Company registration number 00764323 (England and Wales)
CARL KAMMERLING INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CARL KAMMERLING INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mrs H Halpin
Mr T Meyerratken
Mr J Britton
Mr B Heim
Secretary
Mrs H Halpin
Company number
00764323
Registered office
CK House
Glan Y Don Industrial Estate
Pwllheli
Gwynedd
LL53 5LH
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
CK House
Glan Y Don Industrial Estate
Pwllheli
Gwynedd
LL53 5LH
CARL KAMMERLING INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 37
CARL KAMMERLING INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Fair review of the business

The 2024 turnover was £21.6m (2023: £22.4m) a decrease of 3.8% in comparison with 2023. The group has seen a decrease in operating profit from £3.0m in 2023 to £2.2m in 2024, as sales have reduced due to market conditions.

 

The group balance sheet shows a satisfactory position at the year end with a total group equity amounting to £17,982,131 (2023: £16,761,693). Main movements on the balance sheet include:

 

Principal risks and uncertainties

The principal financial risks to which the group is exposed are those of raw material pricing, foreign currency, reliability of the supply chain and differing trading relationships with the EU. Each of these risks is managed in accordance with Board approved policies.

Financial Risks and Uncertainties

 

The essential risks associated with the group's cash, trade receivables and trade payables (financial instruments) are currency and credit. The board agrees and reviews policies for the prudent management of these risks as follows:

 

Currency Risk

 

The group's foreign turnover is mainly in Europe (21%) and conducted in Euros. Input costs for some key materials are also in Euros and hence the transaction risk is limited. Other significant input costs are in US dollars which are subject to currency market fluctuations. Some of this risk is mitigated by buying forward currency contracts. Variances affecting operational activities in this regard are reflected in operating costs or in the cost of sales in the profit and loss account in the years in which they arise.

 

Credit Risk

 

The group has no significant concentration of credit risk. Customers who wish to trade on credit terms are subject to a strict verification procedure in advance of credit being awarded and subsequently credit limits are continually monitored.

 

Reliability of Supply Chain

 

The risk is the potential disruption of supply due to socio economic global events which are mitigated by having multiple suppliers and dual sourcing whenever possible and closer management and relationships with suppliers.

 

Trading Relationship with the EU

 

An ongoing risk facing the group is the trading relationship with the EU and the impact of continually changing administration and longer timescales on trade with customers and suppliers in Europe. This is partly mitigated by closer relationships with our suppliers and freight companies.

CARL KAMMERLING INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The group has established key performance indicators to measure the progress of the group in achieving both its business objectives and strategy. The Board reviews these against performance at planned meetings throughout the year.

 

The principal performance measures are turnover, gross margin and cash generation as noted above.

 

Turnover has decreased to £21,594,789 (2023: £22,449,157).

 

The gross profit margin has decreased to 45.7% (2023: 47.4%).

 

The decrease in cash and cash equivalents in the year is £930,515 (2023: £1,829,937 increase).

 

On behalf of the board

Mrs H Halpin
Director
17 June 2025
CARL KAMMERLING INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the group and company during the year under review was the manufacture and distribution of tools, security and hardware products.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £750,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs H Halpin
Mr T Meyerratken
Mr J Britton
Mr B Heim
Future developments

Future developments in the business of the group are to continue to grow our turnover organically and invest in complementary acquisitions. Post balance sheet events have been disclosed in note 27.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

CARL KAMMERLING INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Defined benefit pension scheme

A contribution of £1,000,000 (2023: £500,000) was made in accordance with the agreed contribution schedule.

On behalf of the board
Mrs H Halpin
Director
17 June 2025
CARL KAMMERLING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARL KAMMERLING INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Carl Kammerling International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CARL KAMMERLING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARL KAMMERLING INTERNATIONAL LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement included within the Directors' Report, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

 

Irregularities and 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.

