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REGISTERED NUMBER: 01388157 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

KNF NEUBERGER U.K. LIMITED

KNF NEUBERGER U.K. LIMITED (REGISTERED NUMBER: 01388157)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KNF NEUBERGER U.K. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Barwick
R Furrer





SECRETARY: Miss S Purdy





REGISTERED OFFICE: Avenue Two
Station Lane Industrial Estate
Witney
Oxfordshire
OX28 4FA





REGISTERED NUMBER: 01388157 (England and Wales)





AUDITORS: Jamesons Limited
Chartered Accountants and Registered Auditors
Jamesons House
Compton Way
Witney
Oxfordshire
OX28 3AB

KNF NEUBERGER U.K. LIMITED (REGISTERED NUMBER: 01388157)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,877,304 1,904,383

CURRENT ASSETS
Stocks 608,818 472,939
Debtors 5 778,170 1,189,427
Cash at bank and in hand 127,301 457,419
1,514,289 2,119,785
CREDITORS
Amounts falling due within one year 6 339,742 688,174
NET CURRENT ASSETS 1,174,547 1,431,611
TOTAL ASSETS LESS CURRENT LIABILITIES 3,051,851 3,335,994

PROVISIONS FOR LIABILITIES 143,876 102,929
NET ASSETS 2,907,975 3,233,065

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings 2,897,975 3,223,065
SHAREHOLDERS' FUNDS 2,907,975 3,233,065

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 26 March 2024 and were signed on its behalf by:





S Barwick - Director


KNF NEUBERGER U.K. LIMITED (REGISTERED NUMBER: 01388157)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

KNF Neuberger U.K. 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - Straight line over 8 years, Straight line over 10 years, Straight line over 5 years, Straight line over 15 years, at varying rates on cost, Straight line over 6 years and Straight line over 4 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Derivative financial instruments
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency receivables. The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in
valuing the derivatives are the forward exchange rates for GBP:CHF.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KNF NEUBERGER U.K. LIMITED (REGISTERED NUMBER: 01388157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,897,203 332,697 2,229,900
Additions - 44,544 44,544
Disposals - (16,627 ) (16,627 )
At 31 December 2023 1,897,203 360,614 2,257,817
DEPRECIATION
At 1 January 2023 158,980 166,537 325,517
Charge for year 36,725 34,676 71,401
Eliminated on disposal - (16,405 ) (16,405 )
At 31 December 2023 195,705 184,808 380,513
NET BOOK VALUE
At 31 December 2023 1,701,498 175,806 1,877,304
At 31 December 2022 1,738,223 166,160 1,904,383

KNF NEUBERGER U.K. LIMITED (REGISTERED NUMBER: 01388157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 699,117 1,089,741
Other debtors 79,053 99,686
778,170 1,189,427

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 95,436 238,069
Taxation and social security 180,914 366,005
Other creditors 63,392 84,100
339,742 688,174

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 17,727 20,106
Between one and five years 20,562 32,667
38,289 52,773

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary 1 10,000 10,000

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

The Report of the Auditors was unqualified.

Anita Lyon FCA FCCA (Senior Statutory Auditor)
for and on behalf of Jamesons Limited

KNF NEUBERGER U.K. LIMITED (REGISTERED NUMBER: 01388157)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. OTHER FINANCIAL COMMITMENTS

HSBC hold a fixed charge over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all assets dated 20th May 1996.

HSBC also hold a first legal charge dated 31st October 1996 over Freehold Property known as Land and Buildings on the North Side of Avenue Two

The company had foreign currency forward contract commitments at the year end totalling £938,621 (2022 : £1,047,472) and a provision for a net profit on foreign exchange movements of £37,887 has been provided in the financial statements.

11. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the reporting date which require amendment to, or disclosure in, the financial statements.

12. ULTIMATE CONTROLLING PARTY

KNF Holding AG (incorporated in Switzerland) is regarded by the directors as being the ultimate parent company.

A copy of the consolidated accounts can be obtained from Grenzstrasse 5c, 6214 Schenkon, Switzerland.