Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalse2023-01-01Wholesale trade of motor vehicle parts and accessories331261false 02231185 2023-01-01 2023-12-31 02231185 2022-01-01 2022-12-31 02231185 2023-12-31 02231185 2022-12-31 02231185 2022-01-01 02231185 1 2023-01-01 2023-12-31 02231185 1 2022-01-01 2022-12-31 02231185 5 2023-01-01 2023-12-31 02231185 5 2022-01-01 2022-12-31 02231185 6 2023-01-01 2023-12-31 02231185 6 2022-01-01 2022-12-31 02231185 d:Director1 2023-01-01 2023-12-31 02231185 d:Director2 2023-01-01 2023-12-31 02231185 d:Director3 2023-01-01 2023-12-31 02231185 d:RegisteredOffice 2023-01-01 2023-12-31 02231185 d:Agent1 2023-01-01 2023-12-31 02231185 e:Buildings 2023-01-01 2023-12-31 02231185 e:Buildings 2023-12-31 02231185 e:Buildings 2022-12-31 02231185 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02231185 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 02231185 e:Buildings e:LongLeaseholdAssets 2023-12-31 02231185 e:Buildings e:LongLeaseholdAssets 2022-12-31 02231185 e:PlantMachinery 2023-01-01 2023-12-31 02231185 e:PlantMachinery 2023-12-31 02231185 e:PlantMachinery 2022-12-31 02231185 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02231185 e:MotorVehicles 2023-01-01 2023-12-31 02231185 e:MotorVehicles 2023-12-31 02231185 e:MotorVehicles 2022-12-31 02231185 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02231185 e:OfficeEquipment 2023-01-01 2023-12-31 02231185 e:OfficeEquipment 2023-12-31 02231185 e:OfficeEquipment 2022-12-31 02231185 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02231185 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02231185 e:OtherPropertyPlantEquipment 2023-12-31 02231185 e:OtherPropertyPlantEquipment 2022-12-31 02231185 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02231185 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02231185 e:CurrentFinancialInstruments 2023-12-31 02231185 e:CurrentFinancialInstruments 2022-12-31 02231185 e:Non-currentFinancialInstruments 2023-12-31 02231185 e:Non-currentFinancialInstruments 2022-12-31 02231185 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02231185 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02231185 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 02231185 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 02231185 f:UnitedKingdom 2023-01-01 2023-12-31 02231185 f:UnitedKingdom 2022-01-01 2022-12-31 02231185 f:RestWorldOutsideUK 2023-01-01 2023-12-31 02231185 f:RestWorldOutsideUK 2022-01-01 2022-12-31 02231185 e:UKTax 2023-01-01 2023-12-31 02231185 e:UKTax 2022-01-01 2022-12-31 02231185 e:ShareCapital 2023-12-31 02231185 e:ShareCapital 2022-12-31 02231185 e:SharePremium 2023-01-01 2023-12-31 02231185 e:SharePremium 2023-12-31 02231185 e:SharePremium 2022-12-31 02231185 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 02231185 e:CapitalRedemptionReserve 2023-12-31 02231185 e:CapitalRedemptionReserve 2022-12-31 02231185 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02231185 e:RetainedEarningsAccumulatedLosses 2023-12-31 02231185 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02231185 e:RetainedEarningsAccumulatedLosses 2022-12-31 02231185 e:RetainedEarningsAccumulatedLosses 2022-01-01 02231185 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02231185 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 02231185 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2023-12-31 02231185 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:ListedExchangeTraded 2022-12-31 02231185 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02231185 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02231185 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02231185 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02231185 e:RetirementBenefitObligationsDeferredTax 2023-12-31 02231185 e:RetirementBenefitObligationsDeferredTax 2022-12-31 02231185 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02231185 d:OrdinaryShareClass1 2023-12-31 02231185 d:OrdinaryShareClass1 2022-12-31 02231185 d:FRS102 2023-01-01 2023-12-31 02231185 d:Audited 2023-01-01 2023-12-31 02231185 d:FullAccounts 2023-01-01 2023-12-31 02231185 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02231185 e:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 02231185 e:EntityControlledByKeyManagementPersonnel1 2022-01-01 2022-12-31 02231185 e:EntityControlledByKeyManagementPersonnel1 2023-12-31 02231185 e:EntityControlledByKeyManagementPersonnel1 2022-12-31 02231185 e:WithinOneYear 2023-12-31 02231185 e:WithinOneYear 2022-12-31 02231185 e:BetweenOneFiveYears 2023-12-31 02231185 e:BetweenOneFiveYears 2022-12-31 02231185 e:MoreThanFiveYears 2023-12-31 02231185 e:MoreThanFiveYears 2022-12-31 02231185 2 2023-01-01 2023-12-31 02231185 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02231185










FERDINAND BILSTEIN UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FERDINAND BILSTEIN UK LIMITED
 
 
COMPANY INFORMATION


Directors
K Schuessler-Bilstein 
J T Siekermann 
P P Dodgson 




Registered number
02231185



Registered office
9 Wheelbarrow Park
Pattenden Lane

Marden

Kent

TN12 9QJ




Independent auditors
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





 
FERDINAND BILSTEIN UK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5 - 6
Independent Auditors' Report
 
7 - 10
Statement of Income and Retained Earnings
 
11
Balance Sheet
 
12 - 13
Statement of Cash Flows
 
14 - 15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 34

 
FERDINAND BILSTEIN UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Strategy & Business Model
 
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.

