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REGISTERED NUMBER: 10586484 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2023

for

SUEDWOLLE GROUP UK LIMITED

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


SUEDWOLLE GROUP UK LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J R Birkhead





REGISTERED OFFICE: Bridge House
Marsh Lane
Shepley
Huddersfield
West Yorkshire
HD8 8AE





REGISTERED NUMBER: 10586484 (England and Wales)





AUDITORS: S Burgess & Co Ltd
Statutory Auditor
11 Slayleigh Avenue
Sheffield
South Yorkshire
S10 3RA

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year, and financial position of the company, are shown in the annexed financial statements. The director is pleased with the with the trading results for the year, given the contraction of sales in the UK market, suffered in the year. The company is pursuing new UK customer leads to grow the UK sales, but the benefit of this work will not be felt until the current financial year. The company continues to maintain close control of its overheads, which has resulted in the company achieving a small trading loss for the year.

PRINCIPAL RISKS AND UNCERTAINTIES
Going forward the directors are mindful of the following risks and uncertainties:
- the trade commodity price for wool, which the company monitors closely on a daily basis; and
- foreign exchange rate movements between the euro and UK sterling, and its potential impact on sales turnover.

KEY PERFORMANCE INDICATORS
The board of directors continuously monitors key performance indicators, which includes sales performance, customer satisfaction with product quality, and profitability.

ON BEHALF OF THE BOARD:





J R Birkhead - Director


3 April 2024

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Report of the Director
for the Year Ended 31 December 2023

The director presents his 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 sale of yarn, on behalf of the Suedwolle group, in the UK, upon which it receives a commission.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTOR
J R Birkhead held office during the whole of the period from 1 January 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

ON BEHALF OF THE BOARD:





J R Birkhead - Director


3 April 2024

Report of the Independent Auditors to the Members of
Suedwolle Group UK Limited

Opinion
We have audited the financial statements of Suedwolle Group UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 loss 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 UK, including the FRC'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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
Suedwolle Group UK Limited


Opinions 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have 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 Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Suedwolle Group UK Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting any associated correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships:
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing the financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry to the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Suedwolle Group UK Limited


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 2006. Our 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 a Report of the Auditors 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.




Steven Burgess ACA (Senior Statutory Auditor)
for and on behalf of S Burgess & Co Ltd
Statutory Auditor
11 Slayleigh Avenue
Sheffield
South Yorkshire
S10 3RA

3 April 2024

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 317,101 337,563

Administrative expenses 334,506 319,504
(17,405 ) 18,059

Other operating income 5,000 5,000
OPERATING (LOSS)/PROFIT 4 (12,405 ) 23,059


Interest payable and similar expenses 5 1,340 2,311
(LOSS)/PROFIT BEFORE TAXATION (13,745 ) 20,748

Tax on (loss)/profit 6 - 143
(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(13,745

)

20,605

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

(13,745

)

20,605

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 8,774 16,698

CURRENT ASSETS
Debtors 8 11,018 11,688
Cash at bank 4,516 24,477
15,534 36,165
CREDITORS
Amounts falling due within one year 9 60,352 75,162
NET CURRENT LIABILITIES (44,818 ) (38,997 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(36,044

)

(22,299

)

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Retained earnings 12 (46,044 ) (32,299 )
SHAREHOLDERS' FUNDS (36,044 ) (22,299 )

The financial statements were approved by the director and authorised for issue on 3 April 2024 and were signed by:





J R Birkhead - Director


SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 10,000 (52,904 ) (42,904 )

Changes in equity
Total comprehensive income - 20,605 20,605
Balance at 31 December 2022 10,000 (32,299 ) (22,299 )

Changes in equity
Total comprehensive income - (13,745 ) (13,745 )
Balance at 31 December 2023 10,000 (46,044 ) (36,044 )

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Suedwolle Group 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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Turnover
Turnover represents the commission due on the sale of yarn within the UK, excluding value added tax. Turnover is recognised upon the delivery of the yarn to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 16.67% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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 in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.

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.

Impairment
At each balance sheet date, assets not measured at fair value are reviewed for any indication that the asset may be impaired at the balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount, where the impairment loss is recognised as a revaluation reduction.

Debtors and creditors due within one year
Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. Any loss arising from impairment is recognised in the statement of comprehensive income within administrative expenses.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 222,145 210,218
Social security costs 28,019 27,217
Other pension costs 27,238 29,562
277,402 266,997

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 1 1
Sales and administration 3 3
4 4

31.12.23 31.12.22
£    £   
Director's remuneration 117,540 102,345
Director's pension contributions to money purchase schemes 25,268 27,545

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

31.12.23 31.12.22
£    £   
Other operating leases 9,180 8,790
Depreciation - owned assets 7,924 7,925
Auditors' remuneration 6,000 5,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Other loan interest 1,340 2,311

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax - 143
Tax on (loss)/profit - 143

UK corporation tax was charged at 19%) in 2022.

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
(Loss)/profit before tax (13,745 ) 20,748
(Loss)/profit multiplied by the standard rate of corporation tax in
the UK of 25% (2022 - 19%)

(3,436

)

3,942

Effects of:
Expenses not deductible for tax purposes 1,140 669
Depreciation in excess of capital allowances 1,450 1,076
Utilisation of tax losses - (5,544 )
Tax losses not utlised and carried forward to future trading years 846 -
Total tax charge - 143

7. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 4,699 45,000 49,699
DEPRECIATION
At 1 January 2023 3,001 30,000 33,001
Charge for year 424 7,500 7,924
At 31 December 2023 3,425 37,500 40,925
NET BOOK VALUE
At 31 December 2023 1,274 7,500 8,774
At 31 December 2022 1,698 15,000 16,698

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 8,741 9,654
VAT 807 814
Prepayments 1,470 1,220
11,018 11,688

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 51,851 67,019
Corporation tax - 143
Accrued expenses 8,501 8,000
60,352 75,162

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 7,200 535
Between one and five years 10,800 -
18,000 535

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

12. RESERVES
Retained
earnings
£   

At 1 January 2023 (32,299 )
Deficit for the year (13,745 )
At 31 December 2023 (46,044 )

The retained earnings represents cumulative profits and losses, net of dividends and other adjustments.

13. ULTIMATE PARENT COMPANY

The parent company is Sudwolle Group GmbH, a company incorporated in Germany. The ultimate holding company is ERWO Holding AG, a company also incorporated in Germany.

Copies of ERWO Holding AG consolidated financial statements may be obtained from the company's registered office, Wieseneckstasse 26, Schwaig bei Nuernberg 90571, Germany.

SUEDWOLLE GROUP UK LIMITED (REGISTERED NUMBER: 10586484)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. 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 other group companies within the group.