REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Leitz Tooling UK Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | 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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Raw materials |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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) |
7% cumulative preference share | 910,000 | 910,000 |
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 |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 251,078 | 248,358 |
Pension scheme liability | (24,000 | ) | 48,000 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Capital allowances timing diff | (70,064 | ) |
Other timing differences | 72,784 |
Balance at 31 December 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
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 | 1,799,337 |
Deficit for the year | ( |
) | ( |
) |
Other recognised gains & losse s relating to the year |
73,000 |
- |
73,000 |
At 31 December 2023 | 1,682,065 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
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 |