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Registrar

Registration number: 04216079

Trials Equipment (UK) Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Trials Equipment (UK) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Trials Equipment (UK) Ltd

Company Information

Directors

C Mauhart

G Rowe

C Schiehauer

Registered office

Hudson's Hill Hedingham Road
Wethersfield
Braintree
Essex
CM7 4EH

Bankers

NatWest
Bishops Stortford
7 North Street
Bishops Stortford
Hertfordshire
CM23 2TJ

Auditors

Lambert Chapman LLP
Chartered Accountants and Registered Statutory Auditors
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Trials Equipment (UK) Ltd

(Registration number: 04216079)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

494,721

503,545

Other financial assets

5

82,745

124,179

 

577,466

627,724

Current assets

 

Stocks

6

862,333

705,062

Debtors

7

1,189,299

846,636

Cash at bank and in hand

 

28,773

85,789

 

2,080,405

1,637,487

Creditors: Amounts falling due within one year

8

(1,005,346)

(770,130)

Net current assets

 

1,075,059

867,357

Total assets less current liabilities

 

1,652,525

1,495,081

Provisions for liabilities

(25,998)

(25,376)

Net assets

 

1,626,527

1,469,705

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,626,427

1,469,605

Shareholders' funds

 

1,626,527

1,469,705

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 February 2024 and signed on its behalf by:
 


 

C Mauhart
Director


 

G Rowe
Director

 

Trials Equipment (UK) Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principal place of business is: Hudson's Hill Hedingham Road, Wethersfield, Braintree, Essex, CM7 4EH, United Kingdom.

These financial statements were authorised for issue by the Board on 26 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Summary of disclosure exemptions

The company has taken the following disclosure exemptions in these financial statements:

- Related party transaction disclosures in accordance with Section 33.1A of FRS 102.

Audit report

The Independent Auditor's Report was unqualified.

.

The name of the Senior Statutory Auditor who signed the audit report on 27 February 2024 was Nicholas Forsyth FCA, who signed for and on behalf of Lambert Chapman LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of Agricultural Equipment in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

Trials Equipment (UK) Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

3% Straight line

Plant and machinery

20% Straight line

Motor vehicles

25% Straight line

Office equipment

10%, 20% & 33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Trials Equipment (UK) Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Contractual holiday pay that has been accrued but not used by employees is recognised as an accrual at the balance sheet date calculated using employee salaries and unused holiday days including estimates of other employer costs such as National Insurance and pension contributions.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases in which substantially all the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Finance leases are separated into asset and financing components and treated separately in the financial statements.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Holiday pay accrual

The holiday year for the company ends on 31 December.

Any unused holiday can only be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Trials Equipment (UK) Ltd

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

4

Tangible assets

Improvements to property
£

Office equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2023

407,578

28,427

242,352

102,318

780,675

Additions

-

4,551

43,409

15,709

63,669

Disposals

-

(2,266)

(21,799)

-

(24,065)

At 31 December 2023

407,578

30,712

263,962

118,027

820,279

Depreciation

At 1 January 2023

57,555

20,506

114,410

84,659

277,130

Charge for the year

12,351

4,036

49,989

6,118

72,494

Eliminated on disposal

-

(2,266)

(21,800)

-

(24,066)

At 31 December 2023

69,906

22,276

142,599

90,777

325,558

Carrying amount

At 31 December 2023

337,672

8,436

121,363

27,250

494,721

At 31 December 2022

350,023

7,921

127,942

17,659

503,545

 

Trials Equipment (UK) Ltd

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

5

Other financial assets (current and non-current)

Finance lease assets
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

124,179

124,179

Additions

954

954

Released

(42,388)

(42,388)

At 31 December 2023

82,745

82,745

Carrying amount

At 31 December 2023

82,745

82,745

6

Stocks

2023
£

2022
£

Work in progress

118,857

316,965

Stocks

743,476

388,097

862,333

705,062

7

Debtors

2023
£

2022
£

Trade debtors

1,123,482

828,215

Prepayments

30,403

10,845

Other debtors

35,414

7,576

1,189,299

846,636

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

199,220

173,096

Amounts owed to group undertakings and undertakings in which the company has a participating interest

363,346

296,297

Taxation and social security

 

301,768

149,252

Accruals and deferred income

 

136,706

147,426

Other creditors

 

4,306

4,059

 

1,005,346

770,130

 

Trials Equipment (UK) Ltd

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

On 4 September 2023, the total issued share capital of 100 Ordinary £1 shares were transferred from Wintersteiger AG to Wintersteiger Seedmech GmbH, being the ultimate parent company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £288,000 (2022 - £342,000).

11

Parent and ultimate parent undertaking

The company's immediate parent is Wintersteiger Seedmech Gmbh, incorporated in Austria.

  These financial statements are available upon request from Wintersteigerstrasse 1, Ried im Innkreis, 4910 Austria.