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REGISTERED NUMBER: 01358229 (England and Wales)






















Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Isringhausen (GB) Limited

Isringhausen (GB) Limited (Registered number: 01358229)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Isringhausen (GB) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: S J Szabo





SECRETARY: Ms A L Teese





REGISTERED OFFICE: Second Avenue
Redwither Business Park
Wrexham
Clwyd
LL13 9XQ





REGISTERED NUMBER: 01358229 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Isringhausen (GB) Limited (Registered number: 01358229)

Strategic Report
for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS
The company is wholly owned by Airvent AG (based in Switzerland) who in turn are part of the Aunde Group, global manufacturers of textiles and seating systems to the car, commercial vehicle, construction, bus and coach industry OEM's.

In our principal market of construction vehicles, activity levels for Q1 2024 remained low following on from a decline in sales during 2023. Global markets for construction and agricultural machinery shrank. Challenges in the UK included a decline in housebuilding activity due to rising material and labour costs having a negative impact on machine utilization. Supply chain disruption continues with price increases, customs checks and import duties plus, due to borrowing costs, new projects within the UK construction industry plummeted by 21% compared to the previous year.

The management team continue to make decisions that increase our UK industrial footprint. This includes investment in capital equipment in the UK plant, thereby reducing our dependence on imports. The benefit of this is anticipated to be a stabilizing material cost whilst also increasing the 'value added' within the Wrexham plant.

The management team also report that the Aunde Group is fully supportive of the UK business strategy and will continue to invest in the long term.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties include general economic uncertainty and the company's ability to expand the customer base in order to give access to new markets.

The management team aims to maintain margins on sales whilst focusing on growth of the company's business and are aware that maintaining the company's strong retention of key employees will help to achieve this.

The company purchases some stock lines from overseas, and this exposes it to risks relating to foreign exchange fluctuations. The company does not actively use financial instruments as part of its financial risk management because currencies that the company is exposed to have generally been stable in recent years.

The company is exposed to the usual credit risk and cash flow risk associated with its business, and the credit terms afforded to customers, and manages this through tight credit control procedures.

ANALYSIS OF KEY PERFORMANCE INDICATORS
The management team considers key financial indicators such as sales turnover, cost of sales/materials, and personnel costs to monitor the financial position of the company. Cash at bank remains healthy, and the management team are satisfied that the company can continue to pay its debts as they fall due for the foreseeable future.

At close of year 2024, the company reported an increase in turnover to £8.9m compared to the previous year of £8.6m.

ON BEHALF OF THE BOARD:





S J Szabo - Director


31 March 2025

Isringhausen (GB) Limited (Registered number: 01358229)

Report of the Director
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTOR
S J Szabo held office during the whole of the period from 1 January 2024 to the date of this report.

QUALIFYING INDEMNITY PROVISION
The company takes out indemnity insurance on behalf of the directors.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company's financial risk management policies.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 him 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S J Szabo - Director


31 March 2025

Report of the Independent Auditors to the Members of
Isringhausen (GB) Limited

Opinion
We have audited the financial statements of Isringhausen (GB) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' 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.

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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 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 the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have 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 Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Isringhausen (GB) Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

31 March 2025

Isringhausen (GB) Limited (Registered number: 01358229)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 3 8,855,545 8,610,036

Cost of sales 7,730,395 7,612,162
GROSS PROFIT 1,125,150 997,874

Distribution costs 43,772 37,092
Administrative expenses 1,913,258 1,544,363
1,957,030 1,581,455
(831,880 ) (583,581 )

Other operating income 563,503 487,279
OPERATING LOSS 5 (268,377 ) (96,302 )

Interest receivable and similar income 6 151,649 129,359
(116,728 ) 33,057

Interest payable and similar expenses 7 725 1,074
(LOSS)/PROFIT BEFORE TAXATION (117,453 ) 31,983

Tax on (loss)/profit 8 (16,035 ) 6,539
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (101,418 ) 25,444

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(101,418

)

25,444

Isringhausen (GB) Limited (Registered number: 01358229)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,189,443 1,201,826

CURRENT ASSETS
Stocks 10 1,646,093 1,616,553
Debtors 11 7,820,480 7,206,529
Cash at bank and in hand 1,826,214 2,423,104
11,292,787 11,246,186
CREDITORS
Amounts falling due within one year 12 966,502 816,048
NET CURRENT ASSETS 10,326,285 10,430,138
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,515,728