 

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraudulent revenue recognition.

CARL KAMMERLING INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARL KAMMERLING INTERNATIONAL LIMITED
- 7 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Moss BSc F.C.A. (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited, Statutory Auditor
Chartered Accountants
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
18 June 2025
CARL KAMMERLING INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
21,594,789
22,449,157
Cost of sales
(11,722,811)
(11,786,762)
Gross profit
9,871,978
10,662,395
Distribution costs
(4,011,019)
(4,075,026)
Administrative expenses
(3,622,225)
(3,668,658)
Other operating income
-
98,613
Operating profit
4
2,238,734
3,017,324
Interest receivable and similar income
8
237,606
178,080
Interest payable and similar expenses
9
(40,000)
(93,852)
Amounts written off investments
10
(4,137)
(35,606)
Profit before taxation
2,432,203
3,065,946
Tax on profit
11
(644,386)
(719,322)
Profit for the financial year
25
1,787,817
2,346,624
Other comprehensive income
Actuarial gain on defined benefit pension schemes
259,000
3,000
Currency translation loss taken to retained earnings
(11,629)
(5,125)
Tax relating to other comprehensive income
(64,750)
(750)
Total comprehensive income for the year
1,970,438
2,343,749
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CARL KAMMERLING INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
16,457
19,515
Tangible assets
14
703,963
683,026
720,420
702,541
Current assets
Stocks
18
7,064,628
6,475,399
Debtors falling due after more than one year
22
182,043
437,500
Debtors falling due within one year
19
5,557,527
4,581,537
Investments and short term cash deposits
20
500,000
516,053
Cash at bank and in hand
8,403,443
9,333,958
21,707,641
21,344,447
Creditors: amounts falling due within one year
21
(3,656,208)
(3,465,699)
Net current assets
18,051,433
17,878,748
Total assets less current liabilities
18,771,853
18,581,289
Provisions for liabilities
Deferred tax liability
22
80,722
69,596
(80,722)
(69,596)
Net assets excluding pension liability
18,691,131
18,511,693
Defined benefit pension liability
23
(709,000)
(1,750,000)
Net assets
17,982,131
16,761,693
Capital and reserves
Called up share capital
24
25,000
25,000
Profit and loss reserves
25
17,957,131
16,736,693
Total equity
17,982,131
16,761,693
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
17 June 2025
Mrs H Halpin
Director
Company registration number 00764323 (England and Wales)
CARL KAMMERLING INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
703,483
682,378
Investments
15
182,412
82,412
885,895
764,790
Current assets
Stocks
18
6,183,281
5,571,366
Debtors falling due after more than one year
22
182,043
437,500
Debtors falling due within one year
19
6,784,382
5,660,801
Investments and short term cash deposits
20
500,000
516,053
Cash at bank and in hand
7,557,231
8,833,550
21,206,937
21,019,270
Creditors: amounts falling due within one year
21
(3,375,465)
(3,250,694)
Net current assets
17,831,472
17,768,576
Total assets less current liabilities
18,717,367
18,533,366
Provisions for liabilities
Deferred tax liability
22
80,722
69,596
(80,722)
(69,596)
Net assets excluding pension liability
18,636,645
18,463,770
Defined benefit pension liability
23
(709,000)
(1,750,000)
Net assets
17,927,645
16,713,770
Capital and reserves
Called up share capital
24
25,000
25,000
Profit and loss reserves
25
17,902,645
16,688,770
Total equity
17,927,645
16,713,770

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,769,625 (2023: £2,312,274).

