Company registration number 08282861 (England and Wales)
GENERAC HOLDINGS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GENERAC HOLDINGS UK LIMITED
COMPANY INFORMATION
DIRECTORS
York Ragen
Aaron Jagdfeld
SECRETARY
York Ragen
COMPANY NUMBER
08282861
REGISTERED OFFICE
The Energy Innovation Centre Units 3+4
Stepnell Park , Lawford Road
RUGBY
Warwickshire
CV21 2UX
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
Gwent
NP10 8FY
GENERAC HOLDINGS UK LIMITED
CONTENTS
Page
Directors' report
2 - 3
Independent auditor's report
4 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 20
GENERAC HOLDINGS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of 31 December 2023.

REVIEW OF THE BUSINESS

The company performs treasury management for its European subsidiary entities. The loss for the year after taxation amounted to $509k (2022: $606k).

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity risk

 

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through inter-company accounts and bank overdraft facilities.

On behalf of the board

York Ragen
DIRECTOR
13 January 2025
GENERAC HOLDINGS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of 31 December 2023.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

York Ragen
Aaron Jagdfeld
STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

EMPLOYMENT OF DISABLED PERSONS

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

GENERAC HOLDINGS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
EMPLOYEE INVOLVMENT

During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees allow a free flow of information and ideas which directly contributes to the success of the business.

SMALL COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
York Ragen
DIRECTOR
13 January 2025
GENERAC HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENERAC HOLDINGS UK LIMITED
- 4 -
Opinion

We have audited the financial statements of Generac Holdings UK Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

GENERAC HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENERAC HOLDINGS UK LIMITED (CONTINUED)
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 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:

 

GENERAC HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENERAC HOLDINGS UK LIMITED (CONTINUED)
- 6 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
GENERAC HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENERAC HOLDINGS UK LIMITED (CONTINUED)
- 7 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

GENERAC HOLDINGS UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENERAC HOLDINGS UK LIMITED (CONTINUED)
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

Simon Tee
Senior Statutory Auditor
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
Gwent
NP10 8FY
14 January 2025
GENERAC HOLDINGS UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
$ '000
$ '000
TURNOVER
3
-
-
Cost of sales
(1)
-
0
GROSS (LOSS)/PROFIT
(1)
-
Administrative expenses
(145)
(133)
OPERATING LOSS
4
(146)
(133)
Interest receivable and similar income
6
1,572
706
Interest payable and similar expenses
7
(1,935)
(1,179)
LOSS BEFORE TAXATION
(509)
(606)
Tax on loss
8
-
0
-
0
LOSS FOR THE FINANCIAL YEAR
(509)
(606)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GENERAC HOLDINGS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
$ '000
$ '000
FIXED ASSETS
Investments
9
495,696
354,456
CURRENT ASSETS
Debtors
11
127,738
80,007
Cash at bank and in hand
10,539
5,809
138,277
85,816
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12
(139,727)
(86,758)
NET CURRENT LIABILITIES
(1,450)
(942)
NET ASSETS
494,246
353,514
CAPITAL AND RESERVES
Called up share capital
14
49,036
49,036
Capital contribution reserve
15
456,607
315,366
Profit and loss reserves
16
(11,397)
(10,888)
TOTAL EQUITY
494,246
353,514

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

The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
York Ragen
Director
Company registration number 08282861 (England and Wales)
GENERAC HOLDINGS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
$ '000
$ '000
$ '000
$ '000
BALANCE AT 1 JANUARY 2022
49,036
302,644
(10,282)
341,398
YEAR ENDED 31 DECEMBER 2022:
Loss and total comprehensive income
-
-
(606)
(606)
Transfers
-
12,722
-
0
12,722
BALANCE AT 31 DECEMBER 2022
49,036
315,366
(10,888)
353,514
YEAR ENDED 31 DECEMBER 2023:
Loss and total comprehensive income
-
-
(509)
(509)
Transfers
-
141,241
-
0
141,241
BALANCE AT 31 DECEMBER 2023
49,036
456,607
(11,397)
494,246
GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
ACCOUNTING POLICIES
Company information

Generac Holdings UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Energy Innovation Centre Units 3+4, Stepnell Park , Lawford Road, RUGBY, Warwickshire, CV21 2UX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $ '000.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Generac Holdings Inc. which can be obtained from the address in note 11. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

 

(i) Disclosures in respect of each class of share capital have not been presented.