11,631,964

CREDITORS
Amounts falling due after more than one
year

13

(508

)

(15,326

)

PROVISIONS FOR LIABILITIES 15 (14,853 ) (14,853 )
NET ASSETS 11,500,367 11,601,785

CAPITAL AND RESERVES
Called up share capital 16 1,168,500 1,168,500
Retained earnings 17 10,331,867 10,433,285
SHAREHOLDERS' FUNDS 11,500,367 11,601,785

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





S J Szabo - Director


Isringhausen (GB) Limited (Registered number: 01358229)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 1,168,500 10,407,841 11,576,341

Changes in equity
Total comprehensive income - 25,444 25,444
Balance at 31 December 2023 1,168,500 10,433,285 11,601,785

Changes in equity
Total comprehensive income - (101,418 ) (101,418 )
Balance at 31 December 2024 1,168,500 10,331,867 11,500,367

Isringhausen (GB) Limited (Registered number: 01358229)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (804,212 ) 220,909
Interest element of hire purchase payments
paid

(725

)

(1,074

)
Tax paid (3,674 ) (232,001 )
Net cash from operating activities (808,611 ) (12,166 )

Cash flows from investing activities
Purchase of tangible fixed assets (16,207 ) (8,304 )
Interest received 151,649 129,359
Net cash from investing activities 135,442 121,055

Cash flows from financing activities
Proceeds from loans from group 88,390 (23,460 )
Capital repayments in year (14,818 ) (14,467 )
Government grant income 2,707 8,120
Net cash from financing activities 76,279 (29,807 )

(Decrease)/increase in cash and cash equivalents (596,890 ) 79,082
Cash and cash equivalents at beginning
of year

2

2,423,104

2,344,022

Cash and cash equivalents at end of year 2 1,826,214 2,423,104

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit for the financial year (101,418 ) 25,444
Depreciation charges 28,592 40,785
Accrued expenses 4,115 (23,994 )
Government grants (2,707 ) (8,120 )
Finance costs 725 1,074
Finance income (151,649 ) (129,359 )
Taxation (16,035 ) 6,539
(238,377 ) (87,631 )
(Increase)/decrease in stocks (29,540 ) 165,190
(Increase)/decrease in trade and other debtors (594,242 ) 333,264
Increase/(decrease) in trade and other creditors 57,947 (189,914 )
Cash generated from operations (804,212 ) 220,909

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,826,214 2,423,104
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,423,104 2,344,022


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 2,423,104 (596,890 ) 1,826,214
2,423,104 (596,890 ) 1,826,214
Debt
Finance leases (30,144 ) 14,818 (15,326 )
(30,144 ) 14,818 (15,326 )
Total 2,392,960 (582,072 ) 1,810,888

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Isringhausen (GB) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is that of manufacturing seats and components for supply to the OEM truck, van bus and off road construction vehicle industry.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £.

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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Stock valuations - this involves judgements as to pricing and the extent to which provisions are required to account for the risk of obsolescence.

Turnover
Turnover represents the total invoice value of the consideration received or receivable for goods supplied and services rendered, net of 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 transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Land not depreciated. Buildings 1% cost
Plant and machinery - Straight line over 4 - 10 years
Fixtures and fittings - Straight line over 4 - 10 years
Motor vehicles - Straight line over 4 years

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

No depreciation is charged on freehold land. In addition, depreciation is not changed on the original cost of freehold buildings because the board believe that the net book value is now reported at residual value.

Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. Net realisable value means estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distribution. Work in progress is valued at cost of materials used including apportioned overheads incurred up to the relevant stage of production.

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution pension 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.

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expenses over the lease term, on a straight-line basis.

Impairment
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.

