Registered number: 06714738
TUNAP (UK) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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TUNAP (UK) LIMITED
REGISTERED NUMBER: 06714738
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: falling due within one year
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Total assets less current liabilities
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Creditors: falling due after more than one year
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Provisions for liabilities
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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 comprehensive income 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 by on
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TUNAP (UK) LIMITED
REGISTERED NUMBER: 06714738
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The notes on pages 4 to 15 form part of these financial statements.
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TUNAP (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Impact of change in leases accounting policy
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At 1 January 2024 (adjusted balance)
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 15 form part of these financial statements.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tunap (UK) Limited is a private Company, limited by shares, incorporated in England and Wales, their registered number is 06714738. The registered office is, Unit 12 Tonbridge Trade Park, Ingot Way, Tonbridge, Kent, TN9 1GN which is the same address as the principle place of business.
The financial statements are prepared in sterling, which is the functional currency of the Company and rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company has elected to early adopt Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024.
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 (see note 3).
The following principal accounting policies have been applied:
The Company meets its day to day working capital requirements through a rolling three month loan facility from its sister company, Wurth Finance International B.V., a company incorporated in the Netherlands, whenever this is required.
The directors have considered the Company's position at the time of signing the financial statements, including a review of forecasts for at least the next 12 months from approval. The directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised in accordance with the model in section 23 of FRS 102 (Periodic Review 2024). This involves a 5 step process whereby:
- the contract with the a customer is identified (sales order)
- the performance obligations are identified (dispatch of goods)
- the transaction price is determined (list price of goods less any agreed discounts)
- the transaction price is allocated to the performance obligation (total price allocated to dispatch)
- the revenue is recognised when the company satisfies its performance obligations.
Due to the nature of the company's trade, its sole performance obligation is met when goods sold are dispatched to the customer. This is the point at which revenue is recognised. Sales are generally made on credit terms between 0 and 60 days. The nature of the goods are aerosols and active ingredients for industrial, technical and cosmetic applications.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income 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.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 the Statement of Comprehensive Income 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.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
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 value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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. Finished goods include landing and duty costs.
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 the Statement of Comprehensive Income.
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.
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.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The incremental borrowing rate has been calculated as the rate at which the Company can borrow from its' parent company.
Lease payments included in the measurement of the lease liability comprise fixed lease payments, less any lease incentives. The lease liability is included in 'Creditors' on the Balance Sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The comparative figures in these financial statements are presented under FRS 102 (January 2022), meaning such lease contracts were previously accounted for as follows:
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 lessee's benefit from the use of the leased asset.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from other third parties.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. No judgments (apart from those involving estimates) have been made when preparing the financial statements.
The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Bad Debt Provision
Trade debtors are provided for incrementally, based on the ageing of each balance taking into account any specific credit terms. Management estimate the % provision assigned to each ageing increment using guidance provided by the parent company. The provision totalled £35,220 at the year-end (2023: £Nil).
Stock Provision
Stock is provided for incrementally, based on the ageing of each individual stock line. Management estimate the % provision assigned to each ageing increment using guidance provided by the parent company. The provision totalled £121,526 at the year-end (2023: £17,542).
Dilapidation Provision
The company leases their operating premises over a contractual period of time. A clause in the contract, as the lessee, is to restore the premises back to its original state at the end of the lease. The cost to restore has been estimated by Management using an independent third party contractor. The provision for these costs totalled £51,648 at the year-end (2023: £51,648).
Discount Rates for Lease Liabilities
The company leases their operating premises, as well as motor vehicles. There is no interest rate implicit in the leases, and cannot be readily determined. Lease liabilities are therefore discounted using the company's obtainable borrowing rate at the inception of each lease. The applicable rate is 4.75% for buildings, and rates between 1.24% and 4.58% for motor vehicles.
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The average monthly number of employees, including directors, during the year was 27 (2023 - 32).
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Impact of change in accounting policy
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At 1 January 2024 (adjusted balance)
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Charge for the year on leased assets
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Finished goods and goods for resale
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The carrying value of stocks are stated net of impairment losses totalling £121,526 (2023 - £17,542). Impairment losses totalling £103,984 (2023 - £14,480) were recognised in profit and loss.
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The replacement value of stock is not materially different to the carrying value.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within amounts owed to group undertakings, is a rolling three month loan facility of £500,000 (2023: £500,000) on which interest is accrued at a rate of 6.65% (2023: 7.10%). Also included within amounts owed to group undertakings, is a net loan facility amounting to £74,418 (2023: £284,130) which accrues interest at rates between 2.00% - 7.70% (2023: 2.45% - 7.85%). Otherwise amounts owed to group undertakings are interest free, unsecured, with no fixed date of repayment.
Lease liabilities are secured on the assets to which they relate.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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There are no amounts payable wholly or in part later than five years.
Lease liabilities include a leased building. This lease is for 10 years, and has a break clause dated 25 September 2027. There is also a 3 month rent-free incentive. At the inception of the lease, the Directors were not reasonably certain that the break clause would not be exercised.
Lease liabilities also include motor vehicles, which are typically leased over a 3 year period.
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Non-trading loan relationship losses carried forward
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Dilapidation provisions include the expected future costs of returning lease premises to their original condition. The lease has a break clause dated 25 September 2027.
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Allotted, called up and fully paid
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863,616 (2023 - 863,616) Ordinary shares of £1.00 each
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There is a single class of ordinary shares. There are no restrictions on the distribution of dividends, voting rights, and the repayment of capital.
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Profit and loss account
This reserve represents cumulative profits and losses, net of dividends paid.
The Directors identified a rent deposit that was incorrectly classified in the prior year. Therefore the comparative figures have been restated to increase debtors due after more than 1 year by £114,605 and reduce debtors due within 1 year by the same amount.
A guarantee dated 19 June 2013 has been been given in favour of HMRC amounting to £40,000 (2023: £40,000).
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 £22,564 (2023: £25,520). Contributions totalling £3,934 (2023 - £3,909) were payable to the fund at the balance sheet date and are included in creditors.
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TUNAP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking is RUC-Holding GmbH, a company incorporated in Austria. The registered office is Wurth Strasse 1, 3071 Boheimkirchen, Austria. The ultimate parent undertaking is Wurth Promotion Ges.m.b.H, a company incorporated in Austria. The consolidated financial statements can be obtained from the ultimate parent's registered office. The ultimate parent is controlled by the Wurth Private Trust.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 27 March 2025 by Stephan Schmitt ACA (Senior Statutory Auditor) on behalf of Price Bailey LLP.
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