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REGISTERED NUMBER: 01692286 (England and Wales)

















Financial Statements

For The Year Ended 31 December 2023

for

Senator Pens Limited

Senator Pens Limited (Registered number: 01692286)

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


Senator Pens Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mrs O Titova
H B J Harms





REGISTERED OFFICE: Senator House
Stadium Way
Harlow
Essex
CM19 5GY





REGISTERED NUMBER: 01692286 (England and Wales)





AUDITOR: SB Audit LLP
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

Senator Pens Limited (Registered number: 01692286)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,185,592 1,197,966

CURRENT ASSETS
Stocks 352,556 357,370
Debtors 5 1,005,265 715,437
Cash at bank 576,595 456,357
1,934,416 1,529,164
CREDITORS
Amounts falling due within one year 6 398,859 390,613
NET CURRENT ASSETS 1,535,557 1,138,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,721,149

2,336,517

CAPITAL AND RESERVES
Called up share capital 7 475,000 475,000
Retained earnings 2,246,149 1,861,517
SHAREHOLDERS' FUNDS 2,721,149 2,336,517

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





Mrs O Titova - Director


Senator Pens Limited (Registered number: 01692286)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Senator Pens Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Ultimate parent undertaking
The Company's ultimate parent undertaking, Senator GmbH includes the Company in its consolidated financial statements. The consolidated financial statements of Senator GmbH are available to the public and may be obtained from D-64401 Gross-Bieberau, Bahnhofstresse 57, Germany.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are 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 judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Valuation of stock - stock is of material value and include the directors' assessment of impairment. Impairment is assessed based on various factors, including the directors' knowledge of the stock and wider marketplace. The provision for stock is calculated as the value of the year end stock for which there have been no purchases within the last 12 months, and which is not expected to be sold within the next 24 months based on the level held at the year end and the sales within the last 12 months.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised upon dispatch of goods.

Tangible fixed assets
Tangible Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 3% on reducing balance
Land is not depreciated
Plant and machinery - 20% on cost and straight line over 8 years
Fixtures and fittings - 25% on cost and 20% on cost
Computer equipment - 4 years straight line basis

Senator Pens Limited (Registered number: 01692286)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

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.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, 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.

Creditors
Short term creditors are measured at the transaction price.

Foreign currencies
In preparing the financial statements, transactions in currencies other than the functional currency of the company (foreign currencies) are recognised at the spot rate at the dates of the transactions or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the profit or loss in the period in which they arise.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged against profits represents the contributions payable to the scheme in respect of the accounting period.

Taxation
The charge for taxation is based upon the profit for the year and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax is recognised without discounting in respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date.

Leases
Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.

Going concern
The financial statements have been prepared on a going concern basis.

The directors have considered a period of twelve months following the date of approval of the financial statements when considering the appropriateness of the adoption of the going concern basis of preparation.

Senator Pens Limited (Registered number: 01692286)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 25 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 1,816,490 1,029,817 291,622 3,137,929
Additions - 10,281 17,851 28,132
At 31 December 2023 1,816,490 1,040,098 309,473 3,166,061
DEPRECIATION
At 1 January 2023 656,796 1,000,624 282,543 1,939,963
Charge for year 21,996 13,373 5,137 40,506
At 31 December 2023 678,792 1,013,997 287,680 1,980,469
NET BOOK VALUE
At 31 December 2023 1,137,698 26,101 21,793 1,185,592
At 31 December 2022 1,159,694 29,193 9,079 1,197,966

HSBC bank have a Guarantee Line to the value of £1,925,000 in the form of a 1st legal charge over the property.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 435,672 470,533
Amounts owed by group undertakings 374,984 163,220
Other debtors 194,609 81,684
1,005,265 715,437

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 48,999 63,000
Taxation and social security 233,512 181,074
Other creditors 116,348 146,539
398,859 390,613

Amounts owed by group undertakings are interest free, unsecured, and payable on demand.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
475,000 Ordinary £1 475,000 475,000

Senator Pens Limited (Registered number: 01692286)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditor's Report was unqualified.

Mark Smith (Senior Statutory Auditor)
for and on behalf of SB Audit LLP

9. CONTINGENT LIABILITIES

The parent company, Senator GmbH, has pledged the freehold property held within Senator Pens Limited up to the value of £1,925,000 as security against bank loans held within the parent company. In the event that the parent company defaults on its obligations, the bank will have the right to recover deficits through the company.

10. OPERATING LEASE COMMITMENTS

The company has future minimum lease payments under non-cancellable operating leases of £48,320 (2022:£42,058).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is controlled by Senator GmbH a company registered in Germany. The address of Senator GmbH is D-64401 Gross-Bieberau, Bahnhofstrasse 57, Germany.


Senator GmbH draws up consolidated financial statements.

The immediate parent undertaking is Senator GmbH, a company registered in Germany. The address of Senator GmbH is D-64401 Gross-Bieberau, Bahnhofstrasse 57, Germany.