Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
Whitings LLP
Chartered Accountants & Statutory Auditors
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX
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FELDBINDER (UK) LIMITED
COMPANY INFORMATION
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FELDBINDER (UK) LIMITED
CONTENTS
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FELDBINDER (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director aims to present a balanced review of the company's performance and development during the year
that is consistent with the size and nature of the business and that also covers the principal risks and uncertainties faced by the company.
The principal activity of the company during the year under review was the sale of tankers for the transportation
of powdered and liquid products by road, rail and sea and related after sales business including the spare parts and repair shop. Despite enjoying increased turnover this year, both in relation to new tank sales, aftersales and other services, significant cost inflation across all areas have posed a significant challenge for the company, predominantly due to the uncertainty and disruption caused by global conflicts such as the conflict in Ukraine, which have negatively impacted the global supply chain of materials and labour. Whilst the director is cautiously optimistic that inflationary pressures are easing in the UK, they expect this to continue to have some impact on the company in the forthcoming financial year.
In the course of normal business, the director continually assesses significant risks faced and takes action to
mitigate the potential impact. The following risks, whilst not intended to be a comprehensive analysis, constitute (in the opinion of the director) the principal risks and uncertainties currently facing the company. Economic conditions - the company operates in an industry which can be susceptible to adverse economic conditions through decreased business activity. Although the director acknowledges this risk, the core offering of the company is well diversified to combat this. The parent company continues to meet the demand of its customers across the group, however uncertainties exist over the ongoing impact of the conflicts in Ukraine and Gaza. The group management team continue to monitor the situation closely and seek to mitigate the impact on operations and its customers insofar as possible. Competitive pressures - the company operates in a highly competitive industry and faces competition from a number of sources. This competition may lead to pricing pressure which could result in squeezed profit margins and potential loss of business to other market players. The director continually monitors this risk and the company holds a strong position in the market and is highly regarded within the industry. Regulation - the company operates in an industry which is subject to numerous laws and regulations covering a wide range of matters including health & safety, employment and other operating issues. The company is continually ensuring that the compliance demands of these regulatory factors are met and the director has ensured that the policies and culture in relation to this are well communicated to all employees.
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FELDBINDER (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The director considers the key performance indicators of the business to be turnover, gross profit, gross margin
and profit before tax. Turnover - £29,059,166 (2022 - £27,448,640) Gross Profit - £1,393,449 (2022 - £1,615,135) Gross Margin - 4.8% (2022 - 5.9%) Profit Before Tax - £110,039 (2022 - £701,916)
This report was approved by the board and signed on its behalf.
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FELDBINDER (UK) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents her report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
The profit for the year, after taxation, amounted to £82,492 (2022 - £567,492).
No dividends have been proposed at the yearend (2022 - £Nil).
The director who served during the year was:
Subsequent to the year end the group re-established certain manufacturing processes conducted in Germany to the UK, this move further increases the strategic importance of the UK company within the group.
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FELDBINDER (UK) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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FELDBINDER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED
We have audited the financial statements of Feldbinder (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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 Auditors' 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.
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
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FELDBINDER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. Our 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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FELDBINDER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED (CONTINUED)
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 Auditors' 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 around the actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias; and • Due to the nature of the business the company is subject to other laws and regulations where the consequence of non-compliance may have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as the most likely to have such an effect: Health and Safety Regulations, Employment Law, General Data Protection Regulation and ISO 9001 compliance. We obtained associated documentation to ensure relevant memberships and licences were maintained in addition to reviewing the results any reviews carried out by external regulators, we also considered the control environment and reporting procedures in place in relation to Health and Safety.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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FELDBINDER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED (CONTINUED)
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 2006. Our 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 Auditors' 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.
for and on behalf of
Fenland House
15B Hostmoor Avenue
Cambridgeshire
PE15 0AX
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FELDBINDER (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
REGISTERED NUMBER: 346642
BALANCE SHEET
AS AT 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
REGISTERED NUMBER: 346642
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 33 form part of these financial statements.
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FELDBINDER (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Feldbinder (UK) Limited is a private company, limited by shares, and is incorporated in England and
Wales with a registration number of 00346642. The registered office is shown in the company information.
2.Accounting policies
The financial statements have been prepared 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 following principal accounting policies have been applied:
FRS 102 allows a qualifying entity certain disclosure exemptions. The company has not taken advantage of any available exemption for qualifying entities.
Functional and presentation currency
Transactions and balances
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
inspection has been completed and the tank is available for release to the customer.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 the statement of comprehensive income 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.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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, on the following bases.
Depreciation is provided on the following bases:
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.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Raw materials and consumables are based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. Finished goods and goods for resale re based on the cost of purchase.
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.
Short term debtors are measured at transaction price, less any impairment.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
estimates. The items in the financial statements where these judgments and estimates have been made include the following: Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed on an annual basis and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Depreciation charged to the Profit & Loss account is disclosed in note 11. When determining whether there are any indicators of impairment in relation to the company's tangible assets various factors are taken into account prior to reaching a decision, these include the economic viability and expected future financial performance of the asset. Warranty provision - in the main, warranty liability falls with the parent company in respect of new and used tank sales as these are not manufactured by the UK company. However, the UK company bears liability in respect of servicing and repair works carried out locally, the warranty period in respect of these works is 12 months. The provision in relation to these warranty costs is recognised as a percentage of the related sales value, this is in the experience of management the best estimate of the potential costs that could be borne by the UK company. Stock is recognised at the lower of cost and net realisable value in relation to raw materials. Included in the stock figure is work in progress that is valued based on the level of completion. Provision for obsolete stocks - stock categories are reviewed on a regular basis for slow moving and obsolete items. Where the items recoverable amount is considered to be less than its initial cost value an estimate is made for this difference. The company's policy for such items is to make a provision of 30% of its cost where the item is between 1 and 2 years old, 60% of its cost where the item is between 2 and 5 years old and 90% of its cost where the item is greater than 5 years old. At the Balance Sheet date the provision amounted to £181,525 (2022 - £196,732).
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
At the year end the amount of contracts entered into relating to capital expenditure not provided for in the
financial statements was £Nil (2022 - £92,886).
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 £15,182 (2022 - £14,451). Contributions totalling £3,376 (2022 - £3,138) were payable to the fund at the balance sheet date and are included in creditors.
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FELDBINDER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The shares of the company are held by Feldbinder Spezialfahrzeugwerke GmbH, a company incorporated
in Germany. Feldbinder Spezialfahrzeugwerke GmbH is owned by Feldbinder Verwaltungs-und Nachfolge GmbH and BKS Beteilgungen GmbH & Co. KG, these are considered to be the ultimate controlling parties of the company. Consolidated accounts containing the financial results of this company are prepared by Feldbinder Spezialfahrzeugwerke GmbH and can be obtained at the following address. Feldbinder Spezialfahrzeugwerke GmbH, Gutenbergstraße 12-26, 21423 Winsen (Luhe), Germany.
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