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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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HUBER+SUHNER (UK) LIMITED
COMPANY INFORMATION
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HUBER+SUHNER (UK) LIMITED
CONTENTS
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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.
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.
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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.
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.
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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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The directors who served during the year were:
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.
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HUBER+SUHNER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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
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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.
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.
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.
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HUBER+SUHNER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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.
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HUBER+SUHNER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
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.
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HUBER+SUHNER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED
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 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).
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.
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.
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HUBER+SUHNER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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HUBER+SUHNER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED (CONTINUED)
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.
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HUBER+SUHNER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUBER+SUHNER (UK) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Statutory Auditors
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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HUBER+SUHNER (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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HUBER+SUHNER (UK) LIMITED
REGISTERED NUMBER: 00902205
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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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:
The notes on pages 17 to 33 form part of these financial statements.
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HUBER+SUHNER (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
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.
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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.
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HUBER+SUHNER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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