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REGISTERED NUMBER: 04314525 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ASPOCK UK LIMITED

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


ASPOCK UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: L E Rush
K Asp÷ck





SECRETARY: Dr M Weinberger





REGISTERED OFFICE: Unit 19
Stansted Distribution Centre
Great Hallingbury
Bishops Stortford
Hertfordshire
CM22 7DG





REGISTERED NUMBER: 04314525 (England and Wales)





AUDITORS: Affinia (Colchester)
The Octagon
Suite 2E, 2nd Floor
Middleborough
Colchester
Essex
CO1 1TG

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activity of the company continues to be that of design, manufacture and supply of prefabricated lighting systems for towed vehicles.

The company has increased shareholders' funds by £509,023 to £4.75 million and this, together with a strong forward order book, puts the company in a good position to cope with any future volatility in the economy.

Results and dividends

The profit for the year, after taxation, has increased by £158,144 to £1,190,125.

No final dividend has yet been proposed for the financial year.

Financial position at the reporting date

The balance sheet shows the company's net current assets at the year-end have increased from £4,442,308 to £5,041,536.

The company has invested a further £247,718 in electric vehicles during the financial year.

Key performance indicators

The main objectives of the company are to remain profitable and achieve sustainable growth.


ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Management continually monitors the key risks facing the company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.

The principal risks and uncertainties racing the company are as follows:

Economic downturn

The company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining.

Competitor pressure

The market in which the company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The company manages this risk by providing quality services and maintaining strong relationships with its key customers.

Reliance on key suppliers

The company's purchasing activities could expose it to over reliance on certain suppliers and inflationary pricing pressure. The company manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers that may be used, if necessary.

Loss of key personnel

This would present significant operational difficulties for the company. Management seek to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.

ON BEHALF OF THE BOARD:





L E Rush - Director


9 April 2025

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
A dividend of 7,169.49 per share was paid on 23 May 2024 in respect of the year ending 31 December 2023.

RESEARCH AND DEVELOPMENT
Aspock UK Ltd continues to utilise its technical and materials expertise to produce specialist products and services to solve customer problems as well as seek to bring new inventions to the market. Aspock UK Ltd continues to work with new and exciting customers and suppliers to develop its knowledge and bespoke product offerings. Total Aspock UK Ltd expenditure on research and development in the year was £46,211 (2023: £73,299).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

L E Rush
K Asp÷ck

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, Affinia (Colchester), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L E Rush - Director


9 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASPOCK UK LIMITED

Opinion
We have audited the financial statements of Aspock UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASPOCK UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASPOCK UK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
. The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
. We identified the laws and regulations applicable to the company through discussions with directors and
other management, and from our commercial knowledge and experience of the telecommunications sector;
. We focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection, anti-bribery, employment, environmental and health and safety legislation;
. We assessed the extent of compliance with the laws and regulations identified above through making enquiries
of management and inspecting legal correspondence; and
. Identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
. Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud; and
. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
. Performed analytical procedures to identify any unusual or unexpected relationships;
. Tested journal entries to identify unusual transactions;
. Reviewed the internal controls in place, specifically around payroll and bank transactions; and
. Assessed whether judgements and assumptions made in determining the accounting estimates around
depreciation were indicative of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASPOCK UK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Oliver James White ACA (Senior Statutory Auditor)
for and on behalf of Affinia (Colchester)
The Octagon
Suite 2E, 2nd Floor
Middleborough
Colchester
Essex
CO1 1TG

9 April 2025

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 16,124,969 16,304,282

Cost of sales 10,335,362 11,073,621
GROSS PROFIT 5,789,607 5,230,661

Distribution costs 319,335 344,373
Administrative expenses 3,830,038 3,488,908
4,149,373 3,833,281
OPERATING PROFIT 5 1,640,234 1,397,380

