Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetruetruefalse2023-01-013738 02676657 2023-01-01 2023-12-31 02676657 2022-01-01 2022-12-31 02676657 2023-12-31 02676657 2022-12-31 02676657 2022-01-01 02676657 3 2023-01-01 2023-12-31 02676657 3 2022-01-01 2022-12-31 02676657 6 2023-01-01 2023-12-31 02676657 6 2022-01-01 2022-12-31 02676657 10 2023-01-01 2023-12-31 02676657 10 2022-01-01 2022-12-31 02676657 d:Director1 2023-01-01 2023-12-31 02676657 d:Director4 2023-01-01 2023-12-31 02676657 d:Director4 2023-12-31 02676657 d:Director5 2023-01-01 2023-12-31 02676657 d:Director5 2023-12-31 02676657 d:RegisteredOffice 2023-01-01 2023-12-31 02676657 e:Buildings 2023-01-01 2023-12-31 02676657 e:Buildings 2023-12-31 02676657 e:Buildings 2022-12-31 02676657 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02676657 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 02676657 e:Buildings e:LongLeaseholdAssets 2023-12-31 02676657 e:Buildings e:LongLeaseholdAssets 2022-12-31 02676657 e:MotorVehicles 2023-01-01 2023-12-31 02676657 e:MotorVehicles 2023-12-31 02676657 e:MotorVehicles 2022-12-31 02676657 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02676657 e:FurnitureFittings 2023-01-01 2023-12-31 02676657 e:FurnitureFittings 2023-12-31 02676657 e:FurnitureFittings 2022-12-31 02676657 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02676657 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02676657 e:CurrentFinancialInstruments 2023-12-31 02676657 e:CurrentFinancialInstruments 2022-12-31 02676657 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02676657 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02676657 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 02676657 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 02676657 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 02676657 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 02676657 f:UnitedKingdom 2023-01-01 2023-12-31 02676657 f:UnitedKingdom 2022-01-01 2022-12-31 02676657 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 02676657 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 02676657 e:UKTax 2023-01-01 2023-12-31 02676657 e:UKTax 2022-01-01 2022-12-31 02676657 e:ShareCapital 2023-12-31 02676657 e:ShareCapital 2022-12-31 02676657 e:ShareCapital 2022-01-01 02676657 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02676657 e:RetainedEarningsAccumulatedLosses 2023-12-31 02676657 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02676657 e:RetainedEarningsAccumulatedLosses 2022-12-31 02676657 e:RetainedEarningsAccumulatedLosses 2022-01-01 02676657 d:OrdinaryShareClass1 2023-01-01 2023-12-31 02676657 d:OrdinaryShareClass1 2023-12-31 02676657 d:OrdinaryShareClass1 2022-12-31 02676657 d:FRS101 2023-01-01 2023-12-31 02676657 d:Audited 2023-01-01 2023-12-31 02676657 d:FullAccounts 2023-01-01 2023-12-31 02676657 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02676657 e:CurrentFinancialInstruments 7 2023-12-31 02676657 e:CurrentFinancialInstruments 7 2022-12-31 02676657 e:WithinOneYear 2023-12-31 02676657 e:WithinOneYear 2022-12-31 02676657 e:BetweenOneFiveYears 2023-12-31 02676657 e:BetweenOneFiveYears 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02676657









UZIN UTZ UK LTD.









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
UZIN UTZ UK LTD.
 
 
COMPANY INFORMATION


Directors
M J Brown 
J Utz




Registered number
02676657



Registered office
Unit 2 Mitchell Court
Castle Mound Way, Central Park

Rugby

Warwickshire

CV23 0UY




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants and Statutory Auditor

3rd Floor

Waverley House

7-12 Noel Street

London

W1F 8GQ





 
UZIN UTZ UK LTD.
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 26


 
UZIN UTZ UK LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors presented their strategic report for the year ending 31 December 2023. Uzin Utz UK Ltd supplies products, machines and tools used in the flooring industry. It is a wholly owned subsidiary of Uzin Utz SE. Uzin Utz UK Ltd is a sales subsidiary for Uzin Utz, supplying the U.K. and Ireland. Our strategy as we advance is to continue to be ideally positioned to benefit from the recovery of the U.K. and Ireland’s construction industry and flooring markets. Furthermore, with a robust sales and market strategy across all of our product sectors, we remain active in developing our demands, which are supported by new product initiatives and investment in our employee resources. 

Business review
 
The financial results for the year are set out on pages 9 and 10 of these financial statements. Past months have seen continued growth in turnover; however, due to high-cost increases in raw materials, energy, currency fluctuation, and inflation, the recognised profit compared to the prior year has been reduced. The Directors have continued to review and implement measures and activities to grow the various brands' position across the industry whilst focusing strongly on our costs.

