Registered number: 01924756
POSI-THREAD (U.K.) LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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POSI-THREAD (U.K.) LTD
REGISTERED NUMBER: 01924756
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.
The notes on pages 3 to 8 form part of these financial statements.
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POSI-THREAD (U.K.) LTD
REGISTERED NUMBER: 01924756
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
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POSI-THREAD (U.K.) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The company is a private limited company, incorporated and registered in England and Wales (company number 01924756). Its registered office and principal place of business is 4 Bridgewater Road, Washington, Tyne & Wear, NE37 2SG.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The financial statements have been prepared on the basis that the company will be a going concern for at least twelve months from the date of the approval of these financial statements. The balance sheet shows that liabilities exceed the value of all assets. The company relies on support from a related entity which has subordinated repayment of its loans to the company. The director has a reasonable expectation that the parent and associated undertakings will continue to provide financial support where necessary.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £1.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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POSI-THREAD (U.K.) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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POSI-THREAD (U.K.) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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between four and ten years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and an appropriate proportion of attributable overheads.
Short term debtors are measured at transaction value, less any impairment.
Short term creditors are measured at the transaction value.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.
The value of stock of finished goods has been reduced by a provision for slow-moving or obsolete stock. The provision applies assumptions based on the age of the stock such that no value is carried if it is more than four years old, with discounts applied between one and four years at the rate of 25% per annum.
These estimation policies are consistent with previous years' policies in each case.
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POSI-THREAD (U.K.) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The average monthly number of employees, including directors, during the year was 28 (2022 - 24).
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Long-term leasehold property
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Charge for the year on owned assets
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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POSI-THREAD (U.K.) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Prepayments and accrued income
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Cash and cash equivalents
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Although not in use at the year end, the company has available an overdraft facility of £10,000, which is repayable on demand and secured by a fixed and floating charge over the Company's tangible fixed assets.
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Creditors: Amounts falling due within one year
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Amounts owed to associates
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Other taxation and social security
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Accruals and deferred income
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Amounts owing to associate entities are not secured but carry interest.
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Allotted, called up and fully paid
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18,804 (2022 - 18,804) Ordinary shares of £1.00 each
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POSI-THREAD (U.K.) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Share capital (continued)
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,825 (2022 - £15,765).
There were £2,919 contributions (2022 - £2,119) that were payable to the fund at the balance sheet date and included in creditors.
The immediate and ultimate holding company is CRN Holdings AG, whose address is Baarerstr. 95, Zug, Switzerland 6301. The director H Ehrenberg together with his immediate family has a controlling interest in CRN Holdings AG.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 25 September 2024 by Detlev Anderson (Senior Statutory Auditor) on behalf of Kinnair Associates Limited.
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