Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-313false2023-01-013truefalse 10174815 2023-01-01 2023-12-31 10174815 2022-01-01 2022-12-31 10174815 2023-12-31 10174815 2022-12-31 10174815 2022-01-01 10174815 1 2023-01-01 2023-12-31 10174815 1 2022-01-01 2022-12-31 10174815 2 2022-01-01 2022-12-31 10174815 d:Director1 2023-01-01 2023-12-31 10174815 d:Director2 2023-01-01 2023-12-31 10174815 d:Director3 2023-01-01 2023-12-31 10174815 d:RegisteredOffice 2023-01-01 2023-12-31 10174815 d:Agent1 2023-01-01 2023-12-31 10174815 e:PlantMachinery 2023-01-01 2023-12-31 10174815 e:PlantMachinery 2023-12-31 10174815 e:PlantMachinery 2022-12-31 10174815 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10174815 e:FurnitureFittings 2023-01-01 2023-12-31 10174815 e:FurnitureFittings 2023-12-31 10174815 e:FurnitureFittings 2022-12-31 10174815 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10174815 e:ComputerEquipment 2023-01-01 2023-12-31 10174815 e:ComputerEquipment 2023-12-31 10174815 e:ComputerEquipment 2022-12-31 10174815 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10174815 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10174815 e:ComputerSoftware 2023-12-31 10174815 e:ComputerSoftware 2022-12-31 10174815 e:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 10174815 e:FreeholdInvestmentProperty 2023-12-31 10174815 e:FreeholdInvestmentProperty 2022-12-31 10174815 e:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 10174815 e:CurrentFinancialInstruments 2023-12-31 10174815 e:CurrentFinancialInstruments 2022-12-31 10174815 e:Non-currentFinancialInstruments 2023-12-31 10174815 e:Non-currentFinancialInstruments 2022-12-31 10174815 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10174815 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10174815 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 10174815 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 10174815 e:ShareCapital 2023-12-31 10174815 e:ShareCapital 2022-12-31 10174815 e:ShareCapital 2022-01-01 10174815 e:RevaluationReserve 2023-01-01 2023-12-31 10174815 e:RevaluationReserve 2023-12-31 10174815 e:RevaluationReserve 2022-01-01 2022-12-31 10174815 e:RevaluationReserve 2022-12-31 10174815 e:RevaluationReserve 2022-01-01 10174815 e:RevaluationReserve 2 2022-01-01 2022-12-31 10174815 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10174815 e:OtherMiscellaneousReserve 2023-12-31 10174815 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 10174815 e:OtherMiscellaneousReserve 2022-12-31 10174815 e:OtherMiscellaneousReserve 2022-01-01 10174815 e:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 10174815 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10174815 e:RetainedEarningsAccumulatedLosses 2023-12-31 10174815 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10174815 e:RetainedEarningsAccumulatedLosses 2022-12-31 10174815 e:RetainedEarningsAccumulatedLosses 2022-01-01 10174815 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 10174815 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10174815 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10174815 d:FRS102 2023-01-01 2023-12-31 10174815 d:Audited 2023-01-01 2023-12-31 10174815 d:FullAccounts 2023-01-01 2023-12-31 10174815 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10174815 2 2023-01-01 2023-12-31 10174815 e:ComputerSoftware e:OwnedIntangibleAssets 2023-01-01 2023-12-31 10174815 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10174815










BILSTEIN TRADING UK LTD










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BILSTEIN TRADING UK LTD
 
 
COMPANY INFORMATION


Directors
K Schuessler-Bilstein 
J T Siekermann 
P P Dodgson 




Registered number
10174815



Registered office
9 Wheelbarrow Park
Pattenden Lane

Marden

Kent

TN12 9QJ




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

Kent

United KIngdom

ME14 5DA




Bankers
NatWest Group plc
Turnpike House

123 High Street

Crawley

West Sussex

RH10 1DQ





 
BILSTEIN TRADING UK LTD
 

CONTENTS



Page
Directors' Report
 
 
1 - 2
Independent Auditor's Report
 
 
3 - 6
Statement of Comprehensive Income
 
 
7
Balance Sheet
 
 
8 - 9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 23

 
BILSTEIN TRADING UK LTD
 
 
 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


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;

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 2006They 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.

