Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-0122falseNo description of principal activity22falsefalsefalse 346642 2023-01-01 2023-12-31 346642 2022-01-01 2022-12-31 346642 2023-12-31 346642 2022-12-31 346642 2022-01-01 346642 1 2023-01-01 2023-12-31 346642 1 2022-01-01 2022-12-31 346642 4 2023-01-01 2023-12-31 346642 4 2022-01-01 2022-12-31 346642 5 2023-01-01 2023-12-31 346642 5 2022-01-01 2022-12-31 346642 d:CompanySecretary1 2023-01-01 2023-12-31 346642 d:Director1 2023-01-01 2023-12-31 346642 d:RegisteredOffice 2023-01-01 2023-12-31 346642 d:Agent1 2023-01-01 2023-12-31 346642 e:PlantMachinery 2023-01-01 2023-12-31 346642 e:PlantMachinery 2023-12-31 346642 e:PlantMachinery 2022-12-31 346642 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 346642 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 346642 e:MotorVehicles 2023-01-01 2023-12-31 346642 e:MotorVehicles 2023-12-31 346642 e:MotorVehicles 2022-12-31 346642 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 346642 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 346642 e:FurnitureFittings 2023-01-01 2023-12-31 346642 e:FurnitureFittings 2023-12-31 346642 e:FurnitureFittings 2022-12-31 346642 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 346642 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 346642 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 346642 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 346642 e:CurrentFinancialInstruments 2023-12-31 346642 e:CurrentFinancialInstruments 2022-12-31 346642 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 346642 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 346642 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 346642 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 346642 e:ReportableOperatingSegment2 2023-01-01 2023-12-31 346642 e:ReportableOperatingSegment2 2022-01-01 2022-12-31 346642 f:UnitedKingdom 2023-01-01 2023-12-31 346642 f:UnitedKingdom 2022-01-01 2022-12-31 346642 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 346642 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 346642 e:UKTax 2023-01-01 2023-12-31 346642 e:UKTax 2022-01-01 2022-12-31 346642 e:ShareCapital 2023-12-31 346642 e:ShareCapital 2022-12-31 346642 e:ShareCapital 2022-01-01 346642 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 346642 e:RetainedEarningsAccumulatedLosses 2023-12-31 346642 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 346642 e:RetainedEarningsAccumulatedLosses 2022-12-31 346642 e:RetainedEarningsAccumulatedLosses 2022-01-01 346642 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 346642 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 346642 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 346642 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 346642 d:OrdinaryShareClass1 2023-01-01 2023-12-31 346642 d:OrdinaryShareClass1 2023-12-31 346642 d:OrdinaryShareClass1 2022-12-31 346642 d:FRS102 2023-01-01 2023-12-31 346642 d:Audited 2023-01-01 2023-12-31 346642 d:FullAccounts 2023-01-01 2023-12-31 346642 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 346642 e:WithinOneYear 2023-12-31 346642 e:WithinOneYear 2022-12-31 346642 e:BetweenOneFiveYears 2023-12-31 346642 e:BetweenOneFiveYears 2022-12-31 346642 e:MoreThanFiveYears 2023-12-31 346642 e:MoreThanFiveYears 2022-12-31 346642 2 2023-01-01 2023-12-31 346642 7 2023-01-01 2023-12-31 346642 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 346642 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-12-31 346642 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 346642









FELDBINDER (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023






































Whitings LLP
Chartered Accountants & Statutory Auditors
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX

 
FELDBINDER (UK) LIMITED
 
 
COMPANY INFORMATION


Director
N L Kley 




Company secretary
D Feldbinder



Registered number
346642



Registered office
27 Bridge Road
Sutton Bridge

Spalding

Lincs

PE12 9XE




Independent auditors
Whitings LLP

Fenland House

15B Hostmoor Avenue

March

Cambridgeshire

PE15 0AX




Bankers
Barclays Bank plc
10 Hall Place
Spalding

Lincs

PE11 1SR




Solicitors
Bambridge
27 Wide Bargate
Boston

Lincs

PE21 6SW





 
FELDBINDER (UK) LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 33


 
FELDBINDER (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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.

