Company Registration No. 01643417 (England and Wales)
Steinel UK Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Steinel UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Steinel UK Limited
Statement of financial position
As at 31 December 2023
1
As at
31 December
2023
As at
31 December
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
15,042
17,855
Current assets
Stocks
444,695
597,865
Debtors
6
914,138
701,648
Cash at bank and in hand
229,262
228,868
1,588,095
1,528,381
Creditors: amounts falling due within one year
7
(1,532,547)
(1,633,402)
Net current assets/(liabilities)
55,548
(105,021)
Total assets less current liabilities
70,590
(87,166)
Creditors: amounts falling due after more than one year
8
(73,099)
(105,909)
Provisions for liabilities
9
(160,000)
(160,000)
Net liabilities
(162,509)
(353,075)
Capital and reserves
Called up share capital
10
269,894
269,894
Profit and loss reserves
(432,403)
(622,969)
Total equity
(162,509)
(353,075)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the director and authorised for issue on
28 March 2024
28 March 2024
and are signed by:
2024-04-24
Sven Liestmann
Director
Company Registration No. 01643417
Steinel UK Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
Steinel UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Manasty Road, Orton Southgate, Peterborough, Cambridgeshire, PE2 6UP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. In addition, the company receives support from its parent company in the form of a working capital loan and has received confirmation that this support will be continuing. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Revenue arising from sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.4
Tangible fixed assets
Tangible fixed assets 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 improvements
Over life of lease
Plant and equipment
25% per annum reducing balance
Office equipment
33% per annum reducing balance
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 credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost basis.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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.
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
2
Change in accounting policy
On 1 September 2023, the Company changed its accounting policy for the valuation of stock from the first in, first out method to average cost basis. The director considers the new basis is more widely used in the industry and will align the Company's policy with that of the Group, enhancing comparability and providing a more reliable stock valuation. The change in accounting policy does not have a material impact on the value of stock at either the current or prior year balance sheet dates.
3
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no critical accounting judgements or key sources of estimation uncertainty within these accounts.
4
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
13
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
256,291
22,916
140,389
419,596
Additions
3,808
3,808
At 31 December 2023
256,291
22,916
144,197
423,404
Depreciation and impairment
At 1 January 2023
256,291
21,373
124,077
401,741
Depreciation charged in the year
389
6,232
6,621
At 31 December 2023
256,291
21,762
130,309
408,362
Carrying amount
At 31 December 2023
1,154
13,888
15,042
At 31 December 2022
1,543
16,312
17,855
HSBC and Midland Bank hold both a fixed and floating charge over all assets of the company.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
734,391
671,439
Other debtors
29,747
30,209
764,138
701,648
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
150,000
Total debtors
914,138
701,648
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
72,614
82,840
Amounts owed to group undertakings
1,098,150
1,199,434
Taxation and social security
175,319
181,933
Other creditors
186,464
169,195
1,532,547
1,633,402
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
73,099
105,909
9
Provisions for liabilities
2023
2022
£
£
Provision for dilapidation costs
160,000
160,000
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
269,894
269,894
269,894
269,894
All shares carry ordinary voting rights.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ross Lomas
Statutory Auditors:
Saffery LLP
Steinel UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
319,597
295,889
13
Controlling party
The company's immediate parent undertaking is Steinel GmbH, registered in Germany at Dieselstrasse 80-84, 33442 Herzebrok-Clarholz, Germany. This is the smallest group in which the company's results are consolidated in.
The company's ultimate parent undertaking is ADCURAM Invest GmbH, registered in Germany at Theatinerstraße 7, 80333 München, Germany. This is the largest group in which the company's results are consolidated in.
The company has no ultimate controlling party.