REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
STOBA PRAZISIONSTECHNIK UK LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
STOBA PRAZISIONSTECHNIK UK LIMITED |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Notes to the Financial Statements | 10 |
STOBA PRAZISIONSTECHNIK UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
24 Wellington Business Park |
Dukes Ride |
Crowthorne |
Berkshire |
RG45 6LS |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
STRATEGIC REPORT |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
BUSINESS ENVIRONMENT |
Compared to the financial year 2022, the company experienced only a marginal drop of 4% in overall product demand. The fall in demand was compensated through better pricing as the company responded to rising input costs and weaker product forecasts by our customers, which materialized in the second half of the year. |
STRATEGY |
In the previous year, the company set out new strategic goals. Greater focus is placed on sustaining our gross margins and above industry return on capital employed ratios. Product pricing has moved to the forefront of our ambitions to achieve our goals in the future. In addition, we want to automate our production process further where feasible and place greater emphasis on managing fixed manufacturing costs. |
OVERALL BUSINESS PERFORMANCE AND KEY PERFORMANCE INDICATORS |
The year 2023 was very satisfactory from a revenue perspective, as we recorded our highest yearly revenue since inception. |
Although overall unit sales declined by 4% compared to last year, the company managed to increase total revenue figures through better product prices. This also positively affected the gross margin as the company achieved gross margin growth of 2.3% for the first time in the last ten years, albeit from the lowest level of the previous ten years. , we incurred a significant drop in gross margin. Historically, the gross margin decline stemmed from increasing tooling prices and price step-downs agreed upon with our customer. Going forward, the company will concentrate on two areas: keeping its gross profit margin stable and attempting to reduce its manufacturing overhead. This could be achieved by looking at ways to use fewer production inputs, such as further automating production processes, working with suppliers to achieve tooling savings, or increasing tooling cycle times. |
The company was satisfied that it could maintain double-digit EBITDA margins and deliver an increase in its return on capital employed by 4% compared to last year. |
In summary, the company improved in almost all financial areas compared to last year and kept deleveraging its balance sheet. |
In the first half of 2024, we expect current operating conditions to become more challenging as we face continued pressure to lower our prices. In addition, we could see overall product demand contract slightly. We think that 2024 could prove more challenging than 2023 from the current perspective. |
OVERALL BUSINESS RISK |
The company has not changed its views from last year on the two significant risks the company faces resulting from internal and external sources: |
We still believe that competition within the existing supply base will remain challenging as market incumbents try to fill their capacity in a market environment of shrinking demand. In addition, we witness aggressive pricing strategies from our competitors to gain market share. However, we consider it very unlikely that new players will enter the market now, and the move towards electrification of the power train will impact passenger cars long before CV. |
Internally, the continued drop in gross margin over the past few years was identified as a significant risk. Measures were undertaken to increase production efficiency and engage with suppliers to manage input prices. We also strive to fill our capacity to utilize our manufacturing overhead costs to the best of our abilities. However, more efforts must be made to become a leaner manufacturing concern. |
FINANCIAL RISK AND CAPITAL MANAGEMENT |
The company's activities expose it to various financial risks: market risk (including currency risk, fair value interest rate risk, cash flow-, interest rate-, price-, credit-, and liquidity risk). The group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on each company's financial performance. |
Foreign exchange risk |
The company undertakes transactions denominated in foreign currencies and holds funds in Euros; consequently, exposures to exchange rate fluctuations arise. The company actively manages its foreign exchange exposure by hedging its FX exposure. This risk has significantly reduced as we achieved matching FX risk on the payables side with income in the same currency. |
Liquidity risk |
Short- and medium-term cash flow forecasting is performed regularly to ensure that sufficient cash is on hand to meet operational needs, such as forecasting regarding the asset, financing, and working capital requirements of the business. |
Capital management |
The company's capital structure consists of equity, comprising issued capital and retained earnings. The company's objectives are to manage its capital base and forecast regularly to anticipate any future significant variations in capital to safeguard its ability to continue as a going concern. |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
STRATEGIC REPORT |
for the Year Ended 31 December 2023 |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
The company makes estimates and assumptions concerning the future. By definition, the resulting accounting estimates will seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
ON BEHALF OF THE BOARD: |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
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 precision engineering. |
DIVIDENDS |
The directors recommend that no dividend be paid in 2023. |
The total distribution of dividends for the year ended 31 December 2022 was £1,383,990. |
DIRECTORS |
Other changes in directors holding office are as follows: |
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, Durrants, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOBA PRAZISIONSTECHNIK UK LIMITED |
Opinion |
We have audited the financial statements of Stoba Prazisionstechnik UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOBA PRAZISIONSTECHNIK UK LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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: |
- Monthly management accounts are reviewed and discussed in detail with the company |
- There is regular Group reporting and oversight |
- There are no significant laws and regulations applying to the company which in themselves could cause a material misstatement in the financial statements |
- Our assessment of the risk of fraud , including discussion of this with management , was that this was low and opportunities were minimal and the audit testing performed did not lead to any revision of this assessment. Large and unusual transactions were tested, including journals, and this did not indicate anything to the contrary. |
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. |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
24 Wellington Business Park |
Dukes Ride |
Crowthorne |
Berkshire |
RG45 6LS |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
7,966,418 | 8,114,503 |
1,329,845 | 861,197 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 9 |
CURRENT ASSETS |
Inventories | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Stoba Prazisionstechnik UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements , estimates and assumptions which affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The principal judgement affecting amounts recognised in the financial statement concerns tangible fixed assets, their useful lives and residual values which are assessed annually. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from the sale of goods is recognised when goods are shipped and accepted by the customer. |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | over the life of the lease |
Plant and machinery | Straight line over 10 years |
Fixtures and fittings | 33% on cost |
Tooling | Straight line over 14 months |
Computer equipment | 33% on cost |
Stocks |
Inventories are valued at the lower of cost and net realisable value. Cost represents the direct cost of production. Due allowance is made for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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. |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
31/12/23 | 31/12/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
Management and Finance | 5 | 5 |
Factory and Production | 105 | 110 |
31/12/23 | 31/12/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31/12/23 | 31/12/22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
£ | £ |
Bank loan and HP interest paid |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31/12/23 | 31/12/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes |
Depreciation in excess of capital allowances |
Tax on accelerated capital allowances | (137,193 | ) | 23,820 |
Other adjustments | (19,275 | ) | (6,611 | ) |
Total tax charge | 354,261 | 310,631 |
The rate of corporation tax has increased to 25% from 1st April 2023. |
8. | DIVIDENDS |
31/12/23 | 31/12/22 |
£ | £ |
A Ordinary shares of £1 each |
Interim |
9. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
9. | PROPERTY, PLANT AND EQUIPMENT - continued |
Computer |
Tooling | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in plant and machinery are fixed assets subject to hire purchase agreements with a net book value of £484,046 (2022: £656,030) and total annual depreciation charged on these assets was £115,521 (2022: £130,577). |
10. | INVENTORIES |
31/12/23 | 31/12/22 |
£ | £ |
Stocks |
Stock in transit | 100,152 | 115,071 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | - | 493,256 |
Other creditors |
Wages control | 3,980 | - |
Deferred income |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31/12/23 | 31/12/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase contracts fall due as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/23 | 31/12/22 |
£ | £ |
Hire purchase contracts | 144,458 | 367,919 |
The bank facility has a fixed and floating debenture charge over the company's assets. Plant and machinery items acquired under hire purchase agreements are secured on the assets concerned. |
STOBA PRAZISIONSTECHNIK UK LIMITED (REGISTERED NUMBER: 06953574) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
17. | FINANCIAL INSTRUMENTS |
The company has no financial assets or liabilities measured at fair value through profit or loss. |
Financial assets by category: |
Loans and receivables: |
31/12/2022 | 31/12/2021 |
£ | £ |
Trade and other receivables excluding prepayments | 4,217,499 | 4,129,043 |
Cash and cash equivalents | 126,852 | 1,713,336 |
-------------- | -------------- |
4,344,351 | 5,842,379 |
========= | ========= |
None of the above financial assets are impaired or past due and they are considered to be of good credit quality. The credit risk for cash and cash equivalents is considered negligible, since the main counterparty is a reputable bank with a high quality external credit rating. |
18. | PROVISIONS FOR LIABILITIES |
31/12/23 | 31/12/22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | (123,731 | ) |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
A Ordinary | £1 | 3,102,133 | 3,102,133 |
20. | RELATED PARTY DISCLOSURES |
Included in trade debtors is £85,907 (2022: £58,493) and included in trade creditors is £104,265 (2022: £114,729) relating to trading activity with fellow subsidiary undertakings undertaken on normal credit terms. |
Included in amounts owed from group undertakings is £nil (2022: owed to £795,487) owed from Stoba Holding GmbH & Co KG, being an unsecured line of credit facility, repayable on demand, and on which 2% interest per annum above the Bank of England rate is payable. |
The company has otherwise 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. |
21. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Stoba Holding GmbH & Co. KG, a company incorporated in Germany. |