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REGISTERED NUMBER: 07657687 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

KLS MARTIN UK LIMITED

KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KLS MARTIN UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M R Faude
C Leibinger
S Clarke





REGISTERED OFFICE: Advantage
87 Castle Street
Reading
Berkshire
RG1 7SN





REGISTERED NUMBER: 07657687 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 765,952 199,313

CURRENT ASSETS
Stocks 4,487,389 4,124,680
Debtors 5 2,246,089 2,178,148
Cash at bank 260,923 601,933
6,994,401 6,904,761
CREDITORS
Amounts falling due within one year 6 13,947,818 12,205,671
NET CURRENT LIABILITIES (6,953,417 ) (5,300,910 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,187,465

)

(5,101,597

)

CAPITAL AND RESERVES
Called up share capital 8 25,000 25,000
Retained earnings (6,212,465 ) (5,126,597 )
SHAREHOLDERS' FUNDS (6,187,465 ) (5,101,597 )

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:





M R Faude - Director


KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

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


1. STATUTORY INFORMATION

KLS Martin 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.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been rounded to the nearest £.

Going concern
The Company generated a loss for the year of £1,085,868 (2022 - £554,728) and has a deficit on its balance sheet as at 31 December 2023 of £6,187,465 (2021 - £5,101,597). The directors have obtained written confirmation from the immediate parent company, Gebruder Martin GmbH & Co. KG, that they will not withdraw existing funding and will provide additional funding for a period of not less than 12 months from the date of signing these financial statements to enable the Company to continue to trade and meets its obligations as they fall due. The directors are confident that this promised support will be forthcoming.

On this basis, the directors have a reasonable expectation that the Company will have adequate resources to enable it to continue trading as a going concern. The directors have therefore adopted the going concern basis of preparation in preparing these financial statements. These financial statements do not contain any adjustments which may arise if the promised support from Gebruder Martin GmbH & Co. KG is withdrawn.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included the provision for expired and obsolete stock, depreciation and the accrual of certain costs.

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.

KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

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


2. ACCOUNTING POLICIES - continued

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, on a reducing balance basis.

Depreciation is provided on the following basis:

- Fixtures and fittings - 3 years straight line
- Plant and Machinery - 8 years straight line

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.

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 weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

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.

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.

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 non-puttable ordinary shares.


KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

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


2. ACCOUNTING POLICIES - continued
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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

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.

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. Nonmonetary 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 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

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

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.


KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

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


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Plant &
fittings Machinery Totals
£ £ £
COST
At 1 January 2023 51,309 890,388 941,697
Additions 11,346 767,583 778,929
At 31 December 2023 62,655 1,657,971 1,720,626
DEPRECIATION
At 1 January 2023 27,628 714,756 742,384
Charge for year 11,110 201,180 212,290
At 31 December 2023 38,738 915,936 954,674
NET BOOK VALUE
At 31 December 2023 23,917 742,035 765,952
At 31 December 2022 23,681 175,632 199,313

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 2,082,585 1,966,572
Other debtors 49,408 56,716
Prepayments and accrued income 114,096 154,860
2,246,089 2,178,148

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 60,867 72,644
Amounts owed to group undertakings 13,540,068 11,822,774
Social security and other taxes 256,843 215,490
Other creditors 6,198 4,930
Accruals and deferred income 83,842 89,833
13,947,818 12,205,671

KLS MARTIN UK LIMITED (REGISTERED NUMBER: 07657687)

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


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 80,785 64,316
Between one and five years 46,158 74,113
126,943 138,429

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
25,000 Ordinary share capital £1 25,000 25,000

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

The Report of the Auditors was unqualified.

Jacqueline Biggs FCCA ACA (Senior Statutory Auditor)
for and on behalf of Haines Watts

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The Company's immediate parent undertaking was Gebrüder Martin GmbH & Co. KG, until 1 November 2023. On 1 November 2023 Karl Leibinger Medizintechnik GmbH & Co. KG, Gebrüder Martin GmbH & Co. KG and KLS Martin GmbH & Co. KG were merged into one company operating as KLS Martin SE & Co. KG.

From 1 November 2023 the company's immediate parent undertaking is therefore KLS Martin SE & Co. KG, a privately owned company incorporated in Germany.

Karl Leibinger GmbH & Co. KG (incorporated in Germany) is regarded by the directors as being the Company's ultimate parent company.

Karl Leibinger GmbH & Co. KG is both the smallest and largest group of undertakings for which consolidated financial statements, including KLS Martin UK Limited, are produced. The registered address of Karl Leibinger GmbH & Co. KG is Kolbinger Str. 10, 78570 Mühlheim an der Donau, Germany.

The ultimate controlling party is deemed to be Christian Leibinger by virtue of his controlling stake in the ultimate parent company.