm and rail project specifications due for delivery during 2024.
During the year we successfully transitioned all IT systems to Cloud solutions, significantly improving digital security and business recovery processes while increasing transparency and sharing between group companies.
Our ongoing focus on Nature Centric lighting solutions has driven much interest and we anticipate this translating into further specifications and orders for 2024 and beyond as public awareness of the negative environmental impact of artificial light increases.

DIRECTORS
N Emery has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

K J Siemssen - resigned 20 October 2023
M Dreismann - appointed 20 October 2023

GOING CONCERN
Financial support from our parent company has continued throughout 2023 as outlined in note 11 to the accounts. Their ongoing commitment to supporting Selux UK Limited has been assured to at least 31 March 2025.
As a result we consider it is appropriate to prepare the financial statements on a going concern basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


SELUX UK LIMITED (REGISTERED NUMBER: 02440744)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





N Emery - Director


16 February 2024

SELUX UK LIMITED (REGISTERED NUMBER: 02440744)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,114 5,667

CURRENT ASSETS
Stocks 28,989 13,192
Debtors 5 203,203 183,701
Cash at bank and in hand 167,633 288,555
399,825 485,448
CREDITORS
Amounts falling due within one year 6 1,304,841 945,092
NET CURRENT LIABILITIES (905,016 ) (459,644 )
TOTAL ASSETS LESS CURRENT LIABILITIES (901,902 ) (453,977 )

CREDITORS
Amounts falling due after more than one year 7 79,039 237,412
NET LIABILITIES (980,941 ) (691,389 )

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings (1,080,941 ) (791,389 )
SHAREHOLDERS' FUNDS (980,941 ) (691,389 )

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 February 2024 and were signed on its behalf by:





N Emery - Director


SELUX UK LIMITED (REGISTERED NUMBER: 02440744)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Selux UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Financial support from our parent company has continued throughout 2023 as outlined in note 11 to the accounts. Their ongoing commitment to supporting Selux UK Limited has been assured to at least 31 March 2025.

As a result we consider it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - straight line over life of the lease
Computer equipment - at variable rates on reducing balance and at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, where cost is calculated on the Average Cost basis, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SELUX UK LIMITED (REGISTERED NUMBER: 02440744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account either in arriving at the operating result for trade balances or within finance costs for financial instruments.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and cash in hand.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating income/administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Computer
property equipment Totals
£    £    £   
COST
At 1 January 2023 6,685 47,796 54,481
Additions - 416 416
Disposals - (1,180 ) (1,180 )
At 31 December 2023 6,685 47,032 53,717
DEPRECIATION
At 1 January 2023 6,453 42,361 48,814
Charge for year 232 2,540 2,772
Eliminated on disposal - (983 ) (983 )
At 31 December 2023 6,685 43,918 50,603
NET BOOK VALUE
At 31 December 2023 - 3,114 3,114
At 31 December 2022 232 5,435 5,667

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 185,684 172,522
Other debtors 17,519 11,179
203,203 183,701

SELUX UK LIMITED (REGISTERED NUMBER: 02440744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 100,077 43,313
Trade creditors 58,155 22,617
Amounts owed to group undertakings 1,018,485 731,640
Loans from group undertakings 64,716 72,505
Taxation and social security 26,704 40,241
Other creditors 36,704 34,776
1,304,841 945,092

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 79,039 237,412

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 24,164 24,363
Between one and five years 60,175 82,510
84,339 106,873

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

The Report of the Auditors was unqualified.

Paul Carvell (Senior statutory auditor)
for and on behalf of SFB Group Limited

10. RELATED PARTY DISCLOSURES

In the opinion of the directors the company is controlled by its immediate parent company Selux GmbH.

During the year the company purchased goods and services for £382,099 (2022 £628,933) from Selux GmbH group undertakings.

At the balance sheet date the amount due to and from Selux GmbH and its associated companies was £1,018,485 (2022 £731,652) and nil (2022 nil) respectively.

During 2020 the holding company increased the intercompany loan to 448,114.40 Euros and rescheduled the repayment terms. Interest on the loan is at 6% per annum and is repayable at 5,000 Euros per month until the loan is cleared. Repayments commenced in January 2021. The balance outstanding on the loan at the year end was £143,755 (2022 £309,917) which includes interest of £12,668 for the period to 31 December 2023.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Selux GmbH, Volkmarstr 18, 12099 Berlin, Germany.

The ultimate controlling party is CMP German Opportunity Fund III SCA- SICAV SIF (Luxembourg).

Financial support from our parent company has continued throughout 2023 as outlined in note 11 to the accounts. Their ongoing commitment to supporting Selux UK Limited has been assured to at least 31 March 2025.