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Registered number: 00974737









FISCHBACH (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
FISCHBACH (UK) LIMITED
 

CONTENTS



Page
Company Information
 
1
Strategic Report
 
2 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Income and Retained Earnings
 
10
Statement of Financial Position
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 27

 
FISCHBACH (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
T Langensiepen 
S Riding 




Company secretary
A M Callaghan



Registered number
00974737



Registered office
Warrington Road
Manor Park

Runcorn

Cheshire

WA7 1SN




Independent auditors
Alexander Knight & Co Limited
Chartered Accountants

Westgate House

44 Hale Road

Hale

Altrincham

Cheshire

WA14 2EX




Page 1

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

Introduction
 
The directors present the strategic report for the year ended 31 December 2023. 

Fair review of the business
 
The first half of 2023 saw slowly improving sales from the backdrop of a fall in the UK market in the second half of 2022. Fears were that a repeat of 2022 (i.e. another fall in the market) would occur as sales started to slow again mid-year 2023. Fortunately, this did not happen, however actual product volume ended up being lower than anticipated at the end of the 2023.
The reduction in volume was also attributed to customers that sourced Fi UK business offshore during the Pandemic. This volume has still not returned to Fi UK due in the main to new dual sourcing strategies now in place with Fi UK major customers. 
Cost of energy was a major factor during the year. Fi UK came out of a three-year fixed term energy contract Q3 2022 & this had a significant effect on operating costs which unfortunately had to be passed onto customers during the first half of 2023 via increased product prices.  In the second half of 2023 energy prices started to fall & this combined with a new method of managing the procurement of our energy contracts enabled Fischbach UK to pass these savings back to our customers via reduced selling pieces. 
Fischbach group strategy impacted UK selling prices as UK & Continental Europe prices became more aligned. 
Raw material costs remained relatively high during the year as Fi UK worked through slow moving stocks of polymer bought under contract pricing late 2022/early 2023 (due to the UK market stagnation in late 2022) This continued for most of 2023.  Also, new global shipping routes for our raw materials impacted the cost of our polymers.

Risks & uncertainties
 
The main threats for the trading year. 
1. The main concern for 2023 was the recent uncertainty in the market, possible reduced consumer demand driven by the high inflation level & higher than normal product stockholdings in customers. 
2. The impact of rising Energy costs to the business & its customers.
3. Raw material costs & supply lines remained a concern though recent supplies were more stable than in 2021 & 2022. 
4. The impact on the operation due to the growing transition of our UK customers towards recycled products & the potential for disruption on our production lines. 
5. Local Covid cases were on the rise again in the second half of 2023 & again this remained a concern to the business for 2023 due to lack of key personnel affection operational efficiencies. Plans were put in place should this happen.

Developments
 
It was anticipated that the continuing development of recycled products to meet the UK government plastics tax program & global environmental targets would accelerate during the year. The true impact on the business was minimal due to UK customers still not increasing their uptake of recycled products from Fi UK. The development of our products & raw materials to meet this challenge continued through the year & it is now anticipated the transition over to recycled products is more likely to happen in 2024 especially if UK government changes the definition threshold for our products. 

Page 2

 
FISCHBACH (UK) LIMITED
 

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

Financial key performance indicators
 
Due to the straightforward nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business. 
Fischbach (UK) Ltd is a highly efficient manufacturer of plastic cartridge systems. The business employs systems & procedures to monitor our performance on a weekly/monthly basis and these will continue to be developed for the future There will also be ongoing training for key personnel along with new staff appointments in the future.


This report was approved by the board and signed on its behalf.



S Riding
Director

Date: 7 May 2024
Page 3

 
FISCHBACH (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company continued to be that of the manufacture and distribution of plastic cylinders and cartridges. 

Results and dividends

The profit for the year, after taxation, amounted to £3,029,781 (2022 - £1,284,994).

Ordinary dividends were paid amounting to £1,500,000. The directors recommend payment of a final dividend amounting to £3,000,000. 

Directors

The Directors who served during the year were:

T Langensiepen 
S Riding 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have 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 Directors must not approve the financial statements unless they are 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 Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements 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 Directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 4

 
FISCHBACH (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31ST DECEMBER 2023

The Future

The market for 2024 will continue to be challenging for Fischbach UK as we still recover from the changes to our business brought about by the Pandemic. The signs in the marketplace are more positive than in the recent past, however we cannot be 100% certain the market will get back to the same growth levels of the early 2000’s in the immediate future. I believe Fischbach UK will continue to dominate the UK in its market segment and with predicted increasing demand for its products in 2024.

Matters covered in the Strategic Report

In accordance with section 414C(11) of the Companies Act 2006 Regulations 2013, the directors have included a separate strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director 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 auditorsAlexander Knight & Co Limitedwill 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.
 





