Company registration number 03947927 (England and Wales)
ADDMASTER (U.K.) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ADDMASTER (U.K.) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ADDMASTER (U.K.) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,200,595
3,636,344
Tangible assets
4
58,356
95,701
3,258,951
3,732,045
Current assets
Stocks
1,773,116
2,079,847
Debtors
5
2,158,228
2,507,908
Cash at bank and in hand
2,294,155
2,627,841
6,225,499
7,215,596
Creditors: amounts falling due within one year
6
(943,174)
(311,445)
Net current assets
5,282,325
6,904,151
Total assets less current liabilities
8,541,276
10,636,196
Provisions for liabilities
8
(14,589)
(23,925)
Net assets
8,526,687
10,612,271
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
8,525,687
10,611,271
Total equity
8,526,687
10,612,271
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADDMASTER (U.K.) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Ms U Bjork
Director
Company registration number 03947927 (England and Wales)
ADDMASTER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Addmaster (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Darfin House, Priestly Court, Staffordshire Technology Park, Beaconside, Stafford, ST18 0AR.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes.
Turnover is recognised when goods have been delivered to customers such that significant risks and rewards of ownership of the goods has transferred to the buyer.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets - goodwill
Goodwill of £446,759 (at cost), being the amount paid in connection with the acquisition of a business in 2019, is being amortised over its useful economic life of 10 years.
Goodwill of £3,150,000 (at cost), being the amount paid in connection with the acquisition of a business in 2022, is considered by the directors to have an indefinite useful economic life. This goodwill will be subject to an annual impairment review with provision made for any diminution in value.
1.5
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost . after initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Software
20% on cost
Development costs
20% on cost
Trademarks
20% on cost
1.6
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:
Fixtures and fittings
33% on cost
Computers
33% on cost
ADDMASTER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
14
ADDMASTER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Intangible fixed assets
Goodwill
Other
Trademarks
Total
£
£
£
£
Cost
At 1 January 2024
3,596,759
44,569
350,000
3,991,328
Additions
4,685
4,685
At 31 December 2024
3,596,759
49,254
350,000
3,996,013
Amortisation and impairment
At 1 January 2024
212,211
6,079
136,694
354,984
Amortisation charged for the year
359,676
10,758
70,000
440,434
At 31 December 2024
571,887
16,837
206,694
795,418
Carrying amount
At 31 December 2024
3,024,872
32,417
143,306
3,200,595
At 31 December 2023
3,384,548
38,490
213,306
3,636,344
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
165,199
Depreciation and impairment
At 1 January 2024
69,498
Depreciation charged in the year
37,345
At 31 December 2024
106,843
Carrying amount
At 31 December 2024
58,356
At 31 December 2023
95,701
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
576,438
454,491
Amounts owed by group undertakings
1,530,525
1,990,910
Other debtors
51,265
62,507
2,158,228
2,507,908
ADDMASTER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Debtors
(Continued)
- 6 -
Included with Amounts owed by group companies is a balance of £1,338,391 (2023: £886,212) which falls due after one year.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
589,744
218,989
Amounts owed to group undertakings
9,481
9,481
Taxation and social security
137,085
21,913
Other creditors
206,864
61,062
943,174
311,445
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
8
Parent company
The company is a wholly owned subsidiary of Addmaster Holdings Limited which in turn is a wholly owned subsidiary of Polygiene Group AB, Styrmansgatan 2, SE-211 18 Malmo, Sweden, a company incorporated in Sweden.