Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-282024-12-312025-05-28108false2024-01-01falsethe importing, manufacturing and selling of electrical and connectivity components and accessories106falsefalse 00902205 2024-01-01 2024-12-31 00902205 2023-01-01 2023-12-31 00902205 2024-12-31 00902205 2023-12-31 00902205 2023-01-01 00902205 c:Director1 2024-01-01 2024-12-31 00902205 c:Director2 2024-01-01 2024-12-31 00902205 c:Director2 2024-12-31 00902205 c:Director3 2024-01-01 2024-12-31 00902205 c:Director4 2024-01-01 2024-12-31 00902205 c:Director4 2024-12-31 00902205 c:RegisteredOffice 2024-01-01 2024-12-31 00902205 c:Agent1 2024-01-01 2024-12-31 00902205 d:Buildings 2024-01-01 2024-12-31 00902205 d:Buildings 2024-12-31 00902205 d:Buildings 2023-12-31 00902205 d:Buildings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00902205 d:PlantMachinery 2024-01-01 2024-12-31 00902205 d:PlantMachinery 2024-12-31 00902205 d:PlantMachinery 2023-12-31 00902205 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00902205 d:ComputerEquipment 2024-01-01 2024-12-31 00902205 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00902205 d:FreeholdInvestmentProperty 2024-01-01 2024-12-31 00902205 d:FreeholdInvestmentProperty 2024-12-31 00902205 d:FreeholdInvestmentProperty 2023-12-31 00902205 d:CurrentFinancialInstruments 2024-12-31 00902205 d:CurrentFinancialInstruments 2023-12-31 00902205 d:CurrentFinancialInstruments 1 2024-12-31 00902205 d:CurrentFinancialInstruments 1 2023-12-31 00902205 d:CurrentFinancialInstruments 6 2024-12-31 00902205 d:CurrentFinancialInstruments 6 2023-12-31 00902205 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00902205 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00902205 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 00902205 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 00902205 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 00902205 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 00902205 d:ReportableOperatingSegment3 2024-01-01 2024-12-31 00902205 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 00902205 f:UnitedKingdom 2024-01-01 2024-12-31 00902205 f:UnitedKingdom 2023-01-01 2023-12-31 00902205 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 00902205 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 00902205 f:RestWorldOutsideUK 2024-01-01 2024-12-31 00902205 f:RestWorldOutsideUK 2023-01-01 2023-12-31 00902205 d:UKTax 2024-01-01 2024-12-31 00902205 d:UKTax 2023-01-01 2023-12-31 00902205 d:ShareCapital 2024-12-31 00902205 d:ShareCapital 2023-12-31 00902205 d:ShareCapital 2023-01-01 00902205 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00902205 d:RetainedEarningsAccumulatedLosses 2024-12-31 00902205 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00902205 d:RetainedEarningsAccumulatedLosses 2023-12-31 00902205 d:RetainedEarningsAccumulatedLosses 2023-01-01 00902205 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00902205 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00902205 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 00902205 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 00902205 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 00902205 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 00902205 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 00902205 c:OrdinaryShareClass1 2024-01-01 2024-12-31 00902205 c:OrdinaryShareClass1 2024-12-31 00902205 c:OrdinaryShareClass1 2023-12-31 00902205 c:FRS102 2024-01-01 2024-12-31 00902205 c:Audited 2024-01-01 2024-12-31 00902205 c:FullAccounts 2024-01-01 2024-12-31 00902205 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00902205 d:Subsidiary1 2024-01-01 2024-12-31 00902205 d:Subsidiary1 1 2024-01-01 2024-12-31 00902205 d:WithinOneYear 2024-12-31 00902205 d:WithinOneYear 2023-12-31 00902205 d:BetweenOneFiveYears 2024-12-31 00902205 d:BetweenOneFiveYears 2023-12-31 00902205 2 2024-01-01 2024-12-31 00902205 6 2024-01-01 2024-12-31 00902205 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00902205










HUBER+SUHNER (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HUBER+SUHNER (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr U Ryffel 
Mr I Wechsler (resigned 31 December 2024)
Mr D Nixon 
Mr R Haemmerli (appointed 1 January 2025)




Registered number
00902205



Registered office
Telford Road

Bicester

Oxon

OX26 4LA




Independent auditors
MHA
Statutory Auditors

2 London Wall Place

London

EC2Y 5AU




Bankers
National Westminster Bank PLC

Bicester

Oxfordshire

OX26 6DA





 
HUBER+SUHNER (UK) LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 8
Independent auditors' report
 
9 - 12
Statement of comprehensive income
 
13
Statement of financial position
 
14 - 15
Statement of changes in equity
 
16
Notes to the financial statements
 
17 - 33


 
HUBER+SUHNER (UK) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present the strategic report for the year ended 31 December 2024.

Business review
 
The Company’s principal activity continues to be that of importing, manufacturing and selling electrical and optical connectivity components and cables and accessories related to the three key markets of Transportation, Communications and Industrial. This is coupled with an increasing level of “Value Add” and systems solutions to effectively differentiate the company from the traditional competitors in the UK and EU market.
The HUBER+SUHNER Northern Europe Region consists of the UK, Sweden, Denmark, Norway, Finland and the Baltics. The centre of this region is HUBER+SUHNER (UK) Ltd where all of the central functions such as Finance, HR, IT and the majority of the front office are based with branch offices of HUBER+SUHNER (UK) in Sweden and Denmark. Norway, Finland and the Baltics continue to be serviced by third party distributors but are managed directly out of the UK.
The turnover for 2024 was up 1% relative to the prior year and gross margins stayed the same at 13.4% (2023: 13.4%).
The sales from Global Key Accounts as defined by HUBER+SUHNER group was £0.8m lower than the previous year, mainly due drop in Ericsson managed by the Sweden branch. To reduce the currency impact on purchases, the business continues a natural hedging policy with purchases made from its Parent Company in Switzerland, with the majority of purchases made in the same currency as the customer invoice currency, which mitigates some of the local currency risk. The balance of any net currency cash flows were covered with forward contracts.  
Third Party sales increased by 1.3% to £78,308,000 in 2024 (2023: £77,305,000) and inter group sales decreased to £250,000 in 2024 (2023: £262,000). Turnover in 2024 made by the Denmark branch was £6,637,000 (2023: £6,304,000) and by Sweden was £24,829,000 (2023: £28,170,000).
The company generated profit before tax of 2.9% (2023: 4.4%).
Strategy
The company is a part of the HUBER+SUHNER Group whose main objectives are to focus on the 3 x 3 strategy of supplying into 3 key markets of Communication, Transportation and Industry through our 3 core technologies   Fibre Optics, Low Frequency and Radio Frequency and to introduce new innovative products and solutions that assist growth in those markets and in our core technologies.
In the UK the company supports the group strategy by operating in the same markets and introducing, promoting and selling the new products and services in the country. The UK has continued to successfully position itself to offer greater total solution packages to all strategic markets thereby differentiating itself from traditional component competitors.
 
Page 1

 
HUBER+SUHNER (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future outlook
The business continues to monitor the impacts of macro-economic impacts as closely as it can and mitigate the impacts to the business overall. However, the increase in global demand in many industries has driven price increases in raw materials, bottlenecks in supply chain as well as increased need for transportation capacities. The recent US tariff increases have heightened global trade tensions. This could lead to increased costs for imported materials and components, affecting the company's supply chain and pricing strategies. Adapting to these changes will be crucial for maintaining competitiveness in the UK and EU markets. Despite these hurdles, the company's focus on 'Value Add' and innovative solutions helps differentiate its offerings, potentially mitigating some financial pressures. Additionally, adapting to trade tensions and market volatility will be crucial for maintaining competitiveness. Overall, HUBER+SUHNER (UK) Limited's strategic initiatives and innovative approach position it well to adapt and thrive in a dynamic business environment. Company management have focussed on the impact that these matters have had on the UK market and the company itself and have put in place specific measures to manage the future pipeline of sales and related costs and expenses. The company expects customer spend to increase in 2025 especially amongst distributors within the communication market, but Transportation segment is expected to have a slower recovery. Therefore, outlook continues to be mixed with optimism and caution due to the uncertain economic environment. The company will continue its focus and grow within Aerospace and Defence, Data Centres and Railway communications.

