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Durable (UK) Limited

Registered number: 01717136
Annual report
For the year ended 31 December 2023

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
REGISTERED NUMBER: 01717136

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
781,578
796,208

  
781,578
796,208

Current assets
  

Stocks
  
753,947
967,394

Debtors: amounts falling due within one year
 5 
4,275,946
4,709,091

Cash and cash equivalents
  
300,454
235,242

  
5,330,347
5,911,727

Creditors: amounts falling due within one year
 6 
(1,033,602)
(1,448,287)

Net current assets
  
 
 
4,296,745
 
 
4,463,440

Total assets less current liabilities
  
5,078,323
5,259,648

  

Net assets
  
5,078,323
5,259,648


Capital and reserves
  

Called up share capital 
 7 
350,000
350,000

Profit and loss account
  
4,728,323
4,909,648

Total equity
  
5,078,323
5,259,648


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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



K Seidl
Director

Date: 11 June 2024

The notes on pages 2 to 10 form part of these financial statements.
- 1 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Durable (UK) Limited is a private company limited by shares incorporated in England and Wales. Its registered number is 01717136. The address of its registered office is 10 Nimrod Way, Wimborne, Dorset, BH21 7SH. 
The principal activity of the Company is the expertise in professional presentation and organisation concepts, identifying work trends and developing innovative concepts to meet the needs of the changing professional world. The Durable range today encompasses over 2,000 products that are divided into multiple application areas, from files and folders to name badges, cleaning products to warehouse labelling, retail signage to task lighting and office furniture.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and has been rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The Company remains assured of the financial support provided by the ultimate parent company. The directors have received confirmation that the ultimate parent company will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for a period of at least twelve months from the date of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

- 2 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

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.

All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'administrative expenses'.

 
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 inclusive of the appropriate contractual rebate deductions, discounts, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

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 turnover 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 reliably.

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

- 3 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest receivable and similar income

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

 
2.7

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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible 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. 
Land is not depreciated. Depreciation on other assets 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:

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.

Depreciation is provided on the following basis:

Freehold property
-
5% straight line on cost
Plant & machinery
-
10% and 25% straight line on cost
Fixtures & fittings
-
10% and 25% straight line on cost

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.

- 4 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 an average cost basis.
At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

Creditors

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

 
2.13

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 accounts receivable and payable.
Financial assets
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 identified, an impairment loss is recognised in profit or loss.
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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
 
- 5 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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. 


3.


Employees

The average monthly number of employees, including the directors, during the year was 17 (2022: 18).

- 6 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible assets





Freehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost


At 1 January 2023 (as previously stated)
1,544,059
186,079
164,581
1,894,719


Prior Year Adjustment
-
(10,757)
-
(10,757)


At 1 January 2023 (as restated)
1,544,059
175,322
164,581
1,883,962


Additions
-
5,197
4,299
9,496



At 31 December 2023
1,544,059
180,519
168,880
1,893,458



Depreciation


At 1 January 2023 (as previously stated)
855,983
162,720
79,808
1,098,511


Prior Year Adjustment
-
(10,757)
-
(10,757)


At 1 January 2023 (as restated)
855,983
151,963
79,808
1,087,754


Charge for the year
2,003
9,375
12,748
24,126



At 31 December 2023
857,986
161,338
92,556
1,111,880



Net book value



At 31 December 2023
686,073
19,181
76,324
781,578



At 31 December 2022 (as restated)
688,076
23,359
84,773
796,208

During the year, the directors decided to restate the opening balance of plant & machinery. This has had no impact on the profit or loss and the net reserve position of the Company.

- 7 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
1,471,459
1,824,573

Amounts owed by group undertakings
2,700,000
2,700,000

Other debtors
14,836
95,539

Prepayments
89,651
88,979

4,275,946
4,709,091


Amounts owed by group undertakings of £2,700,000 (2022: £2,700,000) are unsecured, incur interest at a rate of 5.3% (2022: 0.6%) per annum and payable on demand.
Interest receivable from group undertakings of £90,225 (2022: £16,200) was recognised in the year.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
141,920
278,928

Amounts owed to group undertakings
561,052
861,593

Other taxation and social security
42,189
45,020

Other creditors
1,055
782

Accruals and deferred income
287,386
261,964

1,033,602
1,448,287


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



350,000 (2022: 350,000) ordinary shares of £1 each
350,000
350,000

The Company has one class of ordinary shares; each carries one voting right per share but no right to fixed income.


- 8 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Prior year reclassification

During the year, the directors decided to reclassify rebates which were previously recognised within distribution costs to offset turnover. This has had no impact on the profit or loss and the net reserve position of the Company.


9.


Pension commitments

The Company operates a defined contribution plan for all of its employees. Contributions made into this plan are paid by the Company at rates specified in the rules of the scheme. As at the reporting date, amounts payable of £1,055 (2022: £780) had not been paid into the plan and are included in other creditors.


10.


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
27,563
21,899

Later than 1 year and not later than 5 years
42,045
37,648

69,608
59,547


11.Other financial commitments

With the advent of Brexit, Durable UK secured both an EORI and Duty Deferment facility with HMRC, to continue in its operational function of importing goods into the UK.
As part of HMRC process, Durable were required to provide HMRC a bank guarantee, in support and guarantee of associated import liabilities of VAT and Duties. 
The current guarantee of £nil (2022: £180,000) is in compliance with Customs Comprehensive Guarantee (CCG) – Annual monitoring – with the balance of guarantee being sufficient and compliant with the HMRC specified amount.


12.


Related party transactions

The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the Group that have been concluded under normal market conditions.


13.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

- 9 -

 
 01717136
31 December 2023
DURABLE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent company is DURABLE Hunke & Jochheim GmbH & Co. KG, a company registered in Germany. DURABLE Hunke & Jochheim GmbH & Co. KG prepare group financial statements and copies can be obtained through public records in Germany.
The registered address of DURABLE Hunke & Jochheim GmbH & Co. KG is Westfalenstraße 77–79, 58636 Iserlohn, Germany.
The directors do not consider there to be an ultimate controlling party of Durable (UK) Limited. 


15.


Auditor's information

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

The audit report was signed on 11 June 2024 by Stephen Mills (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

- 10 -