Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312024-05-022024-05-022023-12-312024-05-02No description of principal activity2023-01-01falsefalse3330false 05414030 2023-01-01 2023-12-31 05414030 2022-01-01 2022-12-31 05414030 2023-12-31 05414030 2022-12-31 05414030 2022-01-01 05414030 4 2023-01-01 2023-12-31 05414030 4 2022-01-01 2022-12-31 05414030 d:Director1 2023-01-01 2023-12-31 05414030 d:Director2 2023-01-01 2023-12-31 05414030 d:RegisteredOffice 2023-01-01 2023-12-31 05414030 e:Buildings e:ShortLeaseholdAssets 2023-01-01 2023-12-31 05414030 e:Buildings e:ShortLeaseholdAssets 2023-12-31 05414030 e:Buildings e:ShortLeaseholdAssets 2022-12-31 05414030 e:PlantMachinery 2023-01-01 2023-12-31 05414030 e:PlantMachinery 2023-12-31 05414030 e:PlantMachinery 2022-12-31 05414030 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05414030 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05414030 e:OtherPropertyPlantEquipment 2023-12-31 05414030 e:OtherPropertyPlantEquipment 2022-12-31 05414030 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05414030 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05414030 e:CurrentFinancialInstruments 2023-12-31 05414030 e:CurrentFinancialInstruments 2022-12-31 05414030 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 05414030 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 05414030 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 05414030 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 05414030 f:UnitedKingdom 2023-01-01 2023-12-31 05414030 f:UnitedKingdom 2022-01-01 2022-12-31 05414030 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 05414030 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 05414030 f:RestWorldOutsideUK 2023-01-01 2023-12-31 05414030 f:RestWorldOutsideUK 2022-01-01 2022-12-31 05414030 e:UKTax 2023-01-01 2023-12-31 05414030 e:UKTax 2022-01-01 2022-12-31 05414030 e:ShareCapital 2023-12-31 05414030 e:ShareCapital 2022-12-31 05414030 e:ShareCapital 2022-01-01 05414030 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05414030 e:RetainedEarningsAccumulatedLosses 2023-12-31 05414030 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05414030 e:RetainedEarningsAccumulatedLosses 2022-12-31 05414030 e:RetainedEarningsAccumulatedLosses 2022-01-01 05414030 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 05414030 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 05414030 d:OrdinaryShareClass1 2023-01-01 2023-12-31 05414030 d:OrdinaryShareClass1 2023-12-31 05414030 d:OrdinaryShareClass1 2022-12-31 05414030 d:OrdinaryShareClass2 2023-01-01 2023-12-31 05414030 d:OrdinaryShareClass2 2023-12-31 05414030 d:OrdinaryShareClass2 2022-12-31 05414030 d:FRS102 2023-01-01 2023-12-31 05414030 d:Audited 2023-01-01 2023-12-31 05414030 d:FullAccounts 2023-01-01 2023-12-31 05414030 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05414030 e:WithinOneYear 2023-12-31 05414030 e:WithinOneYear 2022-12-31 05414030 e:BetweenOneFiveYears 2023-12-31 05414030 e:BetweenOneFiveYears 2022-12-31 05414030 e:MoreThanFiveYears 2023-12-31 05414030 e:MoreThanFiveYears 2022-12-31 05414030 2 2023-01-01 2023-12-31 05414030 g:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05414030










ZIEHL-ABEGG UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ZIEHL-ABEGG UK LIMITED
 
 
COMPANY INFORMATION


Directors
O Kanig 
M Williams 




Registered number
05414030



Registered office
Unit C
Springfield Business Park

Sheepcotes

Chelmsford

Essex

CM2 5AS




Independent auditor
MHA
Statutory Auditors

910 The Crescent

Colchester Business Park

Colchester

Essex

CO4 9YQ





 
ZIEHL-ABEGG UK LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 24

 
ZIEHL-ABEGG UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The purpose of the business is to provide sales and marketing coverage for the UK and Ireland market of non-domestic cooling ventilation equipment and electronic drives, predominantly selling products manufactured by our German parent company. The strategy to achieve this involves geographically dispersed external sales
managers, together with internal support.

Business review
 
The Company has performed satisfactorily during the year under challenging conditions with a further
strengthening of the Balance Sheet position, prior to the payment of a dividend of over £Nil. The results of the
Company at the end of the reporting period were turnover at £30.6m (2022 - £31.4m) and earnings before
interest and tax (EBIT) of £1.3m (2022 - £1.5m). The profit for the year, after taxation, amounted to £1m (2022
- £1.2m).
The Directors consider that the Company is well placed to deal with the ongoing uncertainties in the UK economy
and that of its European partners and competitors. Continued investment in systems alongside the growing
human resource and marketing strategies have had a significant mitigating impact on these uncertainties.

