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REGISTERED NUMBER: 02987168 (England and Wales)















SCHULKE & MAYR UK LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


SCHULKE & MAYR UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: H Nehlsen
R T Blackwood





REGISTERED OFFICE: Cygnet House
1 Jenkin Road
Meadowhall
Sheffield
South Yorkshire
S9 1AT





REGISTERED NUMBER: 02987168 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

The results for the year and financial position of the company are shown in the annexed financial statements
The company reported a pre-tax profit of £906,140.

PERFORMANCE SUMMARY
Schuelke UK continues to concentrate on it's focus markets for healthcare infection prevention and reduction products. Sales performance was consistent versus the previous year with the 2% drop in turnover versus prior year attributed to the exit of a non profitable product line. Hospital product sales grew by 3% and as the healthcare industry faces the challenge of returning to pre pandemic function with elective surgeries increasing to attempt to clear the reported 7 million waiting list we expect core business growth to continue in the 2024 financial year.

PRINCIPAL RISKS
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks affecting the company are considered to relate to competition, the effect of legislation, and other regulations, government policy and localised NHS procurement. The business seeks to mitigate exposure to all forms of risk where applicable. This is done by forming close relationships with customers, identifying their needs and providing cost effectiveness and high quality products.

FINANCIAL KEY PERFORMANCE INDICATORS
The management of the business monitors the activities and performance of the Company on a regular basis. Sales and key margins are monitored on an ongoing basis against budget and prior year. The management uses both financial and non-financial indicators to assess performance and the indicators below used to the year ending 31 December 2023 will continue to apply to the year ending 31 December 2024:

Key Area Activity KPI Indicator Comments
Sales Activity Monitoring sales against
budget and prior years by
customer and by product
Net sales turnover Turnover decreased by 2%
compared to 2022.
Gross Margin Analysis of Gross Profit
against budget and prior
years
Gross Profit as % of Net
Sales
Gross margin decreased to
28.3% from 29.9% in
2022.
Working Capital
Management
Collection of Debtors Debtor Days Closing 2023 debtor days
were 54 compared to 58 at
end of 2022. No doubtful
debts were provisioned
for.

ON BEHALF OF THE BOARD:





R T Blackwood - Director


19 September 2024

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a chemical and pharmaceutical company supplying services and products that help to protect people and materials against infections and contamination.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

H Nehlsen
R T Blackwood

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:




R T Blackwood - Director


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)


Opinion
We have audited the financial statements of Schulke & Mayr UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)


Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and
regulations related to building regulations and corporation tax legislation and we considered the extent to which
non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation on the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of
non-compliance with laws and regulations and fraud;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)


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 a Report of the Auditors 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.




Andrew Cribb BFP FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

23 September 2024

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 7,207,589 7,353,283

Cost of sales 5,214,645 5,155,918
GROSS PROFIT 1,992,944 2,197,365

Administrative expenses 1,657,754 1,557,808
335,190 639,557

Other operating income 21,176 42,471
OPERATING PROFIT 5 356,366 682,028

Cost of fundamental
reorganisation 6 - 329,613
356,366 352,415

Interest receivable and similar income 7 549,774 564,222
PROFIT BEFORE TAXATION 906,140 916,637

Tax on profit 8 213,241 152,330
PROFIT FOR THE FINANCIAL YEAR 692,899 764,307

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 692,899 764,307


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

692,899

764,307

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 7,910 4,253
7,910 4,253

CURRENT ASSETS
Stocks 12 1,203,679 766,607
Debtors 13 12,076,105 11,853,527
Cash at bank and in hand 455,576 563,857
13,735,360 13,183,991
CREDITORS
Amounts falling due within one year 14 1,153,882 1,291,755
NET CURRENT ASSETS 12,581,478 11,892,236
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,589,388

11,896,489

PROVISIONS FOR LIABILITIES 16 3,453 3,453
NET ASSETS 12,585,935 11,893,036

CAPITAL AND RESERVES
Called up share capital 17 100,000 100,000
Retained earnings 18 12,485,935 11,793,036
SHAREHOLDERS' FUNDS 12,585,935 11,893,036

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





R T Blackwood - Director


SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100,000 12,028,729 12,128,729

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 764,307 764,307
Balance at 31 December 2022 100,000 11,793,036 11,893,036

Changes in equity
Total comprehensive income - 692,899 692,899
Balance at 31 December 2023 100,000 12,485,935 12,585,935

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (475,103 ) 543,236
Tax paid (174,669 ) (996,754 )
Net cash from operating activities (649,772 ) (453,518 )

Cash flows from investing activities
Purchase of tangible fixed assets (8,283 ) -
Interest received 549,774 564,222
Net cash from investing activities 541,491 564,222

Cash flows from financing activities
Equity dividends paid - (1,000,000 )
Net cash from financing activities - (1,000,000 )

Decrease in cash and cash equivalents (108,281 ) (889,296 )
Cash and cash equivalents at beginning of
year

