Company Registration No. 01344994 (England and Wales)
Leonhard Kurz (U.K.) Limited
Annual report and financial statements
for the year ended 31 January 2024
Leonhard Kurz (U.K.) Limited
Company information
Directors
Raymond O'Brien
Anthony McNally
Secretary
Raymond O'Brien
Company number
01344994
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Business address
Garnett Close
Greycaine Industrial Estate
Watford
Hertfordshire
WD24 7JW
Bankers
HSBC Bank plc
73 High Street
Watford
Hertfordshire
WD17 2DS
Leonhard Kurz (U.K.) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 31
Leonhard Kurz (U.K.) Limited
Strategic report
For the year ended 31 January 2024
1

The directors present the strategic report and financial statements for the year ended 31 January 2024.

Review of the business

The business activities of Leonhard Kurz (U.K.) Ltd comprise of the sales and marketing of hot and cold foil and stamping machines plus accessories in the UK.

 

During the year the company has seen a reduction in turnover and profitability. This has been mainly caused by the general economic downturn in the UK which has resulted in consumers choosing budget ranges which carry little or no embellishment. This has resulted in a reduced level of activity across most of our major customers.

 

Despite this downturn, the company is confident that as the economy recovers the demand for its core products will return to previous levels.

 

The company continues to place high importance on having the correct levels of stock to meet customer need whilst at the same time keeping stock levels under control. With the reduced demand this year, this has proved challenging, however the management are pleased with the work which has gone into achieving this this year.

 

Four years ago the company purchased a factory adjacent to its current site in order to future proof itself. During the years of COVID 19 the development of this unit was put on hold due to the general uncertainty in starting any building projects. In the year just gone refurbishment of this unit has commenced and it should be fully operational within the first few months of the new business year.

 

Staff numbers have remained broadly the same. Despite a difficult employment market, staff retention has been good. In its industry the company is seen as an employer that values its staff. The company will continue to recruit high quality staff and remain a rewarding place to work.

 

Despite the challenging marketplace outlined above, the company has, through its direct contact with Brand Owners continued to work to promote the benefits of its thin film technology to the market and remains optimistic that business will recover as the UK economy bounces back next year.

Principal risks and uncertainties

The company’s strategic direction regarding risk follows the principle of recognising and eliminating risks which could endanger the business, whilst at the same time working to maximise business opportunities as they arise.

 

The continued conflict in Ukraine, along with other global conflicts, could cause potential risks to the UK both in terms of the cost of its material as well as the effect this has on customer demand. The directors feel that the financial strength of the company will allow it to face most problems which may arise from this.

 

The directors monitor the cash flow of the company and are confident that with its own financial strength, along with the international resources of the Kurz Group, it will be well placed to meet any challenges which may arise.

 

Bad debt continues to be a risk. The company continues to work with established credit reference agencies to monitor the credit status of its customers. This along with an open relationship with clients allows us to make informed decisions regarding credit.

Position of the company at year end

The position of the company is set out in the financial statements and notes that follow. At the year end the company reported a net current asset position of £5,742,611 (2023 - £7,133,007) including cash and equivalents of £2,231,532 (2023 - £3,240,794,) as shown on page 9 of the financial statements.

Given the positive net current asset and cash position of the business, and given due consideration to the principle risks and uncertainties, the directors believe the company is in a strong position and has adequate resources to continue in operational existence for the foreseeable future. As such the directors continue to adopt the going concern basis of preparation.

Leonhard Kurz (U.K.) Limited
Strategic report (continued)
For the year ended 31 January 2024
2
Key performance indicators

The company’s key financial performance indicators are revenue and operating profit. During the year the revenue of the company experienced a decrease of £1,648,337, while profit before tax decreased by £541,072 due to the general level of activity.

Forecast and future developments

In the coming year, along with a forecasted upturn in business, some projects will commence which will substantially boost the sales for this and for coming years which will result in growth. The Kurz Group will continue to offer new innovations to the market which should also offer new opportunities. The directors feel that this will give the company a solid foundation for years to come.