Principal risks and uncertainties
 
The company is subject to general economic and market conditions that could affect its business plans. For example, the success of its activities may be affected by conditions such as interest rates, credit availability, inflation rates, economic uncertainty, changes in laws, and U.K. and international political circumstances. In addition, unexpected volatility or illiquidity could impair profitability or result in losses.
We participate in a competitive market within the flooring industry and face pressure from existing and new UK based manufacturers. In addition, we face significant competition from companies that own and operate their production facilities within the UK. We are also challenged by exchange rates and the increased logistics cost both within the UK and across Europe. As company directors, we periodically review and analyse all appropriate risks that could influence the organisation and implement measures to mitigate these potential risks

Financial key performance indicators
 
Management consider the following to be the main KPIs driving the business' growth:ole6e22.png

We rely on these and several other financial and non-financial key performance indicators to continually monitor the business's performance. These key performance indicators are reported and reviewed at a local management level during regular leadership meetings and quarterly with the executive board of our German parent company.
Page 1

 
UZIN UTZ UK LTD.
 

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


This report was approved by the board on 20 February 2024 and signed on its behalf.





M J Brown
Director

Page 2

 
UZIN UTZ UK LTD.
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the Company during the year was the supply of flooring preparation and installation products. 

Results and dividends

The profit for the year, after taxation, amounted to £279,160 (2022 - £564,849).

Details of dividends paid are disclosed in Note 19 to the financial statements.

Directors

The directors who served during the year were:

M J Brown 
J Utz (appointed 12 January 2023)
P Utz (resigned 12 January 2023)

Post balance sheet events

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

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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;

make judgments 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.



Page 3

 
UZIN UTZ UK LTD.
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Matters covered in the Strategic Report

Details covering employee engagement and supplier, customer and other business relationship engagements are contained in the Strategic Report.

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.

This report was approved by the board on 20 February 2024 and signed on its behalf.
 





M J Brown
Director

Page 4

 
UZIN UTZ UK LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UZIN UTZ UK LTD.
 

Opinion


We have audited the financial statements of Uzin Utz UK Ltd. (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 5

 
UZIN UTZ UK LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UZIN UTZ UK LTD. (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 3, 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 6

 
UZIN UTZ UK LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UZIN UTZ UK LTD. (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:

We determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework, Financial Reporting Standard 101 (“FRS 101”), and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, there are other laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit risk.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals, including with individuals outside of the finance function, and conducted interviews to understand where they considered there was susceptibility to fraud.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:
°Review of senior management meeting minutes;
°Reviewed large and unusual bank transactions;
°Challenged assumptions and judgements made by management in its significant accounting estimates,in particular in relation to the stock provision; and
°Identifying and testing journal entries.

There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be
detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal controls. The primary responsibility for the prevention and detection of non-compliance
with all laws and regulations and fraud lies with both those charged with governance of the entity and
management.


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 7

 
UZIN UTZ UK LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UZIN UTZ UK LTD. (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.










Sally Casson (Senior statutory auditor)
  
for and on behalf of
Ecovis Wingrave Yeats LLP
 
Chartered Accountants and Statutory Auditor
  
3rd Floor
Waverley House
7-12 Noel Street
London
W1F 8GQ

 
Date: 
20 February 2024
Page 8

 
UZIN UTZ UK LTD.
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Sales
 4 
14,810,054
14,259,234

Cost of sales
  
(10,165,109)
(9,147,344)

Gross profit
  
4,644,945
5,111,890

Distribution costs
  
(718,158)
(888,847)

Administrative expenses
  
(3,521,203)
(3,478,569)

Operating profit
 5 
405,584
744,474

Interest payable and similar expenses
 9 
(9,893)
(11,062)

Profit before tax
  
395,691
733,412

Tax on profit
 10 
(116,531)
(168,563)

Profit for the financial year
  
279,160
564,849

There was no other comprehensive income for 2023 (2022 - £Nil).

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
UZIN UTZ UK LTD.
REGISTERED NUMBER: 02676657

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 11 
1,108,240
479,310

  
1,108,240
479,310

Current assets
  

Stocks
 12 
1,207,624
2,082,752

Debtors: amounts falling due within one year
 13 
2,410,287
2,723,674

Cash at bank and in hand
 14 
1,528,471
1,602,413

  
5,146,382
6,408,839

Creditors: amounts falling due within one year
 15 
(3,357,187)
(4,222,865)

Net current assets
  
 
 
1,789,195
 
 
2,185,974

Total assets less current liabilities
  
2,897,435
2,665,284

  

Creditors: amounts falling due after more than one year
 16 
(147,684)
(73,416)

  

  

Net assets
  
2,749,751
2,591,868


Capital and reserves
  

Called up share capital 
 18 
1,000
1,000

Profit and loss account
  
2,748,751
2,590,868

  
2,749,751
2,591,868


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2024.




