REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BORGER UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BORGER UK LIMITED |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks - finished goods |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Borger UK Limited is a private company, limited by shares, registered in England and Wales, registration number 05877422. The registered office is East Wing Old School, Watling Street, Gailey, Staffordshire, ST19 5PR. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The following principal accountancy policies have been applied consistently. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and that it 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. Turnover is recognised from the sale of goods when the entity has transferred to the buyer the significant risks and rewards of ownership of the goods. This occurs when the buyer takes possession of the goods. |
Revenue from the provision of services is recognised when the service have been provided and the obligations under the contract have been met. |
Tangible fixed assets |
Tangible fixed assets 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. |
Repairs and maintenance are charged to the income statement during the period in which they are incurred. |
Depreciation on assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The depreciation policies range as follows: |
Plant and machinery - 20% on reducing balance |
Fixtures and fittings - 33% on cost and 25% on reducing balance |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, 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 within 'administrative expenses' in the income statement. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. The impairment loss is recognised immediately in the income statement. |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
Financial assets comprise cash at bank and in hand, trade debtors and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade and other debtors, and any subsequent impairment is recognised in the income statement. |
Impairment of financial assets |
Impairment provisions are recognised when there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty, default or significant delays in payment. |
Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset. |
Financial liabilities |
Financial liabilities comprise trade creditors, amounts owed to group undertakings and other creditors; these are initially recorded, and subsequently carried, at amortised cost. |
Current and deferred taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except: |
- 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; |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax balances are not discounted. |
Foreign currencies |
Monetary 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. |
Operating leases |
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. |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Accounting policy judgements and key sources of estimation uncertainty |
In preparing these financial statements, the director has had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income expenses. |
The estimates and associated assumptions are based on historic experiences and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of material adjustment to the carrying amount of assets and liabilities are: |
Stock provisions |
The company has recognised amounts for the impairment of stock. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors. |
Trade debtor recoverability |
The company recognises provisions against specific trade debtor balances. The judgements and estimates necessary to calculate these provisions are based on historical experience and other reasonable factors. This provision is based on the age of debtor balances and the assessed recoverability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
8. | FINANCIAL INSTRUMENTS |
The company's financial instruments may be analysed as follows: |
2023 | 2022 |
£ | £ |
Financial assets |
Financial assets measured at cost less provision | 4,274,022 | 4,247,857 |
Financial liabilities |
Financial liabilities measured at costs | 1,155,982 | 1,839,149 |
Financial assets comprise cash at bank and in hand, trade debtors, and other debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provision for impairment. |
Financial liabilities comprise bank overdrafts, trade creditors, amounts owed to group undertakings, finance leases and other creditors and accruals; these are initially recorded, and subsequently carried, at cost on the date they originate. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 34,430 | 34,430 |
BORGER UK LIMITED (REGISTERED NUMBER: 05877422) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
For and on behalf of |
11. | RELATED PARTY DISCLOSURES |
31.12.23 | 31.12.22 |
Borger Gmbh | £ | £ |
(Parent company) |
Purchases from related party | 2,505,960 | 2,401,050 |
Late payment charges paid to related party | 37,780 | 11,362 |
Amount due to related party at the balance sheet date | 977,221 | 1,728,115 |
Key management personnel are considered to be the director, who has authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel is as disclosed in note 3 of the financial statements plus employer's national insurance of £12,696 (2022 - £15,499). |
12. | CONTROL |
The ultimate controlling party is |
The company is an 80% subsidiary of Borger GmbH. Borger GmbH is a 100% subsidiary pf Borger Beteiligungs GmbH & Co. KG, which is not under the control of any one individual. |
The largest and smallest group in which the results of the company are consolidated is that headed by Borger Beteiligungs GmbH & Co. KG., the ultimate parent company of Borger GmbH, and incorporated in Germany. The company's principal place of business is Simmlerstrasse, 12 75172, Pforzheim, Baden-Wúrttemberg, Germany. Consolidated accounts of this company are available to the public and may be obtained from http://www.bundesanzeiger.de. |