Principal risks and uncertainties
 
The key business risks and uncertainties affecting the company relate to the UK economic situation as well as changes in product technology and the fluctuation in the key exchange rates versus Sterling. There are still uncertainties on the future relationship between the UK and the European Union as well as now with the US, and how this will impact future business trades and competition between the two regions.
Further government spending in large railway projects spread across future years could affect our long term position in the market, despite planned UK infrastructure spend. This is also true in the key Aerospace and Defence market where the awarding of projects can take a number of years.
The large Global Key Accounts where there are lower than average margins are also a key business risk. It has been observed that, due to their global nature, these customers may choose to place their business in other regions creating risk to turnover. Conversely, due to the low margins seen with these customers, any large increases in turnover from these same customers are a risk to margin.
An area of uncertainty in recent times has been the continuing war with Ukraine which has had an impact on UK and EU economy with rising commodity prices such energy and raw materials and the recent US tariff increases have heightened global trade tensions. This could lead to increased costs for imported materials and components, affecting the company's supply chain and pricing strategies. Adapting to these changes will be crucial for maintaining competitiveness in the UK and EU markets. The company is placing safeguards in place to try and manage this situation. Company management are monitoring the situation carefully and have put measures in place to mitigate this risk which are more fully documented within the Going Concern section.
The company continues to monitor the above risks. Although the impacts have been managed very well in 2024, the company management are monitoring the situation carefully and have put measures in place to mitigate these risk, which are further documented within the Going Concern section.
Financial risk management policy
 
In the ordinary course of business, the company is exposed to a variety of financial risks that include price risk, credit risk, exchange rate risk and liquidity risk. Company management monitors these risks regularly and makes every effort to minimise negative influences on the company’s financial results.
 
Page 2

 
HUBER+SUHNER (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Price risk
The company monitors the market prices and takes action to adjust prices where there are movements in commodity prices, especially in times of high inflation. Large material purchases are selectively hedged by the parent company at a group level. Prices of commodity such as copper, aluminium, nickel as well as energy are on the rise which will have an impact on the prices of the products sold. Company continues to review costs and margins regularly to ensure the risk is managed well.
Credit risk
The credit risk for sales debtors from trading is limited by the market spread of customers. In addition, this risk is reduced by regular checks of creditworthiness, withdrawing credit for slow payers and requesting cash with order for higher risk customers.
Exchange rate risk
The company is exposed directly to seven currencies, the Euro, CHF, US Dollar, PLN, NOK and the Danish and Swedish Krone for both sales and purchases. The risk is minimised by including currency fluctuation clauses in standard terms and conditions. In addition to local hedging, the parent company uses foreign exchange forward contracts and options to control foreign currency risks at a group level. 
Liquidity risk
Where necessary the company negotiates local facilities with UK financial institutions. In addition, the group will give liquidity support if required. However, improved project sales at higher margin coupled with good cash collection resulted in vastly improved liquidity.

Financial key performance indicators
 
In addition to the Key Performance Indicators of turnover and profit margin detailed on page 1, Key Performance Indicators are in place covering number of areas from efficiency and productivity to quote conversion, sales, orders and profit. KPIs are a fundamental part of the corporations’ Global Management System (GMS).


This report was approved by the board and signed on its behalf.





