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Registered number: 01410418









JUMO UK LTD

(formerly Jumo Instrument Company Limited)

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JUMO UK LTD
REGISTERED NUMBER: 01410418

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
337,749
337,692

Current assets
  

Stocks
  
301,385
239,194

Debtors: amounts falling due within one year
 5 
1,009,422
334,644

Cash at bank and in hand
  
538,833
1,206,973

  
1,849,640
1,780,811

Creditors: amounts falling due within one year
 6 
(257,854)
(268,237)

Net current assets
  
 
 
1,591,786
 
 
1,512,574

Total assets less current liabilities
  
1,929,535
1,850,266

Provisions for liabilities
  

Deferred tax
 7 
(2,082)
(2,239)

Net assets
  
1,927,453
1,848,027


Capital and reserves
  

Called up share capital 
  
800,000
800,000

Profit and loss account
  
1,127,453
1,048,027

  
1,927,453
1,848,027


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

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

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

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




D Charisiadis
Director

Date: 1 March 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
JUMO UK LTD
 

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

1.


GENERAL INFORMATION

Jumo UK Ltd is a Company limited by shares incorporated in England & Wales within the United Kingdom. The address of the Registered Office is given in the company information of these financial statements.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

REVENUE

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

Sale of goods

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

 
2.3

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.

Page 2

 
JUMO UK LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)


2.3
TANGIBLE FIXED ASSETS (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
at residual value
Plant & machinery
-
15% per annum on the reducing balance
Fixtures & fittings
-
15% per annum on the reducing balance
Office & test equipment
-
15% per annum on the reducing balance
Computer equipment
-
straight line over 3 years

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

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

No depreciation is provided in respect of freehold land and buildings. The Directors believe that the building is now held at its residual value, if provided, depreciation would therefore be immaterial for the year and in total. 

 
2.4

STOCKS

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

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

 
2.5

DEBTORS

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

 
2.6

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.
Page 3

 
JUMO UK LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments 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 non-puttable ordinary shares.
Debt instruments 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.

 
2.8

CREDITORS

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

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Pounds 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 profit or loss 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 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating expenses'.

 
2.10

PENSIONS

Defined contribution pension plan

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

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

Page 4

 
JUMO UK LTD
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is 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 reporting date.


3.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
25,970
39,728


Deferred tax


Origination and reversal of timing differences
(157)
(2,704)


Taxation on profit on ordinary activities
25,813
37,024
Page 5

 
JUMO UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
3.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
105,239
197,585


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
24,753
37,541

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
142
180

Re-measurement of deferred tax - change in UK tax rate
918
(697)

Total tax charge for the year
25,813
37,024


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 6

 
JUMO UK LTD
 

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

4.


TANGIBLE FIXED ASSETS





Land and buildings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
550,605
203,724
754,329


Additions
-
6,147
6,147


Disposals
-
(73,092)
(73,092)



At 31 December 2023

550,605
136,779
687,384



Depreciation


At 1 January 2023
225,057
191,580
416,637


Charge for the year on owned assets
-
4,436
4,436


Disposals
-
(71,438)
(71,438)



At 31 December 2023

225,057
124,578
349,635



Net book value



At 31 December 2023
325,548
12,201
337,749



At 31 December 2022
325,548
12,144
337,692




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
325,548
325,548



5.


DEBTORS

2023
2022
£
£


Trade debtors
308,286
288,450

Amounts owed by group undertakings
662,735
19,647

Other debtors
9,314
6,083

Prepayments and accrued income
29,087
20,464

1,009,422
334,644


Page 7

 
JUMO UK LTD
 

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

6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
60,547
63,598

Amounts owed to group undertakings
7,699
25,448

Corporation tax
12,472
18,230

Other taxation and social security
113,981
105,390

Other creditors
20,482
19,376

Accruals and deferred income
42,673
36,195

257,854
268,237



7.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(2,239)
(4,943)


Charged to profit or loss
157
2,704



At end of year
(2,082)
(2,239)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,050)
(3,036)

Pension surplus
968
797

(2,082)
(2,239)


8.


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 £29,221 (2022 - £27,565).
The contributions of £3,874 (2022 - £3,189) were outstanding to the fund at 31 December 2023.

Page 8

 
JUMO UK LTD
 

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

9.


CONTROLLING PARTY

The Parent and Ultimate Holding Company is Jumo GmbH & Co. KG which is incorporated in Germany.
Jumo GmbH & Co. KG is the largest and the smallest group of which the Company is a member and for which group accounts are prepared. Copies of these group financial statements can be obtained from:
Jumo GmbH & Co. KGMoritz-Juchheim-Stasse 1, 36039 Fulda, Germany.
Jumo GmbH & Co. KG is this Company's controlling party by virtue of its 100% shareholding.
The ultimate controlling party is Herr B G Juchheim as a result of his shareholding in the controlling party.


10.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 March 2024 by Darren Amott (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 9