The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
17 June 2025
Mrs H Halpin
Director
Company registration number 00764323 (England and Wales)
CARL KAMMERLING INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
25,000
15,392,944
15,417,944
482
15,418,426
Year ended 31 December 2023:
Profit for the year
-
2,346,624
2,346,624
-
2,346,624
Other comprehensive income:
Actuarial gains on defined benefit plans
-
3,000
3,000
-
3,000
Currency translation differences
-
(5,125)
(5,125)
-
(5,125)
Tax relating to other comprehensive income
-
(750)
(750)
-
(750)
Total comprehensive income
-
2,343,749
2,343,749
-
2,343,749
Dividends
12
-
(1,000,000)
(1,000,000)
-
(1,000,000)
Disposal of shares in subsidiary to non-controlling interest
-
-
-
(482)
(482)
Balance at 31 December 2023
25,000
16,736,693
16,761,693
-
0
16,761,693
Year ended 31 December 2024:
Profit for the year
-
1,787,817
1,787,817
-
1,787,817
Other comprehensive income:
Actuarial gains on defined benefit plans
-
259,000
259,000
-
259,000
Currency translation differences
-
(11,629)
(11,629)
-
(11,629)
Tax relating to other comprehensive income
-
(64,750)
(64,750)
-
(64,750)
Total comprehensive income
-
1,970,438
1,970,438
-
1,970,438
Dividends
12
-
(750,000)
(750,000)
-
(750,000)
Balance at 31 December 2024
25,000
17,957,131
17,982,131
-
0
17,982,131
CARL KAMMERLING INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
25,000
15,374,246
15,399,246
Year ended 31 December 2023:
Profit for the year
-
2,312,274
2,312,274
Other comprehensive income:
Actuarial gains on defined benefit plans
-
3,000
3,000
Tax relating to other comprehensive income
-
(750)
(750)
Total comprehensive income
-
2,314,524
2,314,524
Dividends
12
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
25,000
16,688,770
16,713,770
Year ended 31 December 2024:
Profit for the year
-
1,769,625
1,769,625
Other comprehensive income:
Actuarial gains on defined benefit plans
-
259,000
259,000
Tax relating to other comprehensive income
-
(64,750)
(64,750)
Total comprehensive income
-
1,963,875
1,963,875
Dividends
12
-
(750,000)
(750,000)
Balance at 31 December 2024
25,000
17,902,645
17,927,645
CARL KAMMERLING INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
275,716
4,129,913
Interest paid
-
0
(5,852)
Income taxes paid
(554,159)
(880,228)
Net cash (outflow)/inflow from operating activities
(278,443)
3,243,833
Investing activities
Purchase of tangible fixed assets
(139,990)
(108,073)
Short term cash deposits
-
(500,000)
Interest received
237,606
178,080
Net cash generated from/(used in) investing activities
97,616
(429,993)
Financing activities
Dividends paid to equity shareholders
(750,000)
(1,000,000)
Net cash used in financing activities
(750,000)
(1,000,000)
Net (decrease)/increase in cash and cash equivalents
(930,827)
1,813,840
Cash and cash equivalents at beginning of year
9,333,958
7,504,021
Effect of foreign exchange rates
312
16,097
Cash and cash equivalents at end of year
8,403,443
9,333,958
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information

Carl Kammerling International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is CK House, Glan Y Don Industrial Estate, Pwllheli, Gwynedd, LL53 5LH.

 

The group consists of Carl Kammerling International Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of foreign currency forward exchange contracts which are held at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Carl Kammerling International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The results of overseas subsidiaries are translated at the monthly average rate of exchange during the period and their balance sheets at the rates ruling at the reporting date. Exchange differences arising on translation of the opening net assets and on foreign currency borrowings are reported in the statement of comprehensive income.

1.4
Going concern

The directors have forecast that the group and company will continue to trade profitably for a period of more than 12 months following the date of approving the financial statements. The forecasts up to 31 December 2026 take into account transactions that are anticipated to take place in the foreseeable future and indicate that no additional financial resources will be required should the trading performance differ from forecast.