2

563,857

1,453,153

Cash and cash equivalents at end of year 2 455,576 563,857

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 906,140 916,637
Depreciation charges 4,626 3,781
Finance income (549,774 ) (564,222 )
360,992 356,196
(Increase)/decrease in stocks (437,072 ) 331,365
Increase in trade and other debtors (222,578 ) (513,866 )
(Decrease)/increase in trade and other creditors (176,445 ) 369,541
Cash generated from operations (475,103 ) 543,236

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 455,576 563,857
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 563,857 1,453,153


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 563,857 (108,281 ) 455,576
563,857 (108,281 ) 455,576
Total 563,857 (108,281 ) 455,576

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


1. STATUTORY INFORMATION

Schulke & Mayr UK Limited is a limited liability company incorporated in England and Wales. The Registered Office is Cygnet House, 1 Jenkin Road, Meadowhall, Sheffield, South Yorkshire, S9 1AT. The company is limited by shares.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised having exceeded its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to short leasehold property - 25% on cost
IT and Fixings - 25% on cost and Straight line over 3 years

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


2. ACCOUNTING POLICIES - continued

Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and law enacted or substantively enacted at the balance sheet date.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 6,990,136 7,079,090
Europe 214,019 150,518
Asia 3,434 115,095
Africa - 8,580
7,207,589 7,353,283

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 796,495 763,252
Social security costs 101,789 96,019
Other pension costs 82,512 93,561
980,796 952,832

The average number of employees during the year was as follows:
2023 2022

Selling and administration 15 16

2023 2022
£    £   
Directors' remuneration 183,159 156,162
Directors' pension contributions to money purchase schemes 14,352 8,558

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 84,371 47,131
Depreciation - owned assets 4,626 3,781
Auditors' remuneration 10,000 10,962
Auditors' remuneration for non audit work 4,205 2,375
Foreign exchange differences 2,650 -

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Cost of fundamental
reorganisation - (329,613 )

The exceptional items in 2022 relates to fundamental reorganisation including £167,961 settlement costs paid to the Director and £161,652 stock write off relating to surplus stock purchased in response to the Covid-19 Global Pandemic.

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Group undertakings loan
interest 549,774 564,222

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 213,241 152,330
Tax on profit 213,241 152,330

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 906,140 916,637
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

213,124

174,161

Effects of:
Expenses not deductible for tax purposes 971 1,498
Adjustments to tax charge in respect of previous periods - (23,783 )
Timing differences arising from tax rate changes (854 ) -
Over(under) provision - 454
Total tax charge 213,241 152,330

9. DIVIDENDS
2023 2022
£    £   
Interim - 1,000,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 278,169
AMORTISATION
At 1 January 2023
and 31 December 2023 278,169
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


11. TANGIBLE FIXED ASSETS
Improvements
to short
leasehold IT and
property Fixings Totals
£    £    £   
COST
At 1 January 2023 163,715 121,148 284,863
Additions - 8,283 8,283
Disposals (5,513 ) (75,216 ) (80,729 )
At 31 December 2023 158,202 54,215 212,417
DEPRECIATION
At 1 January 2023 163,715 116,895 280,610
Charge for year - 4,626 4,626
Eliminated on disposal (5,513 ) (75,216 ) (80,729 )
At 31 December 2023 158,202 46,305 204,507
NET BOOK VALUE
At 31 December 2023 - 7,910 7,910
At 31 December 2022 - 4,253 4,253

12. STOCKS
2023 2022
£    £   
Goods in transit 73,909 124,141
Finished goods 1,129,770 642,466
1,203,679 766,607

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,066,291 1,172,316
Other debtors 2,400 1,056
Prepayments 137,589 340,829
1,206,280 1,514,201

Amounts falling due after more than one year:
Due from group undertakings 10,869,825 10,339,326

Aggregate amounts 12,076,105 11,853,527

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 99,994 89,441
Tax 210,299 171,727
Social security and other taxes 24,110 -
VAT 339,349 375,003
Other creditors 7,643 7,037
Due to group undertakings 357,127 438,336
Accrued expenses 115,360 210,211
1,153,882 1,291,755

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 177,536 106,147
Between one and five years 522,156 345,165
In more than five years 21,093 105,463
720,785 556,775

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 3,453 3,453

Deferred
tax
£   
Balance at 1 January 2023 3,453
Balance at 31 December 2023 3,453

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

SCHULKE & MAYR UK LIMITED (REGISTERED NUMBER: 02987168)

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


18. RESERVES
Retained
earnings
£   

At 1 January 2023 11,793,036
Profit for the year 692,899
At 31 December 2023 12,485,935

19. 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.

Its immediate parent company is Schulke & Mayr GmbH, a company registered in Germany, which itself is owned by Schulke Topco GmbH.

The consolidated accounts of Schulke Topco GmbH, which includes the results of the company, can be obtained from Robert-Koch-Straße 2, 22851 Norderstedt, Germany.

20. ULTIMATE CONTROLLING PARTY

The directors consider that the ultimate controlling party of this company is AT Limpio Invest GmbH & co KG, registered in Germany