Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity77false 01726266 2023-01-01 2023-12-31 01726266 2022-01-01 2022-12-31 01726266 2023-12-31 01726266 2022-12-31 01726266 c:Director3 2023-01-01 2023-12-31 01726266 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 01726266 d:Buildings d:ShortLeaseholdAssets 2023-12-31 01726266 d:Buildings d:ShortLeaseholdAssets 2022-12-31 01726266 d:PlantMachinery 2023-01-01 2023-12-31 01726266 d:FurnitureFittings 2023-01-01 2023-12-31 01726266 d:FurnitureFittings 2023-12-31 01726266 d:FurnitureFittings 2022-12-31 01726266 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01726266 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01726266 d:CurrentFinancialInstruments 2023-12-31 01726266 d:CurrentFinancialInstruments 2022-12-31 01726266 d:Non-currentFinancialInstruments 2023-12-31 01726266 d:Non-currentFinancialInstruments 2022-12-31 01726266 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01726266 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01726266 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01726266 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01726266 d:ShareCapital 2023-12-31 01726266 d:ShareCapital 2022-12-31 01726266 d:SharePremium 2023-12-31 01726266 d:SharePremium 2022-12-31 01726266 d:RetainedEarningsAccumulatedLosses 2023-12-31 01726266 d:RetainedEarningsAccumulatedLosses 2022-12-31 01726266 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 01726266 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 01726266 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01726266 c:OrdinaryShareClass1 2023-12-31 01726266 c:OrdinaryShareClass1 2022-12-31 01726266 c:FRS102 2023-01-01 2023-12-31 01726266 c:Audited 2023-01-01 2023-12-31 01726266 c:FullAccounts 2023-01-01 2023-12-31 01726266 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01726266 d:WithinOneYear 2023-12-31 01726266 d:WithinOneYear 2022-12-31 01726266 d:BetweenOneFiveYears 2023-12-31 01726266 d:BetweenOneFiveYears 2022-12-31 01726266 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01726266 7 2023-01-01 2023-12-31 01726266 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 01726266














KÖNIG + NEURATH (UK) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
KÖNIG + NEURATH (UK) LIMITED
REGISTERED NUMBER: 01726266

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
89,625
109,505

Current assets
  

Stocks
 5 
19,892
24,172

Debtors: amounts falling due after more than one year
 6 
128,905
128,905

Debtors: amounts falling due within one year
 6 
1,086,124
1,595,037

Cash at bank and in hand
 7 
209,499
140,895

  
1,444,420
1,889,009

Creditors: amounts falling due within one year
 8 
(3,346,716)
(3,700,381)

Net current liabilities
  
 
 
(1,902,296)
 
 
(1,811,372)

Total assets less current liabilities
  
(1,812,671)
(1,701,867)

Creditors: amounts falling due after more than one year
 9 
(80,000)
(140,000)

  

Net liabilities
  
£(1,892,671)
£(1,841,867)


Capital and reserves
  

Called up share capital 
 11 
4,150,000
4,150,000

Share premium account
  
37,500
37,500

Profit and loss account
  
(6,080,171)
(6,029,367)

  
£(1,892,671)
£(1,841,867)


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 30 September 2024.




___________________________
Mr M W Lorch
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 1

 
KÖNIG + NEURATH (UK) LIMITED
REGISTERED NUMBER: 01726266

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

König + Neurath (UK) Limited (01726266) is a private company limited by share capital incorporated in England and Wales. The registered office and principal place of business is Ground and Lower Ground Floor, 75 Farringdon Road, London, EC1M 3JY. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. König + Neurath (UK) Limited is a subsidiary of König & Neurath AG, a company incorporated in Germany. König + Neurath (UK) Limited is dependent on the continuing financial support of its parent undertaking to operate as a going concern. The parent undertaking has confirmed in writing that it will allow König + Neurath (UK) Limited to subordinate payments of the inter-group balance to enable König + Neurath (UK) Limited to be able to settle its third party liabilities in full as they fall due for a period of at least twelve months from the date of approval of these financial statements.
Accordingly, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

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.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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.

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:

Showroom
-
Over period of the lease
Showroom furniture
-
20% to 33%
Fixtures and fittings
-
33%

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
 
Page 7

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Tangible fixed assets





Showroom
Fixtures and fittings
Total



Cost or valuation


At 1 January 2023
222,466
28,625
251,091


Additions
40,619
4,751
45,370



At 31 December 2023

263,085
33,376
296,461



Depreciation


At 1 January 2023
118,380
23,206
141,586


Charge for the year on owned assets
61,287
3,963
65,250



At 31 December 2023

179,667
27,169
206,836



Net book value



At 31 December 2023
£83,418
£6,207
£89,625



At 31 December 2022
£104,086
£5,419
£109,505

Page 8

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022

Work in progress (goods to be sold)
17,392
21,672

Finished goods and goods for resale
2,500
2,500

£19,892
£24,172



6.


Debtors

2023
2022

Due after more than one year

Other debtors
£128,905
£128,905


2023
2022

Due within one year

Trade debtors
756,619
1,465,265

Other debtors
226,730
77,750

Prepayments and accrued income
102,775
52,022

£1,086,124
£1,595,037



7.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£209,499
£140,895



8.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
105,743
213,464

Amounts owed to group undertakings
3,040,153
3,050,975

Other taxation and social security
75,582
119,492

Other creditors
42
-

Accruals and deferred income
125,196
316,450

£3,346,716
£3,700,381


Page 9

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022

Accruals and deferred income
£80,000
£140,000



10.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£209,499
£140,895




Financial assets measured at fair value through profit or loss comprise bank and cash equivalents.


11.


Share capital

2023
2022
Allotted, called up and fully paid



4,150,000 (2022 - 4,150,000) Ordinary shares of £1.00 each
£4,150,000
£4,150,000



12.


Pension commitments

The Company operates a defined contributions 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 £9,118 (2022 - £13,959). Contributions totalling £42 (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
150,000
150,000

Later than 1 year and not later than 5 years
350,000
500,000

£500,000
£650,000

Page 10

 
KÖNIG + NEURATH (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.

Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate parent undertaking is König + Neurath AG, a company incorporated in Germany. 
König + Neurath AG is the controlling party of the company.
The parent undertaking of the smallest group to consolidate their financial statements is König + Neurath AG, a company incorporated in Germany. The registered office of the company is Industriestraße 1, 61184 Karben, Germany.
The parent undertaking of the largest group to consolidate these financial statements is E. König GmbH & Co KG, a company incorporated in Germany. The registered address of the company is Industriestraße 1, 61184 Karben, Germany.
The ultimate parent undertaking is E. König GmbH & Co KG, a company incorporated in Germany.



15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 10 October 2024 by Andrew John Childs FCA (Senior statutory auditor) on behalf of Magee Gammon Corporate Limited.


Page 11