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REGISTERED NUMBER: 02565363 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

Foerster UK Limited

Foerster UK Limited (Registered number: 02565363)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Foerster UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: F Foerster
A Ryan





REGISTERED OFFICE: 2 Bonehill Mews
Lichfield Street
Fazely
Tamworth
Staffordshire
B78 3QU





REGISTERED NUMBER: 02565363 (England and Wales)





AUDITORS: Locke Williams Associates LLP
Chartered Accountants
Registered Auditors
c/o Blackthorn House
St Pauls Square
Birmingham
West Midlands
B3 1RL

Foerster UK Limited (Registered number: 02565363)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,458 31,628

CURRENT ASSETS
Stocks 92,243 71,800
Debtors 5 138,897 340,376
Cash at bank and in hand 75,823 320,651
306,963 732,827
CREDITORS
Amounts falling due within one year 6 715,949 825,820
NET CURRENT LIABILITIES (408,986 ) (92,993 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(370,528

)

(61,365

)

CAPITAL AND RESERVES
Called up share capital 7 180,364 180,364
Retained earnings (550,892 ) (241,729 )
SHAREHOLDERS' FUNDS (370,528 ) (61,365 )

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2024 and were signed on its behalf by:





A Ryan - Director


Foerster UK Limited (Registered number: 02565363)

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

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Going Concern
The company has sustained an operating loss for the year and the proceeding five years. As a result it has a net deficiency of assets of £370,195 at the balance sheet date.

FOERSTER UK (FUK) for 2024 is now moving in a different business direction to the preceding years. There is now a core focus on business change, sales, sales activity, which now includes a portfolio of third party products since May 2024 (a first for FUK). FUK will now drive sales activity through bringing innovative Inspection products to the GB (working closely with End user) markets. We as a business recognise a change was "overdue". Our revised strategy is fully backed by the global company group and we look forward to reporting as a business a return to profitability in the coming 18 months.

On the basis of these these plans and the continuing group support, the financial statements have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods
Turnover from the supply of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from testing, servicing and repair work is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to work performed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Foerster UK Limited (Registered number: 02565363)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost and 20% on cost

Major spare parts and stand-by equipment, which the company carries as demo stock and stock for hire, are accounted for as property, plant and equipment where they are expected to be used by the company during more than one period. These assets are recognised at cost less any accumulated depreciation or impairment losses.

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

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

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Creditors which are debt instrument, such as loans and finance leases, are subsequently carried at amortised cost, using th effective interest rate method.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

Foerster UK Limited (Registered number: 02565363)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 6,815 60,605 26,618 28,958 122,996
Additions - 12,059 984 1,400 14,443
At 31 December 2023 6,815 72,664 27,602 30,358 137,439
DEPRECIATION
At 1 January 2023 6,815 33,602 26,618 24,333 91,368
Charge for year - 5,643 61 1,909 7,613
At 31 December 2023 6,815 39,245 26,679 26,242 98,981
NET BOOK VALUE
At 31 December 2023 - 33,419 923 4,116 38,458
At 31 December 2022 - 27,003 - 4,625 31,628

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 126,546 327,231
Other debtors 12,351 13,145
138,897 340,376

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 2,577 -
Trade creditors 968 12,845
Amounts owed to group undertakings 610,391 528,054
Taxation and social security 53,108 26,822
Other creditors 48,905 258,099
715,949 825,820

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
180,364 Ordinary £1 180,364 180,364

Foerster UK Limited (Registered number: 02565363)

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

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

The Report of the Auditors was unqualified.

David Williams FCA FCCA (Senior Statutory Auditor)
for and on behalf of Locke Williams Associates LLP

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £57,771 (2022 £76,298). These relate to operating lease commitments for the company's premises, vehicles and equipment.

10. RELATED PARTY DISCLOSURES

The immediate parent of the company is Foerster Holding GmbH. The ultimate parent and the largest and smallest group financial statements that consolidate this company is Foerster Holding GmbH. These group accounts are available to the public from Institut Dr. Foerster GmbH & Co. KG, In Laisen 70, 72766, Reutlingen, Baden-Württemberg, Germany.

Information about related party transactions and outstanding balances is outlined below:



Purchases

Outstanding
balances
£    £   

Entities with control, joint control or significant influence over the
company


At 31 December 2023 458,164 90,195
At 31 December 2022 407,886 99,312




Interest

Outstanding
balances
£    £   

Entities with control, joint control or significant influence over the
company


At 31 December 2023 14,256 520,195
At 31 December 2022 2,960 425,688