Company registration number 01534904 (England and Wales)
GEISMAR (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GEISMAR (UK) LIMITED
COMPANY INFORMATION
Directors
Mrs A Curiel
Mr B Stronach
Secretary
Mrs A Curiel
Company number
01534904
Registered office
Salthouse Road
Brackmills Industrial Estate
Northampton
NN4 7EX
Auditor
F M C B
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
Business address
Salthouse Road
Brackmills Industrial Estate
Northampton
NN4 7EX
Bankers
Societe Generale
SG House
41 Tower Hill
London
EC3N 4SG
Barclays Bank PLC
Leicester
Leicestershire
LE87 2BB
GEISMAR (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
GEISMAR (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

 

The results for the financial year show a profit before taxation of £434,707 (2022: loss of £120,570).

 

The net effect of exchange gains and losses during the year amounted to a loss of £4,777 (2022: gain of £50,126).

 

As with many businesses during 2023 the overall trading results have been affected by the supply issues. The outlook for 2024 will continue to be influenced by the effects of supply issues and the UK and global economy.

 

Throughout the year Geismar UK Limited has continued to provide vital support to the UK's rail infrastructure.

 

Principal risks and uncertainties

The company operates in a competitive environment and trades in both the UK and abroad. Any risks and uncertainties that affect the rail industry may have an impact on the performance of the company.

Key performance indicators

Key performance indicators used by the company include sales, gross profit percentage, expenses ratios and profit before tax percentages.

On behalf of the board

Mr B Stronach
Director
26 March 2024
GEISMAR (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of manufacture, modification, supply and hire of railway maintenance equipment.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs A Curiel
Mr B Stronach
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company purchases and sells products and services in both Sterling and Euros and is therefore exposed to foreign exchange gains and losses.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

A resolution proposing that FMCB be re-appointed as auditors of the company will be put at the forthcoming Annual General Meeting.

GEISMAR (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr B Stronach
Director
26 March 2024
GEISMAR (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEISMAR (UK) LIMITED
- 4 -
Opinion

We have audited the financial statements of GEISMAR (UK) LIMITED (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GEISMAR (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEISMAR (UK) LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered information including the following:

 

 

GEISMAR (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEISMAR (UK) LIMITED
- 6 -

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

 

 

In addition to the above procedures the engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gavin Zeiderman BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of F M C B
27 March 2024
Chartered Accountants
Statutory Auditor
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
GEISMAR (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
4
8,163,654
5,278,768
Cost of sales
(5,193,553)
(3,203,715)
Gross profit
2,970,101
2,075,053
Administrative expenses
(2,536,551)
(2,130,513)
Other operating income
99,014
-
0
Operating profit/(loss)
5
532,564
(55,460)
Interest receivable and similar income
9
558
1,576
Interest payable and similar expenses
8
(98,415)
(66,686)
Profit/(loss) before taxation
434,707
(120,570)
Tax on profit/(loss)
10
(11,907)
(35,226)
Profit/(loss) for the financial year
422,800
(155,796)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GEISMAR (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit/(loss) for the year
422,800
(155,796)
Other comprehensive income
Revaluation of tangible fixed assets
(18,296)
(18,296)
Total comprehensive income for the year
404,504
(174,092)
GEISMAR (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,561,563
3,963,474
Investments
13
185
185
3,561,748
3,963,659
Current assets
Stocks
14
1,378,644
1,292,134
Debtors
15
3,233,885
1,191,472
Cash at bank and in hand
196,931
352,227
4,809,460
2,835,833
Creditors: amounts falling due within one year
16
(2,834,030)
(1,390,077)
Net current assets
1,975,430
1,445,756
Total assets less current liabilities
5,537,178
5,409,415
Creditors: amounts falling due after more than one year
17
(1,258,939)
(1,503,022)
Provisions for liabilities
Deferred tax liability
20
405,600
456,554
(405,600)
(456,554)
Net assets
3,872,639
3,449,839
Capital and reserves
Called up share capital
21
1,000,000
1,000,000
Revaluation reserve
23
840,480
858,776
Profit and loss reserves
24
2,032,159
1,591,063
Total equity
3,872,639
3,449,839