On behalf of the board

Raymond O'Brien
Director
15 May 2024
Leonhard Kurz (U.K.) Limited
Directors' report
For the year ended 31 January 2024
3

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activities of the company during the period continued to be the conversion and distribution of hot and cold stamping foils and consumables to a range of industries including greeting card manufacturers, book printers, security printers, label manufacturers and trade foilers.

Results and dividends

The results for the year are set out on page 8.

An ordinary interim dividend with value £874,000 was paid in respect of the year ended 31 January 2024 (2023 - £437,000). The directors do not recommend payment of a final dividend.

Directors

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

Raymond O'Brien
Anthony McNally
Walter Kurz
(Resigned 1 February 2023)
Peter Kurz
(Resigned 1 February 2023)
Financial instruments

Information about the use of financial instruments by the company is provided in notes 17, 18 and 19.

Auditor

Saffery LLP have expressed their willingness to remain in office as auditor of the company.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Leonhard Kurz (U.K.) Limited
Directors' report (continued)
For the year ended 31 January 2024
4
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and the need to foster the company's business relationships.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Raymond O'Brien
Director
15 May 2024
Leonhard Kurz (U.K.) Limited
Independent auditor's report
To the members of Leonhard Kurz (U.K.) Limited
5
Opinion

We have audited the financial statements of Leonhard Kurz (U.K.) Limited (the 'company') for the year ended 31 January 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Leonhard Kurz (U.K.) Limited
Independent auditor's report (continued)
To the members of Leonhard Kurz (U.K.) Limited
6
Matters on which we are required to report by exception

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

 

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

 

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Leonhard Kurz (U.K.) Limited
Independent auditor's report (continued)
To the members of Leonhard Kurz (U.K.) Limited
7

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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

Andrew Watkinson (Senior Statutory Auditor)
For and on behalf of Saffery LLP
15 May 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Leonhard Kurz (U.K.) Limited
Income statement
For the year ended 31 January 2024
8
2024
2023
Notes
£
£
Revenue
4
17,100,094
18,748,431
Cost of sales
(13,891,530)
(14,953,248)
Gross profit
3,208,564
3,795,183
Other operating income
29,097
24
Distribution costs
(2,150,069)
(2,135,842)
Administrative expenses
(962,070)
(972,535)
Operating profit
5
125,522
686,830
Investment revenues
9
56,838
-
0
Finance costs
10
(36,602)
-
0
Profit before taxation
145,758
686,830
Income tax expense
11
(59,047)
(139,111)
Profit and total comprehensive income for the year
86,711
547,719

The income statement has been prepared on the basis that all operations are continuing operations.

 

All comprehensive income for the period is attributable to the equity holders of Leonhard Kurz (U.K.) Limited.