Business review
 
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. 

Principal risks and uncertainties
 
The principal risks and uncertainties facing the business are broadly grouped as:

Competitive & market risks

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.

Page 1

 
FERDINAND BILSTEIN UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instrument risks

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.

Exposure to credit, liquidity and cash flow risk

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. 

Exposure to foreign exchange risk

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.

Legislative & Regulatory Risk

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”.

Financial key performance indicators
 
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.

Page 2

 
FERDINAND BILSTEIN UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other key performance indicators
 
Non-Financial indicators are focused upon Customer engagement, Staff engagement / retention and in the productivity performance of our warehouse operations. 

Directors' statement of compliance with duty to promote the success of the Company
 
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.  

Outcome of our engagement

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.

Page 3

 
FERDINAND BILSTEIN UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Streamlined Energy & Carbon Reporting (SECR)
 
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. 


2023
2022
Variance
Purchased gas (KwH)
221,120
632,530
(411,410)
Purchased electricity (KwH)
1,740,453
1,681,321
59,132
Total energy consumption (KwH)
1,961,573
2,313,851
(352,278)
Emissions from purchased gas (tCO2e)
40.37
113.86
(73.49)
Emissions from purchased electricity (tCO2e)
356.72
325.13
31.59
Total emissions from purchased gas & electricity (tCO2e)
397.09
438.99
(41.90)
Total emissions from travel within company vehicles (tCO2e)
55.98
57.54
(1.55)
Total emissions (tCO2e)
453.08
496.53
(43.45)
Total order lines packed (000's)
7,423.76
6,142.14
1,281.62
Emissions intensity (tCO2e/Order lines packed)
0.06
0.08
(0.02)

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.



P P Dodgson
Director

Date: 25 July 2024
Page 4

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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;

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 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.

Results and dividends

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).

Directors

The directors who served during the year were:

K Schuessler-Bilstein 
J T Siekermann 
P P Dodgson 

Future developments

There have been no future developments affecting the Company since the year end other than those referred to
in the strategic report. 

Page 5

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

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.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMHAwill 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.
 





P P Dodgson
Director

Date: 25 July 2024
Page 6

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED
 

Opinion


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 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 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.


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 7

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED (CONTINUED)


Other information


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 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 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.


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:


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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.


Page 8

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED (CONTINUED)


Auditors' 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 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.
Page 9

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERDINAND BILSTEIN UK LIMITED (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 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.





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

29 July 2024
Page 10

 
FERDINAND BILSTEIN UK LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
116,267
100,679

Cost of sales
  
(82,785)
(72,121)

Gross profit
  
33,482
28,558

Distribution costs
  
(12,435)
(11,331)

Administrative expenses
  
(22,105)
(20,290)

Other operating income
 5 
4,351
3,966

Other operating charges
  
269
266

Operating profit
 6 
3,562
1,169

Interest receivable and similar income
 10 
36
-

Interest payable and similar expenses
 11 
(1,437)
(711)

Profit before tax
  
2,161
458

Tax on profit
 12 
(674)
(131)

Profit after tax
  
1,487
327

  

  

Retained earnings at the beginning of the year
  
36,671
36,344

  
36,671
36,344

Profit for the year
  
1,487
327

Retained earnings at the end of the year
  
38,158
36,671
The notes on pages 17 to 34 form part of these financial statements.
Page 11

 
FERDINAND BILSTEIN UK LIMITED
REGISTERED NUMBER: 02231185

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 13 
13,628
15,033

  
13,628
15,033

Current assets
  

Stocks
 14 
35,404
47,615

Debtors: amounts falling due within one year
 15 
27,596
25,245

Cash at bank and in hand
 16 
11,860
5,376

  
74,860
78,236

Creditors: amounts falling due within one year
 17 
(34,194)
(40,314)

Net current assets
  
 
 
40,666
 
 
37,922

Total assets less current liabilities
  
54,294
52,955

Creditors: amounts falling due after more than one year
 18 
(13,852)
(14,138)

Provisions for liabilities
  

Deferred tax
 20 
(671)
(533)

  
 
 
(671)
 
 
(533)