Business review
 
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.

Principal risks and uncertainties
 
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.

Page 1

 
FELDBINDER (UK) LIMITED
 

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

Financial key performance indicators
 
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.



................................................
D Feldbinder
Secretary

Date: 12 June 2024

Page 2

 
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.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 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 2006She 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.

Results and dividends

The profit for the year, after taxation, amounted to £82,492 (2022 - £567,492).

No dividends have been proposed at the yearend (2022 - £Nil).

Director

The director who served during the year was:

N L Kley 

Future developments

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.

Page 3

 
FELDBINDER (UK) LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and

she 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsWhitings LLPwill 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.
 





................................................
D Feldbinder
Secretary

Date: 12 June 2024

Page 4

 
FELDBINDER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED
 

Opinion


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 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 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.


Conclusions relating to going concern


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.


Page 5

 
FELDBINDER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED (CONTINUED)


Other information


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 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 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.


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 Director's 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
FELDBINDER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED (CONTINUED)


Auditors' 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 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.


Page 7

 
FELDBINDER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FELDBINDER (UK) LIMITED (CONTINUED)


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 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.





Ben Beech ACA (Senior statutory auditor)
for and on behalf of
Whitings LLP
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX

12 June 2024
Page 8

 
FELDBINDER (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
29,059,166
27,448,640

Cost of sales
  
(27,665,717)
(25,833,505)

Gross profit
  
1,393,449
1,615,135

Administrative expenses
  
(1,229,231)
(920,901)

Operating profit
 5 
164,218
694,234

Other interest receivable and similar income
 8 
2,276
32,040

Interest payable and similar charges
 9 
(56,455)
(24,358)

Profit before taxation
  
110,039
701,916

Tax on profit
 10 
(27,547)
(134,424)

Profit for the financial year
  
82,492
567,492

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

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

The notes on pages 16 to 33 form part of these financial statements.

Page 9

 
FELDBINDER (UK) LIMITED
REGISTERED NUMBER: 346642

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 11 
351,408
209,964

  
351,408
209,964

Current assets
  

Stocks
 12 
3,577,098
1,948,324

Debtors: amounts falling due within one year
 13 
2,552,725
4,680,493

Cash at bank and in hand
 14 
688,737
273,418

  
6,818,560
6,902,235

Creditors: amounts falling due within one year
 15 
(4,821,136)
(4,906,923)

Net current assets
  
 
 
1,997,424
 
 
1,995,312

Total assets less current liabilities
  
2,348,832
2,205,276

  

Creditors: amounts falling due after more than one year
 16 
(68,054)
(22,001)

  
2,280,778
2,183,275

Provisions for liabilities
  

Deferred taxation
 20 
(49,139)
(34,128)

  
 
 
(49,139)
 
 
(34,128)

  

Net assets
  
2,231,639
2,149,147

Page 10

 
FELDBINDER (UK) LIMITED
REGISTERED NUMBER: 346642
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Profit and loss account
 22 
2,181,639
2,099,147

  
2,231,639
2,149,147


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




................................................
N L Kley
Director

Date: 12 June 2024

The notes on pages 16 to 33 form part of these financial statements.

Page 11

 
FELDBINDER (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
50,000
1,531,655
1,581,655


Comprehensive income for the year

Profit for the year
-
567,492
567,492



At 1 January 2023
50,000
2,099,147
2,149,147


Comprehensive income for the year

Profit for the year
-
82,492
82,492


At 31 December 2023
50,000
2,181,639
2,231,639


The notes on pages 16 to 33 form part of these financial statements.