Leonhard Kurz (U.K.) Limited
Statement of financial position
As at 31 January 2024
31 January 2024
9
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
13
3,644,265
3,402,224
Current assets
Inventories
14
2,646,008
2,890,674
Trade and other receivables
15
3,976,307
3,346,971
Current tax recoverable
14,521
16,038
Cash and cash equivalents
2,231,532
3,240,794
8,868,368
9,494,477
Total assets
12,512,633
12,896,701
Current liabilities
Trade and other payables
21
2,713,378
1,944,620
Borrowings
20
387,500
387,500
Lease liabilities
22
27,164
29,350
3,128,042
2,361,470
Net current assets
5,740,326
7,133,007
Non-current liabilities
Borrowings
20
871,875
1,259,375
Lease liabilities
22
22,725
6,106
Deferred tax liabilities
23
110,436
102,906
1,005,036
1,368,387
Total liabilities
4,133,078
3,729,857
Net assets
8,379,555
9,166,844
Leonhard Kurz (U.K.) Limited
Statement of financial position (continued)
As at 31 January 2024
31 January 2024
2024
2023
Notes
£
£
10
Equity
Called up share capital
25
115,000
115,000
Share premium account
26
2,080,000
2,080,000
Retained earnings
6,184,555
6,971,844
Total equity
8,379,555
9,166,844
The financial statements were approved by the board of directors and authorised for issue on 15 May 2024 and are signed on its behalf by:
Raymond O'Brien
Director
Company Registration No. 01344994
Leonhard Kurz (U.K.) Limited
Statement of changes in equity
For the year ended 31 January 2024
11
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 February 2022
115,000
2,080,000
6,861,125
9,056,125
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
-
547,719
547,719
Transactions with owners in their capacity as owners:
Dividends
12
-
-
(437,000)
(437,000)
Balance at 31 January 2023
115,000
2,080,000
6,971,844
9,166,844
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
86,711
86,711
Transactions with owners in their capacity as owners:
Dividends
12
-
-
(874,000)
(874,000)
Balance at 31 January 2024
115,000
2,080,000
6,184,555
8,379,555
Leonhard Kurz (U.K.) Limited
Statement of cash flows
For the year ended 31 January 2024
12
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
726,495
844,832
Interest paid
(36,602)
(47,227)
Income taxes paid
(50,000)
(135,000)
Net cash inflow from operating activities
639,893
662,605
Investing activities
Purchase of property, plant and equipment
(402,182)
(85,005)
Proceeds from disposal of property, plant and equipment
-
0
10,790
Interest received
56,838
-
0
Net cash used in investing activities
(345,344)
(74,215)
Financing activities
Repayment of bank loans
(387,500)
(387,500)
Payment of lease liabilities
(42,311)
(63,061)
Dividends paid
(874,000)
(437,000)
Net cash used in financing activities
(1,303,811)
(887,561)
Net decrease in cash and cash equivalents
(1,009,262)
(299,171)
Cash and cash equivalents at beginning of year
3,240,794
3,539,965
Cash and cash equivalents at end of year
2,231,532
3,240,794
Leonhard Kurz (U.K.) Limited
Notes to the financial statements
For the year ended 31 January 2024
13
1
Accounting policies
Company information

Leonhard Kurz (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost basis, modified to include the revaluation of to fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents the invoice value of goods sold, less returns and allowances, net of value added tax.

Contracts for the sale of goods are short term in nature, and the relevant performance obligation is satisfied when the customer takes control of the goods (usually on dispatch of the goods). Revenue is recognised when these performance obligations are met, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold property
3.33% on cost
Refurbishment, fixtures & office equipment
3.33% - 33.33% on cost
Plant and machinery
10% on cost
Motor vehicles
16.66% on cost
Right of use assets
Over the life of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Borrowing costs related to non-current assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
14

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

1.6
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

1.9
Cash and cash equivalents

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

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
15
1.10
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the business model under which the asset is held and the cashflow profile of the asset, and is determined at the time of recognition.

 

Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit and loss, which are measured at fair value.

Financial assets held at amortised cost

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are carried at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash lows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.11
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
16
1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.

1.15
Retirement benefits
The company operates a contributory pension scheme providing benefits based on defined contributions which are charged annually against trading profit.
1.16
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
17

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.17
Foreign exchange

Trading transactions undertaken in foreign currencies are expressed in sterling at the rate of exchange prevailing on the date of transaction or at an agreed rate which is not significantly different to the rate prevailing at the date of the transaction. All profits and losses on exchange realised during the year are dealt with through profit or loss for the year.

 

Assets and liabilities to be settled in foreign currency are translated into sterling at the rate of exchange ruling at the reporting date. Exchange differences are dealt with through profit or loss for the year.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
18
2
Adoption of new and revised standards and changes in accounting policies

The company has adopted the amendments to “IAS 12 Income Taxes— International Tax Reform — Pillar Two Model Rules” for the first time in the current year.

 

The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes, and associated disclosure requirements.

 

There are no other new standards impacting the company that have been adopted in the financial statements for the year ended 31 January 2024.

Standards which are in issue but not yet effective

The directors have not identified any relevant standards that were in issue, but not yet effective, and not applied in these financial statements, that would be expected to have a material impact on the company in the current or future reporting periods.

3
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Provision against the carrying value of inventory

 

Inventories are reviewed periodically for indications of impairment to ensure inventory is stated at the lower of cost and net realisable value. Management initially calculate the impairment provision based upon the ageing profile and saleable value of stock items held, and then exercise judgement in adjusting the calculated value for other commercial factors.

