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REGISTERED NUMBER: 04520818 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

HEGLA MACHINERY (UK) LTD

HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HEGLA MACHINERY (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: B Hoetger
G Smith





SECRETARY: G Smith





REGISTERED OFFICE: Moorgate House
201 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1LZ





REGISTERED NUMBER: 04520818 (England and Wales)





AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,950 5,426

CURRENT ASSETS
Stocks 5 262,883 151,344
Debtors 6 1,230,843 1,681,928
Cash at bank and in hand 412,473 527,921
1,906,199 2,361,193
CREDITORS
Amounts falling due within one year 7 1,160,011 1,561,563
NET CURRENT ASSETS 746,188 799,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

797,138

805,056

CAPITAL AND RESERVES
Called up share capital 9 75,000 75,000
Retained earnings 10 722,138 730,056
SHAREHOLDERS' FUNDS 797,138 805,056

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 Board of Directors and authorised for issue on 6th September 2024 and were signed on its behalf by:





G Smith - Director


HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)

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

1. STATUTORY INFORMATION

Hegla Machinery (UK) Ltd 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements of the company are consolidated in the financial statements of LEWAG Holding AG. These consolidated financial statements are available from its registered office Industriestrasse 21, D-37688, Beverungen, Germany.

Related party exemption
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.

Turnover
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 the 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 reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - not provided
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 33% on cost
Computer equipment - 50% on cost

HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable with one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 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 in case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 the Statement of income and retained earnings.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Going concern
Although the company has made loss of £7,918 is the current financial year the directors do not believe that this impacts the going concern status of the business. The company has a healthy balance sheet with sufficient cash balance and reserves of £722,138. The business has also secured a number of orders for large machinery post year end, whereby the business is almost booked to full capacity for the following financial year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st January 2023 4,739 3,438 16,565 5,696 30,438
Additions - 791 67,000 841 68,632
At 31st December 2023 4,739 4,229 83,565 6,537 99,070
DEPRECIATION
At 1st January 2023 - 3,438 16,565 5,009 25,012
Charge for year - 119 22,110 879 23,108
At 31st December 2023 - 3,557 38,675 5,888 48,120
NET BOOK VALUE
At 31st December 2023 4,739 672 44,890 649 50,950
At 31st December 2022 4,739 - - 687 5,426

5. STOCKS
2023 2022
£    £   
Stocks 262,883 151,344

HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 532,199 1,245,357
Other debtors 698,644 436,571
1,230,843 1,681,928

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 7,526 51,382
Amounts owed to group undertakings 476,688 602,395
Taxation and social security 58,217 163,444
Other creditors 617,580 744,342
1,160,011 1,561,563

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 17,580 17,580
Between one and five years 5,000 17,000
22,580 34,580

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
75,000 Ordinary 1 75,000 75,000

10. RESERVES
Retained
earnings
£   

At 1st January 2023 730,056
Deficit for the year (7,918 )
At 31st December 2023 722,138

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

The Auditors' Report was unqualified.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd

HEGLA MACHINERY (UK) LTD (REGISTERED NUMBER: 04520818)

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

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
G Smith
Balance outstanding at start of year 84 -
Amounts advanced 50 84
Amounts repaid (84 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50 84

13. ULTIMATE CONTROLLING PARTY

The immediate parent company is Hegla GmbH & Co. KG, a company incorporated in Germany..

The immediate parent of Hegla GmbH & Co. KG is LEWAG Holding AG, which is the smallest group of undertakings for which group accounts are drawn up and include Hegla Machinery (UK) Ltd.

The immediate parent of LEWAG Holding AG is HEVA Verwaltungs und Anlageebgesellschaft mbH && Co. KG, which is the largest group of undertaking for which group accounts are drawn up and include Hegla Machinery (UK) Ltd.

The ultimate parent company is HELVEJOS Beteiligungs GmBH, a company incorporated in Germany, does not provide any consolidated financial statements.

The consolidated financial statements are available from its registered office at Industriestrasse 21, D-37688, Beverungen, Germany.