Net assets
  
39,771
38,284


Capital and reserves
  

Called up share capital 
 21 
65
65

Share premium account
 22 
260
260

Capital redemption reserve
 22 
1,288
1,288

Profit and loss account
 22 
38,158
36,671

  
39,771
38,284

Page 12

 
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: 




K Schuessler-Bilstein
P P Dodgson
Director
Director


Date: 25 July 2024

The notes on pages 17 to 34 form part of these financial statements.
Page 13

 
FERDINAND BILSTEIN UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
1,487
327

Adjustments for:

Depreciation of tangible assets
2,061
1,928

Loss on disposal of tangible assets
11
165

Interest paid
1,437
711

Interest received
(36)
-

Taxation charge
674
131

Decrease/(increase) in stocks
12,211
(18,438)

(Increase) in debtors
(3,094)
(1,467)

Decrease in amounts owed by groups
743
416

(Decrease) in creditors
(5,643)
(509)

(Decrease)/increase in amounts owed to groups
(1,253)
18,944

Corporation tax (paid)/received
(46)
357

Net cash generated from operating activities

8,552
2,565


Cash flows from investing activities

Purchase of tangible fixed assets
(762)
(800)

Sale of tangible fixed assets
95
99

Interest received
36
-

Net cash from investing activities

(631)
(701)
Page 14

 
FERDINAND BILSTEIN UK LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£000
£000



Cash flows from financing activities

Interest paid
(1,437)
(711)

Net cash used in financing activities
(1,437)
(711)

Net increase in cash and cash equivalents
6,484
1,153

Cash and cash equivalents at beginning of year
5,376
4,223

Cash and cash equivalents at the end of year
11,860
5,376


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,860
5,376

11,860
5,376


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
FERDINAND BILSTEIN UK LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£000

£000

£000

Cash at bank and in hand

5,376

6,484

11,860


5,376
6,484
11,860

The notes on pages 17 to 34 form part of these financial statements.
Page 16

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
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 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 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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 17

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
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.

Page 19

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (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:

Leasehold property
-
over the lease term
Leasehold improvements
-
over the lease term
Plant and machinery
-
12.5%-25% reducing balance basis
Motor vehicles
-
33% reducing balance basis
Office equipment
-
10%-33% straight line 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.

 
2.11

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the standard costing principle and this takes into account the normal cost of purchase and other costs in bringing the stock to their existing location. The costs are reviewed regularly and adjusted in line with current conditions.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately 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.


Page 20

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
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
Page 21

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The key sources of estimation uncertainty are as follows:
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:
 
Page 22

 
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.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
85,019
67,273

Rest of the world
31,248
33,406

116,267
100,679



5.


Other operating income

2023
2022
£000
£000

Other operating income
180
466

Commissions receivable
1,294
749

Fees receivable
2,877
2,751

4,351
3,966



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Exchange differences
(269)
(266)

Other operating lease rentals
1,913
1,872

Depreciation - owned assets
2,061
1,928

Page 23

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
66
60

Fees payable to the Company's auditors and their associates in respect of:

Non-audit services
6
6


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£000
£000

Wages and salaries
9,858
7,777

Social security costs
975
799

Cost of defined contribution scheme
444
386

11,277
8,962


Key management personnel compensation
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total compensation in respect of these individuals is £312,868 (2022: £277,509).

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales, marketing & administration
140
128



Distribution
191
133

331
261

Page 24

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
139
119

Company contributions to defined contribution pension schemes
16
16

155
135


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£000
£000


Other interest receivable
36
-

36
-


11.


Interest payable and similar expenses

2023
2022
£000
£000


Loans from group undertakings
1,437
711

1,437
711

Page 25

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
674
35

Adjustments in respect of previous periods
-
20

Total current tax
674
55

Deferred tax


Origination and reversal of timing differences
-
63

Adjustments in respect of prior periods
-
(7)

Changes to tax rates
-
20

Total deferred tax
-
76


Tax on profit
674
131
Page 26

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%) as set out below:

2023
2022
£000
£000


Profit on ordinary activities before tax
2,161
458


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
508
87

Effects of:


Fixed asset differences
86
(20)

Expenses not deductible for tax purposes
4
3

Adjustments to tax charge in respect of prior periods
-
19

Adjustments to tax charge in respect of prior periods - deferred tax
101
(7)

Other permanent differences
-
(7)

Double taxation relief
31
36

Foreign PE exemption
(58)
-

Remeasurements of deferred tax for changes in tax rates
2
20

Total tax charge for the year
674
131


Factors that may affect future tax charges

There were no factors that may affect future tax charges.
Page 27

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Assets under construction
Leasehold property
Leasehold improvements
Plant and machinery

£000
£000
£000
£000



Cost or valuation


At 1 January 2023
36
11,736
9,458
1,119


Additions
41
-
159
139


Disposals
-
-
(51)
(1)