 

The resultant impairment value is reflected as a provision against the carrying value of inventory, with the movement in the impairment provision charged to the income statement as it arises. The value of the applied provision at the balance sheet date is presented in note 14.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
19
4
Revenue

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

2024
2023
£
£
Revenue analysed by class of business
Foil sales
15,047,928
17,865,466
Machinery sales
1,569,331
546,780
Rebilling and recharge income
482,835
336,185
17,100,094
18,748,431

The performance obligations of foil sales are typically satisfied on delivery. Certain foil sales are made by way of consignment stock arrangements. In these circumstances the performance obligations are considered satisfied, and revenue recognised, at the point the goods are sold to the end user.

 

Performance obligations for machinery sales are satisfied on installation. Deposits paid by customers in advance of installation are held as deferred income until such time as the performance obligations are satisfied.

For foil sales, payment is typically due within 30 days from the end of the month of delivery. For machinery sales, typically, a deposit of 40% is due upon order, 50% is due prior to delivery, with the balance due within 30 days of installation.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,345)
90,539
Fair value losses on foreign exchange contracts
-
53,576
Depreciation of property, plant and equipment
216,885
231,529
Profit on disposal of property, plant and equipment
-
(100)
Cost of inventories recognised as an expense
12,288,346
13,224,896
Write down/(back) of inventories recognised as an expense
170,064
159,821
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
28,250
26,000
For other services
Other services pursuant to legislation
2,750
2,600
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
20
7
Employees

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

2024
2023
Number
Number
Administration
13
15
Selling
8
6
Warehouse
37
38
Total
58
59

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,103,320
2,159,761
Social security costs
226,430
242,739
Pension costs
126,151
116,736
2,455,901
2,519,236
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
301,139
290,036
Company pension contributions to defined contribution schemes
18,203
17,059
319,342
307,095

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
178,232
173,590
Company pension contributions to defined contribution schemes
10,681
10,246
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
21
9
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
56,838
-
0
Income above relates to assets held at amortised cost, unless stated otherwise.
10
Finance costs
2024
2023
£
£
Other interest payable
36,602
-
0

No borrowing costs are included in the cost of qualifying assets during the year (2023 - £47,227). Borrowing costs included in the cost of qualifying assets are not reflected in the above.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
22
11
Income tax expense
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
51,517
144,431
Deferred tax
Origination and reversal of temporary differences
7,530
(5,320)
Total tax charge
59,047
139,111

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
145,758
686,830
Expected tax charge based on a corporation tax rate of 24% (2023 - 19%)
35,026
130,498
Effect of expenses not deductible in determining taxable profit
5,928
2,446
Permanent capital allowances in excess of depreciation
-
(2,544)
Depreciation on assets not qualifying for tax allowances
18,093
14,031
Other timing differences
-
0
(5,320)
Taxation charge for the year
59,047
139,111

As of 31 January 2024, the United Kingdom has substantively enacted Pillar Two tax legislation. The company is in scope of this legislation by virtue of its membership of an international group of sufficient size, headquartered in a territory where similar legislation is substantively enacted. The company pays Corporation Tax in the United Kingdom, and the directors do not anticipate any this legislation to have any financial impact on the company.

