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COMPANY REGISTRATION NUMBER: 03708239
Glutz UK Limited
Filleted Financial Statements
31 December 2023
Glutz UK Limited
Directors' Responsibilities Statement
Year ended 31 December 2023
The directors are responsible for preparing the directors' 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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.
Glutz UK Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
5,564
8,304
Current assets
Stocks
146,127
290,049
Debtors
6
195,404
434,440
Cash at bank and in hand
17,377
44,179
---------
---------
358,908
768,668
Creditors: amounts falling due within one year
7
454,021
632,266
---------
---------
Net current (liabilities)/assets
( 95,113)
136,402
--------
---------
Total assets less current liabilities
( 89,549)
144,706
--------
---------
Net (liabilities)/assets
( 89,549)
144,706
--------
---------
Capital and reserves
Called up share capital
8
200,200
200,200
Profit and loss account
( 289,749)
( 55,494)
---------
---------
Shareholders (deficit)/funds
( 89,549)
144,706
---------
---------
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.
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
P J Grech
S Lauber
Director
Director
Company registration number: 03708239
Glutz 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 75 Springfield Road, Chelmsford, Essex, CM2 6JB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 (Section 1A), 'The Financial Reporting Standard appliable to smaller entities in the UK and 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. The financial statements have been prepared on a going concern basis. In the opinion of the directors, this basis is appropriate as the parent company has formally expressed its intention to provide such financial support as the company may require to enable it to continue trading for a period of at least 12 months from the date of approval of these financial statements.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year exclusive of Value Added Tax. In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. The proportion of turnover that is attributable to markets outside the United Kingdom is 11.64% (2022: 14.06%).
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Leasehold property
-
10% straight line
Plant and machinery
-
25% reducing balance or over the term of the finance lease
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.
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. At each year end, the stock is reviewed for items identified as 'dead' and 'slow moving', and these items are fully written down in the accounts.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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 9 (2022: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023
9,886
44,790
54,676
Disposals
( 3,547)
( 3,547)
-------
--------
--------
At 31 December 2023
9,886
41,243
51,129
-------
--------
--------
Depreciation
At 1 January 2023
8,420
37,952
46,372
Charge for the year
628
1,709
2,337
Disposals
( 3,144)
( 3,144)
-------
--------
--------
At 31 December 2023
9,048
36,517
45,565
-------
--------
--------
Carrying amount
At 31 December 2023
838
4,726
5,564
-------
--------
--------
At 31 December 2022
1,466
6,838
8,304
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
177,597
410,570
Prepayments and accrued income
8,254
14,608
Other debtors
9,553
9,262
---------
---------
195,404
434,440
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
151,869
247,209
Amounts owed to group undertakings
25,650
46,170
Accruals and deferred income
48,074
56,591
Other taxes and social security
33,085
39,365
Group loan
192,000
241,917
Other creditors
3,343
1,014
---------
---------
454,021
632,266
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary "A" shares of £ 1 each
200,100
200,100
200,100
200,100
Ordinary "B" shares of £ 1 each
100
100
100
100
---------
---------
---------
---------
200,200
200,200
200,200
200,200
---------
---------
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
34,000
34,000
Later than 1 year and not later than 5 years
8,500
42,500
--------
--------
42,500
76,500
--------
--------
10. Summary audit opinion
The auditor's report dated 7 March 2024 was unqualified .
The senior statutory auditor was S A Morrell , for and on behalf of Edmund Carr LLP .
11. Related party transactions
During the year the company sold and purchased goods to and from group companies. The company has taken advantage of the exemption conferred by Section 33 of FRS 102 from the requirement to disclose transactions with wholly owned group companies. At the year-end the company owed its parent company, Glutz AG, CH Solothurn, £308,373 (2022: £423,454). Of this balance owing, £25,650 (2022: £46,170) is treated as a separate loan balance, has interest charged at 1.5% per annum and is repayable on demand. £192,000 (2022: £241,917) is treated as another separate loan balance, with interest charged in accordance with conditions of the Glutz Group, subject to annual adoption, based on the Federal Tax Administration of Switzerland and termination of the loan contract is possible at any time with a notice period of three months. The remaining amount outstanding relates to a purchase ledger balance. At the year-end the parent company, Glutz AG, CH Solothurn, owed the company £0 (2022: £549) which is shown amongst trade debtors.
12. Controlling party
The company is a wholly owned subsidiary of Glutz Holding, CH - Solothurn which is the ultimate parent company incorporated in Switzerland. The largest group in which the results of the company are consolidated is that headed by Glutz Holding, CH - Solothurn, incorporated in Switzerland. The smallest group in which they are consolidated is that headed by Glutz AG, CH - Solothurn, incorporated in Switzerland with an address of Segetzstrasse 13, 4500 Solothurn. These consolidated accounts are not available to the public.