................................................
Mr R Haemmerli
Director

Date: 28 May 2025

Page 3

 
HUBER+SUHNER (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,738 thousand (2023 - £2,966 thousand).

Particulars of dividends paid are detailed in note 12 of the financial statements.

Directors

The directors who served during the year were:

Mr U Ryffel 
Mr I Wechsler (resigned 31 December 2024)
Mr D Nixon 

Future developments

Overall the UK economy continues to show resilience, however uncertainty in key areas such as high inflation and slowdown in projects, and the increase in US tariffs may exert pressure on sales revenue, profit margins, and customer spending in 2025 and beyond, especially if the EU responds by implementing import charges. HUBER+SUHNER as a group had continued to align its focus into three markets; Industry, Communication and Transportation, to strengthen market orientation and reduce complexity. The company is confident that it is well-equipped with the appropriate technologies, products, innovative solutions, and a diverse market presence to play a leading role in key future applications. 

Page 4

 
HUBER+SUHNER (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Qualifying third party indemnity provisions

The parent company has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors’ report.

Branches outside the United Kingdom

The Company fully owns and Controls two branches in Denmark and Sweden and has done since 2014. The branch turnover increased by 5.0% to £6,637,000 (2023: £6,304,000) and decreased by 12.0% to £24,829,000 (2023: £28,170,000) in Denmark and Sweden respectively.

Streamlined Energy and Carbon Reporting

The Company is committed to protecting the environment and to contributing to keeping global warming below 1.5 degrees. 
The Company has a small production and warehouse facility in Bicester to produce assemblies. The workspaces are designed to ensure waste is minimised as much as possible and disposed of in the appropriate way. The building in Bicester has undergone several phases of refurbishment to ensure there is more open space and LED lightings. Investment on LED lightings is to extend to the production space in the coming year.
The Company invested £143k on the installation of solar panels on the Bicester main office located on Telford Road in late summer of 2023. The solar panels were estimated to cover 40% of our annual electricity consumption going forward, mainly in the summer months. This equates to annual consumption of 100,000 kWh and in 2024, we were able to use 113,097 kWh from the solar panels.
In 2024, we installed electric charging points at the site to encourage more employees to use electric vehicles.

Greenhouse gas emissions
We report under all three scope of emissions defined by the Greenhouse Gas protocol as follows:
Scope 1 (Direct Emissions): Operation of facilities (Boiler);
Scope 2 (Indirect Emissions): Consumption of purchased electricity, heat and steam; 
Scope 3 (Other Indirect Emissions): Business travel in employee-owned vehicles, water consumption and waste.
Emissions data in respect of the 2024 reporting period was as follows:
Emission Type    CO2e tonnes (2024)   CO2e tonnes (2023)
Scope 1: Operations of facilities   83      113
Scope 2: Purchase Energy   32      44
Scope 3: Business travel   334      440
Total Emissions    450      597
Greenhouse gas emissions intensity ratio:
      
CO2e tonnes (2024)   CO2e tonnes (2023)
Scope 1, 2 & 3     450      597
Turnover (£)     78.6m      77.6m
Intensity Ratio (CO2e tonnes/£1m) 5.75      7.69

Page 5

 
HUBER+SUHNER (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Scope and Methodology
Our methodology has been based on the principles of the Greenhouse Gas Protocol, taking account of the 2015 amendment which set out a ‘dual reporting’ methodology for the reporting of Scope 2 emissions. Conversion factors for UK electricity, gas and other emissions are those published by the UK Government GHG Conversion factors for Company Reporting for the year 2024. 
We have reported on all the measured emissions sources required under The Companies Act 2006 (Strategic Report and Directors Report Regulations 2013), except where stated. 
The period of our report is from 1 January 2024 to 31 December 2024. 
Gas, Electricity & Water
The Company used 268,940kWh of electricity of which 113,097kWh was from Solar Panels installed in summer 2024. The Company consumed 325,482 kWh of gas, and water usage was 418 cubic metres in 2024.
In 2023, the company used 252,064kWh of electricity of which 40,198kWh was from Solar Panels installed in summer 2023. The company also consumed 441,109 kWh of gas, and water usage was 2,230m3.
Waste
In 2024, the company had 0 waste from Electrical and Electronic Equipment (WEEE). There was disposal of municipal waste, metal, paper, cardboard and plastics equivalent to 44,360kg.
In 2023, the company had 0 waste from Electrical and Electronic Equipment (WEEE). There was disposal of municipal waste, metal, paper, cardboard and plastics equivalent to 185,000kg.

