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Registered number: 02305071










VIESSMANN LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
VIESSMANN LIMITED
 
 
COMPANY INFORMATION


Directors
Graham Russell (resigned 1 May 2024)
Thomas Heim 
David Dunn (appointed 1 May 2024)




Company secretary
James Sage



Registered number
02305071



Registered office
Hortonwood 30
Telford

Telford

Shropshire

TF1 7YP




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
VIESSMANN LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 28


 
VIESSMANN LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present their report in respect of the financial statements for the year ended 31 December 2023.

Business review
 
During the year the Company saw a significant reduction in residential unit sales. 
Continued market pressure in some product areas created challenging trading conditions. 
The residential boiler market saw a further decrease during the year (-10.8%). 
The sales for the year were at £33.7 million (2022: £43.9 million), a decrease of 23.2%. 

Principal risks and uncertainties
 
The nature of the one-off market is that almost 100% of gas boilers in the able to pay sector are replaced as a 'distressed' purchase when the existing boiler is usually beyond economic repair and normally at very short notice. Consumer behaviour is such that the purchasing decision is made based on need rather than want.
The reduction in market volume indicates market uncertainty around consumer finances and the energy transition.

Financial key performance indicators
 
Currency has been broadly stable. Gross profit was maintained, driven by a good product mix and strong pricing discipline. The Company achieved a gross profit of 33% (2022: 33%). 

Other key performance indicators
 
Delivery service level rates are still high, achieving 99.99%.
Trustpilot score maintains it’s excellent consumer rating of 4.02. 
Net promoter score is 87 for Customer service.

Directors' statement of compliance with duty to promote the success of the Company
 

This report was approved by the board and signed on its behalf.



................................................
David Dunn
Director

Date:  20 September 2024

Page 1

 
VIESSMANN LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £26,634 (2022 - £3,107,826).

No dividends have been paid or recommended in the current or prior year.

Directors

The Directors who served during the year were:

Graham Russell (resigned 1 May 2024)
Thomas Heim 

Future developments

Growth in key product areas and implementation of new strategies with new products should see volume growth and further profitability improvements.
The key driver for this will be the Net-zero 2050 legislation combined with government subsidy schemes for energy transition. This is accelerating the market growth of non-fossil fuel heat generators.

Page 2

 
VIESSMANN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Engagement with suppliers, customers and others

The Directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole in the decisions taken during the year ended 31st December 2023.
Decision-making at the Board
All matters which are reserved for decision by the Directors are presented at Board meetings. Directors are briefed on any potential impacts and risks for our customers, employees and other stakeholders including our suppliers, the community and environment and how they are to be managed. The Directors take these factors into account before making a final decision which together they believe is in the best interests of the Company.
Stakeholders
Our key stakeholders are our employees, who are the heart of our purposes and work in service of our customers. We are focused on responding to the needs of, and building long-term relationships with, our customers. Other key stakeholders are the producers and suppliers from whom we purchase goods and services, and the communities in which we operate.
Long-term sustainability
We aim to make sufficient profits to sustain the Company’s commercial vitality. This is balanced against the needs of our customers, employees and other stakeholders and the community to ensure we are conducting all our business relationships with integrity. The long-term sustainability of the Company is at the forefront of decision-making, particularly in response to the challenging conditions in retail and the Coronavirus pandemic.
Employees
Our team members are fundamental to the delivery of our plan.  We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well-being of our team members is one of our primary considerations in the way we do business. 
The Company supports its employees to ensure they understand the Company’s objectives and goals and how they can assist the delivery of this. The Company invests in high levels of employee engagement to enable us to retain, develop and acquire the talent required to continue to grow and remain successful. The Company’s policy is to consult and discuss with employees at meetings those most likely to affect employees’ interests. Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company’s performance.
Staff training during the year centred on product and technology knowledge, sales & customer service excellence and enhanced IT security awareness, with continuing personal and professional development including departmental specific training.  
Customers and suppliers
Engagement with suppliers and customers is key to our success. We work closely with our supply chain and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
Customer research and feedback measures include Net promoter score measurement, feedback and satisfaction surveys and customer feedback via our sales area business managers and CRM tool.
 
Page 3

 
VIESSMANN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial stakeholders
The Company seeks to make information available to financial stakeholders, including our relationship bank, as part of information provided about and by the Company.
Community and environment
The Company takes all reasonable steps to minimise any detrimental impact that its operations may have on the environment. Directors routinely assess the impact of the Company’s operations on the community and environment and wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local community concerns. 
As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business  conduct and good governance expected for a business such as ours. The intention is to nurture our reputation, through the delivery of our objectives, that reflects our responsible behaviour.
Business conduct
The Company aims to conduct all its business relationships with integrity and courtesy, and scrupulously to honour every business agreement. 
The Company has taken the exemption not to disclose the greenhouse gas emissions and energy consumption information as the total consumption for the year is below 40,000 kWh of energy. 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end, other than that the wider Viessmann group has been acquired by Carrier Global Corporation.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



................................................
David Dunn
Director

Date: 20 September 2024

Page 4

 
VIESSMANN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIESSMANN LIMITED
 

Opinion


We have audited the financial statements of Viessmann Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 profit 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
VIESSMANN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIESSMANN LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 6

 
VIESSMANN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIESSMANN LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 is 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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the
Company and determined that the most significant are those that relate to the reporting framework (FRS102 and
the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety
Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company is complying with these frameworks by making enquiries of management and
those responsible for legal and compliance procedures. We also reviewed board minutes to identify any
recorded instances of irregularity or non compliance that might have a material impact on the financial
statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how
fraud might occur by meeting with key management to understand where they considered there was
susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those
charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the
challenge of significant accounting estimates used in preparing the financial statements.


Page 7

 
VIESSMANN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VIESSMANN LIMITED (CONTINUED)


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Andrew Malpass BA FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

24 September 2024
Page 8

 
VIESSMANN LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
33,693,734
43,913,002

Cost of sales
  
(22,457,849)
(29,262,748)

Gross profit
  
11,235,885
14,650,254

Distribution costs
  
(8,947,112)
(7,963,125)

Administrative expenses
  
(2,424,885)
(2,939,041)

Operating (loss)/profit
 5 
(136,112)
3,748,088

Interest receivable and similar income
 9 
244,601
48,792

Profit before tax
  
108,489
3,796,880

Tax on profit
 10 
(81,855)
(689,054)

Profit for the financial year
  
26,634
3,107,826

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
VIESSMANN LIMITED
REGISTERED NUMBER: 02305071

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,577,072
1,655,204

  
1,577,072
1,655,204

Current assets
  

Stocks
 12 
4,624,900
7,259,076

Debtors: amounts falling due after more than one year
 13 
-
6,029,167

Debtors: amounts falling due within one year
 13 
5,791,908
6,624,172

Cash at bank and in hand
 14 
12,439,542
6,567,246

  
22,856,350
26,479,661

Creditors: amounts falling due within one year
 15 
(9,905,940)
(13,664,086)

Net current assets
  
 
 
12,950,410
 
 
12,815,575

Total assets less current liabilities
  
14,527,482
14,470,779

Provisions for liabilities
  

Deferred tax
 16 
(30,069)
-

  
 
 
(30,069)
 
 
-

Net assets
  
14,497,413
14,470,779


Capital and reserves
  

Called up share capital 
 17 
236,517
236,517

Capital redemption reserve
 18 
7,292,281
7,292,281

Profit and loss account
 18 
6,968,615
6,941,981

  
14,497,413
14,470,779


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.




................................................
David Dunn
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
VIESSMANN LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
236,517
7,292,281
3,834,155
11,362,953


Comprehensive income for the year

Profit for the year
-
-
3,107,826
3,107,826
Total comprehensive income for the year
-
-
3,107,826
3,107,826


Total transactions with owners
-
-
-
-



At 1 January 2023
236,517
7,292,281
6,941,981
14,470,779


Comprehensive income for the year

Profit for the year
-
-
26,634
26,634
Total comprehensive income for the year
-
-
26,634
26,634


Total transactions with owners
-
-
-
-


At 31 December 2023
236,517
7,292,281
6,968,615
14,497,413


The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
VIESSMANN LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
26,634
3,107,826

Adjustments for:

Depreciation of tangible assets
167,954
142,691

Loss on disposal of tangible assets
-
(15,000)

Interest received
(244,601)
(48,792)

Taxation charge
81,855
689,054

Decrease/(increase) in stocks
2,634,176
(3,193,566)

Decrease/(increase) in debtors
6,848,352
(7,285,172)

Decrease/(increase) in amounts owed by groups
13,079
(11,338)

(Decrease)/increase in creditors
(1,775,474)
2,490,899

(Decrease)/increase in amounts owed to groups
(1,345,227)
646,014

Corporation tax (paid)
(689,231)
(343,125)

Net cash generated from operating activities

5,717,517
(3,820,509)


Cash flows from investing activities

Purchase of tangible fixed assets
(89,822)
(139,971)

Sale of tangible fixed assets
-
15,000

Interest received
244,601
48,792

Net cash from investing activities

154,779
(76,179)


Net increase/(decrease) in cash and cash equivalents
5,872,296
(3,896,688)

Cash and cash equivalents at beginning of year
6,567,246
10,463,934

Cash and cash equivalents at the end of year
12,439,542
6,567,246


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
12,439,542
6,567,246

12,439,542
6,567,246


Page 12

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

1.


General information

Viessmann Limited is a private limited Company incorporated in England & Wales. The registered office address is Hortonwood 30, Telford, Shropshire, TF1 7YP. 
The principal activity of the Company is the wholesale of hardware, plumbing and heating equipment. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

 
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.

Page 13

 
VIESSMANN 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.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

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

2.Accounting policies (continued)

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting 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 reporting 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 reporting date.

Page 15

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

2.Accounting policies (continued)

 
2.9

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:

Freehold property
-
3%
straight line
Plant & Machinery
-
20%
straight line
Motor Vehicles
-
33%
straight line
Fixtures & Fittings
-
20%
- 33.3% straight line

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.

 
2.10

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Page 16

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

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

2.Accounting policies (continued)

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 18

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 19

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Boilers & Parts
32,430,342
42,526,600

Servicing
1,263,392
1,386,402

33,693,734
43,913,002


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
33,693,734
43,913,002

33,693,734
43,913,002



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
(180,379)
251,211

Other operating lease rentals
611,909
441,101


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
13,950
12,700

Fees payable to the Company's auditors and their associates in connection with the Company's pension scheme(s) in respect of:

All non-audit services not included above
3,000
2,950

Page 20

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

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,924,476
6,003,523

Social security costs
618,177
650,220

Cost of defined contribution scheme
341,262
270,386

6,883,915
6,924,129


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
137
125


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
150,139
208,021

Company contributions to defined contribution pension schemes
19,989
36,348

170,128
244,369


During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £150,139 (2022 - £208,021).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £19,989 (2022 - £36,348).

The Directors constitute the key management personnel. 

Page 21

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

9.


Interest receivable

2023
2022
£
£


Other interest receivable
244,601
48,792

244,601
48,792


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
51,786
689,054


51,786
689,054


Total current tax
51,786
689,054

Deferred tax


Origination and reversal of timing differences
30,069
-

Total deferred tax
30,069
-


Taxation on profit on ordinary activities
81,855
689,054
Page 22

 
VIESSMANN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - the same as) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
108,489
3,796,880


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
25,495
721,407

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,344
15,047

Capital allowances for year in excess of depreciation
-
(4,677)

Short-term timing difference leading to an increase (decrease) in taxation
16,261
-

Other timing differences leading to an increase (decrease) in taxation
30,069
-

Book profit on chargeable assets
-
(2,850)

Group relief
-
(39,873)

Marginal relief
(314)
-

Total tax charge for the year
81,855
689,054


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

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

11.


Tangible fixed assets





Freehold property
Plant & Machinery
Motor Vehicles
Fixtures & Fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
2,849,939
104,386
7,229
2,226,391
5,187,945


Additions
-
-
-
89,822
89,822



At 31 December 2023

2,849,939
104,386
7,229
2,316,213
5,277,767



Depreciation


At 1 January 2023
1,374,216
79,865
7,229
2,071,431
3,532,741


Charge for the year on owned assets
60,330
532
-
107,092
167,954



At 31 December 2023

1,434,546
80,397
7,229
2,178,523
3,700,695



Net book value



At 31 December 2023
1,415,393
23,989
-
137,690
1,577,072



At 31 December 2022
1,475,723
24,521
-
154,960
1,655,204


12.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,624,900
7,259,076

4,624,900
7,259,076


An impairment loss of £Nil (2022: £Nil) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

Page 24

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

13.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
6,029,167

-
6,029,167


2023
2022
£
£

Due within one year

Trade debtors
5,517,396
6,329,652

Amounts owed by group undertakings
6,455
19,534

Other debtors
102,851
2,139

Prepayments and accrued income
165,206
272,847

5,791,908
6,624,172


Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 


14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,439,542
6,567,246

12,439,542
6,567,246


Page 25

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

15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
715,149
813,106

Amounts owed to group undertakings
1,472,351
2,817,578

Corporation tax
51,609
689,054

Other taxation and social security
1,033,584
1,509,597

Accruals and deferred income
6,633,247
7,834,751

9,905,940
13,664,086


The bank have secured a charge for all monies due or to become due from the Company.
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


16.


Deferred taxation




2023


£






Charged to the profit or loss
(30,069)



At end of year
(30,069)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(30,069)
-

(30,069)
-

Page 26

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

17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



236,517 (2022 - 236,517) Ordinary shares of £1.00 each
236,517
236,517



18.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Profit & loss account

The profit and loss account comprises the retained loss brought forward from the prior period and the retained profit for the current year.

19.


Analysis of net debt




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

6,567,246

5,872,296

12,439,542


6,567,246
5,872,296
12,439,542


20.


Pension commitments

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 £341,262 (2022: £270,386), with an outstanding balance of £nil (2022: £nil) at the year end.

Page 27

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


21.


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
598,846
389,480

Later than 1 year and not later than 5 years
499,136
479,400

1,097,982
868,880


22.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 "Related Party Disclosures" whereby it has not disclosed transactions with the ultimate parent Company or any wholly owned subsidiary undertaking in the Group.


23.


Controlling party

The ultimate parent Company during the year was Viessmann Holdings International GmbH, a Company incorporated in Germany. The ultimate controlling party is Prof. Dr. M. Viessmann. In January 2024 the ultimate parent Company has been changed to Carrier Global Corporation. 

 
Page 28