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REGISTERED NUMBER: 10928595 (England and Wales)















RITE-HITE UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


RITE-HITE UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr F Hofmann



REGISTERED OFFICE: Unit 2, D2 Trading Estate
Castle Road
Eurolink
SITTINGBOURNE
Kent
ME10 3RH



REGISTERED NUMBER: 10928595 (England and Wales)



SENIOR STATUTORY AUDITOR: Allan Hickie BSc FCA



AUDITORS: UHY Hacker Young
Chartered Accountants
Statutory Auditors
Thames House
Roman Square
Sittingbourne
Kent
ME10 4BJ

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 936,191 1,092,222
Tangible assets 6 19,267 49,383
955,458 1,141,605

CURRENT ASSETS
Stocks 474,537 608,880
Debtors 7 1,028,976 1,697,712
Cash at bank 93,470 112,777
1,596,983 2,419,369
CREDITORS
Amounts falling due within one year 8 1,900,906 3,291,019
NET CURRENT LIABILITIES (303,923 ) (871,650 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

651,535

269,955

CAPITAL AND RESERVES
Called up share capital 10 301,002 301,002
Share premium 1,499,998 1,499,998
Retained earnings (1,149,465 ) (1,531,045 )
SHAREHOLDERS' FUNDS 651,535 269,955

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 July 2024 and were signed by:





Mr F Hofmann - Director


RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

1. STATUTORY INFORMATION

Rite-Hite UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The directors have received confirmation from the wider Rite-Hite group, which remains financially strong, that the inter-group loan will not be required to be paid in the coming twelve months, and that further support, as necessary, will be provided so that the company has sufficient cash resources to be sufficient to allow the company to continue trading for the foreseeable future. Accordingly the directors consider it appropriate to adopt the going concern basis in preparing the accounts

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. Significant estimation also includes the estimated useful life and amortisation of goodwill and the recoverability of bad debts, particularly in the current global environment.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over remaining term of lease
Plant and machinery - straight line over 3 years
Fixtures and fittings - straight line over 5 years
Motor vehicles - straight line over 4 years
Computer equipment - straight line over 3 years

Assets acquired from the subsidiary company were brought in at net book value as at 1 January 2020 but depreciation has continued to be applied based on their initial cost when brought into the group.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 31 ) .

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,560,318
AMORTISATION
At 1 January 2023 468,096
Amortisation for year 156,031
At 31 December 2023 624,127
NET BOOK VALUE
At 31 December 2023 936,191
At 31 December 2022 1,092,222

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 15,504 2,721 49,326
Additions - - 465
Disposals - (1,521 ) (39,553 )
At 31 December 2023 15,504 1,200 10,238
DEPRECIATION
At 1 January 2023 10,152 2,298 46,233
Charge for year 2,996 142 904
Eliminated on disposal - (1,521 ) (38,870 )
At 31 December 2023 13,148 919 8,267
NET BOOK VALUE
At 31 December 2023 2,356 281 1,971
At 31 December 2022 5,352 423 3,093

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 102,392 80,276 250,219
Additions - 300 765
Disposals (55,782 ) (17,357 ) (114,213 )
At 31 December 2023 46,610 63,219 136,771
DEPRECIATION
At 1 January 2023 92,828 49,325 200,836
Charge for year 8,065 15,504 27,611
Eliminated on disposal (54,283 ) (16,269 ) (110,943 )
At 31 December 2023 46,610 48,560 117,504
NET BOOK VALUE
At 31 December 2023 - 14,659 19,267
At 31 December 2022 9,564 30,951 49,383

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 969,689 1,523,221
Other debtors 2,600 99,448
Prepayments and accrued income 56,687 75,043
1,028,976 1,697,712

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 34,430 13,831
VAT 130,498 163,613
Other creditors 6,839 200
Other taxes and PAYE 35,295 41,386
Amounts owed to group undertakings 1,308,989 2,776,851
Accruals and deferred income 384,855 295,138
1,900,906 3,291,019

9. LEASING AGREEMENTS
At the balance sheet date the company had total operating lease commitments remaining for payment of £146,307 (2022: £239,687).

RITE-HITE UK LIMITED (REGISTERED NUMBER: 10928595)

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

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,002 Ordinary £1 1,002 1,002
300,000 Redeemable Preference £1 300,000 300,000
301,002 301,002

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

The Report of the Auditors was unqualified.

Allan Hickie BSc FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young

12. RELATED PARTY DISCLOSURES

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

13. CONTROLLING PARTY AND ULTIMATE CONTROLLING PARTY

The company's controlling party is Rite-Hite GmbH (incorporated in Germany) whose registered office address and principal place of business is Carl-Zeiss-Strasse 3, 34471 Volkmarsen, Germany.

The company's ultimate controlling party is Rite-Hite Holding Corporation (incorporated in United States of America) whose registered office address and principal place of business is 8900 North Arbon Drive, Milwaukee, WI 53223, United States.