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COMPANY REGISTRATION NUMBER: 02969829
Iwis Drive Systems Limited
Filleted Financial Statements
31 December 2024
Iwis Drive Systems Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
4,543
7,813
Current assets
Stocks
463,745
489,302
Debtors
6
474,926
433,136
Cash at bank and in hand
453,237
260,821
-----------
-----------
1,391,908
1,183,259
Creditors: amounts falling due within one year
7
167,070
157,062
-----------
-----------
Net current assets
1,224,838
1,026,197
-----------
-----------
Total assets less current liabilities
1,229,381
1,034,010
-----------
-----------
Net assets
1,229,381
1,034,010
-----------
-----------
Capital and reserves
Called up share capital
8
204,082
204,082
Share premium account
806,004
806,004
Profit and loss account
219,295
23,924
-----------
-----------
Shareholders funds
1,229,381
1,034,010
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Iwis Drive Systems Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr N Hirsch
Dr F Mitzschke
Director
Director
Mr A Potdar
Director
Company registration number: 02969829
Iwis Drive Systems Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8c Bloomfield Park, Bloomfield Road, Tipton, West Midlands, DY4 9AP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
In accordance with the property
Plant and machinery
-
Over the useful life of the asset (3-8 years)
Fixtures and fittings
-
Over the useful life of the asset (3-8 years)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2024
17,496
33,471
38,986
89,953
Disposals
( 1,590)
( 9,533)
( 19,646)
( 30,769)
-------
-------
-------
-------
At 31 December 2024
15,906
23,938
19,340
59,184
-------
-------
-------
-------
Depreciation
At 1 January 2024
15,472
31,479
35,189
82,140
Charge for the year
805
629
1,837
3,271
Disposals
( 1,590)
( 9,533)
( 19,647)
( 30,770)
-------
-------
-------
-------
At 31 December 2024
14,687
22,575
17,379
54,641
-------
-------
-------
-------
Carrying amount
At 31 December 2024
1,219
1,363
1,961
4,543
-------
-------
-------
-------
At 31 December 2023
2,024
1,992
3,797
7,813
-------
-------
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
440,212
385,725
Amounts owed by group undertakings
5,048
28,295
Prepayments and accrued income
29,666
17,830
Other debtors
1,286
--------
--------
474,926
433,136
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,299
56,278
Amounts owed to group undertakings
48,006
6,929
Accruals and deferred income
23,200
23,200
Social security and other taxes
70,565
70,655
--------
--------
167,070
157,062
--------
--------
8. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
204,082
204,082
204,082
204,082
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
204,082
204,082
204,082
204,082
--------
--------
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
89,090
82,515
Later than 1 year and not later than 5 years
125,041
192,146
--------
--------
214,131
274,661
--------
--------
10. Summary audit opinion
The auditor's report dated 14 February 2025 was unqualified .
The senior statutory auditor was Christopher Goldie BSc ACA , for and on behalf of Chartwells Accountants Limited .
11. Related party transactions
At the year end Iwis Drive Systems Limited owed £7,872 (2023: £15,246) to Iwis SE & Co. KG At the year end Iwis Drive Systems Limited owed £1,331 (2023: £18,546 owed from) to Iwis Drive Systems LLC, USA. At the year end Iwis Drive Systems Limited owed £4,529 (2023: £0) to Iwis Antriebssysteme GmbH, WILN. At the year end Iwis Drive Systems Limited owed £13,484 (2023: £668) to Iwis Antriebssysteme GmbH & Co. KG, MUC. At the year end Iwis Drive Systems Limited owed £20,790 (2023: £0) to Iwis Mobility Systems GmbH & Co. KG. At the year end Iwis Drive Systems Limited was owed £5 (2023: £0) from Iwis Drive Systems India Pvt. Ltd. At the year end Iwis Drive Systems Limited was owed £5,043 (2023: £0) from IWIS Korea Co., Ltd As a wholly owned subsidiary of Iwis SE & Co. KG, the company has taken advantage of the exemption under FRS102 33.1A for the requirement to disclose transactions between it and other wholly owned group companies.
12. Controlling party
The ultimate controlling party of Iwis Drive Systems Limited is IWIS SE & Co. KG. A company incorporated in Germany. Group financial statements are prepared and are available from: Albert-Roßhaupter-Str. 53 81369 Munich