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REGISTERED NUMBER: 13438894 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Netstal UK Ltd

Netstal UK Ltd (Registered number: 13438894)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Netstal UK Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs D Karelse
Mr J R Craig





REGISTERED OFFICE: Unit B2 Access 442
Hadley Park East
Hadley
Telford
Shropshire
TF1 6QX





REGISTERED NUMBER: 13438894 (England and Wales)





AUDITORS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Netstal UK Ltd (Registered number: 13438894)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Re-engagement with old customers has been well received and the aftermarket business is performing well in the current economic climate. An increase in aftermarket sales over the previous year indicates this engagement with our current install base.

General uncertainty in the market has caused investment in some sectors to be paused or cancelled until 2025 / 2026.

The new team are bedding in with ongoing training and development for both service and administration departments.

PRINCIPAL RISKS AND UNCERTAINTIES
The financial challenges have been ongoing due to uncertainties with the UK economy, increased competition from Asia and overcapacity in the market. Public opinion of plastics in the world sees this as a problem material.
Rising prices of items due to the supply chain during the pandemic impacted the business with prices adjusted. A readjustment of prices now we have a post-pandemic supply chain is in hand, and this also impacts the business.

Medical devices have seen growth in certain sectors and a slowdown in others which has not been experienced previously. Spending from many large companies has been held back due to the uncertainty of market conditions.
Netstal management monitor these market challenges, and we remain optimistic that we can position ourselves to offer our customers the best solutions to face these challenges.

KEY PERFORMANCE INDICATORS
Performance indicators have been set on quality of service, delivery of parts and revenue streams to drive the business forward. These indicators will allow us to monitor and adapt the business to meet the markets needs and requirements.

ON BEHALF OF THE BOARD:





Mr J R Craig - Director


19 September 2024

Netstal UK Ltd (Registered number: 13438894)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of installation of industrial machinery and equipment.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023 (2022 - £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs D Karelse
Mr J R Craig

GOING CONCERN
The directors believe that there is no issue with going concern due to the companies increased order book and loyal customer base. Netstal UK Ltd has received confirmation of ongoing financial support from its parent company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Netstal UK Ltd (Registered number: 13438894)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The Auditors', Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mr J R Craig - Director


19 September 2024

Report of the Independent Auditors to the Members of
Netstal UK Ltd

Opinion
We have audited the financial statements of Netstal UK Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Netstal UK Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included:

- enquiry of management around actual and potential litigation and claims and instances of non- compliance with
laws and regulations;
- auditing the risk of management override of controls, through testing journal entries and other adjustments for
appropriateness, and evaluating the business rationale of significant transactions outside the normal course of
business; and
- reviewing financial statement disclosures and agreeing to supporting documentation to access compliance with
applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Netstal UK Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Susanna Ault FCCA, ACA (Senior Statutory Auditor)
for and on behalf of Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

19 September 2024

Netstal UK Ltd (Registered number: 13438894)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 2,276,462 1,058,313

Cost of sales (1,591,970 ) (961,507 )
GROSS PROFIT 684,492 96,806

Administrative expenses (842,319 ) (166,245 )
(157,827 ) (69,439 )

Other operating income 67,770 28,195
OPERATING LOSS (90,057 ) (41,244 )

Interest receivable and similar income 1,222 6,322
LOSS BEFORE TAXATION 4 (88,835 ) (34,922 )

Tax on loss 5 (1,289 ) -
LOSS FOR THE FINANCIAL YEAR (90,124 ) (34,922 )

Netstal UK Ltd (Registered number: 13438894)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (90,124 ) (34,922 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(90,124

)

(34,922

)

Netstal UK Ltd (Registered number: 13438894)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 6 122,043 80,999

CURRENT ASSETS
Inventories 7 61,040 35,330
Debtors 8 978,692 1,247,109
Cash at bank 492,112 226,154
1,531,844 1,508,593
CREDITORS
Amounts falling due within one year 9 (1,647,930 ) (1,352,135 )
NET CURRENT (LIABILITIES)/ASSETS (116,086 ) 156,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,957

237,457

CREDITORS
Amounts falling due after more than one
year

10

(144,000

)

(186,301

)

PROVISIONS FOR LIABILITIES 13 (10,124 ) (109,199 )
NET LIABILITIES (148,167 ) (58,043 )

CAPITAL AND RESERVES
Called up share capital 14 1 1
Retained earnings 15 (148,168 ) (58,044 )
SHAREHOLDERS' FUNDS (148,167 ) (58,043 )

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr J R Craig - Director


Netstal UK Ltd (Registered number: 13438894)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1 (23,122 ) (23,121 )

Changes in equity
Total comprehensive income - (34,922 ) (34,922 )
Balance at 31 December 2022 1 (58,044 ) (58,043 )

Changes in equity
Total comprehensive income - (90,124 ) (90,124 )
Balance at 31 December 2023 1 (148,168 ) (148,167 )

Netstal UK Ltd (Registered number: 13438894)

