Company Registration No. 01212505 (England and Wales)
JW FROEHLICH UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JW FROEHLICH UK LIMITED
COMPANY INFORMATION
Directors
JW Froehlich
DK Wells
D Ludin
GS Brinkley
H Liebgott
J Vaughan
S Jones
(Appointed 23 January 2023)
Company number
01212505
Registered office
Sable Way
Southfields Business Park
Laindon
Essex
SS15 6TU
Auditor
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
JW FROEHLICH UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
JW FROEHLICH UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
JW Froehlich Limited is a manufacturing company supplying to the automotive market. Principal activities during the year were the design, manufacture, installation and service of leak test equipment, automatic in-process assembly machines and end of assembly line function test machines.
Turnover increased from £7,269,375 in 2022 to £16,272,343 in 2023. Supply chain delays coupled with difficulties recruiting skilled labour in the first half of the year reduced the Company’s ability to generate the level of turnover required for overhead recovery in the period. Technical issues related to the development of new customer specifications prolonged delivery lead times in the second half of the year causing some planned sales to move into 2024, which has resulted in a loss being made in 2023. However, the Company has a full order book for 2024 based on the new technologies delivered in 2023. It is therefore the Directors’ view that the Company will return to profit in 2024.
Principal risks and uncertainties
It was recognised that global events remain the main risk to the company achieving a level of turnover that can support fixed overheads. In addition, the availability of skilled labour has been limited, but this is being mitigated through an ongoing recruitment drive, skills training of existing personnel and an Apprenticeship program. Actions taken throughout the year helped mitigate risks to the business, but future performance remains dependant on the outcome of global events.
Key performance indicators
The Key Performance Indicators used to review and monitor the company are shown below:
JW FROEHLICH UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Promoting the success of the company
The Directors of the company meet monthly to review key business decisions. Additional meetings are scheduled as required. The executive Directors have daily contact with the senior management team to ensure operational matters are addressed speedily. When taking decisions, in particular with regard to investment opportunities in both assets and development activities, the Directors consider the long term plans for the business.
The Directors review the impacts of key decisions on all stakeholders of the business to ensure the interests of customers, suppliers, employees, and shareholders as well as the wider community are considered. The Directors aim to treat all parties fairly in their dealings with them. The Directors and senior management team focused on maintaining a safe operating environment for employees, whilst adhering to customer delivery schedules.
DK Wells
Director
20 March 2024
JW FROEHLICH UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity for the company during the year was the design, development and manufacture of machinery for the automotive industry.
Results and dividends
The results for the year are set out on page 10.
The loss for the year, after taxation, amounted to £1,597,809 (2022 - £2,502,675 loss).
No dividend was recommended for the year ended 31 December 2023.
Directors
The Directors who served during the year were:
JW Froehlich
DK Wells
D Ludin
GS Brinkley
H Liebgott
J Vaughan
S Jones
(Appointed 23 January 2023)
Financial instruments
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The company’s principal financial instruments include bank overdrafts and loans, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans. The company continually assess the use of interest risk derivation to manage if needed the mix of fixed and variable rate debt, to reduce its exposure to changes in interest rates.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading operations with suppliers in overseas jurisdictions. This risk is balanced by invoicing customers in foreign currencies where appropriate.
Credit risk
Investment of cash surplus and borrowings are made through banks.
All customer who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
Research and development
The company’s activities involve the manufacture of bespoke machinery and the provision of integrated system solutions. Consequently, the company is at the forefront of innovation, including incorporation of the latest technologies. The company is committed to a policy of future investment through expenditure on product development and improvement.
JW FROEHLICH UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Post reporting date events
There have been no significant events since the year end.
Future developments
The Directors believe that the company has an excellent reputation for providing quality products and services on a global basis. They consider that investment in recent years in the development of automotive drive testing products and the associated skills related to carbon neutral technologies continues to mean that the company is well placed to take advantage of any future market opportunities and remain confident of long term profitability.
Auditor
The auditor, Rickard Luckin Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Statement of disclosure to auditor
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 auditor is 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 auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
JW FROEHLICH UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
DK Wells
Director
20 March 2024
JW FROEHLICH UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JW FROEHLICH UK LIMITED
- 6 -
Opinion
We have audited the financial statements of JW Froehlich UK Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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 loss 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.
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 Auditor's 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 UK, including the FRC’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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
JW FROEHLICH UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JW FROEHLICH UK LIMITED
- 7 -
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 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, 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.
Auditor's 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 auditor's 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.
Capability of the audit in detecting irregularity, including fraud
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.
