Company registration number 05873731 (England and Wales)
FREILACKE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FREILACKE UK LIMITED
COMPANY INFORMATION
DIRECTORS
Dr R Frei
Mr M Hellmann
COMPANY NUMBER
05873731
REGISTERED OFFICE
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
FREILACKE UK LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
FREILACKE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
REVIEW OF THE BUSINESS

It is the intention of the company's directors to produce and present a balanced review of the company's performance for the year ended 31 December 2023.

 

We consider that our key financial performance indicators are those which communicate the performance and strength of the company as a whole.

 

Annual turnover and gross margin changes for the period covering the years ended 31 December 2021 to 31 December 2023 are as follows.

 

 

2023

2022

2021

 

 

 

 

 

 

 

 

Turnover growth

+15.1%

+10.8%

+35.3%

 

 

 

 

 

 

 

 

Gross profit growth

+46.8%

-1.2%

+42.8%

 

 

 

TRADING PERFORMANCE IN 2023

 

2023 was a successful year for FreiLacke UK with a turnover of £4,843,110. This is the highest turnover in the company's history.

 

FreiLacke UK has managed to create circa. £150,000 turnover from new business. The main area of growth again is wheel refurbishment.

 

Also FreiLacke UK was very successful in obtaining higher supply shares from existing customers. The main area again was wheel refurbishment.

 

The investments in a training centre gives FreiLacke UK stronger opportunities for gaining new business.

 

BUSINESS ENVIRONMENT IN 2024

 

FreiLacke UK again is forecasting an increase in the sales volume to £6,052,000 (+25%).

 

The main increase will again be in wheel refurbishment but also in the other areas. We expect large turnover from new customers 2024 (Titan wheels) The actual turnover (Jan-Feb) is 20 % above the 2023 levels and 12 % over budget.

 

The raw material situation settled down with regards to availability of deliveries and FreiLacke UK anticipates no problems in the supply chain and a slight price reduction from Germany. To cover future costs, FreiLacke UK implemented a price increase of 3% from the 1st of March to all distributers. We are also planning further investments in our training centre.

 

 

 

On behalf of the board

Mr M Hellmann
DIRECTOR
25 March 2024
FREILACKE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of supplier of industrial coating products.

RESULTS AND DIVIDENDS

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr R Frei
Mr M Hellmann
SUPPLIER PAYMENT POLICY

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

AUDITOR

The auditors, J W Hinks LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

 

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

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the annual report 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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 OF DISCLOSURE TO AUDITOR

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

FREILACKE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr M Hellmann
DIRECTOR
25 March 2024
FREILACKE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual report 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

FREILACKE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FREILACKE UK LIMITED
- 5 -
OPINION

We have audited the financial statements of Freilacke UK Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of our audit:

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

FREILACKE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FREILACKE UK LIMITED
- 6 -
RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards.

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. 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 is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

FREILACKE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FREILACKE UK LIMITED
- 7 -
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 an auditor's report 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.

NEAL ASTON ACA ACCA (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF JW HINKS LLP
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
25 March 2024
FREILACKE UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Revenue
4
4,843,110
4,205,956
Cost of sales
(3,624,281)
(3,375,845)
GROSS PROFIT
1,218,829
830,111
Distribution costs
(136,496)
(109,664)
Administrative expenses
(756,248)
(706,030)
OPERATING PROFIT
5
326,085
14,417
Finance costs
8
(9,067)
(10,285)
PROFIT BEFORE TAXATION
317,018
4,132
Income tax expense
9
(87,591)
(7,683)
PROFIT/(LOSS) AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR
229,427
(3,551)

The income statement has been prepared on the basis that all operations are continuing operations.