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
Mr B Stronach
Director
Company registration number 01534904 (England and Wales)
GEISMAR (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,000,000
877,072
2,028,563
3,905,635
Year ended 31 December 2022:
Loss
-
-
(155,796)
(155,796)
Other comprehensive income:
Revaluation of tangible fixed assets
-
(18,296)
-
(18,296)
Total comprehensive income
-
(18,296)
(155,796)
(174,092)
Dividends
11
-
-
(300,000)
(300,000)
Transfers
-
-
0
18,296
18,296
Balance at 31 December 2022
1,000,000
858,776
1,591,063
3,449,839
Year ended 31 December 2023:
Profit
-
-
422,800
422,800
Other comprehensive income:
Revaluation of tangible fixed assets
-
(18,296)
-
(18,296)
Total comprehensive income
-
(18,296)
422,800
404,504
Transfers
-
-
0
18,296
18,296
Balance at 31 December 2023
1,000,000
840,480
2,032,159
3,872,639
GEISMAR (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
3
205,176
849,199
Interest paid
(98,415)
(66,686)
Income taxes refunded
-
0
215,272
Net cash inflow from operating activities
106,761
997,785
Investing activities
Purchase of tangible fixed assets
(72,905)
(596,690)
Proceeds from disposal of tangible fixed assets
47,637
15,183
Interest received
558
1,576
Net cash used in investing activities
(24,710)
(579,931)
Financing activities
Repayment of bank loans
(237,347)
(236,627)
Dividends paid
-
0
(300,000)
Net cash used in financing activities
(237,347)
(536,627)
Net decrease in cash and cash equivalents
(155,296)
(118,773)
Cash and cash equivalents at beginning of year
352,227
471,000
Cash and cash equivalents at end of year
196,931
352,227
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

GEISMAR (UK) LIMITED is a company limited by shares incorporated in England and Wales. The registered office is Salthouse Road, Brackmills Industrial Estate, Northampton, NN4 7EX.

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.

The financial statements are prepared in sterling, which is the functional currency of the company.

1.2
Going concern

The directors consider the company has adequate resources to continue in operational existence for the foreseeable future and therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
4% Straight line
Plant, fixtures, fittings and equipment
10 - 25% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Borrowing costs related to fixed assets

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is based on the average costs of purchase in the case of spare parts and the actual cost in the case of machines.

GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial assets

The company has elected to apply the provisions of Section 11 ’Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial assets include debtors, other receivables and bank balances.

 

Debtors and cash and bank balances which are basic financial assets are measured at transaction price less any impairment.

 

Debtors and cash and bank balances in foreign currencies are initially recorded at transaction price and subsequently at fair value less any impairment. Any changes in fair value are recognised in the profit or loss.

 

Financial assets are assessed for indicators of impairment at each reporting end date.

 

1.10
Financial liabilities

Financial liabilities include trade creditors and other payables.

 

Creditors and debt instruments in foreign currencies are initially recorded at transaction price and subsequently at fair value. Any changes in fair value are recognised in the profit or loss.

 

 

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

Deferred tax

Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

1.12
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

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

The charge for depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. Increasing an asset’s expected life or its residual value would result in a reduced depreciation charge in the profit and loss account. The useful lives and residual values of the assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life.

3
Cash generated from operations
2023
2022
£
£
Profit/(loss) for the year after tax
422,800
(155,796)
Adjustments for:
Taxation charged
11,907
35,226
Finance costs
98,415
66,686
Investment income
(558)
(1,576)
Gain on disposal of tangible fixed assets
(45,221)
(12,569)
Depreciation and impairment of tangible fixed assets
472,399
431,359
Movements in working capital:
Increase in stocks
(86,510)
(364,705)
(Increase)/decrease in debtors
(2,077,926)
755,259
Increase in creditors
1,409,870
95,315
Cash generated from operations
205,176
849,199
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
4
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sales
8,163,654
5,278,768
2023
2022
£
£
Turnover analysed by geographical market
UK Sales
4,127,962
4,048,006
Export Sales
4,035,692
1,230,762
8,163,654
5,278,768
2023
2022
£
£
Other revenue
Interest income
558
1,576
5
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
4,777
(50,126)
Fees payable to the company's auditor for the audit of the company's financial statements
30,000
29,000
Depreciation of owned tangible fixed assets
472,399
431,359
Profit on disposal of tangible fixed assets
(45,221)
(12,569)
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Office and administration
8
8
Selling and distribution
26
25
Total
34
33
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,833,791
1,766,731
Pension costs
179,464
83,029
2,013,255
1,849,760
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
27,853
90,584
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
98,415
66,686
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
558
1,576
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
62,860
(14,532)
Deferred tax
Origination and reversal of timing differences
(50,953)
49,758
Total tax charge
11,907
35,226

