Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
COMPANY INFORMATION
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FERDINAND BILSTEIN UK LIMITED
CONTENTS
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FERDINAND BILSTEIN UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Ferdinand Bilstein UK Ltd is a leading supplier of automotive vehicle parts to the independent aftermarket for both passenger and commercial vehicles. Ferdinand Bilstein is part of the Bilstein Group, a market leader globally as both a manufacturer & supplier of vehicle parts.
The strategic aim of the business is to be a supplier of choice to the independent aftermarket by continuing to offer a comprehensive range of high quality vehicle parts across our group wide brands, Febi & Blueprint. Furthermore, we aim to offer a high quality service to the customer by maintaining high availability and smart logistics delivered with the customers bespoke needs in mind. In line with our strategic aim the business along with the wider Bilstein Group has been focusing expanding the range of vehicle parts on offer, leading to all makes solutions across commodity ranges & thousands of new part numbers in stock across our brands. The Bilstein Group is also leading the way in being fast to the market for new arrivals to the vehicle parc.
Turnover grew in 2023 by £15.6m, with underlying revenue in the UK domestic market increasing £17.7m whilst the export market saw a slight decline of £2.2m. The export decline being due to optimisation of the group supply chain.
Gross profit margin was £33.5m, improving 0.4% to 28.8% in the period. Underlying pressures include the increase in Cost of Living with minimum wage increases and carriage and packaging price increases. However, a relatively stable British pound vs. other currencies and container shipping prices trending down towards pre-pandemic levels has meant the business has been able to largely shield our customer base from these increases where possible and has also applied several price reductions throughout the year. Operating profit was £3.6m in 2023, an increase of £2.4m versus 2022. The high-growth being driven by the strengthening domestic market. Rising inflation continues to threaten our profitability, however this appears to be stabilising particularly around energy prices which are now falling and around container shipment costs which are returning to historic norms. A major risk is still the ongoing war in Ukraine and the uncertainty this creates in the global markets, particularly around China, for which a significant proportion of the business’s articles are sourced. The net asset position of the company stands at £39.8m compared to £38.3m in 2022. The company is in a healthy position at the balance sheet date.
The principal risks and uncertainties facing the business are broadly grouped as:
The company is subject to price competition in very competitive markets which the company mitigates with robust margins, high availability & confidence in its brand offering to the market.
The company is also exposed to fluctuations in the price of the various raw materials which make up its product, the company mitigates this risk by continually being proactive in its sourcing strategies globally to achieve the best prices.
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FERDINAND BILSTEIN UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
As part of the Company’s risk management objectives the directors regularly review the financial instrument risks of the business and have identified strategies to effectively mitigate these risks and thus limit undue counterparty exposure, ensure sufficient working capital exists to continue operations and monitor risk management throughout the business.
The Company’s credit risk is managed within its debt management policy which is aimed at minimising losses by offering appropriate payment terms to each individual customer based on their credit worthiness. Details of the Company’s debtors are shown in note 15 of the accounts.
The Company limits risk from individual trade debtors by way of transference in the form of debt insurance. At the reporting date the Company’s total recoverable debt was £22.4m. Only non-intercompany debtors are insured as intercompany debtors are not considered to be a credit risk. The Company’s liquidity risk is managed by ensuring reasonable trade credit payment terms are secured with its suppliers. When required the Company has a credit facility with its parent company Ferdinand Bilstein GmbH +Co. Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability.
The Company manages exposure to the variability of foreign exchange rates by collaborating with its parent company Ferdinand Bilstein GmbH +Co on a group wide hedging policy. Foreign exchange exposure is pooled at group level and a strategy is then formed for the parent to secure currency at competitive market rates using a number of derivative instruments.
Certainty improved in respect to the customs regulatory position in Northern Ireland, with the introduction of the new Windsor framework and “green lane, non-risk” arrangements allowing our trade to move more smoothly into the country. The recent win of the Labour party in the July 24 general election creates some business uncertainty around pledges made in their manifesto such as Day one Rights for Employees, National Minimum wage changes and a promised replacement of the business rates system aimed at “levelling the playing field between the high street and online giants”.
We consider our Key performance indicators for the business to be Turnover, Gross Profit Margin and Operating profit performance coupled with net asset value.
During the period, Turnover grew by £15.6m (15.5%) to £116.3m, with a Gross Profit margin of £33.5m (2022: £28.5m). Operating profit was £3.6m (2022: £1.2m). The company’s balance sheet shows a strengthening position with net assets increasing £1.5m to £39.8m. KPI measures are set at the outset of each year through budgeting targets agreed with our Group owners and are regularly reviewed through the course of the year.
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FERDINAND BILSTEIN UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Non-Financial indicators are focused upon Customer engagement, Staff engagement / retention and in the productivity performance of our warehouse operations.
The Board of Directors always consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2023.
Our plan is designed to have a long term beneficial impact on the group and to contribute to its success in delivering a high quality of service. As the Board of Directors, our intention is to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both construction and delivery of our plan that reflects our values, beliefs and culture. Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. Engagement with suppliers and customers is also key. We meet with our vendor partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law. Our plan considers the impact of the Company’s operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local concerns. The Company is accredited with ISO-52001 Energy Management which ensures the company has robust procedures to be as energy efficient as possible.
We continue to use our customer relationship management software to track and organise our engagement with customers. Not only does this improve our transparency of customer engagement but also enables us unique insights into how customer engagement has led to better performance. Over the last 12 months, we have visited 1,685 customer locations up 41% vs 2022 which contributed to our favourable domestic growth across the UK.
Staff engagement has been key to retention in a period where job vacancies remain high. Staff turnover for 2023 was 24.5% only slightly higher than the previous years’ 21.6%. Given our industry sector and our location, competition for staff is very high.
