6 6 March 2024 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 181,769 181,769 39,000 39,000 4,945 4,945 34,055 xbrli:pure xbrli:shares iso4217:GBP 04196816 2023-01-01 2023-12-31 04196816 2023-12-31 04196816 2022-01-01 2022-12-31 04196816 2022-12-31 04196816 core:NetGoodwill 2023-01-01 2023-12-31 04196816 core:MotorVehicles 2023-01-01 2023-12-31 04196816 bus:Director1 2023-01-01 2023-12-31 04196816 bus:Director2 2023-01-01 2023-12-31 04196816 core:NetGoodwill 2023-12-31 04196816 core:MotorVehicles 2023-12-31 04196816 core:WithinOneYear 2023-12-31 04196816 core:WithinOneYear 2022-12-31 04196816 core:ShareCapital 2023-12-31 04196816 core:ShareCapital 2022-12-31 04196816 core:RetainedEarningsAccumulatedLosses 2023-12-31 04196816 core:RetainedEarningsAccumulatedLosses 2022-12-31 04196816 bus:SmallEntities 2023-01-01 2023-12-31 04196816 bus:Audited 2023-01-01 2023-12-31 04196816 bus:FullAccounts 2023-01-01 2023-12-31 04196816 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04196816 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 04196816
Jowat (UK) Limited
Filleted Financial Statements
31 December 2023
Jowat (UK) Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
Jowat (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
34,055
Current assets
Stocks
488,467
487,926
Debtors
7
669,974
751,887
Cash at bank and in hand
230,198
296,329
------------
------------
1,388,639
1,536,142
Prepayments and accrued income
13,704
64,968
Creditors: amounts falling due within one year
8
536,145
607,935
------------
------------
Net current assets
866,198
993,175
---------
---------
Total assets less current liabilities
900,253
993,175
Accruals and deferred income
46,625
126,099
---------
---------
Net assets
853,628
867,076
---------
---------
Capital and reserves
Called up share capital
600,000
600,000
Profit and loss account
253,628
267,076
---------
---------
Shareholders funds
853,628
867,076
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
Mr K W Kullmann
Mr N Orton
Director
Director
Company registration number: 04196816
Jowat (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 King Street, Newcastle-under-Lyme, Staffordshire, ST5 1ER.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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.
Goodwill
Goodwill, being the amount paid in connection with the purchase of a customer from Jowat SE on 31 December 2015, is being amortised over its useful economic life of 5 years. Goodwill is reviewed for impairment on an annual basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
33% straight line
Depreciation is charged from the month of acquisition to the month of disposal on all assets.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on a moving average basis. Goods received are valued at purchase order price. The moving average price is adjusted after every receipt of goods. Goods are despatched at the current moving average price at the time of shipping.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
181,769
---------
Amortisation
At 1 January 2023 and 31 December 2023
181,769
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Motor vehicles
£
Cost
At 1 January 2023
Additions
39,000
--------
At 31 December 2023
39,000
--------
Depreciation
At 1 January 2023
Charge for the year
4,945
--------
At 31 December 2023
4,945
--------
Carrying amount
At 31 December 2023
34,055
--------
At 31 December 2022
--------
7. Debtors
2023
2022
£
£
Trade debtors
488,426
470,918
Amounts owed by group undertakings and undertakings in which the company has a participating interest
178,488
280,918
Other debtors
3,060
51
---------
---------
669,974
751,887
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,152
19,589
Corporation tax
24,903
22,962
Social security and other taxes
364,037
319,719
Other creditors
131,053
245,665
---------
---------
536,145
607,935
---------
---------
9. Other financial commitments
The company has operating lease commitments of £42,709 (2022 - £67,844).
10. Summary audit opinion
The auditor's report for the year dated 6 March 2024 was unqualified .
The senior statutory auditor was Andrew Pountney , for and on behalf of Dean Statham .
11. Controlling party
The parent company is Jowat SE (incorporated in Germany), which itself is owned equally by D & K Holding Gmbh & Co. KG and Frank Holding Gmbh & Co. KG (both incorporated in Germany) which are the ultimate parent companies. The registered office of Jowat SE is Ernst-Hilker-Straße 10 - 14, D-32758 Detmold, Germany.