Company registration number SC169985 (Scotland)
WEBER MARKING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WEBER MARKING LIMITED
COMPANY INFORMATION
Directors
Mr D A Weber
Mr J B Weber
Mrs J Quint
Secretary
Vistra Company Secretaries Limited
Company number
SC169985
Registered office
Macmerry Industrial Estate
Tranent
East Lothian
EH33 1HD
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Royal Bank of Scotland - Tranent
36 High Street
Tranent
EH33 1HQ
WEBER MARKING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of profit and loss
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 35
WEBER MARKING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

Despite the difficult economic situation in the UK, Weber Packaging Solutions continues its path of success, following on from previous year on year increases in turnover. Our success has been mainly attributed to the Food and Logistics sector which increased due to the Pandemic and continued growth within other industries. Our growth strategy has continued for the eleventh year running. The long term relationships and strategic partnerships with both valued added resellers and direct Weber customers has maintained a strong secure and loyal customer base.

 

The strategy for 2024 is primarily to continue the steady and rapid growth of the company through existing and new customers. The UK & Ireland Group has been awarded high volume contracts in 2023 which will result in further expansion for 2024 and 2025 in both plant and equipment. It is envisaged that these contracts will extend our reach into the Ecommerce and E-Logistics sector for future years.

Principal risks and uncertainties

Our company has further increased the range of labelling equipment in 2023 to meet the changing needs of our wide ranging customer base. Our product releases for 2024 and 2025 have consisted primarily of All Electric Labelling Systems to meet the demands of our customer’s requirements for low cost low footprint automated labelling systems. We have increased our engineering capabilities to ensure that we can meet the needs of our customers not just in terms of our own product supply but in terms of non-weber products through our affiliations with our partner companies.

Development and performances

The board of management are confident that the 2024 Business Plan is in line with the strategic objectives of the business which include the sales targets for 5 Years, Profitability, and the company’s objectives in relation to market share combined with the main objective to be the market leader for Labelling Systems and Solutions in the UK.

 

Key performance indicators

 

2023

2022

2021

 

 

 

£000

£000

£000

 

 

Gross Profit

2,405

2,597

2,420

 

 

Profit before Tax

956

1,194

820

 

 

On behalf of the board

Mr J B Weber
Director
19 June 2024
WEBER MARKING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group is the manufacture, design and printing of labels and the design, manufacture and support of labelling and coding systems.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D A Weber
Mr J B Weber
Mrs J Quint
Auditor

The auditor, Thomson Cooper, is deemed to be reappointed under section 487(2) 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

WEBER MARKING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr J B Weber
Director
19 June 2024
WEBER MARKING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WEBER MARKING LIMITED
- 4 -
Opinion

We have audited the financial statements of Weber Marking Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group changes in equity, the company changes in equity, the group statement of cash flows, the company 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 FRS 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:

Basis for opinion

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 group and parent 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 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 group's and parent 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.

Other information

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:

WEBER MARKING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEBER MARKING LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Group’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of commercial revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the group.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

WEBER MARKING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WEBER MARKING LIMITED
- 6 -

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 auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.    

 

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.

Use of our report

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.