Interest receivable and similar income 6 12,138 16,823
1,652,372 1,414,203

Interest payable and similar expenses 7 36,838 50,020
PROFIT BEFORE TAXATION 1,615,534 1,364,183

Tax on profit 8 425,409 332,202
PROFIT FOR THE FINANCIAL YEAR 1,190,125 1,031,981

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,190,125

1,031,981

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 501,559 522,368

CURRENT ASSETS
Stocks 11 3,156,870 3,779,995
Debtors 12 3,711,740 3,498,619
Cash at bank and in hand 1,864,015 690,222
8,732,625 7,968,836
CREDITORS
Amounts falling due within one year 13 3,691,089 3,526,528
NET CURRENT ASSETS 5,041,536 4,442,308
TOTAL ASSETS LESS CURRENT LIABILITIES 5,543,095 4,964,676

CREDITORS
Amounts falling due after more than one
year

14

(369,356

)

(262,577

)

PROVISIONS FOR LIABILITIES 16 (421,881 ) (459,264 )
NET ASSETS 4,751,858 4,242,835

CAPITAL AND RESERVES
Called up share capital 17 95 95
Retained earnings 18 4,751,763 4,242,740
SHAREHOLDERS' FUNDS 4,751,858 4,242,835

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:





L E Rush - Director


ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 95 4,008,759 4,008,854

Changes in equity
Dividends - (798,000 ) (798,000 )
Total comprehensive income - 1,031,981 1,031,981
Balance at 31 December 2023 95 4,242,740 4,242,835

Changes in equity
Dividends - (681,102 ) (681,102 )
Total comprehensive income - 1,190,125 1,190,125
Balance at 31 December 2024 95 4,751,763 4,751,858

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,454,838 1,797,683
Interest paid (13,377 ) (32,792 )
Interest element of hire purchase payments
paid

(23,461

)

(17,228

)
Provisions and employee benefits (42,473 ) 71,084
Tax paid (331,941 ) (356,171 )
Net cash from operating activities 2,043,586 1,462,576

Cash flows from investing activities
Purchase of tangible fixed assets (253,764 ) (285,077 )
Sale of tangible fixed assets 61,678 23,000
Interest received 12,138 16,823
Net cash from investing activities (179,948 ) (245,254 )

Cash flows from financing activities
New loans in year 244,341 184,336
Capital repayments in year (155,722 ) (66,191 )
Amount introduced by directors - 1,000
Amount withdrawn by directors (97,362 ) -
Equity dividends paid (681,102 ) (798,000 )
Net cash from financing activities (689,845 ) (678,855 )

Increase in cash and cash equivalents 1,173,793 538,467
Cash and cash equivalents at beginning of
year

2

690,222

151,755

Cash and cash equivalents at end of year 2 1,864,015 690,222

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,615,534 1,364,183
Depreciation charges 232,196 143,721
Profit on disposal of fixed assets (19,302 ) (1,791 )
Finance costs 36,838 50,020
Finance income (12,138 ) (16,823 )
1,853,128 1,539,310
Decrease in stocks 623,125 368,827
Increase in trade and other debtors (180,564 ) (401,265 )
Increase in trade and other creditors 159,149 290,811
Cash generated from operations 2,454,838 1,797,683

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 1,864,015 690,222
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 690,222 151,755


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 690,222 1,173,793 1,864,015
690,222 1,173,793 1,864,015
Debt
Finance leases (397,867 ) (88,619 ) (486,486 )
(397,867 ) (88,619 ) (486,486 )
Total 292,355 1,085,174 1,377,529

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Aspock UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There is currently one key source of estimation with regards to the Phantom Share Provision.

The Director has a 5% Phantom Share Holding within the Company based on the average profits for the last three years.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property-10% straight line
Plant and machinery-25% straight line
Fixtures and fittings-15% straight line
Motor vehicles-25% reducing balance
Computer equipment-25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the equitation date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that re measured at cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Taxation
The taxation expense represents the aggregate amount of currency and deferred tax recognised in the reporting period. Tax is recognised in profit and loss, except to the extent that it related to items recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.


ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the change rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and the reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period it arises.

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related services is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payment or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in the profit or loss in the period in which it arises.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,148,900 1,927,467
Social security costs 179,466 164,798
Other pension costs 96,292 100,260
2,424,658 2,192,525

The average number of employees during the year was as follows:
2024 2023

47 47

Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £96,292 (2023: £100,260).

2024 2023
£    £   
Directors' remuneration 187,465 288,058
Directors' pension contributions to money purchase schemes 54,155 42,922

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 389,550 256,982
Depreciation - owned assets 47,645 40,938
Depreciation - assets on hire purchase contracts 184,552 102,784
Profit on disposal of fixed assets (19,302 ) (1,791 )
Auditors' remuneration 12,500 12,750
Foreign exchange (gains)/losses (19,331 ) 42,754

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 12,138 16,823

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 13,377 32,792
Hire purchase 23,461 17,228
36,838 50,020

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 420,319 319,219

Deferred tax 5,090 12,983
Tax on profit 425,409 332,202

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,615,534 1,364,183
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

403,884

320,583

Effects of:
Expenses not deductible for tax purposes 9,227 43,822
Capital allowances in excess of depreciation - (27,814 )
Depreciation in excess of capital allowances 10,028 -
Profit/loss on disposal of assets (4,826 ) (421 )
Other differences - 274
Deferred tax 5,089 12,983
Research and development enhanced expenditure (15,750 ) (17,225 )
Over/under provision in prior year 17,757 -
Total tax charge 425,409 332,202

During the 2023 financial year, the statutory rate of Corporation tax changed from 19% to 25%. The tax rate for 2023 was adjusted to reflect this change. During 2024 all profits have been charged at the full 25%.

9. DIVIDENDS
2024 2023
£    £   
Ordinary Shares shares of 1 each
Final 681,102 798,000

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 43,290 101,159 339,590
Additions - 6,046 -
Disposals - - -
At 31 December 2024 43,290 107,205 339,590
DEPRECIATION
At 1 January 2024 43,290 87,428 274,747
Charge for year - 10,860 30,613
Eliminated on disposal - - -
At 31 December 2024 43,290 98,288 305,360
NET BOOK VALUE
At 31 December 2024 - 8,917 34,230
At 31 December 2023 - 13,731 64,843

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 673,786 238,510 1,396,335
Additions 247,718 - 253,764
Disposals (169,470 ) - (169,470 )
At 31 December 2024 752,034 238,510 1,480,629
DEPRECIATION
At 1 January 2024 248,768 219,734 873,967
Charge for year 184,552 6,172 232,197
Eliminated on disposal (127,094 ) - (127,094 )
At 31 December 2024 306,226 225,906 979,070
NET BOOK VALUE
At 31 December 2024 445,808 12,604 501,559
At 31 December 2023 425,018 18,776 522,368

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 673,786
Additions 247,718
Disposals (169,470 )
At 31 December 2024 752,034
DEPRECIATION
At 1 January 2024 248,768
Charge for year 184,552
Eliminated on disposal (127,094 )
At 31 December 2024 306,226
NET BOOK VALUE
At 31 December 2024 445,808
At 31 December 2023 425,018

11. STOCKS
2024 2023
£    £   
Stocks 3,156,870 3,779,995

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,317,727 3,139,954
Amounts owed by group undertakings 5,196 70,001
Other debtors 87,673 69,159
Directors' current accounts 160,402 63,040
Prepayments and accrued income 140,742 156,465
3,711,740 3,498,619

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 117,130 135,290
Trade creditors 981,942 691,403
Amounts owed to group undertakings 1,704,153 2,029,490
Tax 199,290 110,912
Social security and other taxes 77,487 69,321
VAT 353,783 355,320
Other creditors 149,984 8,035
Accruals and deferred income 107,320 126,757
3,691,089 3,526,528