FREILACKE UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
NON-CURRENT ASSETS
Property, plant and equipment
10
389,442
457,475
Deferred tax asset
15
60,472
-
0
449,914
457,475
CURRENT ASSETS
Inventories
11
751,897
782,601
Trade and other receivables
12
927,355
870,985
Cash and cash equivalents
824,776
243,044
2,504,028
1,896,630
TOTAL ASSETS
2,953,942
2,354,105
CURRENT LIABILITIES
Trade and other payables
13
873,708
661,214
Current tax liabilities
291,481
154,572
Obligations under finance leases
14
44,284
42,980
1,209,473
858,766
NET CURRENT ASSETS
1,294,555
1,037,864
NON-CURRENT LIABILITIES
Deferred tax liabilities
15
91,803
27,816
Obligations under finance leases
14
229,409
273,693
321,212
301,509
TOTAL LIABILITIES
1,530,685
1,160,275
NET ASSETS
1,423,257
1,193,830
EQUITY
Called up share capital
16
20,000
20,000
Retained earnings
1,403,257
1,173,830
TOTAL EQUITY
1,423,257
1,193,830
FREILACKE UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
The financial statements were approved by the Board of directors and authorised for issue on 25 March 2024
Signed on its behalf by:
Dr R Frei
Mr  M  Hellmann
DIRECTOR
DIRECTOR
COMPANY REGISTRATION NO. 05873731
FREILACKE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Retained earnings
Total
£
£
£
BALANCE AT 1 JANUARY 2022
20,000
1,177,381
1,197,381
YEAR ENDED 31 DECEMBER 2022:
Loss and total comprehensive income
-
(3,551)
(3,551)
BALANCE AT 31 DECEMBER 2022
20,000
1,173,830
1,193,830
YEAR ENDED 31 DECEMBER 2023:
Profit and total comprehensive income
-
229,427
229,427
BALANCE AT 31 DECEMBER 2023
20,000
1,403,257
1,423,257
FREILACKE UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from/(absorbed by) operations
22
659,128
(297,463)
Interest paid
(9,067)
(10,285)
Income taxes refunded/(paid)
47
(20,013)
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
650,108
(327,761)
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(25,396)
(32,016)
NET CASH USED IN INVESTING ACTIVITIES
(25,396)
(32,016)
FINANCING ACTIVITIES
Payment of lease liabilities
(42,980)
(41,715)
NET CASH USED IN FINANCING ACTIVITIES
(42,980)
(41,715)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
581,732
(401,492)
Cash and cash equivalents at beginning of year
243,044
644,536
Cash and cash equivalents at end of year
824,776
243,044
FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
Freilacke UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Highfield Road, Edgbaston, Birmingham, B15  3BH. The company operates from its offices located at Unit P, Riverside Industrial Estate, Fazeley, Tamworth, Staffordshire, B78 3RW.
1.1
ACCOUNTING CONVENTION

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, (except as otherwise stated).

 

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost basis . The principal accounting policies adopted are set out below.

1.2
GOING CONCERN

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
REVENUE

Revenue represents net invoiced sales of goods excluding value added tax.

1.4
PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over period of lease
Fixtures and fittings
- 25% on cost
Plant and equipment
- 25% on cost
Computers
- 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
INVENTORIES

Inventories are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
FAIR VALUE MEASUREMENT

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

1.8
CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
FINANCIAL ASSETS

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Loans and receivables

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 15 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
FINANCIAL LIABILITIES

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.11
EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 16 -
1.13
EMPLOYEE BENEFITS

The company operates a defined contribution pension scheme for the benefits of its employees. The assets of the scheme are administered by trustees in a fund independent from those of the company.

1.14
LEASES

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.

