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REGISTERED NUMBER: 02724989 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIGVARIS BRITAIN LIMITED

SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989)

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


SIGVARIS BRITAIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Straub
S Ha



SECRETARY: Mrs J L Briggs



REGISTERED OFFICE: 1 Imperial Court
Magellan Close
Andover
Hampshire
SP10 5NT



REGISTERED NUMBER: 02724989 (England and Wales)



AUDITORS: BDO LLP
Arcadia House
Maritime Walk - Ocean Village
Southampton
Hampshire
SO14 3TL



BANKERS: National Westminster Bank Plc
105 High Street
Winchester
Hampshire
SO23 9AH

SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,359 68,251

CURRENT ASSETS
Stocks 5 358,691 265,685
Debtors 6 633,161 517,379
Cash at bank and in hand 612,441 561,345
1,604,293 1,344,409
CREDITORS
Amounts falling due within one year 7 (806,601) (589,863)
NET CURRENT ASSETS 797,692 754,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

848,051

822,797

PROVISIONS FOR LIABILITIES 9 (78,454) (66,092)
NET ASSETS 769,597 756,705

CAPITAL AND RESERVES
Called up share capital 862,500 862,500
Capital redemption reserve 12,500 12,500
Retained earnings (105,403 ) (118,295 )
SHAREHOLDERS' FUNDS 769,597 756,705

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:




S Ha - Director



D Straub - Director


SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989)

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


1. STATUTORY INFORMATION

Sigvaris Britain 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 financial statements have been prepared on a going concern basis and this is supported by forecasts prepared by the Directors, with continuing profitability expected. In the event it is required, the company's ultimate parent company has confirmed in a signed letter of support that they will provide the company with the resources to continue trading for a period of no less than 12 months from the signing of these financial statements.

Significant judgements and estimates
The most significant estimate and judgement in these accounts relates to the valuation and recognition of a provision for dilapidation which will become payable when the company vacates its premises at the end of the lease term. The directors consider it appropriate to provide for these costs as there is a contractual obligation to return the property to its original state upon departure and the estimated cost of this work can be reliably estimated by reference to the alterations made when the company took on the property. The directors have used previous estimates made by third party surveyors and their own past experience in determining the level of the provision held.

Turnover
Turnover is the amount derived from the sale of compression hosiery during the year and is stated after trade discounts, other sales taxes and net of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. Revenue from the sales of compression hosiery is recognised when goods are dispatched.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold Improvements- straight line over the term of the lease
Fixtures & fittings - straight line over 1, 3, 6 or 8 years
Computer & office equipment - straight line over 1 or 3 years

Stocks
Stocks are valued on a first in, first out basis at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from related parties.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive Income as incurred.

Interest
Interest receivable or payable is credited or charged to the Statement of Comprehensive Income in the financial year to which it relates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989)

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


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Leasehold & office Computer
Improvements equipment equipment Totals
£    £    £    £   
COST
At 1 January 2023 189,321 23,326 172,207 384,854
Additions - - 8,553 8,553
At 31 December 2023 189,321 23,326 180,760 393,407
DEPRECIATION
At 1 January 2023 134,240 20,633 161,730 316,603
Charge for year 18,338 1,395 6,712 26,445
At 31 December 2023 152,578 22,028 168,442 343,048
NET BOOK VALUE
At 31 December 2023 36,743 1,298 12,318 50,359
At 31 December 2022 55,081 2,693 10,477 68,251

5. STOCKS
2023 2022
£    £   
Trading stocks of finished goods 358,691 265,685

There is no material difference between the replacement cost of stocks and the amounts stated above.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 588,615 468,756
Other debtors 44,546 48,623
633,161 517,379

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 68,972 81,744
Amounts owed to group undertakings 306,046 219,980
Taxation and social security 217,230 166,479
Other creditors 214,353 121,660
806,601 589,863

SIGVARIS BRITAIN LIMITED (REGISTERED NUMBER: 02724989)

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


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 122,744 111,836
Between one and five years 113,047 151,104
235,791 262,940

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 6,454 6,092
Other provisions 72,000 60,000
78,454 66,092

Deferred Dilapidations
tax
£    £   
Balance at 1 January 2023 6,092 60,000
Provided during year 362 12,000
Balance at 31 December 2023 6,454 72,000

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

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 March 2024 by James Evans (Senior Statutory Auditor)
on behalf of BDO LLP

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The directors did not receive any dividends during the current or previous period.

Total remuneration paid to directors for services to the company was £Nil (2022: £55,634)

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Sigvaris Holding AG.

Sigvaris Holding AG, a company incorporated in Switzerland, is the holder of the company's 862,500 shares.

Sigvaris Holding AG is the parent of the smallest group for which financial statements are drawn up of which Sigvaris Britain Limited is a member. The registered office of Sigvaris Holding AG is Sandgrube 29, 9050 Appenzell.