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REGISTERED NUMBER: 00093766 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Leitz Tooling UK Limited

Leitz Tooling UK Limited (Registered number: 00093766)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Leitz Tooling UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: SR Liddell
J Koeppel





SECRETARY: SR Liddell





REGISTERED OFFICE: Flex Meadow
The Pinnacles
Harlow
Essex
CM19 5TN





REGISTERED NUMBER: 00093766 (England and Wales)





AUDITORS: Lawrence & Company
26 Bell Street
Sawbridgeworth
Hertfordshire
CM21 9AN

Leitz Tooling UK Limited (Registered number: 00093766)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,042,118 2,421,884

CURRENT ASSETS
Stocks 5 720,479 623,498
Debtors 6 1,132,881 1,341,493
Prepayments and accrued income 78,392 43,980
Cash at bank 314,684 384,324
2,246,436 2,393,295
CREDITORS
Amounts falling due within one year 7 778,497 973,945
NET CURRENT ASSETS 1,467,939 1,419,350
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,510,057

3,841,234

CREDITORS
Amounts falling due after more than one year 8 (1,210,914 ) (1,355,539 )

PROVISIONS FOR LIABILITIES 10 (227,078 ) (296,358 )
NET ASSETS 2,072,065 2,189,337

CAPITAL AND RESERVES
Called up share capital 11 390,000 390,000
Capital redemption reserve 12 15,025 15,025
Retained earnings 12 1,667,040 1,784,312
SHAREHOLDERS' FUNDS 2,072,065 2,189,337

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





SR Liddell - Director


Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2022 - 60 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 1,552,944 3,978,360 307,567 400,248 6,239,119
Additions - 10,890 - 63,160 74,050
Disposals - (5,800 ) - (70,723 ) (76,523 )
At 31 December 2023 1,552,944 3,983,450 307,567 392,685 6,236,646
DEPRECIATION
At 1 January 2023 946,644 2,457,544 213,914 199,133 3,817,235
Charge for year - 347,706 30,177 75,933 453,816
Eliminated on disposal - (5,800 ) - (70,723 ) (76,523 )
At 31 December 2023 946,644 2,799,450 244,091 204,343 4,194,528
NET BOOK VALUE
At 31 December 2023 606,300 1,184,000 63,476 188,342 2,042,118
At 31 December 2022 606,300 1,520,816 93,653 201,115 2,421,884

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 794,036 21,450 815,486
DEPRECIATION
At 1 January 2023 159,036 12,515 171,551
Charge for year 158,809 5,362 164,171
At 31 December 2023 317,845 17,877 335,722
NET BOOK VALUE
At 31 December 2023 476,191 3,573 479,764
At 31 December 2022 635,000 8,935 643,935

5. STOCKS
31.12.23 31.12.22
£    £   
Raw materials 48,795 33,259
Finished goods 671,684 590,239
720,479 623,498

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 859,843 948,762
Amounts owed by group undertakings 273,038 363,123
Other debtors - 1,287
Tax - 28,321
1,132,881 1,341,493

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 145,042 147,126
Trade creditors 94,044 108,090
Social security and other taxes 474,871 502,043
Other creditors - 19,854
Accruals and deferred income 64,540 196,832
778,497 973,945

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 300,914 445,539
7% cumulative preference share 910,000 910,000
1,210,914 1,355,539

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 145,042 147,126
Between one and five years 300,914 445,539
445,956 592,665

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 251,078 248,358
Pension scheme liability (24,000 ) 48,000
227,078 296,358

Deferred
tax
£   
Balance at 1 January 2023 248,358
Capital allowances timing diff (70,064 )
Other timing differences 72,784
Balance at 31 December 2023 251,078

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
390,000 Ordinary £1 390,000 390,000

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 1,784,312 15,025 1,799,337
Deficit for the year (190,272 ) (190,272 )
Other recognised gains & losse s
relating to the year

73,000

-

73,000

At 31 December 2023 1,667,040 15,025 1,682,065

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

The Report of the Auditors was unqualified.

Colin Peacock FCCA MAAT (Senior Statutory Auditor)
for and on behalf of Lawrence & Company

14. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements - -

15. RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken, other than with group undertakings that are required to be disclosed under Financial Reporting Standard 8.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Leitz Beteiligungs GMBH that holds 99.99% of issued share capital.

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. PENSION COMMITMENTS


(a) The Company operates a defined contribution pension scheme, the Leitz Tooling UK Limited Pension Scheme, for its employees. The assets of the scheme are held separately from those of the company in an individually administered fund. The charge to the Profit and Loss Account amounted to £114,168 (2022 £142,605). There are no unpaid contributions outstanding at the year end.

(b) The Company sponsors the Leitz Tooling UK Limited Pension Fund, a funded defined benefit pension scheme in the UK. The Fund is administered within a Trust, which is legally separate from the Company. Trustees are appointed by both the Company and the Fund's membership and act in the interest of the scheme and all relevant stakeholders, including the members and the Company. The Trustees are also responsible for the investment of the Fund's assets.The fund is a registered fund under UK legislation and is subject to the scheme funding requirements.

The scheme poses a number of risks to the Company, for example longevity risk, investment risk, interest rate risk and inflation risk. The Trustees are aware of these risks and use various techniques to control them. The fund does not expose the company to any unusual fund-specific or company-specific risks.

Contributions to the scheme for the year amounted to £135,000 (2021: £171,024). Further employer contributions of £14,271 per month are being made in January to March 2024 and continuing at £14,271 for April to December 2024. The contributions are in line with those stated in the Actuarial Valuation report as at 6 April 2018. There are no longer any active members of the Fund.

The liabilities at the report date have been calculated using the preliminary results of the formal actuarial valuation of the fund as at 5 April 2021 by a qualified independent actuary. Allowance has been made for expected mortality over the period, as well as the actual movement in financial conditions since the valuation date. Such an approach is normal for the purposes of accounting disclosures.



31.12.23 31.12.22 31.12.21
£ £ £
Present value of scheme liabilities 5,163,000 5,257,000 7,622,000
Fair value of scheme assets 5,192,000 5,198,000 7,647,000
Net deficit recognised at the year end 29,000 (59,000 ) 25,000
Deferred tax credit (5,000 ) 11,000 (5,0000 )
Amounts recognised in profit & loss 24,000 (48,000 ) (980,000 )

The current and past service costs, settlements and curtailments, together with the net interest expense for the year are included in the Profit & Loss Account.
31.12.23 31.12.22
£ £
Service cost:
Administration expenses 64,000 64,000
Net interest expense (2,000 ) (2,000 )
Charge recognised in Profit & Loss Account 62,000 62,000
Remeasurements of the net liability: 31.12.23 31.12.22
Return on scheme assets (excluding amount included in interest expense) 69,000 2,465,000
(Loss)/Gain arising from changes in financial assumptions 11,000 (2,506,000 )

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
(Loss)/Gain arising from changes in demographic assumptions (54,000 ) -
Experience Gain/(Loss) (44,000 ) 234,000
Charge/(credit) recognised in Profit & Loss Account (18,000 ) 193,000
Total defined benefit cost/(credit) 47,000 255,000
The principal actuarial assumptions used were: 31.12.23 31.12.22
Liability discount rate 4.58% 4.67%
Inflation assumption - RPI 3.10% 3.26%
Inflation assumption - CPI (Prior to 2030) 2.10% 2.26%
Inflation assumption - CPI (After 2030) 3.10% 2.26%
Increases for pensions in payment:
Limited Price Indexation (RPI, maximum 3%) 2.44% 2.55%
Limited Price Indexation (RPI, maximum 5%) 3.03% 3.18%
Changes in the present value of assets over the period: 31.12.23 31.12.22
£ £
Fair value of assets at start of period 5,198,000 7,647,000
Interest income 239,000 136,000
Return on assets (excluding amount included in net interest expense) (69,000 ) (2,465,000 )
Employer contributions 135,000 171,000
Administration expenses (247,000 ) (227,000 )
Benefits paid (64,000 ) (64,000 )
Fair value of assets at end of period 5,192,000 5,198,000
Changes in the present value of liabilities over the period: 31.12.23 31.12.22
£ £
Liabilities at start of period 5,257,,000 7,622,000
Interest expense 240,,000 134,000
Actuarial loss arising from changes in financial assumptions 11,000 (2,506,000 )
Actuarial loss/(gain) arising from changes in demographic assumptions (54,000 ) -
Other experience items (44,000 ) 234,000
)Benefits paid (247,000 ) (227,000 )
Liabilities at end of period 5,163,000 5,257,000
The split of scheme liabilities by category of membership: 31.12.23 31.12.22
£ £
Deferred pensioners 2,382,000 2,327,000
Pensions in payment 2,781,000 2,930,000
5,163,000 5,257,000
The number of scheme members by category of membership: 31.12.23 31.12.22
Deferred pensioners 26 28
Pensions in payment 40 39
Total members 66 67
The major categories of scheme assets at the year end were: 31.12.23 31.12.22
£ £
Corporate Bonds 427,000 473,000
Equities 2,745,000 1,477,000
Gilts & Index Linked Bonds 1,885,000 1,431,000

Leitz Tooling UK Limited (Registered number: 00093766)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
Cash 135,000 1,817,000
,5,192,000 5,198,000