REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GLATTHAAR KELLER LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GLATTHAAR KELLER LTD |
GLATTHAAR KELLER LTD (REGISTERED NUMBER: 05870176) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
GLATTHAAR KELLER LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
4th Floor Tuition House |
27-37 St George's Road |
Wimbledon |
London |
SW19 4EU |
GLATTHAAR KELLER LTD (REGISTERED NUMBER: 05870176) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GLATTHAAR KELLER LTD (REGISTERED NUMBER: 05870176) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Glatthaar Keller Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
(i) Provisions for warranties. |
The estimates used to establish provisions are based on historical experience, information from external professionals and other facts and reasonable assumptions under the circumstances. |
(ii) Income recognition and work in progress. |
Management has considered the criteria for the recognition of income according to FRS 102 section 23, in particular whether the company had transferred to the buyer the significant risks and rewards of ownership of the goods. |
Income recognition |
Income is recognised when contracts with customers are completed such that the risks and rewards of ownership have transferred to them. This occurs only on the delivery of the completed goods to the customer. |
Income derived from contracts with a term falling in more than one accounting period, is recognised as and when the Company's right to consideration is obtained through performance of its work under the terms of the contract. Payments received in advance are treated as deferred income until such time as the Company's right to consideration is obtained through performance. |
Other income includes: |
(i) Loan interest receivable |
(ii) Fixed asset investment income |
(iii) Rent receivable |
Tangible fixed assets |
Plant and machinery etc | - |
Work in progress and raw materials |
Work in progress comprises the construction of basements. Costs includes all direct expenditure and an appropriate proportion of fixed and variable overheads.The customer does not obtain control or the significant risks and rewards of ownership of the work in progress in its current state as construction progress. Transfer occurs only on delivery of the completed basement to the customer. |
Costs that relate in securing the contract which are separately identified and measured reliably are recognised as an expense in the period in which the contract is secured. |
Raw materials are stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving stock. |
GLATTHAAR KELLER LTD (REGISTERED NUMBER: 05870176) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Basic financial instruments |
Cash in hand is measured at transaction price. |
Debtors. Trade and other debtors are measured at transaction price. Trade debtors are amounts due from |
customers for goods or services performed in the ordinary course of business less any impairment provision. |
These are recognised as current assets as collection is due within one year or less. |
Creditors: amounts falling due within one year are measured at transaction price. Trade Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business. These are classified as current liabilities as payment is due in one year or less. |
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 statement of financial position date. |
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 |
The financial statements are presented in sterling which is the company's presentational currency. |
The items included in these financial statements relating to the company are measured using the functional currency, that is the currency of the primary economic environment in which the company operates. The director considers the company's "functional currency" to be sterling. |
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. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the income statement on a straight-line basis over the lifetime 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. |
Dividends |
Dividends are recognised in the company's financial statements in the year in which they are approved. |
Share capital |
Ordinary shares are classified as equity. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GLATTHAAR KELLER LTD (REGISTERED NUMBER: 05870176) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
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 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | - | - |
Warranty provisions | - | 20,400 |
GLATTHAAR KELLER LTD (REGISTERED NUMBER: 05870176) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 | ( |
) |
Utilised during year |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 30,000 | 30,000 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT ASSET |
A contingent asset for a litigation claim in favour of the company amounted to a maximum potential recoverable amount of €195,000. |
13. | RELATED PARTY DISCLOSURES |
During the year the company was charged £367,062 (2022: £271,024) for services and purchases provided by Glatthaar Keller GmbH and associated group companies. In creditors at the balance sheet date £167,839 (2022: £99,068) was outstanding. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Glatthaar Holding GmbH, a company incorporated in Germany and in which J Glatthaar has control of more than 25% but not more than 50%. The registered office of Glatthaar Holding GmbH is Joachim-Glatthaar-Platz 1, D-78713 Schramberg, Germany. |