Company registration number 00797272 (England and Wales)
STAEDTLER (U.K.) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
STAEDTLER (U.K.) LIMITED
COMPANY INFORMATION
Director
Mr P J Wesolowski
Secretary
Mr D G Davies
Company number
00797272
Registered office
31 Old Field Road
Pencoed
Bridgend
Mid Glamorgan
United Kingdom
CF35 5LJ
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
STAEDTLER (U.K.) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 31
STAEDTLER (U.K.) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Director presents the strategic report for the year ended 31 December 2024.

The principal activities of the Company remain the sales and distribution of writing, drawing and art & craft products.

People — and specifically the loss of key personnel. We place a huge emphasis on the skills and experience of our people and as such invest in training where appropriate and look to offer above average reward and recognition to retain our key talent. Our staff retention remains good, so we consider this risk to be low.

General economic / retail climate — in these times of continued economic uncertainty and suppressed consumer confidence, the Director and the Company remain mindful of this in planning all activities. We seek to mitigate this risk by working closely with our customers and wherever possible our consumers to ensure that we deliver products / ranges / propositions that offer real value. In addition, the Director and the Management Team regularly review the business and look to develop its distribution partners and channels of distribution.

Loss of a key customer — the Director remains mindful of the possibility of losing a key customer. This could be as a result of a loss of contract or through the customer itself ceasing business. In respect of the former we mitigate this by maintaining strong and close relationships with all of our key accounts (ably supported by our experienced staff) and ensuring a broad range of customers and distribution channels — avoiding over-reliance on any one channel and / or customer. For the latter the Director utilises widely available information and the Company's network to understand the customer landscape and remain abreast of any likely developments that might affect the Company.

Digitisation — this is a medium-long term threat to the business of writing instruments and other related categories. The impact of this on volumes has been markedly less and slower than once predicted, but the Director and the Company remain mindful of this. We continue to focus on driving the agenda for the benefits of analogue learning and development.

Price risk - the Company is exposed to commodity price risk because of its operations. However, they manage this risk through Group policies. The Director will revisit the appropriateness of this policy should the group's operations change in size or nature.

Credit risk - the Company's financial assets are cash and trade debtors. The Company's credit risk is primarily attributable to its trade debtors which are presented in the balance sheet net of allowances for doubtful debts. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made and utilises credit insurance to underwrite significant debtors.

Liquidity risk - the Company actively reviews its liquidity and ensures that the Company has sufficient funds for operations and planned expansions.

Interest rate cash flow risk - the Company has interest bearing assets. Interest bearing assets comprise only cash balances, which earn interest at floating rates. The Director will revisit the appropriateness of this policy should the Company's operations change in size or nature.

 

 

 

STAEDTLER (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principle risks and uncertainties

Global Events – The lasting implications of the conflict in Ukraine and other disputes can impact the supply of products. As a European manufacturer we have been in a strong position to be able to supply our customers without significant disruption, but we remain vigilant to prevent any supply chain issues.

UK Economic Conditions – The UK has experienced high levels of inflation and economic uncertainty. This has resulted in the customer and consumer habits changing. We continue to monitor and ensure that our products remain relevant and represent good value.

We have seen several high profile retailers go into administration, some of which were customers of ours. We closely monitor all debtors and use all options open to us to ensure we minimise the risk of company defaults.

 

Development & Performance

In the year ending 31st December 2024 sales were £18,504,522 representing an increase versus 2023 of 0.5%. 2024 was positively impacted by a successful back to school execution. Economic uncertainty / inflationary pressures remain a concern which as it has affected the disposable income of the end consumer.

Operating profit was £943,502 in the year representing 5.0% of turnover.

The Company maintains a very strong balance sheet with a cash position of £2,247,161 at year end. This is a decrease on 2023 with a dividend of £1.4M paid in 2024.

Strategy and future developments/outlook - in the forthcoming year, the Director perceives that market conditions will remain difficult as we face economic uncertainty. The Director considers the business to be well placed to maintain its position in the stationery sector.