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
434,707
(120,570)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
102,245
(22,908)
Tax effect of expenses that are not deductible in determining taxable profit
113,705
83,339
Unutilised tax losses carried forward
-
0
99,920
Adjustments in respect of prior years
62,860
(14,532)
Capital allowances in excess of depreciation
(50,953)
49,758
Effect of capital allowances and disposals
(43,178)
(160,351)
Utilisation of tax losses brought forward
(172,772)
-
0
Taxation charge for the year
11,907
35,226
11
Dividends
2023
2022
£
£
Interim paid
-
0
300,000
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
12
Tangible fixed assets
Land and buildings freehold
Plant, fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2023
1,300,000
4,098,263
287,356
5,685,619
Additions
-
0
42,032
30,872
72,904
Disposals
-
0
(40,964)
(56,917)
(97,881)
At 31 December 2023
1,300,000
4,099,331
261,311
5,660,642
Depreciation and impairment
At 1 January 2023
187,200
1,382,851
152,094
1,722,145
Depreciation charged in the year
20,800
403,146
48,453
472,399
Eliminated in respect of disposals
-
0
(38,548)
(56,917)
(95,465)
At 31 December 2023
208,000
1,747,449
143,630
2,099,079
Carrying amount
At 31 December 2023
1,092,000
2,351,882
117,681
3,561,563
At 31 December 2022
1,112,800
2,715,412
135,262
3,963,474

The company has used an independent surveyor to quantify the value of £1,300,000 in 2015, which is shown in the financial statements and it has been confirmed by the directors that the value carried in the accounts has not materially changed and therefore no adjustment has been made in these financial statements.

If revalued assets were measured using the cost model, the carrying amount would have been as follows:

 

2023
2022
£
£
Cost
935,985
935,985
Accumulated depreciation
(684,462)
(681,958)
Carrying value
251,523
254,027
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in group undertakings
185
185

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2023 & 31 December 2023
185
Carrying amount
At 31 December 2023
185
At 31 December 2022
185
14
Stocks
2023
2022
£
£
Work in progress
431,115
247,134
Finished goods and goods for resale
947,529
1,045,000
1,378,644
1,292,134
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,459,946
776,362
Corporation tax recoverable
-
0
35,513
Amounts owed by group undertakings
300,291
135,497
Prepayments and accrued income
473,648
244,100
3,233,885
1,191,472

 

GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
18
241,765
235,029
Trade creditors
187,820
258,711
Amounts owed to group undertakings
1,537,234
616,105
Corporation tax
27,347
-
0
Other taxation and social security
181,907
57,392
Accruals and deferred income
657,957
222,840
2,834,030
1,390,077
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
1,258,939
1,503,022
18
Loans and overdrafts
2023
2022
£
£
Bank loans
1,500,704
1,738,051
Payable within one year
241,765
235,029
Payable after one year
1,258,939
1,503,022

The long-term loans are secured by fixed charges over a freehold property. The loans are due for repayment by 2029. Interest is charged at fixed and variable rates with capital repayments over the term of the loans.

19
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,760,237
911,859
Carrying amount of financial liabilities
Measured at amortised cost
3,883,715
2,835,707
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
405,600
456,554
2023
Movements in the year:
£
Liability at 1 January 2023
456,554
Credit to profit or loss
(50,954)
Liability at 31 December 2023
405,600
21
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000,000 Ordinary shares of £1 each
1,000,000
1,000,000
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
179,464
83,029

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Revaluation reserve
2023
2022
£
£
At beginning of year
858,776
877,072
Revaluation surplus transfer to Profit & Loss reserve
(18,296)
(18,296)
At end of year
840,480
858,776
GEISMAR (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
24
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,591,063
2,028,563
Profit/(loss) for the year
422,800
(155,796)
Dividends declared and paid in the year
-
(300,000)
Transfer to reserves
18,296
18,296
At the end of the year
2,032,159
1,591,063
25
Related party transactions

Remuneration of key management personnel is set out in note 7 to these financial statements.

 

The Company has normal commercial trading arrangements with its Parent Company and its fellow subsidiaries.

 

Group transactions during the year were as follows:-

 

Inter Group Sales of goods and services amounted to £428,078 (2022: £477,559).

 

Inter Group Purchases and Charges amounted to £3,591,006 (2022: £1,991,075).

 

At the year end the company was owed £300,291 (2022: £135,497) by Group companies and this figure is included in debtors. The company also owed £1,537,234 (2022: £616,105) to Group companies and this is included in creditors.

 

26
Ultimate controlling party

Geismar SAS, incorporated in France is regarded as the company's ultimate parent company.

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