 

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

 

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

 

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

 

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
FOREIGN EXCHANGE

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
ADOPTION OF NEW AND REVISED STANDARDS AND CHANGES IN ACCOUNTING POLICIES

New and revised IFRSs applied with no material effect on the financial statements

 

The accounting policies adopted are consistent with those of the previous period’s financial period, except for the following amendments to IFRS effective for annual period beginning on or before January 1, 2023 which did not have a material effect on the financial statements;

 

Pronouncements applicable to entities applying IFRSs at the IASB effective dates

 

 

Standards

 

- IFRS 17 - Insurance Contracts

 

 

Amendments

 

- Amendments to IFRS 17

 

- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2

 

- Definition of Accounting Estimates (Amendments to IAS 8)

 

- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

 

- Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)

 

- International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) — Application of the exception and disclosure of that fact

 

- International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard) — Application of the exception and disclosure of that fact

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
ADOPTION OF NEW AND REVISED STANDARDS AND CHANGES IN ACCOUNTING POLICIES
(Continued)
- 18 -

New and revised standards

 

The standards and interpretations that are issued, up to the date of issuance of the Company’s financial statements are disclosed below. The management anticipates that these standards and amendments will have no material effect on the financial statements. The Company intends to adopt these standards, if applicable, as they become effective.

 

 

Effective for annual periods

New and revised IFRSs

beginning on or after

 

New or revised pronouncement

 

 

- IFRS 17 - Insurance Contracts

 

 

01 January 2023 (Mandatory)

 

- IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

 

01 January 2024 (Not yet endorsed)

- IFRS S2 Climate-related Disclosures

 

 

Amendments

 

New or revised pronouncement

 

- Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

 

- Amendments to IFRS 17

 

- Classification of Liabilities as Current or Non-current — Deferral of Effective Date (Amendment to IAS 1)

 

- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)

 

- Definition of Accounting Estimates (Amendments to IAS 8)

 

- Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12))

 

-Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)

 

- Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

 

- Non-current Liabilities with Covenants (Amendments to IAS 1)

 

- International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

 

- Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

 

- Lack of Exchangeability (Amendments to IAS 21)

 

- International Tax Reform — Pillar Two Model Rules (Amendments to the 'IFRS for SMEs' Standard)

 

- Amendments to the SASB standards to enhance their international applicability

 

- Editorial Corrections (various)

01 January 2024 (Not yet endorsed)

 

 

 

 

 

 

01 January 2024 (Optional)

 

01 January 2023 (Mandatory)

 

Immediately available (Optional))

 

 

01 January 2023 (Partly endorsed)

 

 

01 January 2023 (Mandatory)

 

01 January 2023 (Mandatory)

 

 

01 January 2023 (Optional)

 

 

01 January 2024 (Optional)

 

01 January 2024 (Optional)

 

01 January 2023 (Mandatory)

 

01 January 2024 (Optional)

 

01 January 2025 (Optional)

 

01 January 2023 (Mandatory)

 

 

01 January 2025 (Optional)

 

Effective immediately applicable

Management anticipates that the adoption of the above standards in future years will have no material impact on the financial statements of the Company in the period of initial application.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
3
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

VALUATION OF LEASE LIABILITIES AND RIGHT-OF-USE ASSETS

The application of IFRS 16 requires the company to make judgments that affect the valuation of the lease liabilities and the valuation of right-of-use assets. These include: determining contracts in scope of IFRS 16, determining the contract term and determining the interest rate used for discounting of future cash flows.

 

Accounting policy 1.14 sets out the company's policy for accounting for leases within the scope of IFRS 16.

4
REVENUE

An analysis of the company's revenue is as follows:

2023
2022
£
£
Supply of industrial coating products
4,843,110
4,205,956
5
OPERATING PROFIT
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
340
52,716
Depreciation of property, plant and equipment
93,429
84,224
Cost of inventories recognised as an expense
3,616,754
3,370,378
Write downs of inventories recognised as an expense
7,527
5,467
6
AUDITOR'S REMUNERATION
2023
2022
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the company
4,200
4,000
FOR OTHER SERVICES
Other services
14,897
17,379
FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
2
2
Staff
11
10
Total
13
12