Section 172 (1) Statement

HUBER+SUHNER UK Ltd is committed to conducting its business in accordance with high ethical standards, integrity, and compliance with applicable rules. In the communities where its premises are located the company behaves like a good corporate citizen.
The company mission and business model emphasises the need to generate sustainable added value for all our stakeholders with long-term focus, and also upholds great value on promoting an entrepreneurial spirit in caring for employees, society and environment. As stated in the HUBER+SUHNER Environmental Policy (SPV07), it is our intention to conduct our business activities with a view to protecting the environment along the entire value chain (life cycle perspective). We aim to prevent pollution, use resources sustainably, mitigate climate change, and to continually improve our contribution and performance in that respect.

Customer

We have very strong and direct relationships with our customers in UK and Europe, which is facilitated through our branches in UK, Sweden and Denmark. We continued to be a reliable partner in supporting our customers with providing a broad-based technologies and products that support future changes in technology. We have changed our focus to into three markets, Industry, Communication and Transportation. The sales organisations have been directly integrated into the three segments, thus abolishing the matrix organisation at Group level. The aim behind the new alignment is to place a greater focus on the markets and simplify structures. We pride ourselves in delivering high performance, quality, reliability and a long service life even under the toughest conditions. 

Page 6

 
HUBER+SUHNER (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Environmental & Social

The company encourages its suppliers and distributors to include ethical, social, environmental and human rights criteria as well as occupational health and safety in both their business conduct and decision making, and to establish appropriate policies. HUBER + SUHNER as a group includes such corporate social responsibility criteria in its supplier audits and in its due diligence when selecting new business partners.  
 
The company is committed to protecting the environment and to contributing to keeping global warming below 1.5 degrees. The company uses resources like energy, water and materials sustainably and efficiently. The group determines its environment impact and greenhouse gas emissions annually. Based on the results of this analysis HUBER+SUHNER defines actions with the aim of continually reducing the intensity of its resource consumption, waste generation as well as emissions of greenhouse gases and other pollutants.

Shareholders

Our shareholder is HUBER+SUHNER AG who play an active role in strategic direction and performance of the company, as well as provide support from its wider group resources. The support structure is managed through the company’s management team being able to directly report to group with matters that require group’s involvement and support. 

Employees

HUBER+SUHNER provides equal opportunity and treatment towards all employees in order to prevent discrimination on the basis of ethnic group, colour, gender, language, religion, political or other opinion, national or social origin, property, birth or other status, as well as membership in a trade union, sexual orientation, disability or age. Recruitment is based solely on personal and professional qualification, suitability and performance.
The company provides wages in accordance with national laws, or collective labour agreements. In the absence of such regulations, the company pays wages at least adequate for the needs of employees and their families taking into account the general level of wages and the cost of living in the country. Special consideration shall be given to equal pay for work of equal value.
The company protects its employees against harassment in the workplace, in particular against any kind of sexual, physical or psychological abuse. An open dialogue is encouraged between managers and employees based on mutual trust and respect. Grievances regarding human rights violations, unequal treatment or harassment at work are dealt with in a low-threshold, structured procedure, which can be conducted anonymously if desired.
The health and safety of employees has top priority at HUBER+SUHNER. The company ensures a safe and healthy working environment by complying with applicable laws and regulations, monitoring work processes and regularly identifying associated hazards and assessing risks and opportunities. The measures derived from these evaluations serve to eliminate hazards and minimise risks.