 

The directors have considered the impact of the on-going cost of living / inflationary pressures, and the effects of the war in Ukraine, including its impact on the business currently and the expected impact on the business in the future. These have resulted in some supply chain disruptions and the directors feel that the business is well placed to continue in operation and meet its liabilities as they fall due, owing to the strong cash, short term cash deposits and investments position of £8,903,443 (2023: £9,850,011) and net asset position at the year end of £17,982,131 (2023: £16,761,693).

 

On this basis the directors concluded that adopting the going concern basis of accounting in preparing the annual financial statements is appropriate.

1.5
Turnover

Turnover represents net invoiced sales of goods net of rebates and settlements, excluding value added tax. Turnover is recognised on date of despatch of the goods when the risks and rewards are deemed to transfer to the customer.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life which is between 3 and 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Capitalised development expenditure
Straight line between 3-5 years
Customer relationships
Straight line over 5 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property & improvements
between 10-50 years straight line
Long leasehold buildings & improvements
4 years straight line
Computer equipment
between 4-10 years straight line
Plant, machinery & equipment
Varying rates between 4% to 33%
Motor vehicles
4 years straight line
1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

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

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

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

 

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

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

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.21

Short term cash deposits

Short term cash deposits are fixed-term investments held with financial institutions that have a fixed maturity date and typically earn a fixed rate of interest over the investment term. These deposits are not considered cash equivalents unless they have an original maturity of three months or less and are readily convertible to known amounts of cash with insignificant risk of changes in value.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of Nerrad and König loans

Loans to subsidiaries are impaired to the value of their net assets, where the loan value is above the value of their net assets and is reviewed annually by the directors.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

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

Estimate of pension liability

The present value of the defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 23, will impact the carrying amount of the pension liability. The liabilities in respect of the Scheme at 31 December 2024 have been calculated using the “projected unit method” and by rolling forward the initial results of the 30 June 2023 Technical Provisions using actuarial techniques, allowing for cashflows and interest over the period, and differences between the assumptions used to set the Technical Provisions and those selected for accounting under FRS102.

Provision for slow moving and obsolete stock

The provision is computed on a line by line basis to reduce the value of stock held where there is more than thirty six months of estimated future sales held in stock.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of products
21,594,789
22,449,157
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,543,307
16,593,922
Europe
4,540,980
5,497,544
Rest of the World
510,502
357,691
21,594,789
22,449,157
2024
2023
£
£
Other revenue
Interest income
237,606
178,080
Grants received
-
98,613
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
86,691
84,972
Government grants
-
(98,613)
Depreciation of owned tangible fixed assets
119,028
103,227
Amortisation of intangible assets
3,058
3,604
Operating lease charges
230,008
239,170
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
31,500
30,000
For other services
Taxation compliance services
3,500
2,600
All other non-audit services
5,500
5,000
9,000
7,600
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
27
24
24
21
Sales and advertising
40
40
35
35
Warehouse and stock control
31
30
25
25
Total
98
94
84
81
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,755,761
4,673,983
4,273,079
4,228,349
Social security costs
436,072
415,426
360,586
353,577
Pension costs
151,566
150,132
147,441
147,447
5,343,399
5,239,541
4,781,106
4,729,373

In addition to the above costs, an amount of £178,000 (2023: £130,000) was charged to income and expenditure in relation to the defined benefit pension scheme.

