Company registration number 11739262 (England and Wales)
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Tangible assets
4
213,855
8,999,192
Current assets
Debtors
5
10,773,342
210,445
Cash at bank and in hand
-
0
68,822
10,773,342
279,267
Creditors: amounts falling due within one year
6
(3,372,897)
(9,987,719)
Net current assets/(liabilities)
7,400,445
(9,708,452)
Net assets/(liabilities)
7,614,300
(709,260)
Capital and reserves
Called up share capital
7
8,520,374
140
Profit and loss reserves
(906,074)
(709,400)
Total equity
7,614,300
(709,260)

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 February 2025 and are signed on its behalf by:
I T Stokes
Director
Company registration number 11739262 (England and Wales)
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
Balance at 1 January 2022
140
(84,633)
(84,493)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(624,767)
(624,767)
Balance at 31 December 2022
140
(709,400)
(709,260)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(196,674)
(196,674)
Issue of share capital
7
8,520,234
-
8,520,234
Balance at 31 December 2023
8,520,374
(906,074)
7,614,300
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Knauf SW Limited (formerly Gypfor UK Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is Kemsley Fields Business Park, Sittingbourne, Kent, ME9 8SR.

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 Euros. Monetary amounts in these financial statements are rounded to the nearest €, except where otherwise indicated. The functional currency of the company is Euros.

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.

 

The following principal accounting policies have been applied:

1.2
Going concern

The financial statements have been prepared on a going concern basis, as the parent company has confirmed they will provide continued financial support for at least twelve months from the date of signing the financial statements. The company meets day to day working capital requirements through support from it's parent company.true

 

The company will retain the head lease associated with the business for which it will be reimbursed by the parent company.

 

The director believes that the company can successfully manage it's business risks and after making relevant enquiries, the director has a reasonable expectation that the company will have access to adequate resources to continue to trade for the foreseeable future and he believes it is appropriate to continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Tangible fixed assets

Tangible fixed asset 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.

 

At each reporting date the company assesses whether there is any indication of impairment, If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair values less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

 

Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is provided on the following basis:

Leasehold land and buildings
Over the term of the lease
Plant and equipment
To be depreciated once fully operational

The useful life of plant and machinery and the associated leasehold improvements commences once it has been certified as complying with the standards required and it has begun it's first production run.

 

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.

1.4
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.

1.5
Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income statement.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Operating Leases: the Company as a lessee

Rentals payable 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.

1.7

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

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

 

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

1.8

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.

1.9

Creditors

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

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.

Fixed assets

The leasehold costs are depreciated to nil over the full term of the lease.

KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees

The company has no employees other than the director, who did not receive any remuneration in the current or prior year.

4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
Cost
At 1 January 2023
213,855
8,785,337
8,999,192
Additions
-
0
38,266
38,266
Disposals
-
0
(8,823,603)
(8,823,603)
At 31 December 2023
213,855
-
0
213,855
Depreciation and impairment
At 1 January 2023 and 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
213,855
-
0
213,855
At 31 December 2022
213,855
8,785,337
8,999,192
5
Debtors
2023
2022
Amounts falling due within one year:
Amounts owed by group undertakings
10,598,168
-
0
Other debtors
-
0
60,025
Prepayments and accrued income
175,174
150,420
10,773,342
210,445
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
4,850
373,720
Amounts owed to group undertakings
3,350,475
8,143,667
Accruals and deferred income
17,572
1,470,332
3,372,897
9,987,719
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of €5.783046 each
1,473,337
25
8,520,374
140

On the 21 December 2023 the company issued 1,473,312 shares at a par value of £5.00, these were fully paid.

8
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:
Sudheer Gupta BA FCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
4 February 2025
9
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:

2023
2022
14,566,126
13,148,222
10
Parent company

The smallest group for which consolidated financial statements are drawn up is headed by Knauf (UK) GmbH whose registered office is AM Bahnhof 7, 97346 Iphofen.

 

The ultimate parent company and controlling party is Gebr Knauf Verwaltungsgesellschaft.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
Entities with control, joint control or significant influence over the company
-
0
45,492
KNAUF SW LIMITED (FORMERLY GYPFOR UK LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Related party transactions
(Continued)
- 8 -
2023
2022
Amounts due to related parties
Entities with control, joint control or significant influence over the company
3,350,475
7,211,124
Entities under common control
-
932,543

All balances owed to or owed by related parties are unsecured, interest free, and repayable on demand.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
Entities with control, joint control or significant influence over the company
10,598,168
-
Other information

On the 31 December 2023 an asset purchase agreement was entered in to between the company and Knauf (UK) GmbH to transfer all separable assets and their relating responsibilities to Knauf (UK) GmbH.

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