M J Brown
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
UZIN UTZ UK LTD.
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
2,235,049
2,236,049


Comprehensive income for the year

Profit for the year
-
564,849
564,849

Dividends: Equity capital
-
(209,030)
(209,030)



At 1 January 2023
1,000
2,590,868
2,591,868


Comprehensive income for the year

Profit for the year
-
279,160
279,160

Dividends: Equity capital
-
(121,277)
(121,277)


At 31 December 2023
1,000
2,748,751
2,749,751


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Uzin Utz UK Ltd. is a private company, limited by shares, domiciled in England and Wales, registration number 02676657. The registered office is Unit 2 Mitchell Court, Castle Mound Way, Central Park, Rugby, Warwickshire, CV23 0UY.  

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 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 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

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

The above disclosures can be found in the consolidated accounts of Uzin Utz SE (formerly Uzin Utz AG), the immediate and ultimate parent company. Uzin Utz SE is a company incorporated in Germany.  Copies of the consolidated financial statements of the Uzin Group can be obtained from the parent company at Dieselstrasse 3, 0-89079 Ulm, Germany.

Page 12

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Adoption of new and amended International Financial Reporting Standards

There were a number of narrow scope amendments to existing standards which were effective from 1 January 2022. None of these had a material impact on the company..

 
2.4

Going concern

After making relevant enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. 

 
2.5

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 on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

The company have some arrangements with suppliers to recharge agreed costs incurred, in relation to selling specific products.  Income received in respect of recharged costs is also included in the revenue and is recognised in the period that the costs are incurred.

 
2.6

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Statement of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

Page 13

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Leases (continued)

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the Tangible Fixed Assets in the Statement of financial position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.7.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land
-
Depreciation is not provided on land
Freehold buildings
-
Straight line over 30 years
Right of use assets - Motor vehicles
-
Over the life of the lease
Fixtures & fittings
-
Straight line over 30 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 14

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

  
2.9

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

 
2.10

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.

 
2.11

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.

Page 15

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Taxation

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 reporting 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 reporting 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 reporting date.

Page 16

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets 
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 
Stock provision 
Provision is made for slow moving and obsolete stock. The provision requires management's best estimate of stock that they believe they will be unable to or will experience difficulty in selling. In addition to this, management have to consider the value at which they believe the old stock can be sold for.
Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. 
The company have applied the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade debtors. To measure the expected credit losses, trade debtors have been grouped based on credit risk characteristics and the days past due. The impact in the current year is immaterial and so has not been considered in respect of the comparatives.
Effective rate of interest rate on right of use assets
If the rate cannot be readily determined from the lease agreement, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used. This is the rate that the lessee would expect to borrow at over similar terms and with a similar security on the right of use asset. Management determine these rates through research for lease opportunities on comparable vehicle models; each lease attracts a different rate, dependent upon the model of vehicle and the leasing company used.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
14,810,054
14,259,234


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,672,304
12,690,968

Rest of Europe
1,137,750
1,568,266

14,810,054
14,259,234


Page 17

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Depreciation of tangible fixed assets
207,395
184,574

Exchange differences
8,175
39,889

Defined contribution pension cost
92,782
89,647

(Profit)/loss on sale of tangible assets
(84)
58

Cost of stocks recognised as an expense
9,951,818
9,022,867


6.


Auditors' remuneration

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


2023
2022
£
£

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

31,850
26,515

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

Taxation compliance services
5,050
4,675

All other services

4,770
2,925

9,820
7,600

Page 18

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

2023
2022
£
£

Wages and salaries
1,947,002
1,932,891

Social security costs
249,261
257,131

Cost of defined contribution scheme
92,782
89,647

2,289,045
2,279,669


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


        2023
        2022
            No.
            No.







Sales
30
31



Administration
7
7

37
38


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
142,227
141,122

Directors' pension costs
12,369
11,226

154,596
121,607


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


9.


Interest payable and similar expenses

2023
2022
£
£


Interest on lease liabilities
7,851
11,062

Other interest payable
2,042
-

9,893
11,062

Page 19

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
96,825
175,897

Adjustments in respect of previous periods
19,706
(7,334)


116,531
168,563


Total current tax
116,531
168,563

Deferred tax

Total deferred tax
-
-


Tax on profit
116,531
168,563

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
395,691
733,412


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19.00%)
93,067
139,348

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,691
4,452

Fixed asset differences
903
(2,080)

Chargeable losses
-
(3,836)

Adjustments to tax charge in respect of prior periods
19,706
(7,334)

Other timing differences leading to an increase (decrease) in the tax charge
-
39,079

Remeasurement of deferred tax charges in tax rates
1,059
(1,066)

Movement in deferred tax not recognised
(17,895)
-

Total tax charge for the year
116,531
168,563

Page 20

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021 Income taxes in the income statement are measured at 23.5% (blended average) and deferred taxes at the balance sheet data are measured at 25%.


