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REGISTERED NUMBER: 06927950 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

K.D. FEDDERSEN UK LIMITED

K.D. FEDDERSEN UK LIMITED (REGISTERED NUMBER: 06927950)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


K.D. FEDDERSEN UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Dr S Schnell
P Dean



REGISTERED OFFICE: 5th Floor, 167 - 169
Great Portland Street
London
London
W1W 5PF



REGISTERED NUMBER: 06927950 (England and Wales)



SENIOR STATUTORY AUDITOR: Matthew Adam Bailey



AUDITORS: Howards Limited
Chartered Certified Accountants
Statutory Auditors
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

K.D. FEDDERSEN UK LIMITED (REGISTERED NUMBER: 06927950)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 5 10,620 10,907

Current assets
Stocks 1,603,074 2,054,770
Debtors 6 742,564 898,163
Prepayments and accrued income 23,249 22,393
Cash at bank 128,325 37,319
2,497,212 3,012,645
Creditors
Amounts falling due within one year 7 (396,834 ) (666,985 )
Net current assets 2,100,378 2,345,660
Total assets less current liabilities 2,110,998 2,356,567

Accruals and deferred income (22,020 ) (70,809 )
Net assets 2,088,978 2,285,758

Capital and reserves
Called up share capital 1,500,000 1,500,000
Retained earnings 588,978 785,758
Shareholders' funds 2,088,978 2,285,758

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 17th April 2024 and were signed on its behalf by:




Dr S Schnell - Director



P Dean - Director


K.D. FEDDERSEN UK LIMITED (REGISTERED NUMBER: 06927950)

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

1. STATUTORY INFORMATION

K.D. Feddersen UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06927950 and the registered office address is 5th Floor, 167-169 Great Portland Street, London, W1W 5PF.

The principal activity of the company is the importation and distribution of polymers.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Functional currency
The financial statements are prepared in sterling (£) which is the functional currency of the company.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its useful economic life:

Office equipment- 20% and 100% straight line
Computer equipment- 7.5% - 33.33% straight line

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on batch specific basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

K.D. FEDDERSEN UK LIMITED (REGISTERED NUMBER: 06927950)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

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.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Related party exemption
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 members of the group.

K.D. FEDDERSEN UK LIMITED (REGISTERED NUMBER: 06927950)

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

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Going concern
These financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue to trade. The validity of this assumption is dependent upon the continued support of the parent company. The parent company has confirmed it's support for the next twelve months.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 10 ) .

5. TANGIBLE FIXED ASSETS
Office Computer
equipment equipment Totals
£    £    £   
COST
At 1st January 2023 324 42,140 42,464
Additions - 3,899 3,899
Disposals - (21,839 ) (21,839 )
At 31st December 2023 324 24,200 24,524
DEPRECIATION
At 1st January 2023 324 31,233 31,557
Charge for year - 4,069 4,069
Eliminated on disposal - (21,722 ) (21,722 )
At 31st December 2023 324 13,580 13,904
NET BOOK VALUE
At 31st December 2023 - 10,620 10,620
At 31st December 2022 - 10,907 10,907

K.D. FEDDERSEN UK LIMITED (REGISTERED NUMBER: 06927950)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 595,723 835,664
Amounts owed by group undertakings 95,789 54,825
Other debtors 51,052 7,674
742,564 898,163

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 163,936
Trade creditors 333,016 144,758
Amounts owed to group undertakings 364 69,158
Taxation and social security 62,283 289,133
Other creditors 1,171 -
396,834 666,985

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 163,936

The bank overdraft is secured via a guarantee given by the ultimate parent company of the group, K.D. Feddersen Holding GmbH.

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

The Report of the Auditors was unqualified.

Matthew Adam Bailey (Senior Statutory Auditor)
for and on behalf of Howards Limited

10. CONTINGENT LIABILITIES

In 2022 the company sold a customer list to AKRO-Plastic GmbH, a sister company within the Feddersen Group. The directors believe that the basis used for determining the value of the customer list, which was sold without a non-compete provision, was fair and in line with the market. However, one cannot be sure whether the customer list would have been sold at a lower or higher price among unrelated third parties. The proceeds of this sale have not yet been considered by HMRC, it is possible that there may be an increased tax charge once considered.

11. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £9,583 (2022: £11,000).

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of K.D. Feddersen GmbH & Co. KG, a company incorporated in Germany.The parent company's registered office address is Gotenstr. 11A, 20097 Hamburg, Germany.

The ultimate parent company is K.D. Feddersen Holding GmbH, a company incorporated in Germany.The parent company's registered office address is Gotenstr. 11A, 20097 Hamburg, Germany.