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
729,526
705,657
Company pension contributions to defined contribution schemes
6,745
5,872
736,271
711,529
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023: 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
222,474
185,715
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
237,606
177,946
Other interest income
-
134
Total income
237,606
178,080
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Interest receivable and similar income
(Continued)
- 24 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
237,606
177,946
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Net interest on the net defined benefit liability
40,000
88,000
Other interest
-
5,852
Total finance costs
40,000
93,852
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on hedging instrument in a fair value hedge
11,916
21,703
Loss on financial assets held at fair value through profit or loss
(16,053)
(57,309)
(4,137)
(35,606)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
458,636
679,037
Adjustments in respect of prior periods
(16,083)
(17,208)
Total current tax
442,553
661,829
Deferred tax
Origination and reversal of timing differences
200,683
57,493
Adjustment in respect of prior periods
1,150
-
0
Total deferred tax
201,833
57,493
Total tax charge
644,386
719,322
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,432,203
3,065,946
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
608,051
720,497
Tax effect of expenses that are not deductible in determining taxable profit
6,580
27,170
Tax effect of income not taxable in determining taxable profit
(25,000)
(80,658)
Adjustments in respect of prior years
(16,083)
(17,208)
Deferred tax adjustments in respect of prior years
1,150
-
Remeasurement of deferred tax for changes in tax rates
-
0
(1,729)
Amounts relating to other comprehensive income or otherwise transferred
357
-
0
Deferred tax on pension liability
64,750
71,250
Chargeable gains
(2,059)
-
0
Fixed asset differences
6,640
-
Taxation charge
644,386
719,322

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

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
64,750
750

The Finance Act 2021, which was substantively enacted on 24 May 2021, created a 25% main rate. Deferred tax balances at the year end have been measured at 25% which is the rate that the deferred tax balances are expected to crystallise. The effective rate of corporation tax during the year was 25% (2023: 23.5%).

12
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Interim paid
30.00
40.00
750,000
1,000,000
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Capitalised development expenditure
Customer relationships
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
104,426
(18,649)
14,022
42,648
142,447
Amortisation and impairment
At 1 January 2024
84,911
(18,649)
14,022
42,648
122,932
Amortisation charged for the year
3,058
-
0
-
0
-
0
3,058
At 31 December 2024
87,969
(18,649)
14,022
42,648
125,990
Carrying amount
At 31 December 2024
16,457
-
0
-
0
-
0
16,457
At 31 December 2023
19,515
-
0
-
0
-
0
19,515
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
14
Tangible fixed assets
Group
Freehold property & improvements
Long leasehold buildings & improvements
Plant, machinery & equipment
Total
£
£
£
£
Cost
At 1 January 2024
1,001,014
131,274
1,812,907
2,945,195
Additions
57,406
-
0
82,584
139,990
Disposals
-
0
-
0
(3,550)
(3,550)
At 31 December 2024
1,058,420
131,274
1,891,941
3,081,635
Depreciation and impairment
At 1 January 2024
582,147
127,987
1,552,035
2,262,169
Depreciation charged in the year
30,566
134
88,328
119,028
Eliminated in respect of disposals
-
0
-
0
(3,550)
(3,550)
Exchange adjustments
-
0
-
0
25
25
At 31 December 2024
612,713
128,121
1,636,838
2,377,672
Carrying amount
At 31 December 2024
445,707
3,153
255,103
703,963
At 31 December 2023
418,867
3,287
260,872
683,026
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 27 -
Company
Freehold property & improvements
Long leasehold buildings & improvements
Plant, machinery & equipment
Total
£
£
£
£
Cost
At 1 January 2024
1,001,014
131,274
1,687,577
2,819,865
Additions
57,406
-
0
82,584
139,990
Disposals
-
0
-
0
(3,550)
(3,550)
At 31 December 2024
1,058,420
131,274
1,766,611
2,956,305
Depreciation and impairment
At 1 January 2024
582,147
127,987
1,427,353
2,137,487
Depreciation charged in the year
30,566
134
88,185
118,885
Eliminated in respect of disposals
-
0
-
0
(3,550)
(3,550)
At 31 December 2024
612,713
128,121
1,511,988
2,252,822
Carrying amount
At 31 December 2024
445,707
3,153
254,623
703,483
At 31 December 2023
418,867
3,287
260,224
682,378
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
182,412
82,412
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
282,412
Impairment
At 1 January 2024
200,000
Reversals
(100,000)
At 31 December 2024
100,000
Carrying amount
At 31 December 2024
182,412
At 31 December 2023
82,412
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Nerrad Limited
1
Manufacture of tools
Ordinary
100.00
König Werkzeugfabrik GmbH
2
Manufacture of tools
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
CK House, Glanydon Industrial Estate, Gwynedd, Wales, LL53 5LH
2
Siechenrasen 13, 98574 Schmalkaiden, Germany

The UK subsidiary company, Nerrad Limited (company number 06475810), has taken the exemption in section 479A of the Companies Act 2006 (the Act) from the requirement in the Act for their individual accounts to be audited.