Page 12

 
FELDBINDER (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
82,492
567,492

Adjustments for:

Depreciation of tangible assets
45,319
38,113

Loss on disposal of tangible assets
(15,528)
1,352

Interest paid
56,455
24,358

Interest received
(2,276)
(32,040)

Taxation charge
27,547
134,424

(Increase) in stocks
(1,628,774)
(488,464)

(Increase)/decrease in debtors
(817,359)
305,125

Decrease/(increase) in amounts owed by groups
3,032,589
(2,040,258)

(Decrease)/increase in creditors
(565,421)
1,627,823

Increase in amounts owed to groups
1,423,436
-

Corporation tax (paid)
(232,927)
(60,213)

Net cash generated from operating activities

1,405,553
77,712


Cash flows from investing activities

Purchase of tangible fixed assets
(221,233)
(33,368)

Sale of tangible fixed assets
49,740
-

Interest received
2,276
32,040

HP interest paid
(3,412)
(1,999)

Net cash from investing activities

(172,629)
(3,327)

Cash flows from financing activities

Repayment of other loans
(842,571)
(59,062)

Repayment of/new finance leases
78,009
(15,231)

Interest paid
(53,043)
(22,359)

Net cash used in financing activities
(817,605)
(96,652)
Page 13

 
FELDBINDER (UK) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Net increase/(decrease) in cash and cash equivalents
415,319
(22,267)

Cash and cash equivalents at beginning of year
273,418
295,685

Cash and cash equivalents at the end of year
688,737
273,418


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
688,737
273,418

688,737
273,418


The notes on pages 16 to 33 form part of these financial statements.

Page 14

 
FELDBINDER (UK) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

273,418

415,319

-

688,737

Debt due within 1 year

(842,571)

842,571

-

-

Finance leases

(32,430)

17,795

(95,804)

(110,439)


(601,583)
1,275,685
(95,804)
578,298

The notes on pages 16 to 33 form part of these financial statements.

Page 15

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
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 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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions


FRS 102 allows a qualifying entity certain disclosure exemptions. The company has not taken advantage of any available exemption for qualifying entities.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational 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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 16

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 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 reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Specifically in relation to new tank sales, the revenue is recognised at the point when the pre-delivery
inspection has been completed and the tank is available for release to the customer.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 17

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

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 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.

Page 18

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred 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.

 
2.11

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.

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:

Plant and machinery
-
3.03% - 20% per annum of cost
Motor vehicles
-
16.67% per annum of cost
Fixtures and fittings
-
6.67% - 20% per annum of 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.

Page 19

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Stocks

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.

  
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.14

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

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.

Page 21

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (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.

 
2.19

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. 

Page 22

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and
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).

Page 23

 
FELDBINDER (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
£
£

Tank sales
24,830,786
23,390,556

Aftersales and other services
4,228,380
4,058,085

29,059,166
27,448,641


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
27,582,272
25,770,068

Rest of the world
1,476,894
1,678,573

29,059,166
27,448,641



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
45,577
38,116

Exchange differences
29,955
(27,173)


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
11,250

Page 24

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
920,021
865,599

Social insurance costs
98,746
92,815

1,018,767
958,414


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


        2023
        2022
            No.
            No.







Production staff
18
18



Administration and management staff
4
4

22
22


8.


Interest receivable

2023
2022
£
£


Other interest receivable
2,276
32,040

2,276
32,040


9.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
53,043
22,359

Finance leases and hire purchase contracts
3,412
1,999

56,455
24,358

Page 25

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
12,536
133,162


12,536
133,162


Total current tax
12,536
133,162

Deferred tax


Origination and reversal of timing differences
15,011
1,262

Total deferred tax
15,011
1,262


Taxation on profit on ordinary activities
27,547
134,424

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
110,039
701,916


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
25,881
133,364

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,776
2,684

Capital allowances for year in excess of depreciation
(22,916)
(2,886)

Changes in provisions leading to an increase (decrease) in the tax charge
795
-

Deferred tax
15,011
1,262

Total tax charge for the year
27,547
134,424

Page 26

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
215,113
139,662
101,351
456,126


Additions
65,155
156,078
-
221,233


Disposals
-
(83,444)
-
(83,444)



At 31 December 2023

280,268
212,296
101,351
593,915



Depreciation


At 1 January 2023
120,360
83,451
42,351
246,162


Charge for the year on owned assets
15,046
7,605
6,540
29,191


Charge for the year on financed assets
-
16,386
-
16,386


Disposals
-
(49,232)
-
(49,232)



At 31 December 2023

135,406
58,210
48,891
242,507



Net book value



At 31 December 2023
144,862
154,086
52,460
351,408



At 31 December 2022
94,753
56,211
59,000
209,964

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
151,518
55,854

Page 27

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Stocks

2023
2022
£
£

Raw materials and consumables
834,935
808,189

Work in progress (goods to be sold)
34,546
-

Finished goods and goods for resale
2,707,617
1,140,135

3,577,098
1,948,324


The carrying value of stocks are stated net of impairment losses totalling £181,525 (2022 - £196,732). Impairment losses totalling £181,525 (2022 - £196,732) were recognised in profit and loss.