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
346,444
307,744
Social security costs
26,398
27,341
Pension costs
16,131
13,118
388,973
348,203
8
FINANCE COSTS
2023
2022
£
£
Other interest payable
9,067
10,285
FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
INCOME TAX EXPENSE
Continuing operations
2023
2022
£
£
CORPORATION TAX
Current year
84,076
1,797
Adjustments in respect of prior periods
-
0
(425)
84,076
1,372
DEFERRED TAX
Origination and reversal of temporary differences
3,515
6,311
Total tax charge
87,591
7,683

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
£
£
Profit before taxation on continued operations
317,018
4,132
Profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 23.52% (2022 - 19.00%)
74,563
785
TAXATION IMPACT OF FACTORS AFFECTING TAX CHARGE:
Expenses not deductible in determining taxable profit
3,561
911
Capital allowances in excess of depreciation
5,952
8,094
Depreciation in excess of capital allowances
-
0
(7,993)
Under/(over) provided in prior years
-
0
(425)
Deferred tax adjustments in respect of prior years
3,515
6,311
Total adjustments
13,028
6,898
Tax charge for the year
87,591
7,683
10
PROPERTY, PLANT AND EQUIPMENT
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
COST
At 1 January 2022
566,804
73,065
34,187
1,424
675,480
Additions
-
0
22,681
-
0
9,335
32,016
At 31 December 2022
566,804
95,746
34,187
10,759
707,496
Additions
-
0
15,481
4,430
5,485
25,396
At 31 December 2023
566,804
111,227
38,617
16,244
732,892
FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
PROPERTY, PLANT AND EQUIPMENT
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
(Continued)
- 22 -
ACCUMULATED DEPRECIATION AND IMPAIRMENT
At 1 January 2022
113,920
32,173
19,506
198
165,797
Charge for the year
58,383
16,193
6,838
2,810
84,224
At 31 December 2022
172,303
48,366
26,344
3,008
250,021
Charge for the year
58,390
23,001
7,228
4,810
93,429
At 31 December 2023
230,693
71,367
33,572
7,818
343,450
CARRYING AMOUNT
At 31 December 2023
336,111
39,860
5,045
8,426
389,442
At 31 December 2022
394,501
47,380
7,843
7,751
457,475

Leasehold land and buildings includes right-of-use assets with a net book value at 31 December 2023 of £241,889 (31 December 2022: £283,956).

11
INVENTORIES
2023
2022
£
£
Finished goods
751,897
782,601

An amount of £7,527 (2022: £5,467) has been expensed during the year in relation to stock write-downs and stock losses due to stock becoming obsolete.

12
TRADE AND OTHER RECEIVABLES
Current
2023
2022
£
£
Trade receivables
899,111
848,159
Other receivables
-
1,779
Prepayments
28,244
21,047
927,355
870,985

At 31 December 2023 trade debtors and amounts due from group undertakings included euro denominated balances of €205,643 (2022: €192,655) and €nil (2022: €nil) respectively. All other receivables were sterling denominated.

Credit risk
The Group's principal financial assets are bank balances and cash and trade and other receivables.
There is no concentration of credit risk.
FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
13
TRADE AND OTHER PAYABLES
2023
2022
£
£
Trade payables
23,939
4,317
Amounts owed to fellow group undertakings
836,437
638,552
Accruals
10,799
18,345
Social security and other taxation
205,561
152,775
Other payables
2,533
-
0
1,079,269
813,989

At 31 December 2023 trade creditors and amounts owed to group undertakings included euro denominated balances of €nil (2022: €nil) and €910,366 (2022: €721,130) respectively. All other current liabilities were sterling denominated.

 

The directors consider that the carrying amount of trade payables approximates to their fair value.