Principal activity

The Company's principal activity was that of a property holding company for the Bilstein UK Group of Companies.

Directors

The directors who served during the year were:

K Schuessler-Bilstein 
J T Siekermann 
P P Dodgson 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Page 1

 
BILSTEIN TRADING UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P P Dodgson
Director

Date: 25 July 2024
Page 2

 
BILSTEIN TRADING UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BILSTEIN TRADING UK LTD
 

Opinion


We have audited the financial statements of Bilstein Trading UK Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 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.


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.


Page 3

 
BILSTEIN TRADING UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BILSTEIN TRADING UK LTD (CONTINUED)


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
BILSTEIN TRADING UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BILSTEIN TRADING UK LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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:

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 Auditor's Report.
Page 5

 
BILSTEIN TRADING UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BILSTEIN TRADING UK LTD (CONTINUED)


Use of our 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 2006Our 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.





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone, United Kingdom

29 July 2024
Page 6

 
BILSTEIN TRADING UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
€000
€000

  

Turnover
  
1,975
1,975

Gross profit
  
1,975
1,975

Administrative expenses
  
(720)
(766)

Fair value movements
  
545
(257)

Operating profit
  
1,800
952

Interest receivable and similar income
  
1,235
646

Interest payable and similar expenses
  
(632)
(481)

Profit before tax
  
2,403
1,117

Tax on profit
  
(446)
(516)

Profit for the financial year
  
1,957
601

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 11 to 23 form part of these financial statements.
Page 7

 
BILSTEIN TRADING UK LTD
REGISTERED NUMBER: 10174815

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
€000
€000

Fixed assets
  

Intangible assets
 5 
813
855

Tangible assets
 6 
10,966
11,639

Investment property
 7 
7,358
6,813

  
19,137
19,307

Current assets
  

Debtors: amounts falling due after more than one year
 8 
15,940
15,940

Debtors: amounts falling due within one year
 8 
270
1,566

Cash at bank and in hand
  
1,182
4,279

  
17,392
21,785

Creditors: amounts falling due within one year
 9 
(184)
(362)

Net current assets
  
 
 
17,208
 
 
21,423

Total assets less current liabilities
  
36,345
40,730

Creditors: amounts falling due after more than one year
 10 
(3,000)
(9,439)

Provisions for liabilities
  

Deferred tax
 11 
(2,204)
(2,107)

  
 
 
(2,204)
 
 
(2,107)

Net assets
  
31,141
29,184


Capital and reserves
  

Revaluation reserve
 12 
3,231
2,686

Other reserves
 12 
23,000
23,000

Profit and loss account
 12 
4,910
3,498

  
31,141
29,184

Page 8

 
BILSTEIN TRADING UK LTD
REGISTERED NUMBER: 10174815
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P P Dodgson
Director

Date: 25 July 2024

The notes on pages 11 to 23 form part of these financial statements.
Page 9

 
BILSTEIN TRADING UK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

€000
€000
€000
€000
€000


At 1 January 2022
-
2,943
17,500
2,640
23,083



Profit for the year
-
-
-
601
601

Transfer to/from profit and loss account
-
(257)
-
257
-

Conversion of debt into capital
-
-
5,500
-
5,500



At 1 January 2023
-
2,686
23,000
3,498
29,184



Profit for the year
-
-
-
1,957
1,957

Transfer to/from profit and loss account
-
545
-
(545)
-


At 31 December 2023
-
3,231
23,000
4,910
31,141


The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bilstein Trading UK Limited is a private company limited by shares and incorporated and domiciled in
England. The registered number is 10174815 and the registered address is 9 Wheelbarrow Park,
Pattenden Lane, Marden, Kent, TN12 9QJ. 
The presentational and functional currency of these financial statements is Euros. All amounts in the financial statements have been rounded to the nearest €1,000.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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:

 
2.2

Going concern

The financial position of the Company is detailed within these financial statements. The directors believe the Company is able to meet its day to day working capital requirements and has access to funding for development via credit facilities with its parent company Bilstein Beteiligungs GmbH (D).
The directors have a reasonable expectation that the Company will have adequate resources to continue all operations. The directors will continue to adopt the going concern basis of accounting for the preparation of these annual financial statements.