We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
JW FROEHLICH UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JW FROEHLICH UK LIMITED
- 8 -
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; data protection legislation; anti-bribery and anti-corruption legislation.
ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.
In relation to fraud, we performed the following specific procedures in addition to those already noted:
Challenging assumptions made by management in its significant accounting estimates in particular long term contracts;
Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;
Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;
Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;
Discussion with management;
Reviewing board minutes.
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
JW FROEHLICH UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JW FROEHLICH UK LIMITED
- 9 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.
Paul Forster
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
28 March 2024
Chartered Accountants
Statutory Auditor
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
JW FROEHLICH UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
16,272,343
7,269,375
Cost of sales
(14,491,383)
(7,075,112)
Gross profit
1,780,960
194,263
Distribution costs
(1,053,905)
(957,399)
Administrative expenses
(2,108,234)
(1,653,154)
Other operating expenses
(81,615)
Operating loss
4
(1,381,179)
(2,497,905)
Interest receivable and similar income
2
Interest payable to group undertakings
7
(252,719)
(4,751)
Other interest payable and similar expenses
7
-
(21)
Loss before taxation
(1,633,898)
(2,502,675)
Tax on loss
8
36,089
Loss for the financial year
(1,597,809)
(2,502,675)
JW FROEHLICH UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Loss for the year
(1,597,809)
(2,502,675)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,597,809)
(2,502,675)
JW FROEHLICH UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
9
684,982
1,394,279
Tangible assets
10
894,420
783,904
1,579,402
2,178,183
Current assets
Stocks
11
1,862,994
644,763
Debtors
12
14,133,572
4,081,741
Cash at bank and in hand
328,970
533,330
16,325,536
5,259,834
Creditors: amounts falling due within one year
13
(15,033,776)
(3,284,087)
Net current assets
1,291,760
1,975,747
Total assets less current liabilities
2,871,162
4,153,930
Provisions for liabilities
Provisions
15
357,667
42,626
(357,667)
(42,626)
Net assets
2,513,495
4,111,304
Capital and reserves
Called up share capital
16
500,000
500,000
Profit and loss reserves
2,013,495
3,611,304
Total equity
2,513,495
4,111,304
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
DK Wells
Director
Company registration number 01212505 (England and Wales)
JW FROEHLICH UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
500,000
6,113,979
6,613,979
Year ended 31 December 2022:
Loss and total comprehensive income
-
(2,502,675)
(2,502,675)
Balance at 31 December 2022
500,000
3,611,304
4,111,304
Year ended 31 December 2023:
Loss and total comprehensive income
-
(1,597,809)
(1,597,809)
Balance at 31 December 2023
500,000
2,013,495
2,513,495
JW FROEHLICH UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(8,615,753)
(1,289,670)
Interest paid
(252,719)
(4,772)
Income taxes paid
(103,878)
Net cash outflow from operating activities
(8,972,350)
(1,294,442)
Investing activities
Purchase of intangible assets
(36,477)
(79,677)
Purchase of tangible fixed assets
(221,050)
(23,655)
Proceeds from disposal of tangible fixed assets
517
Interest received
2
Net cash used in investing activities
(257,010)
(103,330)
Financing activities
Proceeds from borrowings
9,025,000
1,500,000
Net cash generated from financing activities
9,025,000
1,500,000
Net (decrease)/increase in cash and cash equivalents
(204,360)
102,228
Cash and cash equivalents at beginning of year
533,330
431,102
Cash and cash equivalents at end of year
328,970
533,330
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information
JW Froehlich UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sable Way, Southfields Business Park, Laindon, Essex, SS15 6TU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for at least the next twelve months from the approval of the financial statements. true
Whilst the company has made losses this year and the previous year, the company still has positive reserves, the on-going support of the group and a healthy order book.
It is on this basis that the directors considers it appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities, as described below.
The company manufactures and sells a range of spare parts for automotive leak test equipment, automatic in-process assembly machines and end of engine assembly line function test machines. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. The risk of obsolescence and loss of the parts are considered to have been transferred to the customer when the products are shipped.
The company designs, manufactures and installs leak test equipment, automatic in process assembly machines and end of engine assembly line function test machines. When the outcome of a contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on the contract by reference to the stage of completion of the contract at the end of the reporting period. When a contract is loss making, full provision for the loss is made in the financial year.
