Company registration number 00592183 (England and Wales)
SCHUCO INTERNATIONAL (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
SCHUCO INTERNATIONAL (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SCHUCO INTERNATIONAL (LONDON) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
15,983
29,682
Tangible assets
4
71,873
65,102
87,856
94,784
Current assets
Stocks
5
568,272
461,693
Debtors
6
719,272
884,852
Cash at bank and in hand
324,955
189,342
1,612,499
1,535,887
Creditors: amounts falling due within one year
7
(1,170,325)
(1,088,452)
Net current assets
442,174
447,435
Total assets less current liabilities
530,030
542,219
Creditors: amounts falling due after more than one year
8
(21,667)
(41,667)
Provisions for liabilities
(17,968)
(16,276)
Net assets
490,395
484,276
Capital and reserves
Called up share capital
1,525
1,525
Profit and loss reserves
488,870
482,751
Total equity
490,395
484,276
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SCHUCO INTERNATIONAL (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
Mr P A Huttrer
Director
Company registration number 00592183 (England and Wales)
SCHUCO INTERNATIONAL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Schuco International (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Warner Bros Studios, Building 6, Leavesden Park, Hercules Way, Watford, Hertfordshire, United Kingdom, WD25 7GS.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of scientific and medical devices in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business 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
Over 29 months
1.4
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:
Leasehold land and buildings
Over the lease period
Fixtures and fittings
20% straight line method
Office equipment
0 - 20% straight line method
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.
SCHUCO INTERNATIONAL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.6
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
Basic financial instruments
The company only enters into transactions that result in basic financial assets and basic financial liabilities.
Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price less 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.
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.
Basic 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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SCHUCO INTERNATIONAL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
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.
SCHUCO INTERNATIONAL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
22
3
Intangible fixed assets
Software
£
Cost
At 1 May 2023 and 30 April 2024
33,107
Amortisation and impairment
At 1 May 2023
3,425
Amortisation charged for the year
13,699
At 30 April 2024
17,124
Carrying amount
At 30 April 2024
15,983
At 30 April 2023
29,682
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 May 2023
133,225
6,866
169,211
309,302
Additions
3,545
27,044
30,589
Disposals
(80,983)
(80,983)
At 30 April 2024
52,242
10,411
196,255
258,908
Depreciation and impairment
At 1 May 2023
112,886
6,467
124,847
244,200
Depreciation charged in the year
6,843
576
16,399
23,818
Eliminated in respect of disposals
(80,983)
(80,983)
At 30 April 2024
38,746
7,043
141,246
187,035
Carrying amount
At 30 April 2024
13,496
3,368
55,009
71,873
At 30 April 2023
20,339
399
44,364
65,102
SCHUCO INTERNATIONAL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Stocks
2024
2023
£
£
Stocks
568,272
461,693
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
524,684
715,154
Other debtors
35,603
34,154
Prepayments and accrued income
158,985
135,544
719,272
884,852
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,000
20,000
Trade creditors
695,663
499,674
Amounts owed to group undertakings
49,608
121,219
Taxation and social security
301,625
271,737
Other creditors
103,429
175,822
1,170,325
1,088,452
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21,667
41,667
9
Operating lease commitments
Lessee
The company has entered into non-cancellable operating leases for office space and equipment. The total future minimum lease payments under these leases are as follows:
2024
2023
£
£
479,205
66,844
SCHUCO INTERNATIONAL (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Operating lease commitments
(Continued)
- 8 -
The lease agreements do not include any significant terms of renewal, purchase options, or restrictions imposed by the lease arrangements.
10
Capital commitments
At the reporting date, the company had the following capital commitments:
Contracted but not provided for: £ 49,930 (previous year: £ Nil)
This represents the amounts that the company is contractually obligated to pay for capital expenditure that has not yet been accounted for in these financial statements.
11
Related party transactions
The company has taken advantage of the exemption contained in FRS102 Section 1A C35 from disclosing transactions and balances with other wholly owned group entities.