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REGISTERED NUMBER: 05870176 (England and Wales)









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: R Heinzelmann





SECRETARY: T Salomon





REGISTERED OFFICE: 4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU





BUSINESS ADDRESS: 1 Braeside
Addlestone
Surrey
KT15 3BJ





REGISTERED NUMBER: 05870176 (England and Wales)





AUDITORS: Hartley Fowler LLP
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 47,649 45,355

CURRENT ASSETS
Stocks 6 801,615 606,727
Debtors 7 551,089 190,658
Cash at bank 1,356,072 840,838
2,708,776 1,638,223
CREDITORS
Amounts falling due within one year 8 2,454,228 1,549,069
NET CURRENT ASSETS 254,548 89,154
TOTAL ASSETS LESS CURRENT LIABILITIES 302,197 134,509

PROVISIONS FOR LIABILITIES 9 - 20,400
NET ASSETS 302,197 114,109

CAPITAL AND RESERVES
Called up share capital 10 30,000 30,000
Retained earnings 272,197 84,109
SHAREHOLDERS' FUNDS 302,197 114,109

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

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 27 June 2024 and were signed by:





R Heinzelmann - Director


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 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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 11 (2022 - 11 ) .

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 357,250
Additions 45,652
Disposals (24,515 )
At 31 December 2023 378,387
DEPRECIATION
At 1 January 2023 311,895
Charge for year 43,358
Eliminated on disposal (24,515 )
At 31 December 2023 330,738
NET BOOK VALUE
At 31 December 2023 47,649
At 31 December 2022 45,355

6. STOCKS
2023 2022
£    £   
Raw materials 147,759 149,313
Work-in-progress 653,856 457,414
801,615 606,727

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 377,403 85,881
Other debtors 173,686 104,777
551,089 190,658

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,357 19,452
Taxation and social security 28,978 26,479
Other creditors 2,387,893 1,503,138
2,454,228 1,549,069

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - -
Warranty provisions - 20,400
- 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 (30,971 )
Utilised during year 30,971
Balance at 31 December 2023 -

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,000 Ordinary £1 30,000 30,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julien Upson (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

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.