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REGISTERED NUMBER: 07981261 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TECKENTRUP UK LIMITED

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


TECKENTRUP UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J A Rodger
Mr S Hilton





REGISTERED OFFICE: 2 Jordan Street
Knott Mill
Manchester
M15 4PY





REGISTERED NUMBER: 07981261 (England and Wales)





AUDITORS: Christian Douglass Accountants Limited
Chartered Accountants
Statutory Auditor
2 Jordan Street
Knott Mill
Manchester
M15 4PY

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company continued to develop its business in both the Residential garage door market and Commercial Steel door market. Both divisions saw sales growth in the year and also an increase in their respective Gross margins.

Residential volumes ended the year 7% ahead of budget as the company continued to grow its market share. The investment in bringing the paint operation inhouse delivered on its aim of increasing departmental gross margins by 3%.

The Commercial division continued to grow its Data Center business, total sales increased by 11% over 2022. The ongoing pipeline of work remains strong with committed work stretching as far forward as 2026.

The company's cash position remained strong , although net cash fell by £700,000 year on year this was entirely due to timing of payments to Teckentrup GmbH. Net assets have risen to £4,809,415 from £3,536,035 at 31 December 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The Residential division is likely to face stronger competition going forward, as competitor supply issues are resolved and more aggressive pricing strategies adopted.

After several years of significant growth the Commercial division is entering a period of consolidation with business levels likely to remain close to current levels for the next two to three years. Recruitment issues remain with key positions taking longer than usual to fill.

ON BEHALF OF THE BOARD:





Mr J A Rodger - Director


3 July 2024

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
Interim dividends of £150,000 (2022: £90,910) have been paid during the year. The directors do not recommend payment of a final dividend.

RESEARCH AND DEVELOPMENT
During the year the company was involved in a number of client projects that required a significant level of innovation and technological advancement in order to meet the clients' requirements.

Teckentrup UK Limited has always pushed the boundaries of the industry in which the company operates. Our staff have the expertise and the know-how to ensure that the company remains a leading solution provider to our clients' needs.

FUTURE DEVELOPMENTS
The company continues to build on the strengths of its commercial steel door business and is actively seeking to be involved in major national infrastructure projects such as HS2.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr J A Rodger
Mr S Hilton

BRANCHES
At no point during the year did the company operate any branches outside of the United Kingdom.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and financial risk management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Christian Douglass Accountants Limited, are deemed to be reappointed in accordance with section 487(2) of Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr J A Rodger - Director


3 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECKENTRUP UK LIMITED

Opinion
We have audited the financial statements of Teckentrup UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECKENTRUP UK LIMITED


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

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit, conducted in accordance with the ISAs (UK), required the exercise of professional judgment and the application of professional skepticism throughout. The audit was planned so as to identify and assess the risks of material misstatement of the financial statements, howsoever arising, and we subsequently designed and performed audit procedures responsive to those risks. We obtained an understanding of the company's systems of internal control, which management have established as described above, and undertook walkthrough testing to confirm their operation, solely to assist with designing audit procedures that are appropriate in the circumstances. We evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates used by management. We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business, if any. Further, we reviewed and concluded on the appropriateness of management's use of the going concern basis of accounting.

As a general commercial business, the company does not operate in a heavily regulated environment, however we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the company's regulatory and legal correspondence and we discussed with the directors and other management, the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert for any indications of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of fraud based irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECKENTRUP UK LIMITED


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 a Report of the Auditors 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.




Mrs Deborah Burton F.C.A. (Senior Statutory Auditor)
for and on behalf of Christian Douglass Accountants Limited
Chartered Accountants
Statutory Auditor
2 Jordan Street
Knott Mill
Manchester
M15 4PY

5 July 2024

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 19,038,810 14,792,672

Cost of sales 13,136,139 9,442,213
GROSS PROFIT 5,902,671 5,350,459

Administrative expenses 4,006,528 3,361,457
1,896,143 1,989,002

Other operating income 4 - 2,000
OPERATING PROFIT 6 1,896,143 1,991,002


Interest payable and similar expenses 7 16,548 3,856
PROFIT BEFORE TAXATION 1,879,595 1,987,146

Tax on profit 8 456,215 395,785
PROFIT FOR THE FINANCIAL YEAR 1,423,380 1,591,361

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,423,380 1,591,361


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,423,380
Prior year adjustment 189,613
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

1,780,974

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 743,935 459,747
Investments 11 - -
743,935 459,747

CURRENT ASSETS
Stocks 12 668,831 668,818
Debtors 13 5,552,870 5,485,823
Cash at bank 1,155,822 1,866,449
7,377,523 8,021,090
CREDITORS
Amounts falling due within one year 14 2,938,992 4,749,040
NET CURRENT ASSETS 4,438,531 3,272,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,182,466

3,731,797

CREDITORS
Amounts falling due after more than one
year

15

(239,556

)

(88,268

)

PROVISIONS FOR LIABILITIES 18 (133,495 ) (107,494 )
NET ASSETS 4,809,415 3,536,035

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 4,808,415 3,535,035
SHAREHOLDERS' FUNDS 4,809,415 3,536,035

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2024 and were signed on its behalf by:





Mr J A Rodger - Director


TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 1,844,971 1,845,971
Prior year adjustment - 189,613 189,613
As restated 1,000 2,034,584 2,035,584

Changes in equity
Dividends - (90,910 ) (90,910 )
Total comprehensive income - 1,591,361 1,591,361
Balance at 31 December 2022 1,000 3,535,035 3,536,035

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 1,423,380 1,423,380
Balance at 31 December 2023 1,000 4,808,415 4,809,415

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Teckentrup UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07981261 and its registered office is at 2 Jordan Street, Knott Mill, Manchester, M15 4PY.

The principal activity of the Company is commercial and residential door solutions.

The Total Comprehensive Income for the year is wholly attributable to the owners of the parent.

The financial statements are presented in Sterling, which is also the functional currency of the company.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Teckentrup UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

In preparing these financial statements the directors have made judgements and estimates:

- in determining whether there are any indicators of impairment of the company's tangible fixed assets. Factors taken into account in reaching such a decision include the economic viability and expected future financial performance of the assets;

- in determining the residual values and useful economic lives of tangible fixed assets. The company depreciates tangible fixed assets over their expected useful lives. The estimation of the useful lives of assets is based upon historic performance as well as expectations about future use. Assumptions are necessary regarding possible technological changes and maintenance programmes which can affect the actual lives of the assets;

- in assessing turnover and arriving at the relevant proportions to be accounted for in any period. The key area of estimation uncertainty involves the determination of the forecast margins expected on the contracts. Factors taken into account in reaching their decision include the actual outturn of previous assignments and job by job appraisal of performance to date, together with future expectations; and

- in determining the recoverability of debtors and stocks. The company establishes a provision for debtors that are estimated to be irrecoverable and for stocks which are not expected to realise at least cost. When assessing recoverability the directors consider factors such as the ageing of items, past experience of recovery and current information regarding the asset.

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the amount derived from ordinary activities, and is stated after trade discounts, other sales tax and value added tax, being recognised when the company obtains the right to consideration. In respect of the sale of goods, the directors consider that income is earned on despatch of goods. In respect of contracts to supply, turnover represents a proportion of total expected contract revenue, calculated to match the same proportion of total expected costs incurred as at the balance sheet date. The resultant provisions for unbilled income or income billed in advance are included in notes 14 and 15 respectively as amounts recoverable on contracts and deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

At each reporting date an assessment is made as to whether there is any indication that an asset may be impaired. Indicators may be from external, market based, sources or from internal, record based, sources. If any such indication exists, the recoverable amount of the asset is estimated and impairment losses recorded so as to reduce the carrying value to the recoverable amount.

Stocks
Stocks are valued at the lower of cost and net realisable value.

In general, cost is determined on a first in first out basis and includes transport and handling costs where applicable.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition.

Provision is made where necessary for obsolete, slow-moving and defective stocks.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets, which are measured on a non-discounted basis at transaction price less any necessary impairment, comprise trade debtors and other debtors as detailed in note 13 plus credit bank balances.

Financial liabilities, which are similarly measured on a non-discounted basis at transaction price less any necessary impairment, comprise trade creditors; other creditors and accruals as detailed in note 14.

Income and expenditure generated in respect of these type of financial assets and liabilities, including interest receivable and payable and foreign exchange gains or losses, are recognised in the income statement as they accrue.

Financial liabilities representing financing transactions, being hire purchase liabilities as included in note 16, are initially recorded at the present value of expected future cash flows discounted at a market rate of interest. At each reporting date the liabilities are measured at amortised cost using the effective interest method with the resultant interest charge being recognised in the income statement in the period to which it relates.

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.

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Investments
Investments in subsidiaries are stated at cost less any provision for impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 8,554,867 8,391,774
Europe 10,483,943 6,400,898
19,038,810 14,792,672

Turnover is considered to be derived wholly from the sale of goods.

4. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Government grants - 2,000

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,613,864 2,279,727
Social security costs 258,162 239,827
Other pension costs 220,658 105,048
3,092,684 2,624,602

The average number of employees during the year was as follows:
31.12.23 31.12.22

Admin, sales & management 45 45
Manufacturing & other direct 27 22
72 67

Other pensions costs represent the company's expense for payments to defined contribution pension schemes. Pensions contributions unpaid at the balance sheet date amounted to £15,520 (2022: £13,997).

31.12.23 31.12.22
£    £   
Directors' remuneration 234,652 217,138
Directors' pension contributions to money purchase schemes 97,701 41,647

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 142,198 126,599
Pension contributions to money purchase schemes 58,000 39,996

Directors' emoluments include benefits in kind.

6. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Hire of plant and machinery 20,802 18,481
Other operating leases 214,268 142,762
Depreciation - owned assets 253,519 227,759
Depreciation - assets on hire purchase contracts 79,334 21,795
Profit on disposal of fixed assets (4,894 ) (7,550 )
Auditors' remuneration 16,000 15,000
Gain on foreign exchange (151,465 ) (707 )
Inventories recognised as an expense 10,918,768 8,346,100
Net (gain)/loss relating to trade debt instruments (35,184 ) 31,745
Amounts payable to the company's auditor in respect of non-audit, including
taxation, services

10,062

55,572

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Other interest payable 2,310 369
Hire purchase 14,238 3,487
16,548 3,856

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 396,400 381,500
Prior year tax 1,414 (5,183 )
Charge for Group Relief 32,400 -
Total current tax 430,214 376,317

Deferred tax 26,001 19,468
Tax on profit 456,215 395,785

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 1,879,595 1,987,146
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

441,705

377,558

Effects of:
Expenses not deductible for tax purposes 9,001 1,331
Depreciation in excess of capital allowances 4,095 21,175
Adjustments to tax charge in respect of previous periods 1,414 (5,183 )
Other timing differences - 904
Total tax charge 456,215 395,785

9. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 150,000 90,910

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 161,570 560,096 40,960 187,691 950,317
Additions 126,641 238,554 2,918 258,634 626,747
Disposals - (10,400 ) (498 ) (6,930 ) (17,828 )
At 31 December 2023 288,211 788,250 43,380 439,395 1,559,236
DEPRECIATION
At 1 January 2023 91,385 311,410 19,186 68,589 490,570
Charge for year 43,107 202,573 7,646 79,527 332,853
Eliminated on disposal - (6,356 ) (33 ) (1,733 ) (8,122 )
At 31 December 2023 134,492 507,627 26,799 146,383 815,301
NET BOOK VALUE
At 31 December 2023 153,719 280,623 16,581 293,012 743,935
At 31 December 2022 70,185 248,686 21,774 119,102 459,747

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 135,507
Additions 258,634
At 31 December 2023 394,141
DEPRECIATION
At 1 January 2023 21,795
Charge for year 79,334
At 31 December 2023 101,129
NET BOOK VALUE
At 31 December 2023 293,012
At 31 December 2022 113,712

11. FIXED ASSET INVESTMENTS
Interest
in
subsidiary
£   
COST
At 1 January 2023
and 31 December 2023 20,000
PROVISIONS
At 1 January 2023
and 31 December 2023 20,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Signature Doors Limited
Registered office: c/o Christian Douglass Accountants Limited, 2 Jordan Street, Knott Mill, Manchester, M15 4PY
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00

12. STOCKS
31.12.23 31.12.22
£    £   
Raw materials, parts and consumables 556,765 630,748
Finished goods 14,897 13,470
Goods for resale 97,169 24,600
668,831 668,818

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,279,173 3,378,973
Amounts owed by group undertakings 2,347,069 1,032,674
Amounts recoverable on contract 290,922 365,000
Other debtors 382,290 580,759
Directors' loan accounts 30,791 -
Prepayments and accrued income 222,625 128,417
5,552,870 5,485,823

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 16) 44,537 12,777
Trade creditors 1,212,828 2,111,872
Corporation tax 398,734 417,553
Social security and other taxes 154,301 144,310
VAT 327,017 462,993
Other creditors - 8,113
Directors' loan accounts - 57,473
Accrued expenses 801,575 1,533,949
2,938,992 4,749,040

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 16) 239,556 88,268

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 44,537 12,777
Between one and five years 239,556 88,268
284,093 101,045

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 291,482 258,204
Between one and five years 905,222 789,553
In more than five years 13,188 74,981
1,209,892 1,122,738

17. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 284,093 101,045

Hire purchase liabilities are secured on the assets concerned.

18. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 133,495 107,494

Deferred
tax
£   
Balance at 1 January 2023 107,494
Movement during the year 26,001
Balance at 31 December 2023 133,495

The deferred tax liability is not expected to reverse within the next 12 months.

19. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the Company's residual assets.

TECKENTRUP UK LIMITED (REGISTERED NUMBER: 07981261)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. RESERVES
Retained
earnings
£   

At 1 January 2023 3,535,035
Profit for the year 1,423,380
Dividends (150,000 )
At 31 December 2023 4,808,415

21. ULTIMATE PARENT COMPANY

The company's parent undertaking is Teckentrup (Holdings) Limited which prepares group accounts including the results of the company. Its registered office is C/O Christian Douglass Accountants Limited 2 Jordan Street, Knott Mill, Manchester, England, M15 4PY.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr J A Rodger
Balance outstanding at start of year - -
Amounts advanced 30,971 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,971 -

The balance will be repaid before 30 September 2024.

23. RELATED PARTY DISCLOSURES

During the year the company traded with ABC Industrial Doors Limited ("ABC"), a fellow subsidiary, and with connected company Teckentrup GmbH & Co. KG ("GmbH").

Sales and purchases to/from ABC amounted to £210,167 (2022: £24,780) and £182,617 (2022: £21,046) respectively. The net amount outstanding from ABC at the balance sheet date was £66,769 (2022: £25,676).

Purchases from and sales to GmbH amounted to £11,502,402 (2022: £7,411,666) and £52,704 (2022: £5,290) respectively and at the balance sheet date the trade balance owed to GmbH was £893,287 (2022: £1,988,400). All amounts are unsecured.

24. ULTIMATE CONTROLLING PARTY

The directors consider that there is no ultimate controlling party.