14
LEASE LIABILITIES
2023
2022
MATURITY ANALYSIS
£
£
Within one year
52,000
52,000
In two to five years
208,000
208,000
In over five years
39,000
91,000
TOTAL UNDISCOUNTED LIABILITIES
299,000
351,000
Future finance charges and other adjustments
(25,307)
(34,327)
LEASE LIABILITIES IN THE FINANCIAL STATEMENTS
273,693
316,673

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£
£
Current liabilities
44,284
42,980
Non-current liabilities
229,409
273,693
273,693
316,673

The fair value of the company's lease obligations is approximately equal to their carrying amount.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
15
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Leasehold property
£
£
Deferred tax liability at 1 January 2022
21,505
-
DEFERRED TAX MOVEMENTS IN PRIOR YEAR
Credit to profit or loss
6,311
-
Deferred tax liability at 1 January 2023
27,816
-
DEFERRED TAX MOVEMENTS IN CURRENT YEAR
Charge to profit or loss
(4,436)
7,951
Deferred tax liability at 31 December 2023
23,380
68,423
Deferred tax asset at 31 December 2023
-
0
(60,472)

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

2023
2022
£
£
Deferred tax liabilities
91,803
27,816
Deferred tax assets
(60,472)
-
0
31,331
27,816
16
SHARE CAPITAL
2023
2022
2023
2022
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
20,000
20,000
20,000
20,000
17
OTHER LEASING INFORMATION
LESSEE

Amounts recognised in profit or loss as an expense during the period in respect of operating leases and equipment hire are as follows:

2023
2022
£
£
Minimum lease payments under operating leases
30,303
35,446
FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
OTHER LEASING INFORMATION
(Continued)
- 25 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
OPERATING LEASES APART FROM LAND AND BUILDINGS
£
£
Within one year
19,316
24,580
Between two and five years
40,848
61,725
60,164
86,305
Information relating to lease liabilities is included in note 14.
18
FINANCIAL INSTRUMENTS

Financial Risk Management

Financial risks include market risk, credit risk, liquidity risk and interest risk. The Group seeks to minimise the effect of these risks by developing and applying policies and procedures which are regularly reviewed for appropriateness and effectiveness. The Group's principal financial instruments comprise cash held in current accounts, trade receivables, amounts recoverable under contracts, trade payables and other payables that arise directly from its operations.

            

Credit Risk

Credit risk refers to the risk that a customer or counterparty to a financial instrument fails to meet its contractual obligations, resulting in financial loss to the company, and arises principally from the company's receivables from customers. Customers that wish to trade on credit terms are subject to credit verification procedures and receivable balances are monitored on an ongoing basis.

 

The concentration of credit risk is subject to ongoing monitoring in conjunction with the Group, The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.

 

Liquidity Risk

The company needs to have access, at all times, to adequate financial resources not only to finance operations and the investments required to support its growth, but also to withstand the effects of any exceptional development. Liquidity is managed by the Group on behalf of subsidiaries and needs are met by long-term financing on the capital markets. Ensuring that all of the Group's net debt can be maintained over a long period, as well as through short-term commercial paper programs.

 

The company's intra-group debt, prior to any sales of receivables, is a key performance indicator and is subject to very close monitoring.

 

The company's financial obligations outside of the Group consist of trade creditors and other creditors - all of these are payable within 12 months.

 

Interest Risk

The Company is exposed to interest rate risk on its interest bearing liabilities. The sensitivity of the statement of comprehensive income is the effect of the assumed changes in interest rates on the Company's profit for one year, based on the floating rate financial assets and financial liabilities held at 31 December 2021.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
FINANCIAL INSTRUMENTS
(Continued)
- 26 -
CATEGORIES OF FINANCIAL INSTRUMENTS
2023
2022
£
£
Financial assets
Loans and receivables (including cash and cash equivalents)
1,752,131
1,114,029
1,752,131
1,114,029
Financial liabilities
Trade payables
(860,376)
(642,869)
(860,376)
(642,869)
891,755
471,160
19
RELATED PARTY TRANSACTIONS

Emil Frei GmbH & Co KG

 

During the year the Company purchased goods and services on normal commercial terms from its German parent company Emil Frei GmbH & Co KG in the sum of £4,065,923 (2022: £3,562,360). The balance owed to Emil Frei GmbH & Co KG at 31 December 2023 was £789,254 (2022: £638,552).