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper
Dunfermline
20 June 2024
WEBER MARKING LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
16,689,978
18,189,412
Cost of sales
(14,284,713)
(15,592,412)
Gross profit
2,405,265
2,597,000
Distribution costs
(141,430)
(118,082)
Administrative expenses
(1,324,061)
(1,274,310)
Other operating income
5,974
19,770
Operating profit
4
945,748
1,224,378
Interest payable and similar expenses
6
9,827
(30,396)
Profit before taxation
955,575
1,193,982
Tax on profit
7
(199,634)
(229,719)
Profit for the financial year
23
755,941
964,263
Other comprehensive income
Revaluation of tangible fixed assets
1,078,539
-
0
Actuarial loss on defined benefit pension schemes
(60,000)
(14,000)
Total comprehensive income for the year
1,774,480
950,263
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WEBER MARKING LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
8
308
1,697
Tangible assets
9
3,480,453
2,476,666
3,480,761
2,478,363
Current assets
Stocks
13
2,415,090
2,818,231
Debtors
14
4,402,642
3,574,517
Cash at bank and in hand
3,066,357
4,022,958
9,884,089
10,415,706
Creditors: amounts falling due within one year
15
(3,882,620)
(4,894,600)
Net current assets
6,001,469
5,521,106
Total assets less current liabilities
9,482,230
7,999,469
Creditors: amounts falling due after more than one year
16
(675,190)
(966,909)
Provisions for liabilities
19
(83,492)
(83,492)
Net assets
8,723,548
6,949,068
Capital and reserves
Called up share capital
22
50
50
Revaluation reserve
23
1,414,736
829,768
Capital redemption reserve
23
9,950
9,950
Other reserves
23
12,930
12,930
Profit and loss reserves
23
7,285,882
6,096,370
Total equity
8,723,548
6,949,068
The financial statements were approved by the board of directors and authorised for issue on 19 June 2024 and are signed on its behalf by:
19 June 2024
Mr J B Weber
Director
WEBER MARKING LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
2,109,445
2,109,445
Current assets
Cash at bank and in hand
375
375
Creditors: amounts falling due within one year
15
(1,562,441)
(1,392,845)
Net current liabilities
(1,562,066)
(1,392,470)
Total assets less current liabilities
547,379
716,975
Capital and reserves
Called up share capital
22
50
50
Profit and loss reserves
23
547,329
716,925
Total equity
547,379
716,975

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £169,596 (2022 - £183,758 loss).

The financial statements were approved by the board of directors and authorised for issue on 19 June 2024 and are signed on its behalf by:
19 June 2024
Mr J B Weber
Director
Company Registration No. SC169985
WEBER MARKING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
50
839,312
9,950
12,930
5,136,563
5,998,805
Year ended 31 December 2022:
Profit for the year
-
-
-
-
964,263
964,263
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
(14,000)
(14,000)
Total comprehensive income for the year
-
-
-
-
950,263
950,263
Transfers
-
(9,544)
-
-
9,544
-
Balance at 31 December 2022
50
829,768
9,950
12,930
6,096,370
6,949,068
Year ended 31 December 2023:
Profit for the year
-
-
-
-
755,941
755,941
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,078,539
-
-
-
1,078,539
Actuarial gains on defined benefit plans
-
-
-
-
(60,000)
(60,000)
Total comprehensive income for the year
-
1,078,539
-
-
695,941
1,774,480
Transfers
-
(493,571)
-
-
493,571
-
Balance at 31 December 2023
50
1,414,736
9,950
12,930
7,285,882
8,723,548
WEBER MARKING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
50
900,683
900,733
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(183,758)
(183,758)
Balance at 31 December 2022
50
716,925
716,975
Year ended 31 December 2023:
Profit and total comprehensive income
-
(169,596)
(169,596)
Balance at 31 December 2023
50
547,329
547,379
WEBER MARKING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(193,145)
1,970,487
Interest paid
(50,173)
(44,396)
Income taxes paid
(254,103)
(192,579)
Net cash (outflow)/inflow from operating activities
(497,421)
1,733,512
Investing activities
Purchase of tangible fixed assets
(165,740)
(78,021)
Proceeds from disposal of tangible fixed assets
-
4,995
Net cash used in investing activities
(165,740)
(73,026)
Financing activities
Repayment of bank loans
(100,000)
(100,000)
Payment of finance leases obligations
(193,440)
(170,916)
Net cash used in financing activities
(293,440)
(270,916)
Net (decrease)/increase in cash and cash equivalents
(956,601)
1,389,570
Cash and cash equivalents at beginning of year
4,022,958
2,633,388
Cash and cash equivalents at end of year
3,066,357
4,022,958
WEBER MARKING LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
237,429
187,018
Interest paid
-
0
(2,244)
Income taxes paid
(237,429)
(184,774)
Net cash outflow from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
375
375
Cash and cash equivalents at end of year
375
375
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Weber Marking Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Macmerry Industrial Estate, Tranent, East Lothian, EH33 1HD.

 

The group consists of Weber Marking Limited and all of its subsidiaries.

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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Weber Marking Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors consider that the group has adequate resources to continue in operational existence for a period of not less than twelve months. The directors have reviewed the cashflow requirements and are satisfied that the business has sufficient cash reserve and net income and consider that both short term liquidity and longer term financial viability is appropriate and as such continue to adopt the going concern basis of accounting in preparing the financial statements.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 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.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

1.5
Research and development expenditure

Expenditure on pure and applied research is written off in the year of the expenditure through the statement of comprehensive income. Development expenditure is written off in the year of expenditure to the statement of comprehensive income except where there is a clearly defined project and the related expenditure is separately identifiable and the outcome of the project has been assessed with reasonable certainty as to its technical feasibility and commercial viability to the point that future sales and revenues are expected to exceed the costs involved in development. Where these conditions are met the costs are capitalised in the statement of financial position as a fixed asset and amortised accordingly.

1.6
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

1.7
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.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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:

Heritable property
2% straight line
Plant and machinery
10% - 33% straight line
Fixtures and fittings
10% - 50% straight line
Motor vehicles
15% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

Raw materials are stated at the lower of cost including transportation cost and net realisable value. Bespoke labels are recorded at the lower of seventy five percent of sales value and net realisable value.

 

Finished goods are valued at the cost of direct material and labour plus a proportion of manufacturing overheads.

 

Work in progress is valued at direct material and labour cost plus a proportion of manufacturing overheads for the complete job. This is then adjusted accordingly to apportion the cost to the percentage of the production that has been completed.

 

Net realisable value is based on the normal estimated selling price less further cost expected to be incurred to complete the product.

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.

1.11
Cash at bank and in hand

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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

WEBER MARKING 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 group 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 group 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.

WEBER MARKING 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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
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 group’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 if, and only if, there is 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.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits

The group operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the group.

 

The group recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan.

 

Changes in the net defined benefit asset or liability arising from employee services are recognised in the statement of comprehensive income as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in the statement of comprehensive income in the period in which they occur.

 

Net interest is determind by multiplying the net definied benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a resuly of contribution and benefit payments. Net interest is recognised in the statement of comprehensive income.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
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.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.20
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
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
13,413,861
14,864,435
Rendering of services
3,116,754
3,113,769
Contracts
159,363
211,208
16,689,978
18,189,412
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
13,796,158
15,348,399
Overseas
2,893,820
2,841,013
16,689,978
18,189,412
2023
2022
£
£
Other revenue
Grants received
1,068
-
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit fee of the financial statements
23,521
21,664
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
47,841
(48,894)
Government grants
(1,068)
-
Depreciation of owned tangible fixed assets
240,491
200,140
Profit on disposal of tangible fixed assets
-
(4,995)
Amortisation of intangible assets
1,389
1,581
Cost of stocks recognised as an expense
12,402,899
13,690,858
Operating lease charges
25,512
23,516
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
37
49
-
-
Distribution
7
8
-
-
Management
10
12
-
-
Administrative
3
5
-
-
Directors
-
-
2
-
Total
57
74
2
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,119,670
2,232,572
-
0
-
0
Social security costs
170,939
192,380
-
-
Pension costs
42,211
40,530
-
0
-
0
2,332,820
2,465,482
-
0
-
0
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
6
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
23,402
17,844
Other interest on financial liabilities
3,895
-
27,297
17,844
Other finance costs:
Interest on finance leases and hire purchase contracts
22,876
24,308
Net interest on the net defined benefit liability
(60,000)
(14,000)
Other interest
-
2,244
Total finance costs
(9,827)
30,396
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
199,634
200,433
Adjustments in respect of prior periods
-
0
(6,181)
Total current tax
199,634
194,252
Deferred tax
Origination and reversal of timing differences
-
0
35,467
Total tax charge
199,634
229,719
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
955,575
1,193,982
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
238,894
226,857
Tax effect of expenses that are not deductible in determining taxable profit
(10,722)
(4,052)
Adjustments in respect of prior years
-
0
(6,181)
Permanent capital allowances in excess of depreciation
(28,001)
(5,541)
Effect of overseas tax rates
(23,972)
(16,831)
Tax at marginal rate
(10,305)
-
0
Tax on partnership profits
33,740
-
0
Deferred tax
-
0
35,467
Taxation charge
199,634
229,719
8
Intangible fixed assets
Group
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
75,858
Amortisation and impairment
At 1 January 2023
74,161
Amortisation charged for the year
1,389
At 31 December 2023
75,550
Carrying amount
At 31 December 2023
308
At 31 December 2022
1,697
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

Amortisation of development costs is included as an administration expense.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
9
Tangible fixed assets
Group
Heritable property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
1,232,470
3,219,145
700,040
22,012
5,173,667
Additions
-
0
108,745
56,995
-
0
165,740
Revaluation
937,530
-
0
-
0
-
0
937,530
At 31 December 2023
2,170,000
3,327,890
757,035
22,012
6,276,937
Depreciation and impairment
At 1 January 2023
141,008
1,887,025
665,233
3,735
2,697,001
Depreciation charged in the year
-
0
220,402
16,830
3,259
240,491
Revaluation
(141,008)
-
0
-
0
-
0
(141,008)
At 31 December 2023
-
0
2,107,427
682,063
6,994
2,796,484
Carrying amount
At 31 December 2023
2,170,000
1,220,463
74,972
15,018
3,480,453
At 31 December 2022
1,091,462
1,332,120
34,807
18,277
2,476,666
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
893,920
1,023,860
-
0
-
0

The heritable land and buildings is carried at valuation and depreciated in accordance with FRS 102. The property was re-valued to £2,170,000 on 23 June 2023 following a desktop market valuation performed by Colliers International Property Consultants Limited who are external to the partnership. No depreciation has been charged this year.

2023
2022
£
£
Group
Cost
747,050
747,050
Accumulated depreciation
-
(514,939)
Carrying value
747,050
232,111
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
2,109,445
2,109,445
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,109,445
Carrying amount
At 31 December 2023
2,109,445
At 31 December 2022
2,109,445
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Weber Labelling and Coding Limited
1
Ordinary
100.00
Weber Marking Systems Limited
2
Ordinary
100.00
Weber Packaging Solutions (Partnership)
3
N/A
99.50

Registered office addresses (all UK unless otherwise indicated):

1
Kilcannon Industrial Estate, Old Dublin Road, Enniscorthy, Co Wexford, Republic of Ireland
2
First Floor Templeback, 10 Temple Back, Bristol, BS1 6FL
3
Macmerry Industrial Estate, Tranent, East Lothain, EH33 1HD
12
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,366,531
3,541,241
-
-
Carrying amount of financial liabilities
Measured at amortised cost
4,036,767
5,214,404
1,485,261
1,247,832
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,823,381
2,273,404
-
-
Finished goods and goods for resale
591,709
544,827
-
0
-
0
2,415,090
2,818,231
-
-
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,650,791
3,533,144
-
0
-
0
Amounts owed by group undertakings
1,708,346
-
-
-
Other debtors
7,394
8,097
-
0
-
0
Prepayments and accrued income
36,111
33,276
-
0
-
0
4,402,642
3,574,517
-
-
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
17
100,000
100,000
-
0
-
0
Obligations under finance leases
18
193,286
195,007
-
0
-
0
Trade creditors
2,572,211
3,112,187
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,485,261
1,247,832
Corporation tax payable
94,260
148,730
77,180
145,013
Other taxation and social security
367,102
458,613
-
-
Deferred income
20
59,681
39,762
-
0
-
0
Other creditors
394,726
633,628
-
0
-
0
Accruals and deferred income
101,354
206,673
-
0
-
0
3,882,620
4,894,600
1,562,441
1,392,845

Hire purchase liabilities of £685,143 (£491,857 due after more than one year) are secured on the assets to which they relate.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
183,333
283,333
-
0
-
0
Obligations under finance leases
18
491,857
683,576
-
0
-
0
675,190
966,909
-
-
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
283,333
383,333
-
0
-
0
Payable within one year
100,000
100,000
-
0
-
0
Payable after one year
183,333
283,333
-
0
-
0
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
193,286
195,007
-
0
-
0
In two to five years
441,857
573,576
-
0
-
0
In over five years
50,000
110,000
-
0
-
0
685,143
878,583
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery.

19
Deferred taxation
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
83,492
83,492
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 29 -
20
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
59,681
39,762
-
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,211
40,530

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit schemes

The group operates a defined benefit scheme based on final pensionable pay for qualifying employees. Prior to 5 April 2003 the group provided benefits for the majority of employees through this funded scheme. Pension benefits for service after 5 April 2003 are provided through a defined contribution scheme.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 5 April 2019 by Broadstone Pension Consulting Limited, Fellow of the Institute of Actuaries. The result of the actuarial valuation as at 6 April 2019 showed a surplus of £965,000. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

2023
2022
Key assumptions
%
%
Discount rate
4.35
4.65
Expected rate of increase of pensions in payment
2.95
3.00
Expected rate of salary increases
2.95
3.10
RPI inflation
2.95
3.00
Rate of increase in deferred pension
1.75
2.05
Mortality assumptions

Post retirement mortality at 31 December 2023 was assumed to be at 110% of the S3PA and CMI_2022 projections with a long term rate improvement of future rates of 1%.

 

Post retirement mortality at 31 December 2022 was assumed to be at 110% of the S2PA and CMI_2021 projections with a long term rate improvement of future rates of 1%.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Retirement benefit schemes
(Continued)
- 30 -
2023
2022

Amounts recognised in the profit and loss account

£
£
Net interest on defined benefit liability/(asset)
(60,000)
(14,000)
2023
2022

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(487,000)
1,507,000
Less: calculated interest element
292,000
157,000
Return on scheme assets excluding interest income
(195,000)
1,664,000
Actuarial changes related to obligations
(26,000)
(2,194,000)

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2023
2022
Group
£
£
Present value of defined benefit obligations
5,053,000
5,137,000
Fair value of plan assets
(5,053,000)
(5,137,000)
Deficit in scheme
-
-
The group had no post employment benefits at 31 December 2023 or 1 January 2023.

At 31 December 2023 the scheme had a surplus of £1.57m (2022: £1.289m) which has not been recognised as an asset on the basis that it is a closed scheme and the business is unable to claim a refund from the scheme.

Group
2023

Movements in the present value of defined benefit obligations

£
Liabilities at 1 January 2023
5,137,000
Benefits paid
(290,000)
Actuarial gains and losses
(26,000)
Interest cost
232,000
At 31 December 2023
5,053,000
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Retirement benefit schemes
(Continued)
- 31 -
Group
2023

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
-
Wholly or partly funded obligations
-
5,053,000

The defined benefit obligations arise from plans which are wholly or partly funded.

Group
2023

Movements in the fair value of plan assets

£
Fair value of assets at 1 January 2023
5,137,000
Interest income
292,000
Return on plan assets (excluding amounts included in net interest)
195,000
Benefits paid
(290,000)
Other
(281,000)
At 31 December 2023
5,053,000

The actual return on plan assets was £714,000 (2022 - £382,000).

Fair value of plan assets at the reporting period end

Group
2023
2022
£
£
Equity instruments
3,963,000
3,862,000
Debt instruments
2,598,000
2,525,000
Cash
62,000
39,000
Surplus asset not recognised
(1,570,000)
(1,289,000)
5,053,000
5,137,000
22
Share capital
Group
Company
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
50
50
50
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
23
Reserves

Share capital account – This reserve represents the nominal value of shares that have been issued.