Key performance indicators for the year ended 31 December 2024 are as follows:

 

 

2024

2023

Turnover

18,505

18,420

Gross Margin

3,712

3,969

Gross Margin %

20%

22%

EBIT

944

1,269

Cash

2,247

3,355

 

 

On behalf of the board

Mr P J Wesolowski
Director
9 April 2025
STAEDTLER (U.K.) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activities of the Company remain the sales and distribution of writing, drawing and art & craft products.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,400,000. The director does not recommend payment of a final dividend.

No preference dividends were paid. The director does not recommend payment of a final dividend.

Director

The directors who held office during the year and up to the date of signature of the financial statements were as follows

 

Mr P J Wesolowski
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

STAEDTLER (U.K.) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr P J Wesolowski
Director
9 April 2025
STAEDTLER (U.K.) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the director must not approve the financial statements unless he is 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, International Accounting Standard 1 requires that directors:

 

The director is 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. He is 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.

STAEDTLER (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAEDTLER (U.K.) LIMITED
- 6 -
Opinion

We have audited the financial statements of Staedtler (U.K.) Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 Auditor's 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included the budgets and forecasts as well as the cash flow of the company.

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

STAEDTLER (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAEDTLER (U.K.) LIMITED
- 7 -
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 director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

STAEDTLER (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAEDTLER (U.K.) LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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 an auditor's report 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.

Craig Yearsley FCCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
9 April 2025
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
South Glamorgan
United Kingdom
CF23 8AB
STAEDTLER (U.K.) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Revenue
4
18,504,522
18,419,704
Cost of sales
(14,792,983)
(14,450,527)
Gross profit
3,711,539
3,969,177
Other operating income
22,820
14,185
Distribution costs
(1,565,314)
(1,697,886)
Administrative expenses
(1,225,543)
(1,016,775)
Operating profit
5
943,502
1,268,701
Investment revenues
9
65,608
92,030
Finance costs
10
(20,145)
(17,699)
Profit before taxation
988,965
1,343,032
Income tax expense
11
(248,154)
(316,393)
Profit for the year
740,811
1,026,639

The income statement has been prepared on the basis that all operations are continuing operations.

STAEDTLER (U.K.) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
740,811
1,026,639
Other comprehensive income:
Items that will not be reclassified to profit or loss
Actuarial loss on defined benefit pension schemes
(216,000)
(71,326)
Tax relating to items not reclassified
52,500
33,000
Total items that will not be reclassified to profit or loss
(163,500)
(38,326)
Total comprehensive income for the year
577,311
988,313
STAEDTLER (U.K.) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
13
411,722
558,923
Deferred tax asset
18
94,584
70,112
506,306
629,035
Current assets
Trade and other receivables
14
2,774,580
2,800,364
Current tax recoverable
39,909
-
0
Cash and cash equivalents
2,247,161
3,355,423
5,061,650
6,155,787
Current liabilities
Trade and other payables
17
2,065,481
2,342,554
Current tax liabilities
-
0
154,891
Lease liabilities
16
119,090
125,767
2,184,571
2,623,212
Net current assets
2,877,079
3,532,575
Non-current liabilities
Lease liabilities
16
288,746
415,282
Retirement benefit obligations
19
370,000
199,000
658,746
614,282
Net assets
2,724,639
3,547,328
Equity
Called up share capital
20
2,000,000
2,000,000
Retained earnings
724,639
1,547,328
Total equity
2,724,639
3,547,328
The financial statements were approved and signed by the director and authorised for issue on 9 April 2025
Mr P J Wesolowski
Director
Company registration number 00797272
STAEDTLER (U.K.) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
2,000,000
1,559,015
3,559,015
Year ended 31 December 2023:
Profit for the year
-
1,026,639
1,026,639
Other comprehensive income:
Actuarial gains on pensions scheme
-
(71,326)
(71,326)
Tax relating to other comprehensive income
-
33,000
33,000
Total comprehensive income for the year
-
988,313
988,313
Transactions with owners in their capacity as owners:
Dividends
12
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
2,000,000
1,547,328
3,547,328
Year ended 31 December 2024:
Profit for the year
-
740,811
740,811
Other comprehensive income:
Actuarial gains on pensions scheme
-
(216,000)
(216,000)
Tax relating to other comprehensive income
-
52,500
52,500
Total comprehensive income for the year
-
577,311
577,311
Transactions with owners in their capacity as owners:
Dividends
12
-
(1,400,000)
(1,400,000)
Balance at 31 December 2024
2,000,000
724,639
2,724,639
STAEDTLER (U.K.) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
787,406
1,487,670
Interest paid
(20,145)
(17,699)
Income taxes paid
(414,926)
(188,077)
Net cash inflow from operating activities
352,335
1,281,894
Investing activities
Purchase of property, plant and equipment
-
0
(74,965)
Proceeds from disposal of property, plant and equipment
8
-
0
Interest received
72,608
95,030
Net cash generated from investing activities
72,616
20,065
Financing activities
Payment of lease liabilities
(133,213)
(105,526)
Dividends paid
(1,400,000)
(1,000,000)
Net cash used in financing activities
(1,533,213)
(1,105,526)
Net (decrease)/increase in cash and cash equivalents
(1,108,262)
196,433
Cash and cash equivalents at beginning of year
3,355,423
3,158,990
Cash and cash equivalents at end of year
2,247,161
3,355,423
STAEDTLER (U.K.) LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Adoption of new and revised standards and changes in accounting policies