Principal risks and uncertainties
 
The Directors have reviewed the key risks to which the Company is exposed together with the operating and
financial controls which are in place to mitigate those risks. The main risks are as follows:-
Competition
The Directors consider that the Company can compete effectively in the current environment in its target market.
The Company's ability to stabilise costs in a competitive environment will protect it against aggressive price
reductions by competitors to gain market share. The Company will continue to compete on the basis of quality
and service rather than price.
Bad debts
The uncertain economic climate continues to give rise to a higher than usual bad debt risk. The Directors seek to
mitigate this by adherence to the Company's robust credit control procedures.
Foreign exchange
The Company is exposed to adverse exchange rate movements, particularly in the current political climate. The
Directors seek to manage this as far as possible through the application of existing forex mitigation strategies.
Although this is not an absolute guarantee, the risk can be effectively managed.
IT Security
The Directors attach high priority to managing the risks posed by IT security breaches, including a review of
cybersecurity.

Financial key performance indicators
 
The business maintains a strong management information function which focuses on regular and accurate
reporting. The key performance indicators (KPIs) monitored and reported monthly to the parent company
include:
• Gross Margin:    2023 - 14.9% (2022 - 15.2%)
• Operating Margin:   2023 -   4.2% (2022 - 4.6%)
• Turnover to headcount:   2023 -    £1m (2022 - £1.05m)

Page 1

 
ZIEHL-ABEGG UK LIMITED
 

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

Other key performance indicators
 
The Directors also use non-financial performance indicators to monitor the performance of the business. The
Company continues to monitor customer satisfaction, staff commitment and key supplier relationships
throughout the year.
All processes and procedures within the Company are in compliance with the Human Rights Act.

Future developments

The Company continues to seek to expand its market share whilst maintaining margins and profitability.


This report was approved by the Board and signed on its behalf.



................................................
M Williams
Director

Date: 2 May 2024
Page 2

 
ZIEHL-ABEGG UK LIMITED
 
 
 
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.

Directors

The Directors who served during the year ended 31 December 2023 and up to the date of approval of this report were:

O Kanig 
M Williams 

Dividends

Dividends of £nil (2022 - £3,331,000) were declared and paid during the year.


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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 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.

Auditor

Following a rebranding exercise on 15 May 2023 the trading name of the company’s independent auditor changed from MHA MacIntyre Hudson to MHA.

Page 3

 
ZIEHL-ABEGG UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the
following items in the Strategic Report:
 
Principal activity and Business review
Principal risks and uncertainties
Future developments

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

This report was approved by the Board and signed on its behalf.
 





................................................
M Williams
Director

Date: 2 May 2024
Page 4

 
ZIEHL-ABEGG UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG UK LIMITED
 

Opinion


We have audited the financial statements of Ziehl-Abegg UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 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 Auditor's 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

 
ZIEHL-ABEGG UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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

 
ZIEHL-ABEGG UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG UK LIMITED (CONTINUED)


Auditor's 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 Auditor's 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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of staff to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness; evaluating the business rationale of significant transactions outside the normal course of business for reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable 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 Auditor's Report.


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 Auditor's 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.





Mike Kay BSc FCA CF (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Colchester, United Kingdom

2 May 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 
Page 7

 
ZIEHL-ABEGG UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
30,590,020
31,374,283

Cost of sales
  
(26,033,140)
(26,620,705)

Gross profit
  
4,556,880
4,753,578

Administrative expenses
  
(3,425,887)
(3,412,063)

Other operating income
 5 
161,014
112,472

Operating profit
 6 
1,292,007
1,453,987

Interest receivable and similar income
 10 
12,743
6,830

Profit before tax
  
1,304,750
1,460,817

Tax on profit
 11 
(308,800)
(275,861)

Profit for the financial year
  
995,950
1,184,956

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 24 form part of these financial statements.
Page 8

 
ZIEHL-ABEGG UK LIMITED
REGISTERED NUMBER: 05414030

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 12 
357,163
246,752

Current assets
  

Stocks
 13 
2,815,485
3,555,889

Debtors: amounts falling due within one year
 14 
5,875,037
5,522,671

Cash at bank and in hand
 15 
208,061
116,985

  
8,898,583
9,195,545

Creditors: amounts falling due within one year
 16 
(3,441,241)
(4,642,542)