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 369,356 262,577

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 117,130 135,290
Between one and five years 369,356 262,577
486,486 397,867

Non-cancellable operating leases
2024 2023
£    £   
Within one year 384,300 384,300
Between one and five years 992,775 1,377,075
1,377,075 1,761,375

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,707 16,617
Phantom share option 400,174 442,647
421,881 459,264

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

16. PROVISIONS FOR LIABILITIES - continued

Phantom
Deferred share
tax option
£    £   
Balance at 1 January 2024 16,617 442,647
Provided during year 5,090 (42,473 )
Balance at 31 December 2024 21,707 400,174

A grant of Phantom Shares has been made in respect of Mr Rush, director of the Company. The number of such shares shall be equivalent to 5% of the entire issued share capital of the Company. The right of Mr Rush to retain the Phantom Shares is conditional upon his continued employment by the Company and upon ceasing to be employed by whatever reason Mr Rush shall be entitled to a payment in accordance with the scheme rules.

A provision has been made to the amount that would have been payable if Mr Rush left the Company as a "Good Leaver".

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
95 Ordinary Shares 1 95 95

Each and every share entitles the holder to one vote in any circumstance.

18. RESERVES
Retained
earnings
£   

At 1 January 2024 4,242,740
Profit for the year 1,190,125
Dividends (681,102 )
At 31 December 2024 4,751,763

The retained earnings reserve contains all current and prior period cumulative profits and losses less any amounts paid out as dividends.

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
L E Rush
Balance outstanding at start of year 63,040 64,040
Amounts advanced 97,362 -
Amounts repaid - (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 160,402 63,040

Interest is charged at 2% per annum. The balance of any advance is payable on demand.

20. RELATED PARTY DISCLOSURES

At the year end the company owed the following amounts to/from related parties:

Balance owed by/(owed to)

20242023
££
Aspock Systems GmbH(1,650,441)(1,987,403)
Aspock Holding GmbH(43,348)(42,087)
Aspock Iberia SA4,85048,261
Aspock Brazil- -
Aspock France346989
Aspock Norden- -

The balances above are considered trade balances which are maintained on a commercial basis.

Key management personnel included all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £276,115 (2023: £267,363).

21. ULTIMATE CONTROLLING PARTY

During the year under review the company's immediate parent undertaking and ultimate parent company was Aspöck Holding GmbH, registered in Austria, which owned a controlling share of the issued share capital.

The ultimate controlling party is Felix Aspöck.

ASPOCK UK LIMITED (REGISTERED NUMBER: 04314525)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

22. FINANCIAL RISK MANAGEMENT

The company operates a treasury function which is responsible for managing the liquidity and interest rate risks associated with the company's activities

The principal risks to which the company is exposed are market risk including interest rate, credit and liquidity risk.

Credit risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet it contractual obligations.

Investments of cash surpluses and borrowing are made through banks and companies approved by the board.

All customers who wish to trade on credit terms are subject to credit verification procedures.

Trade debtors are reviewed on a regular basis and provision is made for bad and doubtful debts.

Liquidity risk
Liquidity risk arises from the company's management of working capital and finance charges.

The company policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.

To achieve this aim it seeks to maintain cash balances to meet expected requirements based on weekly and monthly forecasts.

Currency risk
The company operates in a global industry and is exposed to foreign exchange risk arising from various currency exposures.

Foreign exchange risks arise when commercial transactions and recognised assets and liabilities are denominated in a currency that is not the company's functional currency.

The board monitors both the level of likely foreign currency cash flows and forecasts of exchange rate movement and manages foreign exchange risk based on this information.

Fair values of financial assets and liabilities
The directors consider that the carrying values of all the company's financial assets and liabilities approximate their fair values as at the balance sheet date.

The company does not hold any financial instruments that are classified at fair value through the profit and loss or available for sale and are therefore measured at fair value.