 

Revaluation reserve – This reserve records the value of assets revaluations and fair value movements on assets recognised in Other Comprehensive Income.

 

Capital redemption reserve – This reserve records the nominal value of shares repurchased by the company.

 

Pension reserve – This reserve records the cumulative net movements in the actuarial valuation of the defined benefit pension scheme made to the Statement of Comprehensive Income.

 

Foreign exchange translation reserve – This reserve represents the cumulative translation differences arising from the translation of financial statements of the group’s foreign subsidiaries into Sterling.

 

Profit and loss account – This reserve records the retained earnings and accumulated losses.

 

 

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
41,174
38,346
-
-
Between two and five years
37,410
17,006
-
-
78,584
55,352
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
88,028
101,355
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Related party transactions
(Continued)
- 33 -
Transactions with related parties

The group has taken advantage of the exemption conferred by Financial Reporting Standard 102 not to disclose intra-group transactions and balances with wholly owned related parties.

 

This exemption is not available to trading with the following entities:

 

Weber Marking Systems GmbH

During the year the group received goods and services from the fellow group entity, Weber Marking Systems GmbH, totalling £1,285,909 (2022: £1,418,161) and provided goods and services to Weber Marking Systems GmbH totalling £68,429 (2022: £4,143). At 31 December 2023 the net balance due to Weber Marking Systems GmbH was £331,726 (2022: £1,055,806).

 

Weber France S.A.

During the year the group provided goods and services to the fellow group entity, Weber France S.A., totalling £32,172 (2022: £22,852). At 31 December 2023 the balance due from Weber France S.A. was £Nil (2022: £Nil).

 

Sales and purchases between related parties are made at normal market prices. Outstanding balances are unsecured, interest free and cash settlement is expected within 30 days of invoice. No guarantees have been given or received.

 

 

26
Controlling party

The group was controlled by Weber Marking Systems Inc. throughout the current and previous year. The directors consider J A Weber as the ultimate controlling party by virtue of his shareholding in Weber Marking Systems Inc.

 

Weber Marking Systems Inc, which is incorporated in the state of Illinois, USA. The accounts for that company are not available to the public. The head quarters of Weber Marking Systems Inc are at 711 West Algonquin Road, Arlington Height, Illinois, 60005, United States of America.

 

The smallest and largest group in which the results of Weber Marking Limited are consolidated is that headed by Weber Marking Systems Inc.

WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
27
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
755,941
964,263
Adjustments for:
Taxation charged
199,634
229,719
Finance costs
(9,827)
30,396
Gain on disposal of tangible fixed assets
-
(4,995)
Amortisation and impairment of intangible assets
1,389
1,581
Depreciation and impairment of tangible fixed assets
240,491
200,140
Pension scheme non-cash movement
-
(6,281)
Movements in working capital:
Decrease in stocks
403,141
121,269
Increase in debtors
(828,125)
(555,206)
(Decrease)/increase in creditors
(975,708)
974,438
Increase in deferred income
19,919
15,163
Cash (absorbed by)/generated from operations
(193,145)
1,970,487
28
Cash generated from operations - company
2023
2022
£
£
Loss for the year after tax
(169,596)
(183,758)
Adjustments for:
Taxation charged
169,596
181,514
Finance costs
-
0
2,244
Movements in working capital:
Increase in creditors
237,429
187,018
Cash generated from operations
237,429
187,018
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,022,958
(956,601)
3,066,357
Borrowings excluding overdrafts
(383,333)
100,000
(283,333)
Obligations under finance leases
(878,583)
193,440
(685,143)
2,761,042
(663,161)
2,097,881
WEBER MARKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
30
Analysis of changes in net funds - company
1 January 2023
31 December 2023
£
£
Cash at bank and in hand
375
375
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