Governance

Regular management meetings ensure the company maintains compliance with its corporate governance codes and ensure that its business is conducted in line with the ethical standard and with integrity. 

Page 7

 
HUBER+SUHNER (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr R Haemmerli
Director

Date: 28 May 2025

Telford Road
Bicester
Oxon
OX26 4LA

Page 8

 
HUBER+SUHNER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED
 

Opinion


We have audited the financial statements of Huber+Suhner (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 profit 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.


Page 9

 
HUBER+SUHNER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED (CONTINUED)


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 contained within the Annual ReportOur 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.


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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.


Page 10

 
HUBER+SUHNER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED (CONTINUED)


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 an Auditors' 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.


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:

Obtaining an understanding of the legal and regulatory frameworks that the company operates in;
Reviewing key correspondence with regulatory authorities;
Testing for evidence of management override;
Enquiry of management to identify any instances of non-compliance with laws and regulations;
Enquiry of management around actual and potential litigation and claims;
Enquiry of management to identify any instances of known or suspected instances of fraud;
Discussing among the engagement team regarding how and where fraud might occur.

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 representation.

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 Auditors' report.


Page 11

 
HUBER+SUHNER (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Atul Kariya FCCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
  
London

Date: 
 
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
4 June 2025
Page 12

 
HUBER+SUHNER (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
78,558
77,566

Cost of sales
  
(68,003)
(67,208)

Gross profit
  
10,555
10,358

Distribution costs
  
(1,427)
(1,451)

Administrative expenses
  
(7,917)
(7,314)

Other operating income
  
390
-

Operating profit
 5 
1,601
1,593

Dividend received
  
200
1,470

Interest receivable and similar income
 9 
457
500

Interest payable and similar expenses
 10 
(8)
(182)

Profit before tax
  
2,250
3,381

Tax on profit
 11 
(512)
(415)

Profit for the financial year
  
1,738
2,966

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
HUBER+SUHNER (UK) LIMITED
REGISTERED NUMBER: 00902205

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 13 
1,751
1,850

Investment property
 15 
1,450
1,100

Investments
 14 
7,939
7,939

  
11,140
10,889

Current assets
  

Stocks
 16 
1,640
1,867

Debtors: amounts falling due within one year
 17 
21,660
18,716

Cash at bank and in hand
 18 
926
1,926

  
24,226
22,509

Creditors: amounts falling due within one year
 19 
(12,177)
(11,615)

Net current assets
  
 
 
12,049
 
 
10,894

Total assets less current liabilities
  
23,189
21,783

Provisions for liabilities
  

Deferred Taxation
 20 
(489)
(421)

Other provisions
 21 
(50)
(250)

  
 
 
(539)
 
 
(671)

Net assets
  
22,650
21,112


Capital and reserves
  

Called up share capital 
 22 
4,000
4,000

Profit and loss account
 23 
18,650
17,112

  
22,650
21,112


Page 14

 
HUBER+SUHNER (UK) LIMITED
REGISTERED NUMBER: 00902205
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr R Haemmerli
Director

Date: 28 May 2025

The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
HUBER+SUHNER (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2023
4,000
14,146
18,146


Comprehensive income for the year

Profit for the year
-
2,966
2,966



At 1 January 2024
4,000
17,112
21,112


Comprehensive income for the year

Profit for the year
-
1,738
1,738


Contributions by and distributions to owners

Dividends: Equity capital
-
(200)
(200)