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FERDINAND BILSTEIN UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Metrics
In compliance with SECR the Directors disclose the key performance indicators pertaining to energy usage and carbon emissions. Emissions intensity is shown as a ratio compared to the total number of order lines that have been packed and shipped throughout the period. The definition of total order lines is the total number of unique stock keeping units that have been retrieved from a stock location when ordered. Energy efficiency measures taken During the year the business approved a new high volume, low speed fan system in the Warehouse, designed to better circulate air and reduce energy usage. This system was commissioned in early 2024. The business has also been moving its car fleet towards more efficient hybrid and electric vehicles. In 2024 the business is in the early planning stages to install a solar panel system to reduce energy consumption further. Methodology Purchased gas and purchased electricity relate to energy used on site and within our offices, purchased electricity also includes the energy generated on site by the solar panel array. Emissions from travel with company vehicles relates to vehicles that are owned and operated by Ferdinand Bilstein UK Ltd. Emissions from grey fleet mileage have not been included in this calculation, the Company operates a policy whereby pool vehicles are routinely used as opposed to travel via grey fleet therefore it has been deemed immaterial.
This report was approved by the board and signed on its behalf.
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FERDINAND BILSTEIN UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £1,487 thousand (2022 - £327 thousand).
There were no dividends paid during the year (2022 - £NIL).
The directors who served during the year were:
There have been no future developments affecting the Company since the year end other than those referred to
in the strategic report.
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FERDINAND BILSTEIN UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principal activity, principal risks and uncertainties, and engagement with stakeholders.
There have been no significant events affecting the Company since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FERDINAND BILSTEIN UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED
We have audited the financial statements of Ferdinand Bilstein UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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FERDINAND BILSTEIN UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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FERDINAND BILSTEIN UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED (CONTINUED)
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 Auditors' 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:
∙enquiry of management, those charged with governance around actual and potential litigation and claims;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙reviewing minutes of meetings of those charged with governance;
∙reviewing financial statement disclosures and testing to supporting documentation to asses compliance with applicable laws and regulations; and
∙maintaining professional scepticism throughout the course of our audit work.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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FERDINAND BILSTEIN UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditor
Maidstone, United Kingdom
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FERDINAND BILSTEIN UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
REGISTERED NUMBER: 02231185
BALANCE SHEET
AS AT 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
REGISTERED NUMBER: 02231185
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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FERDINAND BILSTEIN UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Ferdinand Bilstein UK Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The registered office is 9 Wheelbarrow Park, Pattenden Lane, Marden, Kent, TN12 9QJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. At the end of the period, there were no uncertainties about the Company's ability to continue as a going concern.
Functional and presentation currency
Transactions and balances
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as per the methods below.
Depreciation is provided on the following basis:
Assets under the course of construction are not depreciated until they have been brought into the condition such that they are ready for use.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Tangible fixed assets Key assumptions have been made regarding the life of assets and depreciation rates on plant and machinery at each reporting date, based on the expected utility of the assets and previous experience on the useful lives of depreciable assets. Accruals and deferred income The Company applies consistently the accruals concept in accounting for expenses and income. At the reporting date management makes a judgement on the value of invoices not yet received where the significant risks and rewards of ownership have passed to the Company or a service has been carried out and is considered to be complete, and these amounts are accrued. Income is recognised when the significant risks and rewards of ownership have passed to the customer, when it is more likely than not that consideration will be received and when it is more likely than not that a return will not occur. Any amuonts received where this is not the case are deferred. The total carrying value of accruals and deferred income of the Company is £2,772,000 (2022: £6,003,000). Stock An estimate is made at the reporting date of stock received into the warehouse that has not yet been invoiced. The estimate is based on the fair value of the goods received, and is accrued into the value of stock at the year end. The total fair value of stock received not invoiced at the reporting date was £Nil (2022: £7,789,429). An estimate is made at the reporting date of stock shipped from the supplier not yet received into the warehouse. The estimate is based on the fair value of goods shipped prior to the reporting date. The total fair value of stock in transit at the reporting date was £1,275,042 (2022: £4,288,016) which has been accrued into the value of stock at the year end. Certain critical accounting judgements (apart from those involving estimations included above) in applying the Company’s accounting policies are described below:
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Judgements in applying accounting policies (continued)
Finance and operating leases The Company is subject to a number of lease obligations. On commencement of the lease, management makes a judgement on whether the lease conditions constitute a finance lease or operating lease as per FRS102.20. The current outstanding operating lease obligations at the reporting date are shown in the detailed notes to the financial statements.
The whole of the turnover is attributable to the principal activity of the Company.
Analysis of turnover by country of destination:
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Capital redemption reserve
Profit and loss account
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company has issued various bonds and guarantees in favour of HM Revenue and Customs and other service providers to the Company totalling £158,573 (2022: £143,412).
The parent company enters into forward contracts to purchase foreign currency, at Group level, with the Company then utilising these contracts to settle its liabilities. The Company bears the risk and the rewards of the transaction. At the year end the Company had established a constructive obligation under 45 contracts, to draw down on $14.4m, ¥14m, and €3.8m by various dates in 2024 at various exchange rates. At 31 December 2023, there was a potential unrealised loss of £162,128 (2022: £41,128).
The Company operates a
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FERDINAND BILSTEIN UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate parent undertaking and controlling party is
The largest and smallest group in which the results of the Company are consolidated is that headed by Bilstein Handels GmbH +Co. KG (D), incorporated in Germany. The group financial statements of this company are available to the public and may be obtained from the company's registered office which is Wilhemstr. 46, D-58256, Ennepetal, Germany.
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