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Registered Number: 04149004
England and Wales

 

 

 

KLUTHE UK LTD



Audited Financial Statements
 


Period of accounts

Start date: 01 January 2024

End date: 31 December 2024
Directors Robert Hans Rudolf Kluthe
Katharina Erika Irmgard Kluthe
Ian David Harrison
Registered Number 04149004
Registered Office 55 Alston Drive
Bradwell Abbey
Milton Keynes
MK13 9HB
Auditors M Georghiades & Associates
130A Drakes Lane
Potters Bar
Hertfordshire
EN6 1AF
1
Opinion

We have audited the financial statements of Kluthe UK Ltd for the year ended 31 December 2024 which comprise Income Statement, Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
  • give a true and fair view of the state of the companys affairs as at 31 December 2024 and of its Profit for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
  • have been prepared in accordance with the requirements of the Companies Act 2006.
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
  • the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
  • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditors report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Independence

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 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 


Extent to which audit was 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We have obtained an understanding of the legal and regulatory frameworks applicable to the entity and the industry in which it operates. We have enquired of management to identify how the entity is complying with those frameworks and whether there were any known instances of non-compliance.
We considered the entity's control environment that has been established to prevent, detect and deter fraud. We then assessed the risk of susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. We also reviewed the minutes of meetings held by those charged with governance.
In addressing the risk of fraud through management override of controls, we performed journal entry testing based on risk criteria.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and discussed how and where these might occur and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the directors’ report has been prepared in accordance with applicable legal requirements.
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 directors’ 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:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records and returns; or
  • certain disclosures of directors’ remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit; or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with the Companies Act 2006, Pt. 16, Ch. 3. Our audit work has been undertaken so that we might state to the company’s members those matters that 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, or the opinions we have formed.



Marios Georghiades (Senior Statutory Auditor)
for and on behalf of M Georghiades & Associates
Statutory Auditors
130A Drakes Lane
Potters Bar
Hertfordshire
EN6 1AF
Date: 13 April 2025
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 278,610    334,160 
Tangible fixed assets 4 320,870    319,350 
599,480    653,510 
Current assets      
Stocks 5 196,200    256,775 
Debtors 6 786,815    1,013,500 
Cash at bank and in hand 759,829    557,130 
1,742,844    1,827,405 
Creditors: amount falling due within one year 7 (853,720)   (1,144,174)
Net current assets 889,124    683,231 
 
Total assets less current liabilities 1,488,604    1,336,741 
Creditors: amount falling due after more than one year 8   (100,000)
Net assets 1,488,604    1,236,741 
 

Capital and reserves
     
Called up share capital 9 10,000    10,000 
Profit and loss account 1,478,604    1,226,741 
Shareholders' funds 1,488,604    1,236,741 
 


These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 13 April 2025 and were signed on its behalf by:


-------------------------------
Ian David Harrison
Director
3
General Information
Kluthe UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 04149004, registration address 55 Alston Drive, Bradwell Abbey, Milton Keynes, MK13 9HB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
The company recognises revenue when:
The amount of revenue can be reliably measured;
is probable that future economic benefits will flow to the entitiy;
and specific criteria have been met for each of the company's activities.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Unrelieved tax losses and other deferred tax assets are recognised when 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 rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis over 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 10 Years Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 8 (2023 : 8).
3.

Intangible fixed assets

Cost Goodwill   Other   Total
  £   £   £
At 01 January 2024 515,707    39,791    555,498 
Additions    
Disposals    
At 31 December 2024 515,707    39,791    555,498 
Amortisation
At 01 January 2024 196,284    25,054    221,338 
Charge for year 51,571    3,979    55,550 
On disposals    
At 31 December 2024 247,855    29,033    276,888 
Net book values
At 31 December 2024 267,852    10,758    278,610 
At 31 December 2023 319,423    14,737    334,160 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 January 2024 535,508    535,508 
Additions 56,245    56,245 
Disposals (8,367)   (8,367)
At 31 December 2024 583,386    583,386 
Depreciation
At 01 January 2024 216,159    216,159 
Charge for year 54,106    54,106 
On disposals (7,749)   (7,749)
At 31 December 2024 262,516    262,516 
Net book values
Closing balance as at 31 December 2024 320,870    320,870 
Opening balance as at 01 January 2024 319,350    319,350 


5.

Stocks

2024
£
  2023
£
Finished Goods 196,200    256,775 
196,200    256,775 
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 773,550    992,668 
Other Debtors 13,265    20,832 
786,815    1,013,500 
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 538,261    849,157 
Taxation and Social Security 199,230    126,760 
Other Creditors 116,229    168,257 
853,720    1,144,174 
Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors   100,000 
  100,000 

9.

Share Capital

Authorised
10 Class A shares of £1,000.00 each
Allotted, called up and fully paid
2024
£
  2023
£
10 Class A shares of £1,000.00 each 10,000    10,000 
10,000    10,000 

10.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Chemische Werke Kluthe GmbH(426,504)(520,600)(47,870)(100,000)

The above transactions are from related party (Parent company Chemische Werke Kluthe GmbH) at the year ended 31 December 2024. Kluthe UK Ltd repaid £100,000.00 of the loan due to the parent company during the year ended 31 December 2024, reducing the closing balance of the loan owed to £0.00. The £47,869.62 is the amount Kluthe UK Ltd had payable to parent company as at 31 December 2024 for the purchase of materials.
11.

Parent-subsidiary relationship

The company's immediate parent is Chemische Werke Kluthe GmbH, incorporated in Germany. Registered office: Gottlieb-Daimler-Straße 12, 69115 Heidelberg, Germany.

The ultimate parent is Kluthe Chemicals GmbH & Co. KG, incorporated in Germany. Registered office: Gottlieb-Daimler-Str.12 69115, Heidelberg , Baden-Württemberg Germany.

Kluthe UK Limited owns 100% shares in wholly owned subsidiary company H3P Technologies Limited - company number 03563931.
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