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

1. STATUTORY INFORMATION

Netstal UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparation
The financial statements have been prepared in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101). The financial statements have been prepared under the historical cost convention, and in accordance with the Companies Act 2006. In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the UK (UK-adopted international accounting standards), but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii),
B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;
the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations;
the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources;
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of
IFRS 16 Leases;
the requirements of paragraph 58 of IFRS 16;
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to
(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to
136 of IAS 1;
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraph 74(b) of IAS 16;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group;
the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Netstal UK Ltd (Registered number: 13438894)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided on all tangible assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value based on prices prevailing at the date of acquisition, of each asset evenly over its expected useful life, as follows:

Plant and equipment (which includes computer equipment) - 5-33% on cost
The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Going concern
The financial statements have been prepared on the going concern basis on the grounds that the directors have received a commitment from the parent company Netstal Maschinen AG that they will continue to provide the company with financial support to enable the company to continue its operations and to meet its financial obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements.

Provisions
Provisions for warranties are recognised where: the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations is small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Netstal UK Ltd (Registered number: 13438894)

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

2. ACCOUNTING POLICIES - continued

Accounting estimates
In the preparation of historical financial information the directors, in applying the accounting policies of the company, make some judgements and estimates that effect the reported amounts in the historical financial information. The warranty provision above is the main area where judgement and accounting estimates could significantly affect the financial statements.

Warranty provisions

The calculation of warranty provisions includes estimates of future costs to be incurred in rectifying the issue with the customer, which are based on estimates and judgements of the likely extent and cost of remedial work.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 329,051 56,000
Social security costs 30,603 459
Other pension costs 10,274 750
369,928 57,209

The average number of employees during the year was as follows:
2023 2022

Management 2 2
Technical support 5 1
7 3

2023 2022
£    £   
Directors' remuneration 91,920 15,000
Directors' pension contributions to money purchase schemes 3,000 750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. LOSS BEFORE TAXATION

The loss before taxation is stated after charging:
2023 2022
£    £   
Cost of inventories recognised as expense 1,591,970 961,507
Depreciation - owned assets 14,187 3,304
Auditors' remuneration 9,000 8,500
Foreign exchange differences 35,717 19,827

5. TAXATION

No liability to UK corporation tax arose and no deferred tax asset has been recognised. There is a gross unrecognised deferred tax asset relating to losses in the year of £36,863 (2022 - £38,018).

Netstal UK Ltd (Registered number: 13438894)

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

6. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 84,419
Additions 55,231
At 31 December 2023 139,650
DEPRECIATION
At 1 January 2023 3,420
Charge for year 14,187
At 31 December 2023 17,607
NET BOOK VALUE
At 31 December 2023 122,043
At 31 December 2022 80,999

7. INVENTORIES
2023 2022
£    £   
Raw materials 15,918 22,066
Work-in-progress 45,122 13,264
61,040 35,330

The above inventories are stated net of provisions of £113,216 (2022 - £127,465).

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 787,230 1,001,094
Amounts receivable in respect of finance
leases

42,301

59,714
Prepayments 5,161 -
834,692 1,060,808

Amounts falling due after more than one year:
Amounts receivable in respect of finance
leases

144,000

186,301

Aggregate amounts 978,692 1,247,109

Netstal UK Ltd (Registered number: 13438894)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Leases (see note 11) 42,301 59,714
Trade creditors 83,114 58,853
Amounts owed to group undertakings 1,392,268 940,619
Amounts owed to associates 19,973 170,329
Tax 1,289 -
Social security and other taxes 3,134 13,501
VAT 72,181 94,987
Other creditors - 3,132
Wages and holiday pay 12,581 -
Pensions liability 3,189 1,500
Accrued expenses 17,900 9,500
1,647,930 1,352,135

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Leases (see note 11) 144,000 186,301

11. FINANCIAL LIABILITIES - BORROWINGS

2023 2022
£    £   
Current:
Leases (see note 12) 42,301 59,714

Non-current:
Leases (see note 12) 144,000 186,301

Terms and debt repayment schedule

1 year or
less 1-2 years 2-5 years Totals
£    £    £    £   
Leases 42,301 19,200 124,800 186,301

12. LEASING

Netstal UK Ltd (Registered number: 13438894)

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

12. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

2023 2022
£    £   
Gross obligations repayable:
Within one year 42,301 59,714
Between one and five years 144,000 186,301

186,301 246,015

Finance charges repayable:

Net obligations repayable:
Within one year 42,301 59,714
Between one and five years 144,000 186,301
186,301 246,015

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions
Warranty provision 10,124 109,199

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary shares £1 1 1

15. RESERVES
Retained
earnings
£   

At 1 January 2023 (58,044 )
Deficit for the year (90,124 )
At 31 December 2023 (148,168 )

Netstal UK Ltd (Registered number: 13438894)

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

16. ULTIMATE CONTROLLING PARTY

The directors consider the ultimate parent undertaking and controlling party to be KraussMaffei Company Limited (China), a company registered and incorporated in China.

The immediate parent undertaking for which group financial statements are drawn up and of which the company is a member is Netstal Maschinen AG. Copies of the financial statements can be obtained from

Netstal Maschinen AG
Tschahchenstrasse 1
8752 Nafels
Switzerland