S Riding
Director

Date: 7 May 2024
Page 5

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

Opinion


We have audited the financial statements of Fischbach (UK) Limited (the 'Company') for the year ended 31st December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows 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 31st 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 Directors' 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 Directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
FISCHBACH (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FISCHBACH (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 Directors are 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Directors' 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 Directors' 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 Directors' Responsibilities Statement set out on page 4, the Directors are 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 Directors determine 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit team:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
Inquired of management and those charged with governance their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws and regulations and how fraud might occur including an assessment of how and where the financial statements may be susceptible to fraud.
As a result of performing the above, our procedures to respond to the risks identified included the following:
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to to to detect than those that arise from error as they may involve deliberate concealment or collusion.
It remains the primary responsibility of management to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


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 8

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





Murray Patt, FCA (Senior Statutory Auditor)
for and on behalf of
Alexander Knight & Co Limited
Chartered Accountants
Westgate House
44 Hale Road
Hale
Altrincham
Cheshire
WA14 2EX

10 May 2024
Page 9

 
FISCHBACH (UK) LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
17,793,832
15,665,691

Cost of sales
  
(6,770,591)
(7,859,902)

Gross profit
  
11,023,241
7,805,789

Distribution costs
  
(688,241)
(699,859)

Administrative expenses
  
(6,478,450)
(5,542,902)

Operating profit
 5 
3,856,550
1,563,028

Interest receivable and similar income
 9 
99,909
15,797

Interest payable and similar expenses
 10 
(156)
(646)

Profit before tax
  
3,956,303
1,578,179

Tax on profit
 11 
(926,522)
(293,185)

Profit after tax
  
3,029,781
1,284,994

  

  

Retained earnings at the beginning of the year
  
7,629,259
7,544,263

  
7,629,259
7,544,263

Profit for the year
  
3,029,781
1,284,994

Dividends declared and paid
  
(1,500,000)
(1,200,000)

Retained earnings at the end of the year
  
9,159,040
7,629,257
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
FISCHBACH (UK) LIMITED
REGISTERED NUMBER: 00974737

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,702,674
3,088,442

  
2,702,674
3,088,442

Current assets
  

Stocks
 14 
799,220
824,400

Debtors: amounts falling due within one year
 15 
3,608,194
3,484,602

Cash at bank and in hand
  
3,906,491
1,749,183

  
8,313,905
6,058,185

Creditors: amounts falling due within one year
 17 
(1,410,114)
(1,009,180)

Net current assets
  
 
 
6,903,791
 
 
5,049,005

Total assets less current liabilities
  
9,606,465
8,137,447

Provisions for liabilities
  

Deferred tax
 18 
(140,926)
(201,690)

  
 
 
(140,926)
 
 
(201,690)

Net assets
  
9,465,539
7,935,757


Capital and reserves
  

Called up share capital 
 19 
285,000
285,000

Share premium account
 20 
21,500
21,500

Profit and loss account
 20 
9,159,039
7,629,257

  
9,465,539
7,935,757


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




T Langensiepen
S Riding
Director
Director


Date: 7 May 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
FISCHBACH (UK) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
3,029,781
1,284,994

Adjustments for:

Depreciation of tangible assets
542,505
669,324

Interest paid
156
646

Interest received
(99,909)
(15,797)

Taxation charge
926,522
293,185

Decrease in stocks
25,181
133,938

(Increase)/decrease in debtors
(123,590)
157,535

Increase in creditors
58,497
24,572

Increase/(decrease)) in amounts owed to groups
2,830
(75,054)

Corporation tax (paid)
(647,679)
(322,915)

Net cash generated from operating activities

3,714,294
2,150,428


Cash flows from investing activities

Purchase of tangible fixed assets
(156,739)
(163,016)

Interest received
99,909
15,797

Net cash from investing activities

(56,830)
(147,219)

Cash flows from financing activities

Dividends paid
(1,500,000)
(1,200,000)

Interest paid
(156)
(646)

Net cash used in financing activities
(1,500,156)
(1,200,646)

Net increase in cash and cash equivalents
2,157,308
802,563

Cash and cash equivalents at beginning of year
1,749,183
946,620

Cash and cash equivalents at the end of year
3,906,491
1,749,183


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,906,491
1,749,183

3,906,491
1,749,183


The notes on pages 13 to 27 form part of these financial statements.

Page 12

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

1.


General information

The company is a private company limited by shares, registered in England and Wales, registration number 00974737. The address of the registered office is Warrington Road, Manor Park, Runcorn, Cheshire, WA7 1SN.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

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

Page 14

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

2.Accounting policies (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Freehold property
-
straight line over 50 years
Plant and equipment
-
over 6 years
Moulds
-
over 3 years

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 15

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

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Page 16

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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.

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.
Page 17

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


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.

