Company registration number 11739262 (England and Wales)
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
(Unaudited)
Notes
Fixed assets
Tangible assets
4
8,999,192
-
0
Current assets
Debtors
5
210,445
1,558,040
Cash at bank and in hand
68,822
20,993
279,267
1,579,033
Creditors: amounts falling due within one year
6
(9,987,719)
(1,663,526)
Net current liabilities
(9,708,452)
(84,493)
Net liabilities
(709,260)
(84,493)
Capital and reserves
Called up share capital
140
140
Profit and loss reserves
(709,400)
(84,633)
Total equity
(709,260)
(84,493)

The director of the company has elected not to include a copy of the profit and loss account 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 board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
I T Stokes
Director
Company registration number 11739262 (England and Wales)
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Knauf SW Limited (formerly Gypfor UK Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Kemsley Fields Business Park, Sittingbourne, Kent, ME9 8SR.

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 Euros. Monetary amounts in these financial statements are rounded to the nearest €, except where otherwise indicated. The functional currency of the company is Euros.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 

The following principal accounting policies have been applied:

1.2
Going concern

The financial statements have been prepared on a going concern basis, as the parent company has confirmed they will provide continued financial support for at least twelve months from the date of signing the financial statements. The company meets day to day working capital requirements through support from it's parent company.true

 

The company plans to transfer all of it's assets, liabilities and trade to the parent company at book value within twelve months of approving the financial statements.

 

The company will retain the head lease associated with the business for which it will be reimbursed by the parent company.

 

The director believes that the company can successfully manage it's business risks and after making relevant enquiries, the director has a reasonable expectation that the company will have access to adequate resources to continue to trade for the foreseeable future and he believes it is appropriate to continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Tangible fixed assets

Tangible fixed asset under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

At each reporting date the company assesses whether there is any indication of impairment, If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair values less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

 

Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Depreciation is provided on the following basis:

Leasehold land and buildings
Over the life of the asset
Plant and equipment
To be depreciated once fully operational

The useful life of plant and machinery and the associated leasehold improvements commences once it has been certified as complying with the standards required and it has begun it's first production run.

 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.5
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 

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

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Operating Leases: the Company as a lessee

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

1.7

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidations provisions

Dilapidation provisions have not been provided for and capitalised as part of the fixed asset recognition as the remedial costs are seen to be difficult to substantiate with certainty, and management believe the overall value and risk profile to be low.

 

The parent company has agreed to indemnify the company against any dilapidation costs.

Fixed assets

The Company's management after year end has communicated its intention in the future to transfer the fixed assets to the entity Knauf (UK) GmbH at cost, although the timing and specifics remain uncertain.

 

The financial statements do not include any impairment or depreciation as at year end the assets had not yet been brought in to use.

 

These assets are classified as fixed assets as at year end the intention was to maintain and utilise these assets within this company.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2021 (Unaudited): Nil).

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
Cost
At 1 January 2022 (Unaudited)
-
0
-
0
-
0
Additions
213,855
8,785,337
8,999,192
At 31 December 2022
213,855
8,785,337
8,999,192
Depreciation and impairment
At 1 January 2022 (Unaudited) and 31 December 2022
-
0
-
0
-
0
Carrying amount
At 31 December 2022
213,855
8,785,337
8,999,192
At 31 December 2021 (Unaudited)
-
0
-
0
-
0
5
Debtors
2022
2021
Amounts falling due within one year:
(Unaudited)
Other debtors
60,025
1,557,724
Prepayments and accrued income
150,420
316
210,445
1,558,040
6
Creditors: amounts falling due within one year
2022
2021
(Unaudited)
Trade creditors
373,720
-
0
Amounts owed to group undertakings
8,143,667
1,625,431
Other creditors
-
0
38,095
Accruals and deferred income
1,470,332
-
0
9,987,719
1,663,526
7
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.

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
8
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:

2022
2021
(Unaudited)
13,148,222
-
0

The company plans to transfer all costs, risks and rewards associated with the lease to Knauf UK GmbH.

9
Events after the reporting date

On 28 February 2023, Knauf (UK) GmbH acquired 100% of the shares in Knauf SW Limited (formerly Gypfor UK Ltd) and therefore all shares were transferred from Gypfor Gessos Laminados S.A. and Gypfor Insulation LDA to Knauf (UK) GmbH.

 

The company plans to transfer all assets, liabilities and trade to Knauf UK GmbH.

10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2022
2021
(Unaudited)
Entities with control, joint control or significant influence over the company
45,492
-
0
2022
2021
Amounts due to related parties
(Unaudited)
Entities with control, joint control or significant influence over the company
7,211,124
1,365,000
Entities under common control
932,543
260,431

All balances owed to or owed by related parties are unsecured, interest free, and repayable on demand.

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
11
Parent company

The smallest group for which consolidated financial statements would be drawn up is headed by Gypfor Gessos Laminados S.A., a company whose registered office is Lot 10 Zona Industrial, Logistica De Sines, E8, 7520-309 Sines, Portugal.

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