12
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Interim dividend paid
7.60
3.80
874,000
437,000
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
23
13
Property, plant and equipment
Freehold property
Refurbishment, fixtures & office equipment
Plant and machinery
Motor vehicles
Right of use assets
Total
£
£
£
£
£
£
Cost
At 1 February 2022
3,472,452
903,690
1,710,076
12,541
134,712
6,233,471
Additions
-
0
132,232
-
0
-
0
32,612
164,844
Disposals
-
0
(3,511)
(4,900)
-
0
(59,925)
(68,336)
At 31 January 2023
3,472,452
1,032,411
1,705,176
12,541
107,399
6,329,979
Additions
-
0
284,005
118,177
-
0
56,744
458,926
Disposals
-
0
(43,179)
(14,973)
-
0
(39,350)
(97,502)
At 31 January 2024
3,472,452
1,273,237
1,808,380
12,541
124,793
6,691,403
Accumulated depreciation and impairment
At 1 February 2022
608,037
779,731
1,300,845
3,553
61,706
2,753,872
Charge for the year
68,636
21,870
85,606
2,508
52,909
231,529
Eliminated on disposal
-
0
(3,511)
(4,900)
-
0
(49,235)
(57,646)
At 31 January 2023
676,673
798,090
1,381,551
6,061
65,380
2,927,755
Charge for the year
68,643
31,414
71,700
2,508
42,620
216,885
Eliminated on disposal
-
0
(43,179)
(14,973)
-
0
(39,350)
(97,502)
At 31 January 2024
745,316
786,325
1,438,278
8,569
68,650
3,047,138
Carrying amount
At 31 January 2024
2,727,136
486,912
370,102
3,972
56,143
3,644,265
At 31 January 2023
2,795,779
234,321
323,625
6,480
42,019
3,402,224
At 31 January 2022
2,864,415
123,959
409,231
8,988
73,006
3,479,599

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values
Motor vehicles
56,143
42,019
Depreciation charge for the year
Plant and machinery
1,867
1,480
Motor vehicles
40,753
51,429
42,620
52,909
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
13
Property, plant and equipment (continued)
24

At 31 January 2024 the cost of assets which were fully depreciated amounted to £1,701,555 (2023 - £1,604,882).

 

Freehold property includes land with a cost of £1,400,000 (2023 - £1,400,000) which has not been depreciated.

 

The bank overdraft facility is secured by a fixed and floating charge over all assets of the company.

14
Inventories
2024
2023
£
£
Finished goods
2,646,008
2,890,674

Inventories are held net of impairment at the year end of £174,293 (2023 - £191,646).

15
Trade and other receivables
2024
2023
£
£
Trade receivables
3,821,277
3,068,556
Amounts owed by fellow group undertakings
2,462
104,375
Other receivables
152,568
174,040
3,976,307
3,346,971

All trade and other receivables are measured at amortised cost.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

 

There are no significant amounts past due included in trade receivables as disclosed above and no significant receivable balances have been impaired at the reporting date.

16
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
25
17
Credit risk

The company is exposed to credit risk attributable to trade and other receivables. The maximum credit risk in respect of the financial assets at each period end is represented by the balance outstanding on trade and other receivables. The company has limited exposure to credit risk, as the majority of its trade and other receivables are due from large corporations.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the company's maximum exposure to credit risk.

The company does not hold any collateral or other credit enhancements to cover this credit risk.

18
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

1 – 3 months
3 months to 1 year
1 – 5 years
Total
£
£
£
£
At 31 January 2023
Trade payables including intercompany
1,547,533
-
-
1,547,533
Borrowings
96,875
290,625
1,259,375
1,646,875
Obligations under lease liabilities
10,740
18,610
6,106
35,456
1,655,148
309,235
1,265,481
3,229,864
At 31 January 2024
Trade payables including intercompany
2,223,356
-
-
2,223,356
Borrowings
96,875
290,625
871,875
1,259,375
Obligations under lease liabilities
10,281
16,883
22,725
49,889
2,330,512
307,508
894,600
3,532,620

Borrowings are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as set out in note 20.

Liquidity risk management

The company finances its operations from revenues generated by the business. The company seeks to manage liquidity risk to ensure sufficient funds are available to meet requirements.

The company invests its cash reserves in bank deposits as a liquid resource to fund its operations.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
26
19
Market risk
Market risk management

The company operates internationally and is exposed to foreign exchange risks arising from various currency exposures, primarily with respect to the US dollar and Euros. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities.

Where a significant transaction in a foreign currency is anticipated with a high degree of certainty, the company will engage in a forward exchange contract to mitigate the risk of currency fluctuation.

Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
Liabilities
2024
2023
2024
2023
£
£
£
£
Euro
679,369
632,729
1,141,791
737,210
US Dollar
2,575
1,813
861,845
579,158
681,944
634,542
2,003,636
1,316,368
20
Borrowings
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Borrowings held at amortised cost:
Bank loans
387,500
387,500
871,875
1,259,375

A £3,100,000 bank loan was advanced to the company on 1 February 2019. The loan has a maturity date of 1 February 2027 and carries interest at a fixed rate of 2.5%. Collateral for the bank loan is provided by way of a corporate guarantee from Leonhard Kurz Stiftung & Co. KG, the company's ultimate parent.