 

In order for the subsidiary company to take the audit exemption in section 479A of the Act, Carl Kammerling International Limited has guaranteed all outstanding liabilities of the subsidiary at 31 December 2024 until those liabilities are satisfied in full.

17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
16,053
-
16,053
Forward Foreign Exchange Contracts
7,866
-
7,866
-
Carrying amount of financial liabilities
Forward Foreign Exchange Contracts
-
(4,051)
-
(4,051)

Foreign exchange forward contracts

 

The Group uses foreign currency contracts to manage the foreign exchange risk of future transactions and cash flows.

 

The contracts are valued based on available market data. The group does not adopt hedge accounting for forward exchange contracts, consequently, fair value gains and losses are recognised in profit and loss.

 

At the year end, outstanding foreign exchange contracts that the group has committed to are as follows: US Dollars $450,000 (2023: $900,000).

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
167,670
198,366
-
-
Work in progress
91,401
65,382
-
-
Finished goods and goods for resale
6,805,557
6,211,651
6,183,281
5,571,366
7,064,628
6,475,399
6,183,281
5,571,366

Finished goods with a carrying value of £6,805,557 (2023: £6,211,651) includes a provision for slow moving stock of £551,513 (2023: £439,699).

19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,324,693
3,960,904
4,006,740
3,628,878
Corporation tax recoverable
6,697
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
1,625,430
1,478,624
Other debtors
1,007,790
432,304
933,865
366,782
Prepayments and accrued income
218,347
188,329
218,347
186,517
5,557,527
4,581,537
6,784,382
5,660,801
Amounts falling due after more than one year:
Deferred tax asset (note 22)
182,043
437,500
182,043
437,500
Total debtors
5,739,570
5,019,037
6,966,425
6,098,301

Trade debtors are stated after impairment loss of £78,800 (2023: £28,000). Amounts owed by Nerrad Limited are interest free, König Werkzeugfabrik GmbH has statutory interest charged at £4,542 (2023: £5,767). Both loans are repayable on demand. Amounts owed by group are stated after an impairment loss reversal of £160,000 (2023: £430,000). The remaining impairment loss at the year end was £nil (2023: £160,000).

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
20
Investments and short term cash deposits
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
-
16,053
-
16,053
Short term cash deposits
500,000
500,000
500,000
500,000
500,000
516,053
500,000
516,053

Listed investments included above:

Listed investments carrying amount
-
16,053
-
16,053

The fair value of the listed investments are based on quoted market prices for the shares using the current bid price.

21
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
367,015
453,837
359,364
420,477
Amounts owed to group undertakings
-
0
-
0
1,199
-
0
Corporation tax payable
209,165
314,074
114,330
314,074
Other taxation and social security
413,760
447,365
359,738
356,160
Other creditors
204,208
145,943
78,774
55,503
Accruals and deferred income
2,462,060
2,104,480
2,462,060
2,104,480
3,656,208
3,465,699
3,375,465
3,250,694
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
80,722
74,884
-
-
Short term timing differences
-
(7,348)
4,506
-
Capital gains/losses
-
2,060
-
-
Tax on current retirement benefit obligation
-
-
177,537
437,500
80,722
69,596
182,043
437,500
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 31 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
80,722
74,884
-
-
Short term timing differences
-
(7,348)
4,506
-
Capital gains/losses
-
2,060
-
-
Tax on current retirement benefit obligation
-
-
177,537
437,500
80,722
69,596
182,043
437,500
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(367,904)
(367,904)
Charge to profit or loss
201,833
201,833
Charge to other comprehensive income
64,750
64,750
Asset at 31 December 2024
(101,321)
(101,321)

