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No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
01783495
2024-01-01
2024-12-31
01783495
2024-12-31
01783495
2023-12-31
01783495
2023-01-01
2023-12-31
01783495
2023-12-31
01783495
2022-12-31
01783495
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-01
2024-12-31
01783495
core:PlantMachinery
2024-01-01
2024-12-31
01783495
core:FurnitureFittings
2024-01-01
2024-12-31
01783495
core:MotorVehicles
2024-01-01
2024-12-31
01783495
bus:Director6
2024-01-01
2024-12-31
01783495
core:WithinOneYear
2024-12-31
01783495
core:WithinOneYear
2023-12-31
01783495
core:ShareCapital
2024-12-31
01783495
core:ShareCapital
2023-12-31
01783495
core:RevaluationReserve
2024-12-31
01783495
core:RetainedEarningsAccumulatedLosses
2024-12-31
01783495
core:RetainedEarningsAccumulatedLosses
2023-12-31
01783495
core:BetweenOneFiveYears
2024-12-31
01783495
bus:Director1
2024-01-01
2024-12-31
01783495
bus:SmallEntities
2024-01-01
2024-12-31
01783495
bus:Audited
2024-01-01
2024-12-31
01783495
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
01783495
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
01783495
bus:AbridgedAccounts
2024-01-01
2024-12-31
01783495
core:ComputerEquipment
2024-01-01
2024-12-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Konstsmide (U.K.) Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
01783495
KONSTSMIDE (U.K.) LIMITED |
|
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
KONSTSMIDE (U.K.) LIMITED |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged 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 abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged 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 abridged 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.
KONSTSMIDE (U.K.) LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2024
Fixed assets
Tangible assets |
5 |
|
2,349,102 |
|
559,420 |
|
|
|
|
|
|
Current assets
Stocks |
1,769,084 |
|
2,260,026 |
|
Debtors |
768,106 |
|
808,140 |
|
Cash at bank and in hand |
43,491 |
|
18,647 |
|
|
-------------- |
|
-------------- |
|
|
2,580,681 |
|
3,086,813 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
3,528,854 |
|
3,317,866 |
|
|
-------------- |
|
-------------- |
|
Net current liabilities |
|
948,173 |
|
231,053 |
|
|
-------------- |
|
------------ |
Total assets less current liabilities |
|
1,400,929 |
|
328,367 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
220,467 |
|
– |
|
|
-------------- |
|
------------ |
Net assets |
|
1,180,462 |
|
328,367 |
|
|
-------------- |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
50,000 |
|
50,000 |
Revaluation reserve |
|
1,606,576 |
|
– |
Profit and loss account |
|
(
476,114) |
|
278,367 |
|
|
-------------- |
|
------------ |
Shareholder funds |
|
1,180,462 |
|
328,367 |
|
|
-------------- |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
KONSTSMIDE (U.K.) LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 March 2025
, and are signed on behalf of the board by:
Company registration number:
01783495
KONSTSMIDE (U.K.) LIMITED |
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hardwick View Road, Holmewood Industrial Estate, Holmewood, Chesterfield, Derbyshire, S42 5SA.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. In making their assessment of going concern the directors have considered the company's current and future prospects and although trading conditions have been challenging in the last few years improved results are anticipated over the next 12 months. The company has obtained a letter of support from its ultimate parent, Gunnar Johansson Gruppen AB, that they will provide ongoing financial and non-financial support to Konstsmide (UK) Limited for the next 12 months and that they will assist the company in meeting its financial obligations. On going bank finance has been secured by means of the group banking facility and the company has received assurances from Gunnar Johansson Gruppen AB and Gnosjö Konstsmide AB that group borrowings will not be be recalled within the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, 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. The significant judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. Valuation of land and buildings: As describe in note 9 to the financial statements, land and buildings are stated at fair value based on the valuation performed by an independent professional valuer, Sanderson Weatherall LLP provided in October 2024.
Revenue recognition
The Turnover shown in the profit and loss account represents the realisable value of goods and services provided during the year, net of discounts and exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is 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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Freehold Property |
- |
2% straight line |
|
Plant & Machinery |
- |
12% straight line |
|
Fixtures & Fittings |
- |
12% straight line |
|
Motor Vehicles |
- |
20% straight line |
|
|
|
|
|
Computer Equipment |
- |
20% 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 acquisition 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.
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 abridged statement of financial position 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 profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments 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 profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2023:
10
).
5.
Tangible assets
|
£ |
Cost or valuation |
|
At 1 January 2024 |
1,118,542 |
Additions |
14,291 |
Revaluations |
1,439,732 |
|
-------------- |
At 31 December 2024 |
2,572,565 |
|
-------------- |
Depreciation |
|
At 1 January 2024 |
559,122 |
Charge for the year |
56,030 |
Other movements |
(
391,689) |
|
-------------- |
At 31 December 2024 |
223,463 |
|
-------------- |
Carrying amount |
|
At 31 December 2024 |
2,349,102 |
|
-------------- |
At 31 December 2023 |
559,420 |
|
-------------- |
|
|
Tangible assets held at valuation
The freehold land and building were revalued on 16 October 2024 on a fair value basis by Sanderson Weatherall LLP, a firm on independent Chartered Surveyors, at £2,250,000. The several values of the cost figure are:
|
|
|
|
|
£ |
|
Historical cost |
810,268 |
|
Valuation made in 2024 |
1,439,732 |
|
|
-------------- |
|
|
2,250,000 |
|
|
-------------- |
|
|
|
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
£ |
At 31 December 2024 |
|
Aggregate cost |
810,268 |
Aggregate depreciation |
(394,297) |
|
------------ |
Carrying value |
415,971 |
|
------------ |
|
|
At 31 December 2023 |
|
Aggregate cost |
810,268 |
Aggregate depreciation |
(378,649) |
|
------------ |
Carrying value |
431,619 |
|
------------ |
|
|
6.
Financial instruments
During the year the company entered into forward foreign currency contracts in order to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2024 the company is committed to buy USD140,0000 at a fixed sterling amount of £106,809 (2023: USD500,000, £399,974). The outstanding contracts all mature within 5 months (2023: 4 months) of the year end.
7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
5,042 |
2,725 |
|
Later than 1 year and not later than 5 years |
3,690 |
– |
|
|
------------ |
------------ |
|
|
8,732 |
2,725 |
|
|
------------ |
------------ |
|
|
|
|
8.
Contingencies
There is a guarantee and indemnity in place from Gunnar Johansson Gruppen AB, the ultimate parent company, in favour of Nordea Bank AB.
9.
Summary audit opinion
The auditor's report dated
10 March 2025
was
unqualified
.
The senior statutory auditor was
D J Hanby
, for and on behalf of
Langard Lifford Hall Limited
.
10.
Controlling party
The company is a wholly owned subsidiary of Gnosjö Konstsmide AB, but is controlled by the ultimate parent company, Gunnar Johansson Gruppen AB, which is incorporated in Sweden. The largest and smallest group for which consolidated financial statements are prepared is Gunnar Johansson Gruppen AB, which is incorporated in Sweden. Copies of the consolidated financial statements are filed on public record and are available from Box 54, S-335 22, Gnosjö, Sweden.