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REGISTERED NUMBER: 03865295 (England and Wales)












Hubtex (UK) Ltd

Financial Statements

for the Year Ended 31 December 2023






Hubtex (UK) Ltd (Registered number: 03865295)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Hubtex (UK) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Goldbach
H Finger
P McNally





REGISTERED OFFICE: 5 Midbrook Court
Off Tanners Drive
Blakelands
Milton keynes
MK14 5FH





REGISTERED NUMBER: 03865295 (England and Wales)





AUDITORS: Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

Hubtex (UK) Ltd (Registered number: 03865295)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 918,482 644,908

CURRENT ASSETS
Stocks 438,205 460,205
Debtors 5 397,816 355,290
Cash at bank and in hand 636,963 1,105,224
1,472,984 1,920,719
CREDITORS
Amounts falling due within one year 6 390,663 768,727
NET CURRENT ASSETS 1,082,321 1,151,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,000,803

1,796,900

PROVISIONS FOR LIABILITIES 172,832 120,746
NET ASSETS 1,827,971 1,676,154

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 1,817,971 1,666,154
SHAREHOLDERS' FUNDS 1,827,971 1,676,154

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:




M Goldbach - Director



H Finger - Director


Hubtex (UK) Ltd (Registered number: 03865295)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hubtex (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - over the period of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at an average rate of exchange operated during the year. Exchange differences are taken into account in arriving at the operating result.

Hubtex (UK) Ltd (Registered number: 03865295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Property Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 January 2023 7,794 936,311 83,097
Additions - 465,401 7,873
Disposals - (90,820 ) -
At 31 December 2023 7,794 1,310,892 90,970
DEPRECIATION
At 1 January 2023 7,794 368,032 74,169
Charge for year - 138,100 3,344
Eliminated on disposal - (26,606 ) -
At 31 December 2023 7,794 479,526 77,513
NET BOOK VALUE
At 31 December 2023 - 831,366 13,457
At 31 December 2022 - 568,279 8,928

Hubtex (UK) Ltd (Registered number: 03865295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 81,976 25,375 1,134,553
Additions 24,378 4,610 502,262
Disposals - - (90,820 )
At 31 December 2023 106,354 29,985 1,545,995
DEPRECIATION
At 1 January 2023 26,341 13,309 489,645
Charge for year 19,495 3,535 164,474
Eliminated on disposal - - (26,606 )
At 31 December 2023 45,836 16,844 627,513
NET BOOK VALUE
At 31 December 2023 60,518 13,141 918,482
At 31 December 2022 55,635 12,066 644,908

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 328,713 218,587
Other debtors 50,000 50,000
Prepayments and accrued income 19,103 86,703
397,816 355,290

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 40,834 125,587
Amounts owed to group undertakings 70,514 436,077
Corporation tax 52,483 65,431
VAT 183,895 132,207
Accruals and deferred income 42,937 9,425
390,663 768,727

Hubtex (UK) Ltd (Registered number: 03865295)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 32,874 22,355
Between one and five years 7,452 29,806
40,326 52,161

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

The Report of the Auditors was unqualified.

Martin Crooke FCCA (Senior Statutory Auditor)
for and on behalf of Kilby Fox

9. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 703,766 337,971

10. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11. ULTIMATE CONTROLLING PARTY

The company was under the control of Hubtex Maschinenbau GmbH & Co. KG during the year.

Hubtex Maschinenbau GmbH & Co. KG is a wholly owned subsidiary of Hubtex Holding GmbH which is the ultimate controlling entity. Hubtex Holding GmbH is a company incorporated in Germany, a copy of the financial statements of which are available at:

Hubtex Maschinenbau GmbH & Co. KG
Industriepark West
Werner-von-siemens-Str. 8
D-36041 Fulda
Germany