13.


Debtors

2023
2022
£
£


Trade debtors
2,447,610
1,570,477

Amounts owed by group undertakings
8,458
3,041,049

Other debtors
87,464
57,677

Prepayments
9,193
11,290

2,552,725
4,680,493


An impairment loss of £6,150 (2022 - £6,150) was provided against trade debtors.


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
688,737
273,418

688,737
273,418


Page 28

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
842,571

Trade creditors
118,419
160,737

Amounts owed to group undertakings
1,423,436
-

Corporation tax
-
133,186

Taxation and social insurance
729,447
1,267,686

Obligations under finance lease and hire purchase contracts
42,385
10,429

Other creditors
4,979
558,557

Accruals
2,502,470
1,933,757

4,821,136
4,906,923


2023
2022
£
£

Other taxation and social security

PAYE/NI control
26,897
25,237

VAT control
702,550
1,242,449

729,447
1,267,686


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
42,385
10,429

42,385
10,429

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.

Page 29

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
68,054
22,001

68,054
22,001


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
68,054
22,001

68,054
22,001

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.


17.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Loans owed to group undertakings
-
842,571

-
842,571





The loan, now satisified, was owed to the parent company, Feldbinder Spezialfahrzeugwerke
GmbH, the loan was unsecured and repayable on demand. 
Interest was charged on the loan at 2.5% per annum, interest was calculated on a quarterly basis based on the outstanding loan amount. 

Page 30

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
42,385
10,429

Between 1-5 years
68,054
22,001

110,439
32,430


19.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
688,737
273,418




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.


20.


Deferred taxation




2023


£






At beginning of year
34,128


Charged to profit or loss
15,011



At end of year
49,139

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
49,139
34,128

49,139
34,128

Page 31

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary shares of £1.00 each
50,000
50,000

Each share is entitled to one vote in any circumstances, each share is entitled pari passu to dividend
payments or any other distribution; each share is entitled pari passu to participate in a distribution arising
from a winding up of the company. 



22.


Reserves

Profit and loss account

Represents all current and prior period retained profits and losses, less dividends paid.


23.


Capital commitments

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). 


24.


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 £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.


25.


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
113,974
95,521

Later than 1 year and not later than 5 years
416,378
342,562

Later than 5 years
295,742
328,954

826,094
767,037

Page 32

 
FELDBINDER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

Turnover includes £1,974,717 (2022 - £1,840,326) of sales, on normal commercial terms, to the
company's parent company and other companies within the same group.
The UK site is owned by a company within the group. Rent is charged under normal commercial terms, total charge in the year was £104,281 
(2022 - £84,524).
Cost of sales includes £29,148,812 (
2022 - £24,432,625) of purchases, on normal commercial terms, to the company's parent company and other companies within the same group.
Short term loans owed to the parent company at the Balance Sheet date was £Nil (
2022 - £842,571). Interest is charged on the loan at 2.5% per annum, interest is calculated on a quarterly basis based on the outstanding loan amount. The loan balance was offset against the cash pooling balance owing from the parent company during the year.
The amount owed from the parent company at the Balance Sheet date was £Nil (2022 - £887,787).
The company operate a cash pooling agreement with it's parent company, at the Balance Sheet date the
amount owed to group undertakings was £1,423,436 (2022 - £2,153,260 owed from group undertakings).
Amounts owed to other group companies at the Balance Sheet date was £Nil (
2022 - £Nil).
Amounts owed from other group companies at the Balance Sheet date was £8,458 
(2022 - £Nil).
The total key management personnel compensation in the year was £Nil 
(2022 - £Nil).


27.


Controlling party

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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