REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Nagels (UK) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Nagels (UK) Ltd |
Nagels (UK) Ltd (Registered number: 03695705) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Nagels (UK) Ltd |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Roland House |
Princes Dock Street |
Hull |
HU1 2LD |
Nagels (UK) Ltd (Registered number: 03695705) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital redemption reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Nagels (UK) Ltd (Registered number: 03695705) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Nagels (UK) Ltd (Registered number: 03695705) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Nagels (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when goods are delivered and the legal title has passed. |
Tangible fixed assets |
Plant and machinery - 25% on cost |
Fixture and fittings - 25% on cost |
Computer equipment - 25% on cost |
License - 10% on cost |
Freehold Property |
No depreciation is provided on the freehold property. It is the company's policy to maintain freehold property in such a condition that the value of the property taken as a whole is not impaired by the passage of time. Such maintenance expenditure is charged against profits in the year in which it arises . Any element of depreciation would in the opinion of the directors be immaterial and no provision has been made. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which compromise direct production cost, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Nagels (UK) Ltd (Registered number: 03695705) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
Nagels (UK) Ltd (Registered number: 03695705) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 88,216 | 92,438 |
Other creditors |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 90,000 | 90,000 |
8. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2024 | 575,811 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 31 December 2024 | 636,830 |
9. | PENSION COMMITMENTS |
The company contributes to employees' private defined contributions pension schemes. The charge for the year was £39,244 (2023 - £33,807). The amount outstanding at the year was £4,776 (2023 - £1,260). |
10. | RELATED PARTY DISCLOSURES |
During the year the company purchased goods and services totalling £1,571,095 (2023 - £1,545,990) from Nagels Druck Kempen GMBH a company incorporated in Germany, in which T Nagels, a director of Nagels (UK) Ltd is also a director.The balance owed to Nagels Druck Kempen GMBH at 31 December 2024 is £152,776 (2023 - £94,587). |
The company also recharged goods and services totalling £112,977 (2023 - £104,101) that it had paid on behalf of Nagels Druck Kempen GMBH. |
Also during the year, the company recharged goods and services totalling £1,715 (2023 - £1,715) that it had paid on behalf of Nagels North America. A company incorporated in the United States of America, in which T Nagels, a director of Nagels (UK) Ltd, is a shareholder. |
During the year dividends of £250,000 (2023 - £150,000) were paid to the directors. |
11. | ULTIMATE CONTROLLING PARTY |