At 31 December 2023

77
11,736
9,566
1,257



Depreciation


At 1 January 2023
-
3,912
3,532
612


Charge for the year on owned assets
-
782
812
129


Disposals
-
-
(13)
(1)



At 31 December 2023

-
4,694
4,331
740



Net book value



At 31 December 2023
77
7,042
5,235
517



At 31 December 2022
36
7,824
5,926
507
Page 28

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Motor vehicles
Office equipment
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
457
1,480
24,286


Additions
305
118
762


Disposals
(179)
(441)
(672)



At 31 December 2023

583
1,157
24,376



Depreciation


At 1 January 2023
172
1,025
9,253


Charge for the year on owned assets
156
182
2,061


Disposals
(111)
(441)
(566)



At 31 December 2023

217
766
10,748



Net book value



At 31 December 2023
366
391
13,628



At 31 December 2022
285
455
15,033


14.


Stocks

2023
2022
£000
£000

Vehicle parts
35,404
47,615

35,404
47,615


Stock recognised in cost of sales during the year as an expense was £82,742,000 (2022: £72,121,703).
An impairment loss of £289,000 (2022: £46,625 gain) was recognised in cost of sales against stock during the year due to the movement in the provision for slow-moving and obsolete stock.
Page 29

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

2023
2022
£000
£000


Trade debtors
22,437
18,957

Amounts owed by group undertakings
4,037
4,780

Other debtors
-
38

Prepayments and accrued income
1,122
1,470

27,596
25,245



16.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
11,860
5,376

11,860
5,376


The assets of the Company are subject to a debenture in favour of the bank, National Westminster Bank PLC, in respect of credit card facilities.


17.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
4,115
6,856

Intercompany trade creditors
14,491
15,244

Loans from group undertakings
10,429
10,643

Corporation tax
501
11

Other taxation and social security
1,886
1,557

Accruals and deferred income
2,772
6,003

34,194
40,314


Included in Loans from group undertakings above is a credit line facility provided by a Group company to the value of €12m attracting an interest rate of 3.5% over 6-M-Euribor. The facility is unsecured and due on demand. 

Page 30

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Loans from group undertakings
13,852
14,138

13,852
14,138


The loan from group undertakings is a facility arrangement and was refinanced in the prior year, at an interest rate of 7.75%. The facility is unsecured and due on demand. The loan is unsecured and repayable at the earlier of November 2032 or on demand of the lender; it is treated as due on more than one year in accordance with the expectations of the directors. This is a seperate loan to that disclosed in note 17.


19.


Financial instruments

2023
2022
£000
£000

Financial assets


Financial assets measured at fair value through profit or loss
11,860
5,376

Financial assets measured at cost less impairment
26,474
23,018

38,334
28,394


Financial liabilities


Financial liabilities  measured at cost less impairment
(42,887)
(46,881)


Financial assets measured at fair value through profit or loss comprise cash and cash equivalent of 11,860k (2022: £5,376k). 


Financial assets that are equity instruments measured at cost less impairment comprise Trade debtors as at 31 December 2023 of £22,437k (2022: £18,957k) and amounts due from group undertakings as at 31 December 2023 of £4,037k (2022: £4,780k).


Financial liabilities measured at cost less impairment comprise Trade creditors as at 31 December 2023 of £18,606k (2022:£22,100k) and loans from group undertakings of £24,281k (2022: £24,781k).
Page 31

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023
2022


£000

£000






At beginning of year
(533)
(457)


Charged to profit or loss
(138)
(76)



At end of year
(671)
(533)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Fixed asset timing differences
(684)
(708)

Short-term timing differences
13
8

Losses and other deductions
-
167

(671)
(533)


21.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



64,781 (2022 - 64,781) Ordinary shares of £1.00 each
65
65



22.


Reserves

Share premium account

This is a non-distributable reserve of the premiums paid on the purchases of the Company's shares.

Capital redemption reserve

This is a capital redemption reserve arising from the previous repurchasing of shares.

Profit and loss account

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

Page 32

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Contingent liabilities

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).


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £443,733 (2022: £386,460). 


25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
905
851

Later than 1 year and not later than 5 years
603
585

Later than 5 years
174
269

1,682
1,705


26.


Related party transactions

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

The Company transacts, at arms length, with Ferdinand Bilstein GmbH +Co. KG (D), which is not part of the Bilstein Handels GmbH +Co. KG (D) Group, but has common ownership. The Company made sales of £12,913,208 (2022: £12,913,208) to Ferdinand Bilstein GmbH +Co. KG (D), and made purchases of £27,611,604 (2022: £27,611,604). As at the Balance sheet date, the Company was owed £1,803,645 (2022: £2,050,139) and owed £Nil (2022: £Nil).

Page 33

 
FERDINAND BILSTEIN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Controlling party

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 34