Net current assets
  
 
 
5,457,342
 
 
4,553,003

Total assets less current liabilities
  
5,814,505
4,799,755

Provisions for liabilities
  

Deferred taxation
  
(77,500)
(58,700)

Net assets
  
5,737,005
4,741,055


Capital and reserves
  

Called up share capital 
 19 
796,132
796,132

Profit and loss account
 18 
4,940,873
3,944,923

  
5,737,005
4,741,055


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




................................................
M Williams
Director

Date: 2 May 2024

The notes on pages 11 to 24 form part of these financial statements.
Page 9

 
ZIEHL-ABEGG UK LIMITED
 

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
796,132
6,090,967
6,887,099


Comprehensive income

Profit for the year
-
1,184,956
1,184,956


Transactions with owners

Dividends: Equity capital
-
(3,331,000)
(3,331,000)



At 1 January 2023
796,132
3,944,923
4,741,055


Comprehensive income

Profit for the year
-
995,950
995,950


At 31 December 2023
796,132
4,940,873
5,737,005


The notes on pages 11 to 24 form part of these financial statements.
Page 10

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ziehl-Abegg UK Limited is a private company limited by shares incorporated in England and Wales. The
Company was incorporated on 5 April 2005 under company registration number 05414030. The registered
office is Unit C, Springfield Business Park, Sheepcotes, Chelmsford, Essex, CM2 5AS.

2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared on a going concern basis, under the historical cost
convention unless otherwise specified within these accounting policies and in accordance with
Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the
Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in applying the
Company's accounting policies (see Note 3).
The financial statements are rounded to the nearest pound sterling.
The following principal accounting policies have been consistently applied to all years presented:

  
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
      11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,
      12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ziehl-Abegg SE as at 31 December 2023 and these financial statements may be obtained from the German Company Register.

 
2.3

Going concern

The Directors consider that the Company has sufficient liquid resources, parent support and access
to future resources to enable the Company to cover its costs and pay its liabilities for the next 12
months from the date of approve of these financial statements.
Consequently, the Directors have concluded that there are no material uncertainties that may cast
significant doubt about the Company's ability to continue as a going concern for the next 12 months
from the date of approval of these financial statements. Accordingly, the going concern basis has
been adopted in preparing the financial statements.

Page 11

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

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 turnover is recognised:
Sales of goods

Turnover from the sale of ventilation equipment is recognised on the despatch of goods and when all
the following conditions are satisfied:

the Company has transferred the significant risks and rewards of ownership to the buyer, which
      is usually on delivery of the equipment;
the Company retains neither continuing managerial involvement to the degree usually associated
      with the 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 transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured.

 
2.5

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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.

The estimated useful lives range as follows:

Short-term leasehold property
-
7 years
Plant and machinery
-
3 - 10 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.

Assets under construction are not depreciated until the assets are ready for use. At this point, the
assets are transferred to an appropriate class of tangible fixed assets.

Page 12

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an
impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which is
an approximation of the amount that the Company would receive for the asset if it were to be sold at
the Balance Sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an 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.

  
2.11

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is pound sterling.
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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss except when deferred in other comprehensive income as
qualifying cash flow hedges.
Foreign exchange gains and losses resulting from the settlement of transactions and from the
translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the Statement of Comprehensive Income.

Page 14

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases: the Company as lessee

Operating leases are those leases where the Company has use of an asset but where the significant
risks and rewards of ownership remain with the lessor and the lease term is not expected to be a
significant portion of the useful life of the asset.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the
lease term.

 
2.14

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are set out
below:
3.1 Turnover recognition
     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. This is when the Company has transferred the
     significant risks and rewards of ownership to the buyer. Although this is not considered to be a
     complex judgement for the Company, turnover recognition is still considered to be a critical
     accounting policy.
3.2 Stock valuation
     The valuation of inventories is critical to the production of the financial statements. Judgement is
     required in determining whether there is any provision required against slow-moving or obsolete
     items. This involves evaluating the likelihood of the further sale of particular stock items.

Page 16

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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


2023
2022
£
£

Sale of ventiliation equipment and electronic drives
30,590,020
31,374,283

30,590,020
31,374,283


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
30,354,637
28,908,441

Rest of Europe
134,228
2,443,833

Rest of the World
101,155
22,009

30,590,020
31,374,283



5.