In the current year, there have been no new and revised Standards and Interpretations which have been adopted by the company in the current year.

2
Accounting policies
Company information

Staedtler (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Old Field Road, Pencoed, Bridgend, Mid Glamorgan, United Kingdom, CF35 5LJ. The company's principal activities and nature of its operations are disclosed in the director's report.

2.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example,it is difficult to evaluate all the potential implications on the company’s trade, customers, suppliers and the wider economy. The directors do however consider that the company is in a strong position to meet the current challenges, and consider the company to be a going concern at the point of signing the financial statements.

2.3
Revenue

Turnover represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax.

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

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of goods

Turnover from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the customer, which is deemed to occur on despatch of goods.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 15 -
2.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Fixtures, fittings & equipment
10 - 25% on cost
Right of use assets - Buildings
Over the period of the lease
Right of use assets - Motor vehicles
Over the period of the lease

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 recognised in the income statement.

2.5
Impairment of tangible and intangible assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

 

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.

2.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

2.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 16 -
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 17 -
2.8
Financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies 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 receipts 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

2.9
Equity instruments

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

2.10
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 income statement 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.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 18 -
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.

 

Deferred tax is calculated at the tax rates that have been enacted or substantially enacted by the period end andare expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, 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.

2.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2.12
Retirement benefits

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

The company operates a defined benefit pension scheme. The assets of the scheme are held separately from those of the company. Contributions are made to the scheme in accordance with the recommendations of independent actuaries to enable the trustees to meet the benefits accruing from the scheme in respect of current and future service.

 

Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability.

 

The pension scheme surplus, to the extent that it is recoverable, or deficit is recoverable in full. The movement in the scheme surplus/(deficit) is split between operating charges, finance items and, in the statement of total recognised gains and losses, actuarial gains and losses.

 

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in or as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

 

 

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 19 -

The defined net benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

 

The company also operates a stakeholder pension scheme which is a defined contribution. Total pension costs in respect of this scheme are included in the profit and loss account.

2.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 20 -
2.14
Foreign exchange

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

 

Transactions with the parent company in foreign currencies are set at a rate between the two companies at regular intervals. Transactions are therefore translated between the two entities based upon these rates.

3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

Defined Benefit Pension Scheme

The company operates a defined benefit pension scheme. The fair value recognised for this scheme is based on an report prepared by an authorised and regulated actuary that is entirely independent of Staedtler (U.K.) Limited. The assumptions and estimates underlying their calculations are disclosed in the notes to the financial statements and are benchmarked on an annual basis. The market yields used to derive the financial assumptions have been extracted from the online database held and maintained by Reuters and the Bank of England.

