Company registration number 02710424 (England and Wales)
GUDEL LINEARTEC (U.K.) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GUDEL LINEARTEC (U.K.) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
GUDEL LINEARTEC (U.K.) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
172,828
207,954
Current assets
Stocks
151,151
238,912
Debtors
6
201,907
278,213
Cash at bank and in hand
961,005
527,728
1,314,063
1,044,853
Creditors: amounts falling due within one year
7
(875,313)
(713,718)
Net current assets
438,750
331,135
Total assets less current liabilities
611,578
539,089
Provisions for liabilities
(10,450)
Net assets
601,128
539,089
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
501,128
439,089
Total equity
601,128
539,089
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
N C Davis
Director
Company Registration No. 02710424
GUDEL LINEARTEC (U.K.) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100,000
391,271
491,271
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
47,818
47,818
Balance at 31 December 2022
100,000
439,089
539,089
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
62,039
62,039
Balance at 31 December 2023
100,000
501,128
601,128
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Gudel Lineartec (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Wickmans Drive, Banner Lane, Coventry, West Midlands, United Kingdom, CV4 9XA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
Financial reporting standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
This information is included in the consolidated financial statements of Gudel Group AG as at 31 December 2023 and these financial statements may be obtained from Gudel Group AG, Gaswerkstrasse 26, Industrie Nord, 4900 Langenthal, Switzerland.
1.2
Going concern
In assessing the appropriateness of the going concern assumption, the directors have reviewed detailed profit and loss forecasts and cash flow forecasts, considering all reasonably foreseeable potential scenarios and uncertainties in relation to revenue and expenditure for a period of at least 12 months from the date these financial statements have been signed. The parent company Gudel AG has confirmed that it will provide financial support to the Company to the extent required to allow the Company to meet its liabilities for a period of at least 12 months from the date these financial statements are signed.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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:
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transactions; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
4-10% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
2
Judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the Company during the year was:
2023
2022
Number
Number
Total
6
6
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
85,715
81,161
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
5
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
644,286
248,912
46,738
939,936
Additions
8,666
7,635
16,301
Disposals
(5,598)
(5,598)
At 31 December 2023
652,952
248,912
48,775
950,639
Depreciation and impairment
At 1 January 2023
494,193
192,519
45,270
731,982
Depreciation charged in the year
22,574
26,373
2,480
51,427
Eliminated in respect of disposals
(5,598)
(5,598)
At 31 December 2023
516,767
218,892
42,152
777,811
Carrying amount
At 31 December 2023
136,185
30,020
6,623
172,828
At 31 December 2022
150,093
56,393
1,468
207,954
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
179,771
264,239
Prepayments and accrued income
22,136
10,242
201,907
274,481
Deferred tax asset
3,732
201,907
278,213
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
120,258
174,151
Amounts owed to group undertakings
15,544
238,568
Corporation tax
4,048
Other taxation and social security
110,015
49,697
Other creditors
11,941
7,313
Accruals and deferred income
613,507
243,989
875,313
713,718
Amounts owed to group undertakings are unsecured, bear no interest and are repayable on demand.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Matthew Woodhead BSc FCA
Statutory Auditor:
Azets Audit Services
9
Operating lease commitments
Lessee
At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
67,116
38,860
GUDEL LINEARTEC (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Related party transactions
Transactions with related parties
During the year the Company entered into the following transactions with related parties:
Name of related party
Nature of relationship
Gudel AG
Shared services & licence fees
Gudel Germany GmbH
Shared services
Gudel Sumer SAS
Shared services
Description of
Sales
Purchases
transaction
2023
2022
2023
2022
£
£
£
£
Gudel AG
Inter-group purchases of raw materials and parts
470,910
20,695
517,912
1,257,925
Gudel Germany GmbH
Inter-group sales and purchases of raw materials and parts
903
2,257
3,063
Gudel Sumer SAS
Inter-group purchases of raw materials and parts
841
10,770
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Gudel AG
733
15,544
238,568
11
Parent company
The immediate parent company is Gudel Group AG, a company registered in Switzerland.
The ultimate parent company is Kasema AG, a company registered in Switzerland.
The ultimate control of the business is held jointly by Anais Gudel, Gwendolin Gudel and Till Gudel.
2023-12-312023-01-01false29 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedN C DavisH GutA HallerM J MartiN C Davisfalsefalse027104242023-01-012023-12-31027104242023-12-31027104242022-12-3102710424core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3102710424core:PlantMachinery2023-12-3102710424core:FurnitureFittings2023-12-3102710424core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3102710424core:PlantMachinery2022-12-3102710424core:FurnitureFittings2022-12-3102710424core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102710424core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102710424core:CurrentFinancialInstruments2023-12-3102710424core:CurrentFinancialInstruments2022-12-3102710424core:ShareCapital2023-12-3102710424core:ShareCapital2022-12-3102710424core:RetainedEarningsAccumulatedLosses2023-12-3102710424core:RetainedEarningsAccumulatedLosses2022-12-3102710424core:ShareCapital2021-12-3102710424core:RetainedEarningsAccumulatedLosses2021-12-3102710424bus:Director12023-01-012023-12-3102710424core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31027104242022-01-012022-12-3102710424core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102710424core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3102710424core:PlantMachinery2023-01-012023-12-3102710424core:FurnitureFittings2023-01-012023-12-3102710424core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3102710424core:PlantMachinery2022-12-3102710424core:FurnitureFittings2022-12-31027104242022-12-3102710424core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3102710424core:OtherGroupMember12023-01-012023-12-3102710424core:OtherGroupMember22023-01-012023-12-3102710424core:OtherGroupMember32023-01-012023-12-3102710424core:OtherGroupMember12022-01-012022-12-3102710424core:OtherGroupMember22022-01-012022-12-3102710424core:OtherGroupMember32022-01-012022-12-3102710424bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102710424bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102710424bus:FRS1022023-01-012023-12-3102710424bus:Audited2023-01-012023-12-3102710424bus:Director22023-01-012023-12-3102710424bus:Director32023-01-012023-12-3102710424bus:Director42023-01-012023-12-3102710424bus:CompanySecretary12023-01-012023-12-3102710424bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP