Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01falsesale of hygiene products3true2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08888461 2023-03-01 2024-02-29 08888461 2022-03-01 2023-02-28 08888461 2024-02-29 08888461 2023-02-28 08888461 c:Director1 2023-03-01 2024-02-29 08888461 d:PlantMachinery 2023-03-01 2024-02-29 08888461 d:PlantMachinery 2024-02-29 08888461 d:PlantMachinery 2023-02-28 08888461 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08888461 d:MotorVehicles 2023-03-01 2024-02-29 08888461 d:MotorVehicles 2024-02-29 08888461 d:MotorVehicles 2023-02-28 08888461 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08888461 d:FurnitureFittings 2023-03-01 2024-02-29 08888461 d:FurnitureFittings 2024-02-29 08888461 d:FurnitureFittings 2023-02-28 08888461 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08888461 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08888461 d:CurrentFinancialInstruments 2024-02-29 08888461 d:CurrentFinancialInstruments 2023-02-28 08888461 d:Non-currentFinancialInstruments 2024-02-29 08888461 d:Non-currentFinancialInstruments 2023-02-28 08888461 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08888461 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08888461 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08888461 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08888461 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 08888461 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 08888461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 08888461 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 08888461 d:ShareCapital 2024-02-29 08888461 d:ShareCapital 2023-02-28 08888461 d:RetainedEarningsAccumulatedLosses 2024-02-29 08888461 d:RetainedEarningsAccumulatedLosses 2023-02-28 08888461 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 08888461 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 08888461 c:FRS102 2023-03-01 2024-02-29 08888461 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08888461 c:FullAccounts 2023-03-01 2024-02-29 08888461 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08888461 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 08888461 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 08888461 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 08888461 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 08888461 2 2023-03-01 2024-02-29 08888461 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-02-29 08888461 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 08888461 d:LeasedAssetsHeldAsLessee 2024-02-29 08888461 d:LeasedAssetsHeldAsLessee 2023-02-28 08888461 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 08888461









GERMSTAR UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
GERMSTAR UK LIMITED
REGISTERED NUMBER: 08888461

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,081
27,342

  
43,081
27,342

Current assets
  

Stocks
 5 
23,927
32,915

Debtors: amounts falling due within one year
 6 
46,901
81,671

Cash at bank and in hand
 7 
1,816
3,174

  
72,644
117,760

Creditors: amounts falling due within one year
 8 
(231,427)
(279,770)

Net current liabilities
  
 
 
(158,783)
 
 
(162,010)

Total assets less current liabilities
  
(115,702)
(134,668)

Creditors: amounts falling due after more than one year
 9 
(44,333)
(28,314)

  

Net liabilities
  
(160,035)
(162,982)


Capital and reserves
  

Called up share capital 
  
102
102

Profit and loss account
  
(160,137)
(163,084)

  
(160,035)
(162,982)

Page 1

 
GERMSTAR UK LIMITED
REGISTERED NUMBER: 08888461
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 27 November 2024.






................................................
Stephen Armstrong
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Germstar UK Limited is a private company limited by share capital incorporated in England and Wales. The principal activity of the Company is the sale of hygiene products. 

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 accounts have been prepared on a going concern basis. The Company is dependent on the continuing support of the director, which he has pledged for the foreseeable future.

 
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 3

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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.

 
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

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

Page 4

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Reducing Balance
Motor vehicles
-
25% Reducing Balance
Fixtures and fittings
-
25% Reducing Balance

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.

Page 5

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
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.

 
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.

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.

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.

Page 6

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).


4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2023
97,464
42,834
3,636
143,934


Additions
-
45,621
-
45,621


Disposals
-
(36,796)
-
(36,796)



At 29 February 2024

97,464
51,659
3,636
152,759



Depreciation


At 1 March 2023
86,951
26,858
2,783
116,592


Charge for the year on owned assets
2,628
11,518
213
14,359


Disposals
-
(21,273)
-
(21,273)



At 29 February 2024

89,579
17,103
2,996
109,678



Net book value



At 29 February 2024
7,885
34,556
640
43,081



At 28 February 2023
10,513
15,976
853
27,342

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
34,216
15,523

34,216
15,523

Page 7

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
23,927
32,915

23,927
32,915





6.


Debtors

2024
2023
£
£


Trade debtors
45,027
80,767

Prepayments and accrued income
1,874
904

46,901
81,671



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,816
3,174

1,816
3,174


Page 8

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,833
10,000

Trade creditors
27,183
63,513

Other taxation and social security
3,998
9,959

Obligations under finance lease and hire purchase contracts
10,058
7,442

Other creditors
176,732
186,593

Accruals and deferred income
2,623
2,263

231,427
279,770




The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
10,058
7,442

10,058
7,442

Details of security provided:

Obligations due under hire purchase contracts are secured on the relevant assets. 

Page 9

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
15,833
25,833

Net obligations under finance leases and hire purchase contracts
28,500
2,481

44,333
28,314




The following liabilities were secured:

2024
2023
£
£



Obligations under finance lease and hire purchase contracts
28,500
2,481

28,500
2,481

Details of security provided:

Obligations due under hire purchase contracts are secured on the relevant assets. 


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,833
10,000

Amounts falling due 1-2 years

Bank loans
15,833
-

Amounts falling due 2-5 years

Bank loans
-
25,833


26,666
35,833


Page 10

 
GERMSTAR UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
10,058
7,442

Between 1-5 years
28,500
2,481

38,558
9,923


12.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,816
3,174




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


13.


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 £1,272 (2023 - £1,388). Contributions totalling £Nil  (2023 - £239) were payable to the fund at the balance sheet date.


14.


Controlling party

The Company is controlled by the director, Stephen Armstrong, by virtue of his shareholding, as described in the director's report.

 
Page 11