 

Rebate Accrual

The rebate accrual is recognised by the directors for liabilities incurred at the balance sheet date but which have not yet been invoiced. These provisions are calculated by reviewing customers revenue against agreed rates per contracts and also making judgements on known liabilities.

 

 

4
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Sales of goods
18,504,522
18,419,704
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Revenue
(Continued)
- 21 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
17,693,049
17,531,140
Europe
811,473
888,564
18,504,522
18,419,704
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
71,366
32,688
Fees payable to the company's auditor for the audit of the company's financial statements
23,757
13,827
Depreciation of property, plant and equipment
147,193
144,749
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,757
13,827
For other services
Other services pursuant to legislation
3,500
3,500
Tax services
2,650
2,260
Other services
225
4,600
Total non-audit fees
6,375
10,360
7
Employees

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

2024
2023
Number
Number
Directors
1
1
Administration
18
18
Total
19
19
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,041,353
999,096
Social security costs
122,929
112,332
Pension costs
65,836
77,739
1,230,118
1,189,167
8
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
196,127
169,352
9
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
71,924
93,596
Other interest income on financial assets
684
1,434
72,608
95,030
Financial instruments not measured at amortised cost:
Net interest on defined benefit asset
(7,000)
(3,000)
Total interest revenue
65,608
92,030
Income above relates to assets held at amortised cost, unless stated otherwise.
10
Finance costs
2024
2023
£
£
Interest on lease liabilities
20,145
17,699
11
Income tax expense
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
220,126
305,100
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Income tax expense
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of temporary differences
28,028
11,293
Total tax charge
248,154
316,393

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
988,965
1,343,032
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.52%)
247,241
315,881
Effect of expenses not deductible in determining taxable profit
1,563
1,616
Adjustment in respect of prior years
(650)
186
Permanent capital allowances in excess of depreciation
-
0
(544)
Rate changes
-
0
(746)
Taxation charge for the year
248,154
316,393

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(52,500)
(33,000)
12
Dividends
2024
2023
2024
2023
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary
Interim dividend paid
0.50
0.50
1,400,000
1,000,000
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Property, plant and equipment
Fixtures, fittings & equipment
Right of use assets - Buildings
Right of use assets - Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
221,923
845,627
123,957
1,191,507
Additions
50,863
-
0
24,102
74,965
At 31 December 2023
272,786
845,627
148,059
1,266,472
Disposals
(120)
-
0
-
(120)
At 31 December 2024
272,666
845,627
148,059
1,266,352
Accumulated depreciation and impairment
At 1 January 2023
209,235
346,924
6,641
562,800
Charge for the year
13,439
86,731
44,579
144,749
At 31 December 2023
222,674
433,655
51,220
707,549
Charge for the year
15,884
86,731
44,578
147,193
Eliminated on disposal
(112)
-
0
-
(112)
At 31 December 2024
238,446
520,386
95,798
854,630
Carrying amount
At 31 December 2024
34,220
325,241
52,261
411,722
At 31 December 2023
50,112
411,972
96,839
558,923
14
Trade and other receivables
2024
2023
£
£
Trade receivables
2,637,965
2,678,240
Amounts owed by related parties
45,733
-
0
Prepayments
90,882
122,124
2,774,580
2,800,364
15
Trade receivables - credit risk
Fair value of trade receivables

The director considers that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
16
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
136,834
145,485
In two to five years
285,855
424,686
Total undiscounted liabilities
422,689
570,171
Future finance charges and other adjustments
(14,853)
(29,122)
Lease liabilities in the financial statements
407,836
541,049

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
119,090
125,767
Non-current liabilities
288,746
415,282
407,836
541,049
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
20,145
17,699
17
Trade and other payables
2024
2023
£
£
Trade payables
428,908
453,010
Amount owed to related undertaking
405,361
547,503
Accruals
1,009,980
1,074,110
Social security and other taxation
221,232
267,931
2,065,481
2,342,554
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
(Continued)
- 26 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
Retirement benefit obligations
Other short term timing differences
Total
£
£
£
£
Asset at 1 January 2023
(31,655)
(16,750)
-
(48,405)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
41,219
-
(29,926)
11,293
Charge/(credit) to other comprehensive income
-
(33,000)
-
(33,000)
Asset at 1 January 2024
9,564
(49,750)
(29,926)
(70,112)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(3,727)
11,250
22,005
29,528
Charge/(credit) to other comprehensive income
-
(54,000)
-
(54,000)
Asset at 31 December 2024
5,837
(92,500)
(7,921)
(94,584)