11.


Tangible fixed assets





Freehold land
Freehold buildings
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
75,000
218,804
555,931
156,524
1,006,259


Additions
-
430,307
219,381
186,826
836,514


Disposals
-
-
(201,933)
(2,124)
(204,057)



At 31 December 2023

75,000
649,111
573,379
341,226
1,638,716



Depreciation


At 1 January 2023
-
86,264
353,201
87,484
526,949


Charge for the year on owned assets
-
3,876
175,863
27,656
207,395


Disposals
-
-
(201,933)
(1,935)
(203,868)



At 31 December 2023

-
90,140
327,131
113,205
530,476



Net book value



At 31 December 2023
75,000
558,971
246,248
228,021
1,108,240



At 31 December 2022
75,000
132,540
202,730
69,040
479,310

Page 21

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,207,624
2,082,752




13.


Debtors

2023
2022
£
£


Trade debtors
2,303,378
2,596,812

Amounts owed by group undertakings
23,664
32,029

Other debtors
21,617
19,860

Prepayments and accrued income
27,719
74,973

Tax recoverable
33,909
-

2,410,287
2,723,674


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,528,471
1,602,413

Less: bank overdrafts
(1,390)
-

1,527,081
1,602,413


Cash and cash equivalents include cash in hand, and a bank overdraft. In the balance sheet, bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Page 22

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,390
-

Trade creditors
139,669
424,171

Amounts owed to group undertakings
1,740,785
2,396,811

Corporation tax
-
19,396

Other taxation and social security
608,175
670,877

Lease liabilities
101,886
134,718

Accruals and deferred income
765,282
576,892

3,357,187
4,222,865


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 


16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Lease liabilities
147,684
73,416


Page 23

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.

Leases

Company as a lessee



Lease liabilities are due as follows:

2023
2022
£
£

Not later than one year
101,886
134,718

Between one year and five years
147,684
73,416

249,570
208,134


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£
£

Interest expense on lease liabilities
7,851
11,062

Depreciation charge of right of use assets
175,863
149,062

The total cash outflow for leases in 2023 was £100,466.

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



19.


Dividends

2023
2022
£
£


Dividends paid
121,277
209,030


20.


Pension commitments

The company operates a defined contribution pensions scheme. The pension cost charge represents contributions payable by the Company to the fund and amounted to £92,782 (2022 - £89,647). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.

Page 24

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Related party transactions

During the year, the Company paid a dividend of £121,277 (2022 - £209,030) to its parent company.
The company has taken the exemption under FRS 101 whereby the Company is not required to disclose transactions with other wholly owned subsidiaries or companies within the same group that are wholly owned.


22.


Controlling party

Uzin Utz SE (formerly Uzin Utz AG), incorporated in Germany, is regarded by the directors as being the company's ultimate holding company and is the parent undertaking of the smallest and largest group of which the company is a member. 
Copies of the consolidated financial statements of the Uzin Group can be obtained from the parent company at Dieselstrasse 3, 0-89079 Ulm, Germany. 

Page 25

 
UZIN UTZ UK LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Financial risk management

The directors constantly monitor the financial risks to which the Company is exposed, in order to detect those risks in advance and take the necessary action to mitigate them through regular review by the board. 
Fair value estimation
The fair value of financial assets and financial liabilities are estimated for recognition and measurement and for disclosure purposes.   The carrying value of cash, trade receivables and other receivables, trade and other payables approximate to their fair values due to their short term nature.  
Liquidity risk
The company has adopted a series of policies and procedures whose purpose is to optimise the management of funds and to reduce the liquidity risk, as follows:
• maintaining an adequate level of available liquidity; and
• monitoring future liquidity on the basis of business planning.
Management believes that the funds and credit lines currently available, in addition to those funds that will be generated from future operating and funding activities, will enable the company to satisfy its requirements resulting from its investing activities and its working capital needs and to fulfil its obligations to repay its debts at their natural due date.
Trade payables and other taxes and social security costs fall due for payment within thirty days.
Market risk
The Company does not currently have any material borrowings affected by interest rates and the company has a low level of foreign currency transactions thus mitigating the risk of exposure to currency risk.
 
Credit risk
No credit limits were exceeded during the reporting period, and management does not expect any losses in respect of receivables due as at the year end.
Capital risk management 
The Company aims to manage its overall capital so as to ensure that the company continues to operate as a going concern.

 
Page 26