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 are largely independent of the cash inflows from other assets or groups of assets.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 8,602,533 8,449,175
Europe 36,206 27,356
Rest of the World 216,806 133,505
8,855,545 8,610,036

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,776,145 1,666,193
Social security costs 160,488 148,598
Other pension costs 45,925 44,225
1,982,558 1,859,016

The average number of employees during the year was as follows:
2024 2023

Manufacturing 61 62
Administration 16 15
77 77

2024 2023
£    £   
Director's remuneration 60,808 65,828
Director's pension contributions to money purchase schemes 2,320 2,250

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 30,279 25,482
Other operating leases 9,822 11,203
Operating lease income (47,029 ) (54,301 )
Depreciation - owned assets 28,590 40,785
Auditors' remuneration 19,020 17,400
Foreign exchange differences 211,309 126,943

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Other interest receivable 121,507 107,386
Bank deposits 30,142 21,973
151,649 129,359

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 725 1,074

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 14,343
Adjustments in respect of
prior year (16,035 ) -
Total current tax (16,035 ) 14,343

Deferred tax - (7,804 )
Tax on (loss)/profit (16,035 ) 6,539

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (117,453 ) 31,983
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

(29,363

)

6,077

Effects of:
Expenses not deductible for tax purposes (202 ) (59 )
Depreciation in excess of capital allowances 2,446 5,568
Adjustments to tax charge in respect of previous periods (16,035 ) -
Deferred taxation - (7,804 )
Tax rate difference 27,119 2,757
Total tax (credit)/charge (16,035 ) 6,539

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Improvements
Land and to Plant and
Buildings property machinery
£    £    £   
COST
At 1 January 2024 1,827,515 432,958 649,035
Additions - - 11,612
At 31 December 2024 1,827,515 432,958 660,647
DEPRECIATION
At 1 January 2024 765,504 367,013 575,221
Charge for year - 9,827 18,236
At 31 December 2024 765,504 376,840 593,457
NET BOOK VALUE
At 31 December 2024 1,062,011 56,118 67,190
At 31 December 2023 1,062,011 65,945 73,814

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 295,657 11,750 3,216,915
Additions 4,595 - 16,207
At 31 December 2024 300,252 11,750 3,233,122
DEPRECIATION
At 1 January 2024 295,601 11,750 2,015,089
Charge for year 527 - 28,590
At 31 December 2024 296,128 11,750 2,043,679
NET BOOK VALUE
At 31 December 2024 4,124 - 1,189,443
At 31 December 2023 56 - 1,201,826

Included within the carrying value of tangible assets are the following amounts relating to assets held
under finance leases or hire purchase agreements:

Plant, machinery and factory equipment

At 31 December 2024 £48,000

At 31 December 2023 £56,000

10. STOCKS
2024 2023
£    £   
Raw materials 1,455,140 1,448,190
Work-in-progress 190,953 150,443
Finished goods - 17,920
1,646,093 1,616,553

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,373,023 1,133,660
Amounts owed by group undertakings 6,333,553 5,908,927
Other debtors 6,653 107
Tax 59,534 39,825
Prepayments 47,717 124,010
7,820,480 7,206,529

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 14,818 14,818
Trade creditors 341,018 329,797
Amounts owed to group undertakings 133,036 44,646
Social security and other taxes 80,068 63,985
VAT 297,597 286,680
Wages and salaries control 43,604 23,876
Accruals and deferred income 56,361 52,246
966,502 816,048

Assets held under hire purchase contracts are secured against the assets to which they relate.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 508 15,326

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,818 14,818
Between one and five years 508 15,326
15,326 30,144

Non-cancellable operating leases
2024 2023
£    £   
Within one year 16,084 26,930
Between one and five years 12,333 10,027
In more than five years - 1,998
28,417 38,955

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 14,853 14,853

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 14,853
Balance at 31 December 2024 14,853

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,168,500 Ordinary shares £1.00 1,168,500 1,168,500

17. RESERVES

Profit and loss account:
This reserve records retained earnings and accumulated losses

18. OTHER FINANCIAL COMMITMENTS - OPERATING LEASE INCOME

The company has leased some buildings on the site to a third party and the committed income to the company, on an operating lease, is as follows:

Amounts receivable within 1 year - £34,000 (2023 - £8,500);
Amounts receivable between one and five years - £11,333 (2023 - £nil).

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. RELATED PARTY DISCLOSURES

The company has transactions and balances with a number of other subsidiaries within the Isringhausen GmbH & Co. KG group.

During the year the company made sales to Isringhausen BVBA in the sum of £25,303 (2023 - £24,947). £Nil (2023 - £12,481) remained outstanding at the year end and is included within amounts owed from group undertakings.

During the year the company made purchases from Isringhausen BVBA in the sum of £Nil (2023 - £Nil). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made sales to Isringhausen GmbH & Co. KG in the sum of £121,640 (2023 - £108,128). £79,522 (2023 - £78,537) remained outstanding at the year end.