 

19
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to or in respect of defined contribution schemes was £47,903 (2023: £48,739)

Defined benefit scheme

The company operates a defined benefit scheme for qualifying employees.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at January 2025 by Quantum Advisory, who are Fellow of the Institute of Actuaries.

 

The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

 

Contributions to the scheme, determined by the company's actuary on the basis of triennial valuations using the projected unit credit method, are charged to the profit and loss account so as to spread the cost of pensions over employees' working lives within the company.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Retirement benefit schemes
(Continued)
- 27 -
2024
2023
Key assumptions
%
%
Discount rate
5.30
4.50
Pension growth rate
3.20
3.00
Salary growth rate
3.30
4.50
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.4
20.3
- Females
22.9
22.7
Retiring in 20 years
- Males
21.3
21.2
- Females
24.0
23.8
2024
2023

Amounts recognised in the income statement

£
£
Current service cost
29,000
29,000
Net interest on defined benefit liability/(asset)
7,000
3,000
Total costs
36,000
32,000

Of the total expenses for the year, £- is included in cost of sales, £- in distribution costs, £29,000 in administration expenses, £7,000 in investment income and £- in finance costs.

2024
2023

Amounts recognised in other comprehensive income

£
£
Actuarial changes arising from experience adjustments
(253,000)
224,000
Actuarial changes related to plan assets
469,000
(80,000)
Total costs
216,000
144,000
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Retirement benefit schemes
(Continued)
- 28 -

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2024
2023
£
£
Present value of defined benefit obligations
5,975,000
6,423,000
Fair value of plan assets
(5,605,000)
(6,224,000)
Deficit in scheme
370,000
199,000
2024
2023

Movements in the present value of defined benefit obligations

£
£
At 1 January 2024
6,423,000
6,242,000
Current service cost
29,000
29,000
Benefits paid
(508,000)
(370,000)
Contributions from scheme members
6,000
6,000
Actuarial gains and losses
(253,000)
224,000
Interest cost
278,000
292,000
At 31 December 2024
5,975,000
6,423,000
2024
2023

The defined benefit obligations arise from plans funded as follows:

£
£
Wholly unfunded obligations
5,975,000
6,423,000
5,975,000
6,423,000
2024
2023

Movements in the fair value of plan assets:

£
£
At 1 January 2024
6,224,000
6,175,000
Interest income
271,000
289,000
Return on plan assets (excluding amounts included in net interest)
(469,000)
80,000
Benefits paid
(508,000)
(370,000)
Contributions by the employer
81,000
44,000
Contributions by scheme members
6,000
6,000
At 31 December 2024
5,605,000
6,224,000

The actual return on plan assets was (£216,000) (2023: £369,000 gain).

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Retirement benefit schemes
(Continued)
- 29 -
Sensitivity of the defined benefit obligations to changes in assumptions

Scheme obligations would have been affected by changes in assumptions as follows:

2024
2023
Discount rate (+ / - 0.1%)
- increase
(54,000)
(64,000)
- decrease
54,000
64,000
Inflation (+ / - 0.1%)
- increase
(40,000)
60,000
- decrease
40,000
(60,000)
Mortality (+ / - 1 year)
- increase
(205,000)
(231,000)
- decrease
205,000
231,000

The fair value of plan assets at the reporting period end was as follows:

Quoted
Quoted
2024
2023
£
£
Cash
509,000
740,000
Index linked gilts
1,756,000
1,689,000
Diversified Growth Funds
1,711,000
1,785,000
Government Bonds
1,629,000
2,010,000
5,605,000
6,224,000
20
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,000,000 Ordinary of £1 each
2,000,000
2,000,000
21
Related party transactions
Remuneration of key management personnel

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel.

