Company registration number 11520845 (England and Wales)
AESKU.UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AESKU.UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
AESKU.UK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
274,760
230,586
Current assets
Stocks
449,178
535,685
Debtors
5
230,547
282,543
Cash at bank and in hand
88,358
198,432
768,083
1,016,660
Creditors: amounts falling due within one year
6
(1,500,192)
(1,552,155)
Net current liabilities
(732,109)
(535,495)
Total assets less current liabilities
(457,349)
(304,909)
Creditors: amounts falling due after more than one year
7
(554,808)
(554,808)
Provisions for liabilities
8
-
0
(43,811)
Net liabilities
(1,012,157)
(903,528)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,012,257)
(903,628)
Total equity
(1,012,157)
(903,528)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
Dr T  Matthias
Director
Company Registration No. 11520845
AESKU.UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

AESKU.UK LTD is a private company limited by shares incorporated in England and Wales. The registered office is 483 Green Lanes, London, UK, N13 4BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.


The financial statements present information about the company as a single entity.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors of the parent company Aesku.Group GmbH confirmed that financial support will continued to be offered to the company for a period of at least one year from the date of signing the financial statements. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other operating income

Rental income is recognised on a straight-line basis over the term of the lease, even if the payments are made on a different basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases

Equipment
4 and 5 years straight line basis
Computers
3 years straight line basis
AESKU.UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost.

1.8
Taxation

The tax expense (credit) represents the sum of the tax currently payable (repayable) and the movement in the deferred tax provision (asset).

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AESKU.UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
6
6
AESKU.UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
264,816
Additions
109,740
At 31 December 2023
374,556
Depreciation
At 1 January 2023
34,230
Depreciation charged in the year
65,566
At 31 December 2023
99,796
Carrying amount
At 31 December 2023
274,760
At 31 December 2022
230,586
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
161,389
229,441
Other debtors
3,501
8,000
Prepayments and accrued income
65,657
45,102
230,547
282,543
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,219
17,881
Amounts owed to group undertakings
1,274,709
1,294,950
Taxation and social security
38,819
61,617
Accruals and deferred income
175,445
177,707
1,500,192
1,552,155
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
554,808
554,808
AESKU.UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

The amounts due to group undertakings consist of a loan advanced by the parent company amounting to £554,808, which is unsecured and not due for repayment before 31 December 2025. Interest on the loan is payable at 5% per annum.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
-
43,811
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Witold Sawin
Statutory Auditor:
Sawin & Edwards LLP Statutory Auditors
10
Financial commitments, guarantees and contingent liabilities

The company had an existing contract in connection with stock management and storage which was cancelled during the year. The total amount payable (fixed element) under the contract as at 31 December 2023 amounted to Nil (PY £3,000).

 

The company has an existing contract in connection with HR and Health & Safety support. The total amount payable (fixed element) under the contract as at 31 December 2023 amounted to £4,690 (PY £8,470).

11
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
41,061
58,449
Between two and five years
14,168
54,516
55,229
112,965
AESKU.UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
12
Related party transactions

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 the parent company.

13
Parent company

The company is a wholly owned subsidiary of

 

Aesku.Group GmbH

Mikroforum Ring 2

55234 Wendelsheim

Germany

The Company’s financial statements are not consolidated into any group financial statements.

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