During the year the company made purchases from Isringhausen GmbH & Co. KG in the sum of £1,566,300 (2023 - £1,513,931). This includes a management charge of £149,365 (2023 - £131,637). £116,054 (2023 - £30,743) remained outstanding at the year end and is included within amounts owed to group undertakings.

In 2014 the company provided a loan to Isringhausen GmbH & Co. KG for the sum of £1,192,938. At 31 December 2024 this changed to £1,243,770 (2023 - £1,303,575) due to exchange differences. In 2017 and 2018 the company provided further loans to Isringhausen GmbH & Co. KG for the sum of £2,500,000 and £500,000 respectively, and a further £829,180 to Isringhausen GmbH in 2022, a further £248,754 in 2023 and a further £414,590 in 2024. £5,736,294 (2023 - £5,433,340) remained outstanding at the year end and is included within amounts owed from group undertakings, falling due within one year.

During the year the company received interest of £121,507 (2023 - £107,386), which remained outstanding at the year end and is included within amounts owed to group undertakings.

During the year the company made purchases from Airvent AG in the sum of £40,957 (2023 - £30,898). £Nil (2023 - £Nil) remained outstanding at the year end and is included within amounts owed to group undertakings.

During the year the company made sales to Isringhausen Spain S.L.U in the sum of £8,476 (2023 - £Nil). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made purchases from Isringhausen Spain S.L.U in the sum of £250,412 (2023 - £376,130). £11,026 (2023 - £Nil) remained outstanding at the year end and is included within amounts owed to group undertakings.

During the year the company made sales to ISRI-France S.A.S in the sum of £1,387 (2023 - £1,666). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made purchases from ISRI-France S.A.S in the sum of £80,365 (2023 - £130,900). £412 (2023 - £5,867) remained outstanding at the year end and is included within amounts owed to group undertakings.

During the year the company made sales to Isringhausen Inc in the sum of £Nil (2023 - £25,683). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made sales/recharges to Esteban UK Limited in the sum of £5,032,983 (2023 - £3,248,052). £516,844 (2023 - £384,569) remained outstanding at the year end and is included within amounts owed from group undertakings.

During the year the company made purchases from Aunde Achter & Ebels GmbH in the sum of £38,614 (2023 - £22,347). £4,179 (2023 - £Nil) remained outstanding at the year end and is included within amounts owed to group undertakings.

During the year the company made purchases from Airvent Hungary KFT in the sum of £Nil (2023 - £2,373). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made purchases from SKA Sitze GmbH in the sum of £88,300 (2023 - £163). £1,364 (2023 - £Nil) remained outstanding at the year end.

During the year the company made purchases from Aunde C & S Automotive S.R.L in the sum of £Nil (2023 - £924). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made sales to Isringhausen Pty. Ltd in the sum of £6,700 (2023 - £5,711). £Nil (2023 - £Nil) remained outstanding at the year end.

Isringhausen (GB) Limited (Registered number: 01358229)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

During the year the company made purchases from Aunde Kulmbach in the sum of £7,658 (2023 - £29,822). £Nil (2023 - £8,036) remained outstanding at the year end.

During the year the company made purchases from Aunde SA in the sum of £Nil (2023 - £Nil). £Nil (2023 - £Nil) remained outstanding at the year end and is included within amounts owed from group undertakings.

During the year the company made purchases from Aunde Portugal in the sum of £Nil (2023 - £1,744). £Nil (2023 - £Nil) remained outstanding at the year end and is included within amounts owed from group undertakings. During the year the company made sales to Aunde Portugal in the sum of £908 (2023 - £Nil). £892 (2023 - £Nil) remained outstanding at the year end.

During the year the company made purchases from Aunde Auto Interiors in the sum of £2,976 (2023 - £Nil). £Nil (2023 - £Nil) remained outstanding at the year end.

During the year the company made purchases from Isringhausen AB in the sum of £14,242 (2023 - £Nil). £Nil (2023 - £Nil) remained outstanding at the year end.

20. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Airvent AG, incorporated in Switzerland.

The largest group in which results of the company are consolidated is that headed by Isringhausen GmbH & Co. KG, incorporated in Germany. The consolidated financial statements of this company are not available to the public. No other group financial statements include the results of the company.

The director controls the company's operations in the UK, but overall control of the strategic direction of the company is retained by the directors of Isringhausen GmbH & Co. KG.