Page 11

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 13

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Other intangible fixed assets
-
25
years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the below methods.

Depreciation is provided on the following basis:

Plant and machinery
-
10 to 25% reducing balance; 4% straight line.
Fixtures and fittings
-
4 to 10% straight line.
Computer equipment
-
4 to 33% straight line.

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.
Page 14

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by 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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 15

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

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 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.

Page 16

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the accounts, management have used the following significant accounting estimates:
During the year the Company was involved in the leasing of assets to another group company. The present value of these leases was determined using a discount rate which management believe is comparable with the open market. Interest has subsequently been charged at this rate and is unwound over the course of the lease.
Assumptions have also been made by the directors regarding the useful economic lives of both tangible fixed assets and intangible assets.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 17

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Computer software

€000



Cost


At 1 January 2023
1,043



At 31 December 2023

1,043



Amortisation


At 1 January 2023
188


Charge for the year on owned assets
42



At 31 December 2023

230



Net book value



At 31 December 2023
813



At 31 December 2022
855



Page 18

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

€000
€000
€000
€000



Cost or valuation


At 1 January 2023
11,347
3,154
1,572
16,073



At 31 December 2023

11,347
3,154
1,572
16,073



Depreciation


At 1 January 2023
3,047
574
813
4,434


Charge for the year on owned assets
509
128
36
673



At 31 December 2023

3,556
702
849
5,107



Net book value



At 31 December 2023
7,791
2,452
723
10,966



At 31 December 2022
8,300
2,580
759
11,639

Page 19

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Investment property


Freehold investment property

€000



Valuation


At 1 January 2023
6,813


Surplus on revaluation
545



At 31 December 2023
7,358

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
€000
€000


Historic cost
4,126
4,126

4,126
4,126

The investment property relates to the reversionary interest held in a property leased to a group undertaking, Ferdinand Bilstein UK Limited. The directors do not believe that its fair value at the year end is materially different to its carrying value.

Page 20

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
€000
€000

Due after more than one year

Amounts owed by group undertakings
15,940
15,940

15,940
15,940


2023
2022
€000
€000

Due within one year

Amounts owed by group undertakings
270
1,566

270
1,566


The amounts owed by group undertakings relates to an unsecured loan to Ferdinand Bilstein UK Limited. It is repayable by 15 November 2032 and attracts interest at 7.75% per annum. 


9.


Creditors: Amounts falling due within one year

2023
2022
€000
€000

Amounts owed to group undertakings
-
218

Corporation tax
184
144

184
362



10.


Creditors: Amounts falling due after more than one year

2023
2022
€000
€000

Amounts owed to group undertakings
3,000
9,439

3,000
9,439


The amounts owed to group undertakings relates to an unsecured loan from Bilstein Beteiligungs GmbH. It is unsecured and repayable at the earlier of 15 November 2032 or on demand of the lender, and attracts interest at 7.75% per annum. It is recognised as due in more than one year, representing the assessment of the directors. Amounts due in less than one year comprise accrued interest.

Page 21

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


€000

€000






At beginning of year
(2,107)
(1,736)


Charged to profit or loss
(97)
(371)



At end of year
(2,204)
(2,107)

The provision for deferred taxation is made up as follows:

2023
2022
€000
€000


Fixed asset timing differences
(2,204)
(2,107)

(2,204)
(2,107)


12.


Reserves

Revaluation reserve

The fair value reserve represents the cumulative fair value movements on the investment properties. 

Other reserves

Other reserves represent other capital balances, such as debt converted into capital.

Profit and loss account

The profit and loss account represents accumulated profits and losses, net of dividends and other adjustments.


13.


Related party transactions

The company has the advantage of the exemption not to disclose transactions with other members of the group headed by Bilstein Handels GmbH +Co. KG (D).

Page 22

 
BILSTEIN TRADING UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Parent undertaking

The ultimate parent undertaking and controlling party is Bilstein Handels GmbH +Co. KG (D), a company registered in Germany, whose wholly owned subsidiary Bilstein Beteiligungs GmbH (D), a company registered in Germany, directly owns 100% of the issued share capital of the company.
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.

 
Page 23