 
2.16

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 18

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Estimated useful life and residual value of fixed assets
Depreciation of tangible fixed assets have been based on the estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting periods.
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management include factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Stock valuation 
Stock valuation policy requires the use of estimation escertaining how much of which overheads relate to stock production and how much to general overheads. It also involves the estimation optimum production levels. Both of these then form part of the overhead absorption calculation in determining the final stock valuations. 

Page 19

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
17,793,832
15,665,691

17,793,832
15,665,691


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
17,458,841
15,318,246

Other European Union
334,991
345,555

Rest of the world
-
1,890

17,793,832
15,665,691



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
35,486
71,399

Other operating lease rentals
18,356
9,498

Depreciation of tangible assets
542,505
669,324


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
15,850
19,250

Page 20

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

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,227,034
2,118,421

Social security costs
221,691
214,466

Cost of defined contribution scheme
45,061
41,935

2,493,786
2,374,822


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


        2023
        2022
            No.
            No.







Production staff
52
49



Directors
1
1



Administrative and sales staff
9
15

62
65


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
141,838
103,300

Company contributions to defined contribution pension schemes
4,000
4,000

145,838
107,300


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
99,909
15,797

99,909
15,797

Page 21

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

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
156
646

156
646


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
987,286
360,221


Deferred tax


Origination and reversal of timing differences
(60,764)
(67,036)


Tax on profit
926,522
293,185

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) 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
3,956,303
1,578,179


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
930,522
299,854

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
377
151

Non qualifying depreciation
10,615
8,575

Deferred tax calculated at high/(lower) rate
(3,542)
(13,979)

Enhanced capital allowances
(11,450)
(1,416)

Total tax charge for the year
926,522
293,185

Page 22

 
FISCHBACH (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

Deferred tax is measured on a non-discounted basis at the tax rate which is expected to apply in the periods in which timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. At Budget 2023, the government confirmed that the Corporation Tax main rate for future years starting 1 April 2023 would be 25% with a repayable tax credit rate of 10%.


12.


Dividends

2023
2022
£
£


Interim paid
1,500,000
1,200,000

1,500,000
1,200,000


13.


Tangible fixed assets





Freehold property
Plant and machinery
Moulds
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,376,558
8,915,666
3,710,163
15,002,387


Additions
-
156,738
-
156,738



At 31st December 2023

2,376,558
9,072,404
3,710,163
15,159,125



Depreciation


At 1 January 2023
829,390
7,399,053
3,685,503
11,913,946


Charge for the year on owned assets
45,405
472,473
24,627
542,505



At 31st December 2023

874,795
7,871,526
3,710,130
12,456,451



Net book value



At 31st December 2023
1,501,763
1,200,878
33
2,702,674



At 31st December 2022
1,547,168
1,516,613
24,661
3,088,442

Included in freehold land and buildings is £246,548 (2022: £246,548) in relation to land which is not depreciated. 

Page 23

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

14.


Stocks

2023
2022
£
£

Raw materials and consumables
405,466
481,469

Finished goods and goods for resale
393,754
342,931

799,220
824,400



15.


Debtors

2023
2022
£
£


Trade debtors
3,351,572
3,297,463

Prepayments and accrued income
256,622
187,139

3,608,194
3,484,602



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,906,491
1,749,183

3,906,491
1,749,183



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
100,164
166,645

Amounts owed to group undertakings
27,211
24,381

Corporation tax
510,061
170,454

Other taxation and social security
411,288
288,000

Accruals and deferred income
361,390
359,700

1,410,114
1,009,180


Page 24

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

18.


Deferred taxation




2023


£






At beginning of year
(201,690)


Charged to profit or loss
60,764



At end of year
(140,926)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax
(140,926)
(201,690)

(140,926)
(201,690)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



285,000 (2022 - 285,000) Ordinary shares of £1.00 each
285,000
285,000



20.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 25

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

21.


Capital commitments


At 31st December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Acquisition of tangible fixed assets
196,333
-

196,333
-


22.


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 £45,061 (2022 - £41,935). Contributions totalling £11,878 (2022 - £11,109) were payable to the fund at the reporting date and are included in creditors.


23.


Commitments under operating leases

At 31st 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
9,820
26,142

Later than 1 year and not later than 5 years
12,275
43,278

22,095
69,420


24.


Key management personnel

The remuneration of key management personnel is as follows - 


2023
2022
£
£



Aggregate compensation
237,395
424,338

Page 26

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

25.


Related party transactions

During the year there was sales of £603,545 (2022 - £243,128) and purchases of £1,072,567 (2022 -  £702,960) with group entities. 
The amounts owed to related parties at the period end was £27,211 (2022 - 24,381). 


26.


Ultimate controlling party

The company's immediate parent undertaking at the balance sheet date was Fischbach Beteiligungsgesellschaft mBH, a company incorporated in Germany. The Ultimate holding company of the group is Fischbach KG, a company incorporated in Germany. 
 
Page 27