At 31 December 2024
4,000
18,650
22,650


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

HUBER+SUHNER (UK) Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act.  
The registered number and address of the registered office are given in the Company information.  
The nature of the Company's operations and its principal activities are set out in the Strategic Report on page 1.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £000. 
HUBER+SUHNER (UK) Limited is a parent company of a group.  It is also a subsidiary company of HUBER+SUHNER AG and is consolidated into the financial statements of that entity.  It is exempt from the requirement to prepare consolidated financial statements. These are the financial statements of the Company and not of the group.
The Company has taken advantage of the following disclosure exemptions under FRS 102:
•       the requirements of section 7 for Statement of Cash Flows;
•       the requirements of paragraph 33.03 on Related Party Disclosures.
Where required, equivalent disclosures are given in the group financial statements of HUBER+SUHNER AG for the year ended 31 December 2024. The group financial statements of HUBER+SUHNER AG are available to the public and can be obtained as set out in note 26.

The following principal accounting policies have been applied:

Page 17

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.2

Going concern

Based upon the analysis from our forecast and various scenarios for the next 12 months, prepared on information that is currently available, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The Company is exposed to macro economic risks that could arise, including pandemic disease as well as inflation that could have a significant effect on our operations, as well as political decisions on recovery of economy. The Directors continue to adopt the going concern basis in preparing the annual report and financial statements.
Management continue to prepare monthly forecasts to foresee results under possible scenarios which are based on assumptions from the current political and economic outlook. The company continues to monitor the situation and take necessary steps to action cost saving initiatives depending on top line sales. The company management have been reviewing the forecasts to proactively manage liquidity and take necessary actions if and when needed. 
Reflecting the board’s confidence, HUBER+SUHNER (UK) Limited continues to adopt the going concern basis in preparing the financial statements as the company has sufficient liquidity to operate

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 18

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 19

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
40 Years
Plant and machinery
-
3 - 10 Years
Technical equipment
-
4 Years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers or by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 21

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.19

Holiday pay accrual

A liability is recognised to the extent any unused holiday pay entitlement which has accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted rate.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Page 22

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors consider that the critical accounting policies where judgments and estimations have been
applied relate to the tangible fixed asset lives, in particular the useful economic life and residual values of freehold property and plant and machinery, and the valuation of investment property, debtors and stock at the balance sheet date. The directors have concluded that the asset values and residual values are appropriate, debtors are recoverable and stock is reflected the lower of cost and net realisable value. 

Page 23

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Industry
29,080
29,012

Communication
21,220
15,146

Transportation
28,258
33,408

78,558
77,566


Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
28,673
26,698

Rest of Europe
46,543
48,052

Rest of the world
3,342
2,816

78,558
77,566



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Exchange differences
172
(216)

Operating lease charges
63
63

Other operating income
390
-

Other operating income consists of £40,000 of rental income of UK warehouse space and £350,000 for the gain on the investment property.

Page 24

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
41
40

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2024
2023
£000
£000

Wages and salaries
6,187
6,065

Social security costs
819
796

Cost of defined contribution pension scheme
378
389

7,384
7,250


There were no directors' emoluments paid during the year in respect of their services to the Company as these are borne by the parent undertaking (2023: £Nil). These costs are not recharged to the Company.

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Manufacturing
20
19



Office and management
88
87

108
106


8.


Income from investments

2024
2023
£000
£000



Dividends received from investments
200
1,470


Page 25

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£000
£000


Interest receivable from group companies
418
500

Bank interest receivable
39
-

457
500


10.


Interest payable and similar expenses

2024
2023
£000
£000


Loans from group undertakings
8
182


11.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
444
408

Total current tax
444
408

Deferred tax


Origination and reversal of timing differences
68
7

Total deferred tax
68
7


Tax on profit
512
415
Page 26

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
2,250
3,381


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
563
795

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
37
52

Capital allowances for year in excess of depreciation
(12)
(67)

Adjustments to tax charge in respect of prior periods
-
(4)

Dividends from UK companies
(50)
(346)

Double taxation relief
(26)
(15)

Total tax charge for the year
512
415


12.


Dividends payable

2024
2023
£000
£000


Dividends payable
200
-

Page 27

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£000
£000
£000



Cost


At 1 January 2024
2,863
788
3,651


Additions
34
21
55


Disposals
-
(13)
(13)



At 31 December 2024

2,897
796
3,693



Depreciation


At 1 January 2024
1,334
467
1,801


Charge for the year
70
83
153


Disposals
-
(12)
(12)



At 31 December 2024

1,404
538
1,942



Net book value



At 31 December 2024
1,493
258
1,751



At 31 December 2023
1,529
321
1,850


14.


Fixed asset investments





Investments in subsidiary companies

£000



Cost


At 1 January 2024
7,939



At 31 December 2024
7,939




Page 28

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Huber + Suhner Phoenix Dynamics Limited
Unit 5 Century Road, High Carr Business Park, Newcastle Under Lyme, Staffordshire, England, ST5 7UG
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Huber + Suhner Phoenix Dynamics Limited
1,616,181
(65,023)


15.


Investment property


Freehold investment property

£000



Valuation


At 1 January 2024
1,100


Additions at cost
350



At 31 December 2024
1,450

In 2021, the Company entered into a rental lease with a third party to rent out a warehouse property owned by the Company. 
The warehouse was valued at the date of the transfer by Conways Commercial Property Consultants RICS. The directors have valued the warehouse at £1,100,000 at the balance sheet date.
In 2024, a revaluation took place by Conways Commercial Property Consultants RICS. The warehouse was valued at £1,450,000 (2023: £1,100,000)





Page 29

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

2024
2023
£000
£000

Raw materials and consumables
127
99

Work in progress (goods to be sold)
165
95

Finished goods and goods for resale
1,348
1,673

1,640
1,867


Stocks are stated after provisions of £348,000 (2023: £321,000) relating to slow moving stock.
Stock recognised in cost of sales during the year as an expense was £66,350,000 (2023: £65,600,000).  


17.


Debtors

2024
2023
£000
£000


Trade debtors
12,497
11,434

Amounts owed by group undertakings
7,994
5,755

Other debtors
95
17

Prepayments and accrued income
144
117

Tax recoverable
921
1,393

Financial instruments
9
-

21,660
18,716



18.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
926
1,926


Page 30

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
452
260

Amounts owed to group undertakings
7,796
7,766

Corporation tax
437
433

Other taxation and social security
1,429
1,143

Other creditors
131
110

Accruals and deferred income
1,932
1,894

Financial instruments
-
9

12,177
11,615



20.


Deferred taxation




2024


£000






At beginning of year
421


Charged to profit or loss
(68)



At end of year
489

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
313
324

Gain on investment property
176
97

489
421

Page 31

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Provisions




Warranty provision

£000





At 1 January 2024
250


Charged to profit or loss
(200)



At 31 December 2024
50

A provision for warranties of £50,000 (2023: £250,000) is recognised as a consequence of the policy to cover the cost of repair and/or replacement of defective products. The provision is recognised at the date of sale of the product covered and is calculated based on information received about a specific order. The provision is expected to be utilised over the next three years.


22.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



4,000,000 (2023 - 4,000,000) Ordinary shares of £1.00 each
4,000
4,000



23.


Reserves

Profit and loss account

The Profit and Loss account is represented by retained earnings. Changes in reserves are set out in the Statement of Changes in Equity.


24.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund in the period and amounted to £378,000
(2023: £389,000). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance
sheet date and are included in creditors.

Page 32

 
HUBER+SUHNER (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
55
63

Later than 1 year and not later than 5 years
13
-

68
63


26.


Parent entity

The Company is a wholly owned subsidiary of HUBER+SUHNER AG, a company incorporated in Switzerland, and its results are included in the consolidated financial statements of HUBER+SUHNER AG, which can be obtained from Tumbelenstrasse 20, CH-8330 Pfaffikon ZH, Switzerland.

 
Page 33