21
Trade and other payables
2024
2023
£
£
Trade payables
272,150
278,329
Amount owed to parent undertaking
1,017,728
548,212
Amounts owed to fellow group undertakings
933,477
720,992
Accruals
208,266
90,701
Social security and other taxation
281,757
306,386
2,713,378
1,944,620
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
27
22
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
27,164
29,350
In two to five years
22,725
6,106
Total undiscounted liabilities
49,889
35,456

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
27,164
29,350
Non-current liabilities
22,725
6,106
49,889
35,456

The directors have assessed the effective borrowing rate of the leases and, on the understanding the financial effect of an applied borrowing rate would be negligible, have assumed this to be nil. On this basis, the interest expense relating to these lease liabilities for the year is £nil.

 

The expense relating to short term leases was £9,361 (2023 - £993).

The fair value of the company's lease obligations is approximately equal to their carrying amount.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
28
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 February 2022
108,226
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(5,320)
Liability at 1 February 2023
102,906
Deferred tax movements in current year
Charge/(credit) to profit or loss
7,530
Liability at 31 January 2024
110,436

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
122,319
123,693

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

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
29
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
115,000
115,000
115,000
115,000
Issued and fully paid
Ordinary shares of £1 each
115,000
115,000
115,000
115,000

The company has one class of ordinary shares which carry full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

26
Share premium account
2024
2023
£
£
At the beginning and end of the year
2,080,000
2,080,000
27
Capital commitments
2024
2023
£
£

At 31 January 2024 the company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
54,300
-
0
28
Capital risk management

The company manages its capital to ensure that it will be able to continue as a going concern in order to provide returns for its shareholders and benefits for other stakeholders.

 

The capital structure of the company consists of cash and equity comprising share capital, share premium and retained earnings.

 

The company is not subject to any externally imposed capital requirements.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
30
29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2024
2023
£
£
Short-term employee benefits
334,192
324,265
Post-employment benefits
18,203
17,059
352,395
341,324
Other information

Transactions with the parent company    

Transactions with the ultimate controlling company, Leonhard Kurz Stiftung & Co. KG, included sales of £283,589 (2023 - £174,255) and purchases of £8,653,906 (2023 - £7,486,943). At the year end the company owed Leonhard Kurz Stiftung & Co. KG, £1,017,728 (2023 - £548,212).

    

Transactions with associated companies

At the year end the company owed several of its associated companies a total of £933,477 (2023 - £720,992) and was owed £2,462 (2023 - £104,375) with an overall net adjustment of £29,897 (2023 - £13,598) for exchange variances. Total sales to associated companies for the year amounted to £1,044,175 (2023 - £1,353,981) and purchases from associated companies totalled £3,961,468 (2023 - £6,026,724).

    

All of the above mentioned transactions were undertaken on normal commercial terms.

30
Controlling party

The immediate holding company is Kurz International Holding GmbH, a company incorporated in Germany. The ultimate controlling company is Leonhard Kurz Stiftung & Co KG, a company also incorporated in Germany. The ultimate controlling company prepares consolidated group financial statements, a copy of which is published at German Bundesanzeiger (publication platform).

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
31
31
Cash generated from operations
2024
2023
£
£
Profit for the year before income tax
145,758
686,830
Adjustments for:
Finance costs
36,602
-
Investment income
(56,838)
-
0
Gain on disposal of property, plant and equipment
-
(100)
Fair value gain on foreign exchange contracts
-
(25,060)
Fair value losses realised in the year
-
(28,516)
Depreciation and impairment of property, plant and equipment
216,885
231,529
Movements in working capital:
Decrease/(increase) in inventories
244,666
(51,338)
(Increase)/decrease in trade and other receivables
(629,336)
249,748
Increase/(decrease) in trade and other payables
768,758
(218,261)
Cash generated from operations
726,495
844,832
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