Company registration number 05014168 (England and Wales)
BAUWERK GROUP UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BAUWERK GROUP UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BAUWERK GROUP UK LIMITED
COMPANY INFORMATION
Directors
Mr P Hardy
Mr A Kienle
(Appointed 20 September 2024)
Secretary
Mr D Stephens
Company number
05014168
Registered office
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Auditor
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
BAUWERK GROUP UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,489
29,049
Current assets
Stocks
168,857
140,394
Debtors
5
1,487,684
1,378,635
Cash at bank and in hand
122,501
188,584
1,779,042
1,707,613
Creditors: amounts falling due within one year
6
(196,880)
(221,835)
Net current assets
1,582,162
1,485,778
Net assets
1,596,651
1,514,827
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,596,649
1,514,825
Total equity
1,596,651
1,514,827
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 31 January 2025 and are signed on its behalf by:
Mr P Hardy
Mr A Kienle
Director
Director
Company registration number 05014168 (England and Wales)
BAUWERK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Bauwerk Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company relies on the continued support of the group, and the group intends to continue supporting the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods , excluding value added tax. Turnover is recognised once the stock is despatched from the factory or warehouse.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Period of lease
Fixtures and fittings
20% - 50% on cost
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value on an average basis, making allowance for obsolete and slow moving stock.
Cost is determined using the weighted average cost formula.
1.7
Financial instruments
BAUWERK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Classification of financial liabilities
Creditors are not interest bearing and are included at their nominal value.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
BAUWERK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
6
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
49,885
29,244
79,129
Additions
2,411
2,295
4,706
Disposals
(14,673)
(14,673)
At 31 December 2024
37,623
31,539
69,162
Depreciation and impairment
At 1 January 2024
24,381
25,699
50,080
Depreciation charged in the year
16,616
2,650
19,266
Eliminated in respect of disposals
(14,673)
(14,673)
At 31 December 2024
26,324
28,349
54,673
Carrying amount
At 31 December 2024
11,299
3,190
14,489
At 31 December 2023
25,504
3,545
29,049
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
303,444
413,010
Amounts owed by group undertakings
1,149,209
935,157
Other debtors
35,031
30,468
1,487,684
1,378,635
Included in the above is a loan of £983,271 (2023 - £840,360) to the parent company Bauwerk Group AG. This loan bears interest at 2.5%, is repayable on demand, and is unsecured.
BAUWERK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,046
28,817
Amounts owed to group undertakings
984
1,288
Taxation and social security
100,205
124,068
Other creditors
56,645
67,662
196,880
221,835
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Timothy Neale
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
31 January 2025
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
151,362
159,469
9
Parent company
The parent company of Bauwerk Group UK Limited is Boen AS and its registered office is:
Topdalsveien 406-408, 4658 Tveit,
Norway.
The ultimate parent company is Bauwerk Group AG and its registered office is:
CH-9430 St Margrethen
Switzerland
BAUWERK GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Parent company
(Continued)
- 6 -
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Bauwerk Group AG
Smallest group
Bauwerk Group AG