(ii) No cash flow statement has been presented for the company.

(iii) Disclosures in respect of financial instruments have not been presented.

(iv) No disclosure has been given for the aggregate remuneration of key management personnel.

The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a wholly owned subsidiary. These financial statements therefore present information about the company as an individual undertaking and not about its group.

1.2
Going concern

The accounts have been prepared on the going concern basis.true

 

The company had made a loss of $509k (2022: Loss $606k) in the year, and a net asset position of $494,246k (2022: Net asset $353,514k) as at the balance sheet date. The directors therefore had to consider the appropriateness of the going concern basis.

 

The company had been able to finance its operations largely because of the support from its parent company. The directors have had confirmation that this support will continue so they are satisfied that, with this continuing support, the company will be able to meets its liabilities as they fall due.

 

On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.

GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 13 -
1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
- 15 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of investments

Investments in subsidiaries are carried at cost less impairment. In assessing impairment the company uses a value in use model which is based on a discounted cash flow model, which is sensitive to assumptions made and discount rates used. The company assesses at each reporting date whether an asset may be impaired.

3
REVENUE
2023
2022
$ '000
$ '000
Interest income
1,572
706
4
OPERATING LOSS
2023
2022
Operating loss for the year is stated after charging:
$ '000
$ '000
Exchange losses
12
21
5
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
1
1

Their aggregate remuneration comprised:

2023
2022
$ '000
$ '000
Wages and salaries
107
100
GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
6
INTEREST RECEIVABLE AND SIMILAR INCOME
2023
2022
$ '000
$ '000
Interest income
Interest receivable from group companies
1,572
706
2023
2022
Investment income includes the following:
$ '000
$ '000
Interest on financial assets not measured at fair value through profit or loss
1,572
706
7
INTEREST PAYABLE AND SIMILAR EXPENSES
2023
2022
$ '000
$ '000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,747
1,075
Interest payable to group undertakings
188
104
1,935
1,179
8
TAXATION

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
$ '000
$ '000
Loss before taxation
(509)
(606)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(127)
(115)
Adjustments in respect of prior years
-
0
(2)
Group relief
127
117
Taxation charge for the year
-
-
GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
9
FIXED ASSET INVESTMENTS
2023
2022
Notes
$ '000
$ '000
Investments in subsidiaries
10
495,696
354,456
MOVEMENTS IN FIXED ASSET INVESTMENTS
Shares in subsidiaries
$ '000
Cost or valuation
At 1 January 2023
354,456
Additions
141,240
At 31 December 2023
495,696
Carrying amount
At 31 December 2023
495,696
At 31 December 2022
354,456

During the year, a restructuring exercise took place between some of the subsidiaries in the Latin American reporting unit. The cost of investment for these subsidiaries included in fixed asset investments does not reflect these changes. However, the overall cost at the Latin American reporting unit has not been impaired.

10
SUBSIDIARIES

Details of the company's subsidiaries at 31 December 2023 are as follows:

GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
SUBSIDIARIES
(Continued)
- 18 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Generac Global UK Limited
England & Wales
Ordinary shares
100.00
-
PR Industrial S.r.l
Italy
Ordinary shares
100.00
-
PR Europe SAS
France
Ordinary shares
0
100.00
Pramac-Generac UK Ltd
England and Wales
Ordinary shares
0
100.00
Off Grid Energy Limited
England and Wales
Ordinary shares
0
100.00
Pramac Racing Limited
England & Wales
Ordinary shares
0
50.00
PR-NA Industries Inc.
USA
Ordinary shares
0
100.00
Pramac Iberica S.A.U
Spain
Ordinary shares
0
100.00
PR Middle East WLL
Bahrain
Ordinary shares
0
100.00
Pramac Swiss S.A
Switzerland
Ordinary shares
0
100.00
Pramac Generators Srl
Romania
Ordinary shares
0
99.90
Services & Gestion France Sarl
France
Ordinary shares
0
100.00
PR Middle East Fze
UAE
Ordinary shares
0
100.00
Pramac Fu Lee Foshan Pwer Equipment Ltd
China
Ordinary shares
0
100.00
PR Australia PTY Ltd
Australia
Ordinary shares
0
100.00
Captiva Energy Solutions Pvt. Ltd.
India
Ordinary shares
0
66.20
GPR Brazil Equipamentos LTDA
Brazil
Ordinary shares
0
100.00
Pramac Sp. Zo.o
Poland
Ordinary shares
0
100.00
Pramac GmbH
Germany
Ordinary shares
0
100.00
Pramac Storage Systems GmbH
Germany
Ordinary shares
0
100.00
Generac Mexico Administracion S.A de C.V.
Mexico
Ordinary shares
0
100.00
Generac Mexico S.A de C.V.
Mexico
Ordinary shares
0
100.00
Selmec Equipos Industriales, S.A. de C.V.
Mexico
Ordinary shares
0
100.00
Generac Servicios de Matenimiento, S.A. De. C.V.
Mexico
Ordinary shares
0
100.00
Servicios Administrativos Selmec, S.A.de C.V.
Mexico
Ordinary shares
0
100.00
Generac do Brasil Ltda
Brazil
Ordinary shares
0
100.00
Generac Colombia S.A.S
Colombia
Ordinary shares
0
100.00
Generac Hidalgo, S.A. de C.V.
Mexico
Ordinary shares
0
100.00
Ottomotores Nominees Limited
United Kingdom
Ordinary shares
0
100.00
MOTORTECH GmbH
Germany
Ordinary shares
0
100.00
MOTORTECH Shanghai Co., Ltd.
China
Ordinary shares
0
100.00
Suzhou Generac Power System Co., ltd
China
Ordinary shares
0
100.00
GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
11
DEBTORS
2023
2022
Amounts falling due within one year:
$ '000
$ '000
Amounts owed by group undertakings
127,736
80,005
Other debtors
2
2
127,738
80,007
12
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Notes
$ '000
$ '000
Bank loans
13
22,100
-
0
Amounts owed to group undertakings
117,627
86,745
Other creditors
-
0
13
139,727
86,758
13
LOANS AND OVERDRAFTS
2023
2022
$ '000
$ '000
Bank loans
22,100
-
0
Payable within one year
22,100
-
0

The loans are short term with an interest rate of 4.76%.

14
SHARE CAPITAL
2023
2022
2023
2022
Ordinary share capital
Number
Number
$ '000
$ '000
Issued and fully paid
Ordinary shares of $1 each
49,036,002
49,036,002
49,036
49,036
15
CAPITAL CONTRIBUTION RESERVE

This reserve records the value received in relation to capital contributions from the parent entity.

GENERAC HOLDINGS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
16
PROFIT AND LOSS RESERVES

Thus reserves records the profit or loss movement for the year and the accumulated profit or loss.

17
RELATED PARTY TRANSACTIONS

During the year, company paid interest to subsidiaries totalling to $188k (2022: $104k) and received interest of $1.57m (2022: 706k)

 

At the year end the company owed to group undertakings $117m (2022: $86.44m) and were due $127.74m (2022: $80m)

18
ULTIMATE CONTROLLING PARTY

Generac Power Systems Inc, is the company's controlling party by virtue of its 100 percent interest in the company. The largest and the smallest group in which the results of the company are consolidated is that headed by Generac Holdings Inc., which is registered in United States.

 

Copies of Generac Holding Inc. financial statements can be obtained from the company's principal place of business at S45 W29290 Highway 59 Waukesha, WI 53189 USA.

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