The company sells service and calibration testing for leak test equipment, together with support services on the machines it designs and manufactures. Revenue is recognised in the accounting period in which the services are rendered.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets comprise software enhancement and prototype development costs and are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software Enhancement
20% straight line
Prototype Development Costs
10% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings freehold
4% per annum on cost
Land
0% per annum on cost
Plant and machinery
20% per annum on cost
Fixtures, fittings and equipment
Between 15% - 33% per annum on cost
Computer equipment
Between 20% - 33% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Cost is determined on the first in, first out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. The cost of work in progress includes design costs, raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity).
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. A general provision of 2.5% has been made in full against inventory at the balance sheet date.
If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Specific provisions:
Cost to complete on long term contracts
The company estimates the costs to complete on contracts before they are fully invoiced at the year end. Costs to complete includes the costs directly related to the equipment sold plus a systematic allocation of fixed and variable production overheads that are incurred in the design, build and installation process. The allocation of overheads is based on the level of capacity (in working hours) in the factory in a given year. Where a contract is forecast to make an overall loss, the loss is fully recognised in the current year.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
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. Revisions 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.
Amounts recoverable on contracts
The company designs and manufactures machines, which are viewed as long term contracts. Due to the nature of the contracts, it is necessary to consider the stage of completion and cost to complete on all open contracts. The company makes an estimate of the costs required to complete the contracts and reviews the estimated profitability of each contract and makes necessary provision to reflect current estimates. If the project is estimated to be loss making then the full loss is recognised in the current year.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Manufacture and installation
15,041,260
2,807,468
Service and rebuild
676,722
3,955,784
Spares and seals
554,361
506,123
16,272,343
7,269,375
2023
2022
£
£
Turnover analysed by geographical market
UK
8,384,770
4,804,805
Europe
5,750,100
352,541
The Americas
1,629,900
965,991
Africa
310,638
755,164
Asia
196,935
390,874
16,272,343
7,269,375
2023
2022
£
£
Other revenue
Interest income
-
2
Grants received
-
(81,615)
4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
29,734
(54,889)
Government grants
-
81,615
Fees payable to the company's auditor for the audit of the company's financial statements
39,800
35,648
Depreciation of owned tangible fixed assets
108,696
110,523
Loss on disposal of tangible fixed assets
1,838
-
Amortisation of intangible assets
94,631
93,603
Loss on disposal of intangible assets
21,301
-
Operating lease charges
90,427
68,544
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
477,003
245,134
Company pension contributions to defined contribution schemes
81,773
66,995
558,776
312,129
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
130,469
124,324
Company pension contributions to defined contribution schemes
41,976
10,625
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office Staff
29
22
Design Staff
46
41
Total
75
63
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
4,036,939
3,199,858
Social security costs
451,549
512,770
Pension costs
257,769
234,485
4,746,257
3,947,113
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
252,719
4,751
Other interest on financial liabilities
21
252,719
4,772
Disclosed on the profit and loss account as follows:
Interest payable to group undertakings
252,719
4,751
Other interest payable and similar expenses
-
21
8
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(123,153)
Adjustments in foreign tax in respect of prior periods
87,064
Total current tax
(36,089)
From April 2023 UK corporation tax has been increased by 6% to 25% (2022: 19%). In the previous period this impacted the unrecognised deferred tax calculation only as 25% become the enacted rate.
The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(1,633,898)
(2,502,675)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(408,475)
(475,508)
Tax effect of expenses that are not deductible in determining taxable profit
2,131
614
Tax effect of income not taxable in determining taxable profit
(33,806)
Change in unrecognised deferred tax assets
382,806
933,633
Permanent capital allowances in excess of depreciation
(2,842)
(2,636)
Depreciation on assets not qualifying for tax allowances
7,027
5,345
Research and development tax credit
(123,153)
Changes in tax rates
19,353
(427,642)
Foreign tax in respect of prior periods
87,064
Taxation credit for the year
(36,089)
-
The company has estimated losses of £7,337,722 (2022: £5,675,623) available for carry forward against future trading profits.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
9
Intangible fixed assets
Software Enhancement
Prototype Development Costs
Total
£
£
£
Cost
At 1 January 2023
412,991
2,039,933
2,452,924
Additions
36,477
36,477
Disposals
(74,385)
(74,385)
Transfers
(1,200,875)
(1,200,875)
At 31 December 2023
375,083
839,058
1,214,141
Amortisation and impairment
At 1 January 2023
369,216
689,429
1,058,645
Amortisation charged for the year
16,705
77,926
94,631
Disposals
(53,084)
(53,084)
Transfers
(571,033)
(571,033)
At 31 December 2023
332,837
196,322
529,159
Carrying amount
At 31 December 2023
42,246
642,736
684,982
At 31 December 2022
43,775
1,350,504
1,394,279
Intangible assets contain one material asset. The E-Prime project, which is intellectual property to produce electric drive components. The E-prime project is made up of two separate machines and all the knowledge gained from undertaking the project. The carrying value of the asset at the year end is £583,980 (2022: £1,284,607). It has an amortisation period of 8 years remaining. During the year the machinery element of this project with a carrying value of £629,842 has been transferred into stock with a view to sell.
Development costs have been capitalised because they have provided skills and knowledge, which will become commercially viable in winning future projects.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Tangible fixed assets
Buildings freehold
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 January 2023
2,316,243
360,602
724,965
3,401,810
Additions
86,983
134,067
221,050
Disposals
(119,450)
(119,450)
At 31 December 2023
2,316,243
447,585
739,582
3,503,410
Depreciation and impairment
At 1 January 2023
1,644,064
359,051
614,791
2,617,906
Depreciation charged in the year
28,666
13,511
66,519
108,696
Eliminated in respect of disposals
(117,612)
(117,612)
At 31 December 2023
1,672,730
372,562
563,698
2,608,990
Carrying amount
At 31 December 2023
643,513
75,023
175,884
894,420
At 31 December 2022
672,179
1,551
110,174
783,904
11
Stocks
2023
2022
£
£
Work in progress
211,840
13,400
Finished goods and goods for resale
1,651,154
631,363
1,862,994
644,763
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,371,358
1,620,471
Gross amounts owed by contract customers
5,296,524
2,274,481
Corporation tax recoverable
139,967
Amounts owed by group undertakings
1,120
Other debtors
1,840
60,159
Prepayments and accrued income
322,763
126,630
14,133,572
4,081,741
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
14
10,525,000
1,500,000
Trade creditors
3,101,482
1,117,388
Amounts owed to group undertakings
634,188
212,008
Taxation and social security
240,582
105,483
Other creditors
158,172
49,080
Accruals and deferred income
374,352
300,128
15,033,776
3,284,087
14
Loans and overdrafts
2023
2022
£
£
Loans from group undertakings
10,525,000
1,500,000
Payable within one year
10,525,000
1,500,000
Amounts due to group undertakings are unsecured, are at a interest rate of 2% plus the German base rate; have no fixed date of repayment and are repayable on demand of one month's notice.
15
Provisions for liabilities
2023
2022
£
£
Costs to complete on contracts fully invoiced
357,667
42,626
Movements on provisions:
Costs to complete on contracts fully invoiced
£
At 1 January 2023
42,626
Additional provisions in the year
357,667
Reversal of provision
(42,626)
At 31 December 2023
357,667
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
17
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
41,101
46,036
Between two and five years
34,091
78,732
75,192
124,768
18
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
-
57,000
19
Related party transactions
During the year the company entered into normal trading activities with companies under common control as follows: Goods and services supplied £7,221 (2022: £10,188); Goods and services acquired: £314,737 (2022: £581,971).
At the balance sheet date there were amounts totalling £639,727 (2022: £212,717) owed to and amounts totalling £6,659 (2022: £709) owed from companies under common control.
20
Ultimate controlling party
The immediate parent undertaking is J W Froehlich Maschinenfabrik GmbH. J W Froehlich Maschinenfabrik GmbH is wholly owned by J W Froehlich Vermögensverwaltung GmbH. The ultimate controlling party is Josef Froehlich, by virtue of his 100% holding in the ultimate parent Company. Copies of the accounts of J W Froehlich Vermögensverwaltung GmbH can be obtained from www.bundesanzeiaer.de.
JW FROEHLICH UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
21
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(1,597,809)
(2,502,675)
Adjustments for:
Taxation credited
(36,089)
Finance costs
252,719
4,772
Investment income
(2)
Loss on disposal of tangible fixed assets
1,838
-
Loss on disposal of intangible assets
21,301
-
Amortisation and impairment of intangible assets
94,631
93,603
Depreciation and impairment of tangible fixed assets
108,696
110,523
Increase/(decrease) in provisions
315,041
(118,028)
Movements in working capital:
Increase in stocks
(588,906)
(5,251)
(Increase)/decrease in debtors
(9,911,864)
415,587
Increase in creditors
2,724,689
711,801
Cash absorbed by operations
(8,615,753)
(1,289,670)
22
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
533,330
(204,360)
328,970
Borrowings excluding overdrafts
(1,500,000)
(9,025,000)
(10,525,000)
(966,670)
(9,229,360)
(10,196,030)
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