The provision for deferred tax liability consists of the tax effect of timing differences in respect of accelerated capital allowances. The deferred tax asset is in relation to the deferred tax charged on the defined benefit pension scheme. The deferred tax liability and deferred tax asset is expected to reverse in the foreseeable future.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,566
150,132

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit scheme - group and company

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

 

The liabilities in respect of the Scheme at 31 December 2024 have been calculated using the “projected unit method” and by rolling forward the initial results of the 30 June 2023 Technical Provisions using actuarial techniques, allowing for cashflows and interest over the period, and differences between the assumptions used to set the Technical Provisions and those selected for accounting under FRS102.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Retirement benefit schemes
(Continued)
- 32 -
2024
2023
Key assumptions
%
%
Discount rate
5.35
4.50
Expected rate of increase of pensions in payment
2.80
2.60
Inflation
2.90
2.65
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
19.7
19.7
- Females
22.3
22.3
Retiring in 20 years
- Males
20.6
20.6
- Females
23.4
23.4

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

Group and company
2024
2023
£
£
Present value of defined benefit obligations
7,951,000
8,818,000
Fair value of plan assets
(7,242,000)
(7,068,000)
Deficit in scheme
709,000
1,750,000
Total liability recognised
709,000
1,750,000
Group and company
2024
2023
Amounts recognised in the profit and loss account
£
£
Costs/(income):
Net interest on net defined benefit liability/(asset)
40,000
88,000
Other costs and income
178,000
130,000
Total costs
218,000
218,000
CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Retirement benefit schemes
(Continued)
- 33 -
Group and company
2024
2023
Amounts recognised in other comprehensive income
£
£
Costs/(income):
Actual return on scheme assets
190,000
(397,000)
Less: calculated interest element
347,000
317,000
Return on scheme assets excluding interest income
537,000
(80,000)
Actuarial changes related to obligations
(796,000)
77,000
Total costs/(income)
(259,000)
(3,000)
Group and company
2024
Movements in the present value of defined benefit obligations
Liabilities at 1 January 2024
8,818,000
Benefits paid
(458,000)
Actuarial gains and losses
(796,000)
Interest cost
387,000
At 31 December 2024
7,951,000
Group and company
2024
The defined benefit obligations arise from plans funded as follows:
£
Wholly unfunded obligations
-
Wholly or partly funded obligations
7,951,000
7,951,000
Group and company
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 January 2024
7,068,000
Interest income
347,000
Return on plan assets (excluding amounts included in net interest)
(537,000)
Benefits paid
(458,000)
Contributions by the employer
1,000,000
Other
(178,000)
At 31 December 2024
7,242,000

The actual return on plan assets was a loss of £190,000 (2023: gain of £397,000).

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Retirement benefit schemes
(Continued)
- 34 -
Group and company
2024
2023
Fair value of plan assets
£
£
Diversified growth funds
1,217,000
2,434,000
Liability driven instruments
2,901,000
1,150,000
Insured assets
2,978,000
3,308,000
Cash
146,000
176,000
7,242,000
7,068,000

The pension valuation included above reflects the current experience of CPI, which is seen as a current experience item included in actuarial gains/losses in the statement of comprehensive income and does not impact on the rate of CPI disclosed within actuarial assumptions as that is the long-term rate.

 

The scheme has not yet implemented GMP equalisation and therefore the allowance made to approximately allow for the impact of GMP equalisation in the 31 December 2023 accounting disclosures has been maintained when preparing the 31 December 2024 accounting disclosures (i.e. a 1.8% uplift to the scheme's total liabilities).

