REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Deister Electronic (UK) Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Deister Electronic (UK) Limited |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 | to | 7 |
Deister Electronic (UK) Limited |
Company Information |
for the Year Ended 31 December 2023 |
Directors: |
Secretary: | D R Harrold |
Registered office: |
Business address: |
Registered number: |
Auditors: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Deister Electronic (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's trading address is Stapleton Way, Pinchbeck, Spalding, Lincolnshire, PE11 3YQ. |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually of despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery | - | 25/33% on a reducing balance |
Fixtures and fittings | - | 25% on a reducing balance |
Motor vehicles | - | 25% on a reducing balance |
Computer equipment | - | 20% on a straight line basis |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited directly to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
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. |
Operating leases |
Lease payments are recognised as an expense over the lease term on straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
Investments |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
Listed investments are measured at fair value with changes in fair value being recognised in the profit or loss. |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Impairment of fixed assets |
The carrying values of tangible fixed assets are reviewed for impairment annually by the directors without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment. |
4. | Employees and directors |
The average number of employees during the year was |
5. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Provisions |
At 1 January 2023 |
and 31 December 2023 | 70 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Prepayments |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 283,683 | 91,410 |
Accrued expenses |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 61,000 | 61,000 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
Deister Electronic (UK) Limited (Registered number: 02120680) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | Controlling party |
Deister Electronic (UK) Limited is a 100% subsidiary of Deister International GmbH, a company registered in Germany. Deister International GmbH was formerly known as M.S.T. Electronik B.V. and registered in The Netherlands. |
Deister International GmbH is a 100% subsidiary of Deister Holding A.G., a company based in Germany. |
Both Deister International GmbH and Deister Holding A.G. are based at Hermann-Bahlsen Strasse 11, 30890 Barsinghauseu, Germany. |
The ultimate controlling party is A Stobbe. |