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REGISTERED NUMBER: SC086301 (Scotland)















PROTEKTOR UK LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

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


PROTEKTOR UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Dr C Maisch
Mr M U Barsch
Mr C.G. Mossey



REGISTERED OFFICE: c/o Maclay Murray & Spens LLP
1 George Square
Glasgow
G2 1AL



REGISTERED NUMBER: SC086301 (Scotland)



AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



BANKERS: Lloyds Bank plc
134 High Street
Stourbridge
West Midlands
DY8 1DS

PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 5 - 1,987,144
Debtors 6 1,491,918 1,113,211
Cash at bank and in hand - 331,729
1,491,918 3,432,084
CREDITORS
Amounts falling due within one year 7 - 1,796,425
NET CURRENT ASSETS 1,491,918 1,635,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,491,918

1,635,659

CREDITORS
Amounts falling due after more than one year 8 - 143,772
NET ASSETS 1,491,918 1,491,887

CAPITAL AND RESERVES
Called up share capital 18,000 18,000
Share premium 12 833,000 833,000
Retained earnings 12 640,918 640,887
SHAREHOLDERS' FUNDS 1,491,918 1,491,887

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 14 May 2024 and were signed on its behalf by:





Mr C.G. Mossey - Director


PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

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


1. STATUTORY INFORMATION

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

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.

On 1 January 2023, the activities of the company were taken over by the parent company. Assets of the company have been transferred to or settled by the parent company.

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 value added tax and other sales related taxes. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when:
- the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods;
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts being 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.

Financial instruments that are payable or receivable within one year, typically trade payables or receivables, are initially measured at the transaction price expected to be paid or received and are not discounted. Financial instruments that are payable or receivable after more than one year and do not carry a right to interest are recognised at the net present value of future cash flows discounted using a notional interest rate approximating to the company's cost of capital. The notional interest element is charged or credited to the Income Statement.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment and any impairment loss is recognised in the Income Statement.

PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

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


2. ACCOUNTING POLICIES - continued

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.

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.

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.

Compliance with accounting standards
The financial statements are prepared in accordance with applicable accounting standards.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 47 ).

PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 50,000
Disposals (50,000 )
At 31 December 2023 -
AMORTISATION
At 1 January 2023 50,000
Eliminated on disposal (50,000 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. STOCKS
2023 2022
£    £   
Raw materials - 704,543
Finished goods - 1,282,601
- 1,987,144

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 1,029,100
Amounts owed by group undertakings 1,491,887 40,267
Other debtors 31 43,844
1,491,918 1,113,211

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) - 397,311
Trade creditors - 158,089
Amounts owed to group undertakings - 937,837
Taxation and social security - 201,296
Other creditors - 101,892
- 1,796,425

PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

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


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings - 143,772

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 397,311

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 90,714
Between one and five years - 123,492
- 214,206

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 397,311

Bank borrowing is secured by fixed and floating charges over the undertaking and all property and assets present and future.

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 640,887 833,000 1,473,887
Profit for the year 31 31
At 31 December 2023 640,918 833,000 1,473,918

PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301)

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


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

The Report of the Auditors was unqualified.

Nigel Meredith FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

14. CONTINGENT LIABILITIES

The company is party to a guarantee in respect of the bank borrowing of Hoo and How Limited, a company incorporated in England and Wales, which is wholly owned by Dr C. Maisch, a director of the company. At the statement of financial position date, the balance on this borrowing was £1,213,615 (2022 - £1,299,255).

15. 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.

16. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Protektorwerk GmbH, a company registered in Germany.

The ultimate controlling party is Dr. C. Maisch.