Other operating income

2023
2022
£
£

Other operating income
87,387
14,450

Profit on sale of Irish division
73,627
98,022

161,014
112,472



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation charge
85,777
55,482

Foreign exchange differences
(73,979)
195,472

Operating lease rentals
333,543
425,053

Loss on disposal of tangible assets
(350)
7,590
Page 17

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
16,200
14,100


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the group accounts of the parent company.




8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,600,490
1,457,407

Social security costs
162,720
158,247

Cost of defined contribution scheme
81,184
73,703

1,844,394
1,689,357


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


        2023
        2022
            No.
            No.







Distribution staff
7
5



Administrative staff
6
5



Sales staff
20
20

33
30

Page 18

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
119,366
108,602

Company contributions to defined contribution pension schemes
5,968
4,200

125,334
112,802


During the year retirement benefits were accruing to no Directors (2022 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
10,765
6,830

Other interest receivable
1,978
-

12,743
6,830
Page 19

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
290,000
270,561


Total current tax
290,000
270,561

Deferred tax


Origination and reversal of timing differences
18,800
5,300

Total deferred tax
18,800
5,300


Taxation on profit on ordinary activities
308,800
275,861

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,304,750
1,460,817


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
306,616
277,555

Effects of:


Expenses not deductible for tax purposes
2,184
(1,694)

Total tax charge for the year
308,800
275,861


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Assets under construction
Total

£
£
£
£



Cost or valuation


At 1 January 2023
255,440
129,076
36,500
421,016


Additions
-
196,188
-
196,188


Transfers between classes
-
36,500
(36,500)
-



At 31 December 2023

255,440
361,764
-
617,204



Depreciation


At 1 January 2023
87,091
87,173
-
174,264


Charge for the year on owned assets
40,231
45,546
-
85,777



At 31 December 2023

127,322
132,719
-
260,041



Net book value



At 31 December 2023
128,118
229,045
-
357,163



At 31 December 2022
168,349
41,903
36,500
246,752


13.


Stocks

2023
2022
£
£

Finished goods and goods for resale
2,815,485
3,555,889

2,815,485
3,555,889







 

Page 21

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
5,596,080
5,370,828

Amounts owed by group undertakings
40,818
-

Other debtors
64,925
(1,978)

Prepayments and accrued income
173,214
153,821

5,875,037
5,522,671



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
208,061
116,985

208,061
116,985



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
170,806
219,039

Amounts owed to group undertakings
2,229,611
3,523,607

Other taxation and social security
690,431
578,436

Accruals and deferred income
350,393
321,460

3,441,241
4,642,542



17.


Deferred taxation




2023
2022


£

£






Deferred tax liability at 1 January
58,700
53,400


Charged to profit or loss
18,800
5,300



Deferred tax liability at 31 December
77,500
58,700

Page 22

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
17.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
77,500
58,700

77,500
58,700


18.


Reserves

Profit and loss account

The profit and loss account represents the accumulation of retained profits, net of dividends, which are in
the form of distributable reserves.


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) A ordinary shares of £1
1
1
1,000,000 (2022 - 1,000,000) B ordinary shares of 1 each
796,131
796,131

796,132

796,132


The ordinary shares, which do not entitle the holders to a fixed or guaranteed dividend, have equal voting
rights and equal rights in the event of a sale or winding up.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £81,184 (2022 - £73,703). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 23

 
ZIEHL-ABEGG UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
429,607
563,391

Later than 1 year and not later than 5 years
1,163,415
1,292,189

Later than 5 years
1,597,727
1,856,818

3,190,749
3,712,398


22.


Related party transactions

The Company has taken the reduced exemption disclosure in Section 33.1A of FRS102 from the requirement to disclose 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.
Key management is defined as employees who take an active role on the management team. In the year this included the Directors and three (2022 - three) additional employees. The aggregate remuneration of Key Management Personnel this year was £451,778 (2022 - £438,361).
During 2023, two (2022 - two) close family members of the management team were employed by the Company. The total remuneration received by these close family members was £93,257 (2022 - £81,051).
 


23.


Controlling party

The Company was under the control of Ziehl-Abegg SE, a company incorporated in Germany, throughout the current and previous year. The registered office of Ziehl-Abegg SE is Heinz-Ziehl Strasse, 74653 Kunzelsau, Germany. Ziehl-Abegg SE holds 100% of the issued share capital and is both the immediate and ultimate parent company. Ziehl-Abegg SE has included the Company in its group financial statements which may be obtained from the German Company Register and this is the smallest and largest group for which consolidated financial statements are drawn up.
The ultimate controlling party is D Ziehl, through virtue of his majority shareholding in the ultimate parent company, Ziehl-Abegg SE.
 
Page 24