 

In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid because the necessary section 37 certification associated to these historic amendments was not prepared or documented appropriately. The case was subsequently reviewed by the Court of Appeal in July 2024 which upheld the High Court’s decision. The High Court’s decision has wide ranging implications, affecting other schemes that were contracted-out on a salary-related basis and made amendments between April 1997 and April 2016. Historic scheme amendments without the appropriate certification might now be considered invalid, leading to additional, unforeseen liabilities. The ruling could have implications for the Company. The detailed investigation into historic Scheme amendments remains ongoing and is at an early stage. Therefore the amount of any potential impact on the DBO cannot be confirmed and / or measured with sufficient reliability at the 2024 year end.

 

Expected long term rate of return

 

The long-term expected return on cash is determined by reference to the long term view of bank base rates at the balance sheet dates. The long-term expected return on bonds is determined by reference to UK long dated government and corporate bond yields at the balance sheet date. The long-term expected rate of return on equities is based on the rate of return on bonds with an allowance for out-performance.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at the general meetings of the company.

25
Reserves
Profit and loss reserves

Profit and loss reserves are cumulative profit and loss net of distribution to owners.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
136,253
153,492
136,253
153,492
Between two and five years
349,931
307,050
349,931
307,050
In over five years
309,966
364,666
309,966
364,666
796,150
825,208
796,150
825,208
27
Events after the reporting date

On 31 March 2025, the company entered into a joint venture agreement with CIMCO Werkzeuge GmbH and Jens Giebler, forming a new entity, GCK Werkzeugbau GmbH, to manufacture and sell tools in Germany. The company holds a 40% interest in the joint venture for a consideration of €10,000.

 

This transaction occurred after the reporting date and does not relate to conditions existing at that date. Consequently, it is treated as a non-adjusting event.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
803,807
745,586

Included in key management personnel remuneration is £67,536 (2023: £64,858) relating to employers NI contributions.

Transactions with related parties

Carl Kammerling GmbH & Co K.G.

 

Carl Kammerling GmbH & Co K.G. is a related party due to common control by certain directors.

During the year Carl Kammerling GmbH & Co K.G. provided customer relationship services to Carl Kammerling International Limited amounting to £920,705 (2023: £958,795). As at 31 December 2024 Carl Kammerling International Limited owed £68,841 (2023: £74,389) to Carl Kammerling GmbH & Co K.G. which is included within Trade Creditors.

 

Small Self Administered Pension Scheme

 

The pension scheme is a related party due to common control by certain directors. The pension scheme charged the company £54,700 (2023: £54,700) for rental of property during the year and the company paid professional fees amounting to £10,275 (2023: £11,640) on behalf of the pension scheme.

 

Controlling party

 

The ultimate controlling party is the estate of Mr A H C G Kammerling following his demise in January 2024.

29
Directors' transactions

Dividends totalling £697,500 (2023: £300,000) were paid in the year in respect of shares held by the company directors who were still in post at the year end.

CARL KAMMERLING INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
30
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,787,817
2,346,624
Adjustments for:
Taxation charged
644,386
719,322
Finance costs
40,000
93,852
Investment income
(237,606)
(178,080)
Fair value gain on foreign exchange contracts
(11,916)
(21,703)
Amortisation and impairment of intangible assets
3,058
3,604
Depreciation and impairment of tangible fixed assets
119,028
103,227
Other gains and losses
16,053
57,309
Pension scheme non-cash movement
178,000
130,000
Decrease in pension provision
(1,000,000)
(500,000)
Movements in working capital:
(Increase) in stock provision
(111,814)
(7,901)
(Increase)/decrease in stocks
(477,415)
708,620
(Increase)/decrease in debtors
(969,293)
1,066,650
Increase/(decrease) in creditors
295,418
(391,611)
Cash generated from operations
275,716
4,129,913
31
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
9,333,958
(918,057)
(12,458)
8,403,443
Short term cash deposits
500,000
-
-
500,000
9,833,958
(918,057)
(12,458)
8,903,443
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