Keim Mineral Paints Limited 02343394 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the import and sale of mineral paints and associated products. Digita Accounts Production Advanced 6.30.9574.0 true true 02343394 2024-01-01 2024-12-31 02343394 2024-12-31 02343394 core:RetainedEarningsAccumulatedLosses 2024-12-31 02343394 core:ShareCapital 2024-12-31 02343394 core:CurrentFinancialInstruments 2024-12-31 02343394 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02343394 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 02343394 core:FurnitureFittings 2024-12-31 02343394 core:OfficeEquipment 2024-12-31 02343394 core:PlantMachinery 2024-12-31 02343394 bus:SmallEntities 2024-01-01 2024-12-31 02343394 bus:Audited 2024-01-01 2024-12-31 02343394 bus:FilletedAccounts 2024-01-01 2024-12-31 02343394 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02343394 bus:Director2 2024-01-01 2024-12-31 02343394 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02343394 core:FurnitureFittings 2024-01-01 2024-12-31 02343394 core:OfficeEquipment 2024-01-01 2024-12-31 02343394 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 02343394 core:PlantMachinery 2024-01-01 2024-12-31 02343394 countries:AllCountries 2024-01-01 2024-12-31 02343394 2023-12-31 02343394 core:FurnitureFittings 2023-12-31 02343394 core:OfficeEquipment 2023-12-31 02343394 core:PlantMachinery 2023-12-31 02343394 2023-01-01 2023-12-31 02343394 2023-12-31 02343394 core:RetainedEarningsAccumulatedLosses 2023-12-31 02343394 core:ShareCapital 2023-12-31 02343394 core:CurrentFinancialInstruments 2023-12-31 02343394 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02343394 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02343394 core:FurnitureFittings 2023-12-31 02343394 core:OfficeEquipment 2023-12-31 02343394 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 02343394

Keim Mineral Paints Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Keim Mineral Paints Limited

(Registration number: 02343394)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

100,057

124,149

Investments

4

145,000

145,000

 

245,057

269,149

Current assets

 

Stocks

479,493

397,191

Debtors

5

396,654

442,264

Cash at bank and in hand

 

376,589

344,312

 

1,252,736

1,183,767

Creditors: Amounts falling due within one year

6

(576,842)

(510,454)

Net current assets

 

675,894

673,313

Total assets less current liabilities

 

920,951

942,462

Creditors: Amounts falling due after more than one year

6

(160,000)

(160,000)

Provisions for liabilities

(23,642)

(29,712)

Net assets

 

737,309

752,750

Capital and reserves

 

Called up share capital

635,000

635,000

Retained earnings

102,309

117,750

Shareholders' funds

 

737,309

752,750

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 February 2025 was Daniel Wood, who signed for and on behalf of Hawsons Chartered Accountants.

 

Keim Mineral Paints Limited

(Registration number: 02343394)

Balance Sheet as at 31 December 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................

D J Pratt

Director

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

Accounting policies

Statutory information

Keim Mineral Paints Limited is a private company, limited by shares, domiciled in England and Wales, company number 02343394. The registered office is at Santok Building Deer Park Way, Donnington Wood, Telford, TF2 7NA.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Keim Mineral Paints Limited is a company limited by shares incorporated in England within the United Kingdom. The presentational currency is the GBP.

Going concern

The company is expected to continue to generate positive cash flows on its own account for the foreseeable future, being at least 12 months from signing the financial statements. The company participates in the group's centralised treasury arrangements and so shares banking arrangements with its parent and fellow subsidiaries.

The directors, having assessed the responses of the directors of the company's immediate parent Keimfarben GmbH to their enquiries have no reason to believe that a material uncertainty exists that may cast signficant doubt about the ability of the Leonhard Moll AG group to continue as a going concern or its ability to continue with the current banking arrangements.

On the basis of their assessment of the company's financial position, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Exemption from preparing group accounts

The financial statements contain information about Keim Mineral Paints Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Keimfarben GmbH, a company incorporated in Germany and whose registered address is Keimstrasse 16, Diedorf 86420, Germany.

Revenue recognition

Revenue is measured based on the consideration the company expects to be entitled in a contract with a customer, exclusive of VAT, taking into account the amount of any trade discounts allowed by the entity. Revenue from the sale of goods is recognised when the company has despatched the goods and has transferred control of the goods to the customer.

Government grants

Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixtures & fittings

10% - 20% straight line

Office equipment

20% straight line

Plant & machinery

10% - 25% straight line

Investments

Investments in subsidiary undertakings are stated at cost less provision for impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stock is stated at the lower of cost and net realisable value, using the weighted average formula. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Income and Retained Earnings over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substanially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the period of the lease.

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 22).

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost

At 1 January 2024

99,750

252,115

70,886

422,751

Additions

-

-

5,221

5,221

Disposals

(7,503)

(29,879)

(4,064)

(41,446)

At 31 December 2024

92,247

222,236

72,043

386,526

Depreciation

At 1 January 2024

70,830

171,859

55,913

298,602

Charge for the year

6,598

16,449

6,202

29,249

Eliminated on disposal

(7,503)

(29,815)

(4,064)

(41,382)

At 31 December 2024

69,925

158,493

58,051

286,469

Carrying amount

At 31 December 2024

22,322

63,743

13,992

100,057

At 31 December 2023

28,920

80,256

14,973

124,149

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4

Investments in subsidiaries

2024
£

2023
£

Cost and net book value

At the beginning and end of 2024 and 2023

145,000

145,000

The company owns 100% of the ordinary share capital of Keim (UK) Limited, a company incorporated in the United Kingdom and registered in England and Wales, which has been dormant throughout the year ended 31 December 2024. The registered office of Keim (UK) Limited is Santok Building, Deer Park Way, Donnington Wood, Telford, Shropshire, TF2 7NA.

5

Debtors

2024
£

2023
£

Trade debtors

177,663

238,854

Amounts owed by group undertakings

131,821

121,419

Prepayments

87,170

81,991

396,654

442,264

Interest receivable from group undertakings in the year was £4,298 (2023 - £12,113).

 

Keim Mineral Paints Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

36,987

37,247

Amounts owed to group undertakings

301,046

259,725

Taxation and social security

147,764

136,532

Accruals and deferred income

41,440

41,962

Other creditors

38,973

25,603

Corporation tax

10,632

9,385

576,842

510,454

Creditors: amounts falling due after more than one year

2024
£

2023
£

Amounts owed to group undertakings

160,000

160,000

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £636,555 (2023 - £783,037).

8

Controlling party

In the opinion of the directors, the company's ultimate parent company and ultimate controlling party is Moll GmbH & Co KG, a company incorporated in Germany.

The parent undertaking of the largest group, which includes the company and for which group accounts are prepared is Moll GmbH & Co KG, a company incorporated in Germany and whose registered address is Lindwurmstrasse 129a, 80337 Munich, Germany.

The parent undertaking of the smallest such group is Keimfarben GmbH, a company incoporated in Germany and whose registered address is Keimstrasse 16, Diedorf 86420, Germany. Copies of the group financial statements of Moll GmbH & Co KG and Keimfarben GmbH are available from the registered office of each respective company. The company's immediate controlling party is Keimfarben Beteiligungs GmbH.