 

The remuneration of key management personnel, including directors, is as follows:

2024
2023
£
£
Short-term employee benefits
349,730
334,887
STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Related party transactions
(Continued)
- 30 -
Other transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchase of goods
2024
2023
£
£
Parent company
15,055,138
14,575,444
15,055,138
14,575,444

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Parent company
405,361
547,503

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
45,733
-
22
Controlling party

Staedtler SE, a company incorporated in Germany, is the company's immediate parent undertaking. The company heads the smallest and largest group into which this company's accounts are consolidated. Copies of the group accounts are publicly available.

STAEDTLER (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
23
Cash generated from operations
2024
2023
£
£
Profit for the year before income tax
988,965
1,343,032
Adjustments for:
Finance costs
20,145
17,699
Investment income
(65,608)
(92,030)
Depreciation and impairment of property, plant and equipment
147,193
144,749
Pension scheme non-cash movement
(52,000)
57,674
Movements in working capital:
Decrease in trade and other receivables
25,784
270,740
Decrease in trade and other payables
(277,073)
(254,194)
Cash generated from operations
787,406
1,487,670
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr P J WesolowskiMr D G Davies007972722024-01-012024-12-3100797272bus:CompanySecretary12024-01-012024-12-3100797272bus:Director12024-01-012024-12-3100797272bus:RegisteredOffice2024-01-012024-12-31007972722024-12-3100797272core:ContinuingOperations2024-01-012024-12-31007972722023-01-012023-12-3100797272core:ContinuingOperations2023-01-012023-12-3100797272core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3100797272core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31007972722023-12-3100797272core:AcceleratedTaxDepreciationDeferredTax2022-12-3100797272core:RetirementBenefitObligationsDeferredTax2022-12-31007972722022-12-3100797272core:AcceleratedTaxDepreciationDeferredTax2023-12-3100797272core:RetirementBenefitObligationsDeferredTax2023-12-3100797272core:AcceleratedTaxDepreciationDeferredTax2024-12-3100797272core:RetirementBenefitObligationsDeferredTax2024-12-3100797272core:CurrentFinancialInstruments2024-12-3100797272core:CurrentFinancialInstruments2023-12-31007972722023-12-3100797272core:Non-currentFinancialInstruments2024-12-3100797272core:Non-currentFinancialInstruments2023-12-3100797272core:ShareCapital2024-12-3100797272core:ShareCapital2023-12-3100797272core:RetainedEarningsAccumulatedLosses2024-12-3100797272core:RetainedEarningsAccumulatedLosses2023-12-3100797272core:OtherMiscellaneousReserve2022-12-3100797272core:FinancialInstrumentsFairValueThroughProfitOrLoss2024-01-012024-12-3100797272core:Held-to-maturityFinancialAssets2024-01-012024-12-3100797272core:Available-for-saleFinancialAssets2024-01-012024-12-3100797272core:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss2024-01-012024-12-310079727212024-01-012024-12-310079727212023-01-012023-12-3100797272core:FurnitureFittings2022-12-3100797272core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-3100797272core:FurnitureFittings2023-12-3100797272core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-12-3100797272core:FurnitureFittings2024-12-3100797272core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-12-3100797272core:FurnitureFittings2023-01-012023-12-3100797272core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-01-012023-12-3100797272core:FurnitureFittings2024-01-012024-12-3100797272core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-01-012024-12-3100797272core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3100797272core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2024-12-3100797272core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2023-12-3100797272bus:OrdinaryShareClass12024-01-012024-12-3100797272core:ParentEntitiescore:SaleOrPurchaseGoods2024-12-3100797272core:ParentEntitiescore:SaleOrPurchaseGoods2023-12-3100797272core:SaleOrPurchaseGoods2024-12-3100797272core:SaleOrPurchaseGoods2023-12-3100797272core:ParentEntities2024-12-3100797272core:ParentEntities2023-12-3100797272core:OtherRelatedParties2024-12-3100797272bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100797272bus:Audited2024-01-012024-12-3100797272bus:FullIFRS2024-01-012024-12-3100797272bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP