Company registration number 05139748 (England and Wales)
JOSEF SEIBEL UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
JOSEF SEIBEL UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
JOSEF SEIBEL UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
61,712
-
0
Tangible assets
5
53,788
55,839
115,500
55,839
Current assets
Stocks
3,813,173
1,331,141
Debtors
6
1,192,598
1,007,847
Cash at bank and in hand
594,130
980,003
5,599,901
3,318,991
Creditors: amounts falling due within one year
7
(4,456,192)
(1,911,521)
Net current assets
1,143,709
1,407,470
Total assets less current liabilities
1,259,209
1,463,309
Creditors: amounts falling due after more than one year
8
(8,774)
(19,063)
Provisions for liabilities
9
(22,696)
(9,511)
Net assets
1,227,739
1,434,735
Capital and reserves
Called up share capital
12
50,000
50,000
Profit and loss reserves
13
1,177,739
1,384,735
Total equity
1,227,739
1,434,735

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 1 May 2025 and are signed on its behalf by:
Mr M S Ingram
Director
Company registration number 05139748 (England and Wales)
JOSEF SEIBEL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
50,000
1,006,820
1,056,820
Year ended 31 December 2023:
Profit and total comprehensive income
-
377,915
377,915
Balance at 31 December 2023
50,000
1,384,735
1,434,735
Year ended 31 December 2024:
Loss and total comprehensive income
-
(206,996)
(206,996)
Balance at 31 December 2024
50,000
1,177,739
1,227,739
JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Josef Seibel UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nightingale House, 46 - 48 East Street, Epsom, Surrey, United Kingdom, KT17 1HQ.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The Directors have assessed the performance after the period end and prepared forecasts for a period of at least 12 months from the date of approval of the financial statements. The Directors have considered the on-going conflict in Ukraine and do not anticipate the conflict in its current form to have an impact on the business. The Directors consider that the company is able to continue as a going concern for a period of at least 12 months from the date these financial statements have been issued.true

1.3
Turnover

Turnover includes retail sales representing the net invoiced sale of goods, excluding value added tax, recognised at the point of delivery to the customer.

Turnover also includes commission received on the sale of goods, excluding value added tax, recognised at the point the goods are invoiced to the customer.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Digital assets
33% on cost
Business intellectual property
33% on cost
1.5
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.

JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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:

Short leasehold
over the life of the lease
Plant and machinery
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

1.13
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions denominated in foreign currencies are translated into sterling at the rate ruling at the date of the transaction.

Exchange gains and losses are recognised in the Statement of Comprehensive Income.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no judgements, other than estimates, considered to be critical.

JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
1
1
Staff
29
16
Total
30
17

Two directors are not on the company payroll and have therefore not been included in average number of employees.

4
Intangible fixed assets
Digital assets
Business intellectual property
Total
£
£
£
Cost
At 1 January 2024
-
0
-
0
-
0
Additions
46,147
24,998
71,145
At 31 December 2024
46,147
24,998
71,145
Amortisation and impairment
At 1 January 2024
-
0
-
0
-
0
Amortisation charged for the year
1,100
8,333
9,433
At 31 December 2024
1,100
8,333
9,433
Carrying amount
At 31 December 2024
45,047
16,665
61,712
At 31 December 2023
-
0
-
0
-
0
JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
5
Tangible fixed assets
Short leasehold
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
129,070
11,514
64,642
57,660
262,886
Additions
977
-
0
12,954
13,342
27,273
At 31 December 2024
130,047
11,514
77,596
71,002
290,159
Depreciation and impairment
At 1 January 2024
111,275
9,203
40,608
45,961
207,047
Depreciation charged in the year
14,623
578
4,884
9,239
29,324
At 31 December 2024
125,898
9,781
45,492
55,200
236,371
Carrying amount
At 31 December 2024
4,149
1,733
32,104
15,802
53,788
At 31 December 2023
17,795
2,311
24,034
11,699
55,839
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
607,283
640,169
Corporation tax recoverable
75,162
28,688
Other debtors
510,153
338,990
1,192,598
1,007,847
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
110,800
11,119
Trade creditors
213,058
135,217
Amounts owed to group undertakings
3,667,512
1,260,170
Corporation tax
-
0
93,098
Other taxation and social security
345,573
342,598
Other creditors
6,538
6,125
Accruals and deferred income
112,711
63,194
4,456,192
1,911,521

A bank loan of £94,395 included above (2023 - £Nil) is secured by fixed and floating charges over the whole assets of the company.

JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,774
19,063

A bank loan of £19,063 (2023 - £29,098) included in short-term and long-term creditors above is not secured on the assets of the company as it is a bounce back loan guaranteed by the government as part of the Corona virus support measures provided to businesses.

 

9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
22,696
9,511
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
22,696
9,511
2024
Movements in the year:
£
Liability at 1 January 2024
9,511
Charge to profit or loss
13,185
Liability at 31 December 2024
22,696
11
Pension commitments

The company operates a defined contribution 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 £16,276 (2023 - £10,560). Contributions totalling £2,751 (2023 - £2,526) were payable to the fund at the balance sheet date and are included in other creditors.

12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,000
50,000
50,000
50,000
JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Called up share capital
(Continued)
- 10 -
13
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,384,735
1,006,820
(Loss)/profit for the year
(206,996)
377,915
At the end of the year
1,177,739
1,384,735
14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Sarah Flear
Statutory Auditor:
PKF Smith Cooper Audit Limited
Date of audit report:
3 May 2025
15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
106,700
155,023
JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
16
Related party transactions
JOSEF SEIBEL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
17
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Closing balance
£
£
£
Mr M S Ingram - Loan
3.25
85,000
2,983
87,983
85,000
2,983
87,983
18
Parent company

The ultimate parent company and controlling party of Josef Seibel UK Limited is Josef Seibel Holding GmbH, a company incorporated in Germany.

 

The registered office address of Josef Seibel Holding GmbH is:

 

Gebrüder-Seibel-Strasse 7,

76846 Hauenstein

Germany

HRB 30459

 

Consolidated accounts can also be obtained from this address.

 

 

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