REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
TRODAT (UK) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
TRODAT (UK) LIMITED |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TRODAT (UK) LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Business Advisors, Accountants and |
Statutory Auditors |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
SOLICITORS: |
55 King Street |
Manchester |
M2 4LQ |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
BALANCE SHEET |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Trodat (UK) Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The directors have prepared projections that cover a period of 12 months from the date of approval of these financial statements. The directors are confident that based on these, the company has sufficient resources to continue trading for the next 12 months. The accounts have therefore been prepared on the going concern basis. |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Trodat (UK) 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 requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trodat Holding GMbH, . |
TURNOVER |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: |
- the company has transferred the significant risk and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
INTANGIBLE ASSETS |
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. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Freehold land and buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
At each reporting 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 profit or loss. |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
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. |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. |
DEFINED BENEFIT PENSION PLAN |
The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension that is not a defined contribution plan. |
The liability recognised in the statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled. |
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate'). |
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques. |
Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as "Remeasurement of net defined benefit liability". |
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: |
- the increase in net pension benefit liability arising from employee service during the period; and |
- the cost of plan introductions, benefit changes, curtailments and settlements. |
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'. |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
FINANCE COSTS |
Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the statement of financial position. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Customer |
lists and |
databases |
£ |
COST |
At 1 January 2024 |
Disposals | ( |
) |
At 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land and | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2024 |
Additions |
Dividends received | (300,000 | ) |
At 31 December 2024 |
PROVISIONS |
At 1 January 2024 | 492,511 |
Provision for year | 1,514,390 |
At 31 December 2024 | 2,006,901 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
The following were subsidiary undertakings of the company: |
Name |
Registered Office |
Principal activity |
Class of Shares |
Holding |
Trodat Stamps (A-PAK) Limited |
1 Marino Mart, Fairview, Dublin 3, D03 E5X8 |
Supply of rubber stamps |
Ordinary | 100% |
Motivation in Learning Limited |
PO Box 55, Bangor, County Down, Northern Ireland, BT19 7PJ |
Manufacture and distribution of marking products |
Ordinary | 100% |
ASAP Stamps Ltd |
30 Oak Street, Sheffield, South Yorkshire, S8 9UB |
Manufacture of other rubber products |
Ordinary | 100% |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Raw Materials |
Work in Progress |
Finished goods | 298,474 | 117,075 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Social security and other tax | 5,541 | 5,744 |
Deferred tax asset |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Deferred consideration | 78,072 | - |
Intercompany loan | 202,375 | - |
Accruals and deferred income |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Intercompany loan | 1,016,625 | - |
11. | DEFERRED TAX |
£ |
Balance at 1 January 2024 | ( |
) |
Provided during year |
Balance at 31 December 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined benefit pension scheme. It is a separate trustee administered arrangement holding assets to meet long term pension liabilities. |
The surplus of £2,374,000 has not been recognised in the balance sheet as at 31 December 2024. |
A defined contribution pension scheme has been in operation since June 2000. The existing pension scheme continues to operate for existing employees. However, all new employees are eligible only to join the new pension scheme. |
The total company pension charge for the year was as follows: |
2024 | 2023 |
£ | £ |
Defined contribution scheme | 80,518 | 74,285 |
There were no outstanding contributions due to the scheme administrator at the year end. |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
13. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Present value of funded obligations | ( |
) | ( |
) |
Fair value of plan assets |
2,374,000 | 1,505,000 |
Present value of unfunded obligations |
Surplus |
Net asset |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Current service cost |
Interest cost |
Expected return | - | - |
Past service cost |
Interest income | (340,000 | ) | (368,000 | ) |
(68,000 | ) | (72,000 | ) |
Actual return on plan assets | ( |
) |
Statement of comprehensive income: |
2024 | 2023 |
£ | £ |
Actual return less interest income | (93,000 | ) | 25,000 |
Experience gains and losses arising on the Scheme's liabilities | 243,000 | 3,000 |
Impact of changes in actuarial assumptions on the Scheme's liabilities | 505,000 | (160,000 | ) |
Effect of limit on surplus recognised | (869,004 | ) | (66,635 | ) |
Total (loss)/gain recognised in the Statement of Other Comprehensive Income |
(214,004 |
) |
(198,635 |
) |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
13. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Actuarial losses/(gains) | ( |
) |
Benefits paid | ( |
) | ( |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening fair value of scheme assets |
Contributions by scheme participants |
Assets no descr | 340,000 | 368,000 |
Actuarial gains/(losses) | ( |
) |
Benefits paid | (361,000 | ) | (380,000 | ) |
The amounts recognised in the statement of recognised gains and losses are as follows: |
2024 | 2023 |
£ | £ |
- | - |
Cumulative amount of actuarial gains/(losses) |
- |
- |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
13. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The major categories of scheme assets as amounts of total scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Equities |
Global Investments | 268,000 | 492,000 |
Absolute return | 348,000 | 208,000 |
Bonds |
Infrastructure | 285,000 | 292,000 |
Cash | 213,000 | 202,000 |
Property |
Commodities | 175,000 | - |
7,962,000 | 7,930,000 |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2024 | 2023 |
Discount rate |
Revaluation of pensions in deferment |
Pension increases in payment |
Retail price inflation rate - for revaluation in deferment |
Current mortality is assumed to be in line with the Self-Administered Pension Scheme tables S1PA at 2014 and S2PA at 2016. Allowance has been made for future mortality improvement in line with the Continuous Mortality Investigation (CMI) 2013 projections, with a long term rate of 1% per annum. |
The market value of the scheme's assets was £7,962,000 at the year end. The value of the assets at the date of valuation represented 142% of the value of the liabilities. The Recovery Plan dated 8 July 2015 agreed by the Trustees and the Employer, requires the Employer to pay contributions of £146,000 to remove the deficit over a period of eight years and ten months from 1 August 2015. In addition, with effect from 1 April 2016 the Employer will pay additional annual contributions based on the average level of the Pension Protection Fund levy over the previous three years. All administrative expenses and levies are paid separately by the Employer. The scheme is closed to new entrants with effect from 1 January 2007 and to future accrual from 30 September 2007. |
Amounts for the current and previous four periods are as follows: |
2024 | 2023 | 2022 | 2021 | 2020 |
£ | £ | £ | £ | £ |
Defined benefit obligation | (5,588,000 | ) | (6,425,000 | ) | (6,352,000 | ) | (9,040,000 | ) | (10,209,000 | ) |
Fair value of scheme assets | 7,962,000 | 7,930,000 | 7,790,000 | 9,451,000 | 8,920,000 |
Surplus/(deficit) | 2,374,000 | 1,505,000 | 1,438,000 | 411,000 | (1,289,000 | ) |
Experience adjustments on scheme liabilities |
- |
- |
- |
- |
- |
Experience adjustments on scheme assets |
- |
- |
- |
- |
- |
TRODAT (UK) LIMITED (REGISTERED NUMBER: SC127743) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2024 |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking is TroGroup GmbH, incorporated in Austria. Copies of the group financial statements for the ultimate parent undertaking may be obtained from that company's registered office at Linzerstrasse 156, 4600 Wels, Austria. |
The immediate parent undertaking is Trodat GmbH. |