 

During the year the parent company recharged Freilacke UK Limited £21,403 (2022: £21,530) for services provided by the director.

 

20
RETIREMENT BENEFIT SCHEMES
DEFINED CONTRIBUTION SCHEMES

The company operates a defined contribution pension scheme for the benefits of its employees. The assets of the scheme are administered by trustees in a fund independent from those of the company. The total contributions paid in the period amounted to £16,131 (2022: £13,118).

 

21
CONTROLLING PARTY

The company is a wholly owned subsidiary of Emil Frei GmbH & Co KG whose registered office is Doggingen Am Bahnhof of 6, 78199 Braunlingen, Germany.

The financial statements of Freilacke UK Limited are incorporated in the consolidated financial statements of the parent company, Emil Frei GmbH & Co KG whose registered office is Doggingen Am Bahnhof of 6, 78199 Braunlingen, Germany.

FREILACKE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
22
CASH GENERATED FROM OPERATIONS
2023
2022
£
£
Profit/(loss) for the year after tax
229,427
(3,551)
ADJUSTMENTS FOR:
Taxation charged
87,591
7,683
Finance costs
9,067
10,285
Depreciation and impairment of property, plant and equipment
93,429
84,224
MOVEMENTS IN WORKING CAPITAL:
Decrease in inventories
30,704
112,725
Increase in trade and other receivables
(56,370)
(122,047)
Increase/(decrease) in trade and other payables
265,280
(386,782)
CASH GENERATED FROM/(ABSORBED BY) OPERATIONS
659,128
(297,463)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300Dr R FreiMr M Hellmann058737312023-01-012023-12-3105873731bus:Director12023-01-012023-12-3105873731bus:Director22023-01-012023-12-3105873731bus:RegisteredOffice2023-01-012023-12-31058737312023-12-3105873731core:ContinuingOperations2023-01-012023-12-31058737312022-01-012022-12-3105873731core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105873731core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31058737312022-12-3105873731core:AcceleratedTaxDepreciationDeferredTax2023-12-31058737312022-12-31058737312021-12-3105873731core:CurrentFinancialInstruments2023-12-3105873731core:CurrentFinancialInstruments2022-12-3105873731core:Non-currentFinancialInstruments2023-12-3105873731core:Non-currentFinancialInstruments2022-12-3105873731core:AcceleratedTaxDepreciationDeferredTax2021-12-3105873731core:AcceleratedTaxDepreciationDeferredTax2022-12-3105873731core:ShareCapital2023-12-3105873731core:ShareCapital2022-12-3105873731core:RetainedEarningsAccumulatedLosses2023-12-3105873731core:RetainedEarningsAccumulatedLosses2022-12-3105873731core:OtherMiscellaneousReserve2021-12-3105873731core:LoansReceivables2023-01-012023-12-310587373112023-01-012023-12-3105873731core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3105873731core:PlantMachinery2021-12-3105873731core:FurnitureFittings2021-12-3105873731core:ComputerEquipment2021-12-3105873731core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3105873731core:PlantMachinery2022-12-3105873731core:FurnitureFittings2022-12-3105873731core:ComputerEquipment2022-12-3105873731core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3105873731core:PlantMachinery2023-12-3105873731core:FurnitureFittings2023-12-3105873731core:ComputerEquipment2023-12-3105873731core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-01-012022-12-3105873731core:PlantMachinery2022-01-012022-12-3105873731core:FurnitureFittings2022-01-012022-12-3105873731core:ComputerEquipment2022-01-012022-12-3105873731core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3105873731core:PlantMachinery2023-01-012023-12-3105873731core:FurnitureFittings2023-01-012023-12-3105873731core:ComputerEquipment2023-01-012023-12-3105873731bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105873731bus:Audited2023-01-012023-12-3105873731bus:FullIFRS2023-01-012023-12-3105873731bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP