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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
COMPANY INFORMATION
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ZIEHL-ABEGG UK LIMITED
CONTENTS
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ZIEHL-ABEGG UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The purpose of the business is to provide sales and marketing coverage for the UK and Ireland market of non-domestic cooling ventilation equipment and electronic drives, predominantly selling products manufactured by our German parent company. The strategy to achieve this involves geographically dispersed external sales
managers, together with internal support.
The Company has performed satisfactorily during the year under challenging conditions with a further
strengthening of the Balance Sheet position, prior to the payment of a dividend of over £Nil. The results of the Company at the end of the reporting period were turnover at £25.4m (2023 - £30.6m) and earnings before interest and tax (EBIT) of £1.8m (2023 - £1.3m). The profit for the year, after taxation, amounted to £0.9m (2023 - £1m). The Directors consider that the Company is well placed to deal with the ongoing uncertainties in the UK economy and that of its European partners and competitors. Continued investment in systems alongside the growing human resource and marketing strategies have had a significant mitigating impact on these uncertainties.
The Directors have reviewed the key risks to which the Company is exposed together with the operating and
financial controls which are in place to mitigate those risks. The main risks are as follows:- Competition The Directors consider that the Company can compete effectively in the current environment in its target market. The Company's ability to stabilise costs in a competitive environment will protect it against aggressive price reductions by competitors to gain market share. The Company will continue to compete on the basis of quality and service rather than price. Bad debts The uncertain economic climate continues to give rise to a higher than usual bad debt risk. The Directors seek to mitigate this by adherence to the Company's robust credit control procedures. Foreign exchange The Company is exposed to adverse exchange rate movements, particularly in the current political climate. The Directors seek to manage this as far as possible through the application of existing forex mitigation strategies. Although this is not an absolute guarantee, the risk can be effectively managed. IT Security The Directors attach high priority to managing the risks posed by IT security breaches, including a review of cybersecurity.
The business maintains a strong management information function which focuses on regular and accurate
reporting. The key performance indicators (KPIs) monitored and reported monthly to the parent company include: • Gross Margin: 2024 - 19.1% (2023 - 14.9%) • Operating Margin: 2024 - 4.5% (2023 - 4.2%) • Turnover to headcount: 2024 - £0.7m (2023 - £1m)
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ZIEHL-ABEGG UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors also use non-financial performance indicators to monitor the performance of the business. The
Company continues to monitor customer satisfaction, staff commitment and key supplier relationships throughout the year. All processes and procedures within the Company are in compliance with the Human Rights Act.
The Company continues to seek to expand its market share whilst maintaining margins and profitability.
This report was approved by the Board and signed on its behalf.
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ZIEHL-ABEGG 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 who served during the year ended 31 December 2024 and up to the date of approval of this report was:
O Kanig (resigned 29 January 2025)
J Ley (appointed 29 January 2025)
The profit for the year, after taxation, amounted to £878,809 (2023 - £995,950).
Dividends of £nil (2023 - £nil) were declared and paid during the year.
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;
∙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.
In accordance with Section 414c (11) of the Companies Act 2006, the Directors have chosen to include the
following items in the Strategic Report:
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ZIEHL-ABEGG UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the Board and signed on its behalf.
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ZIEHL-ABEGG UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG UK LIMITED
We have audited the financial statements of Ziehl-Abegg UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 Auditor's 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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ZIEHL-ABEGG UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG UK LIMITED (CONTINUED)
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.
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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ZIEHL-ABEGG UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG 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 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.
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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of staff to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropiateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charges with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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ZIEHL-ABEGG UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ZIEHL-ABEGG 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 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.
for and on behalf of
Statutory Auditor
Colchester, United Kingdom
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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ZIEHL-ABEGG UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
REGISTERED NUMBER: 05414030
BALANCE SHEET
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 12 to 24 form part of these financial statements.
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ZIEHL-ABEGG UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ziehl-Abegg UK Limited is a private company limited by shares incorporated in England and Wales. The
Company was incorporated on 5 April 2005 under company registration number 05414030. The registered office is Unit C, Springfield Business Park, Sheepcotes, Chelmsford, Essex, CM2 5AS.
2.Accounting policies
The financial statements have been prepared on a going concern basis, 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 rounded to the nearest pound sterling. The following principal accounting policies have been consistently applied to all years presented:
The Company has taken advantage of the following disclosure exemptions in preparing these
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27,
12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ziehl-Abegg SE as at 31 December 2024 and these financial statements may be obtained from the German Company Register.
The Directors consider that the Company has sufficient liquid resources, parent support and access
to future resources to enable the Company to cover its costs and pay its liabilities for the next 12 months from the date of approve of these financial statements. Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the turnover can be reliably measured. Turnover is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes. The following criteria must also be met before turnover is recognised:
Sales of goods
Turnover from the sale of ventilation equipment is recognised on the despatch of goods and when all
the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer, which
is usually on delivery of the equipment;
∙the Company retains neither continuing managerial involvement to the degree usually associated
with the ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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.
The estimated useful lives range as follows:
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.
Assets under construction are not depreciated until the assets are ready for use. At this point, the
assets are transferred to an appropriate class of tangible fixed assets.
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Functional and presentation currency
The Company's functional and presentational currency is pound sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
risks and rewards of ownership remain with the lessor and the lease term is not expected to be a significant portion of the useful life of the asset. Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
below: 3.1 Turnover recognition Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. This is when the Company has transferred the significant risks and rewards of ownership to the buyer. Although this is not considered to be a complex judgment for the Company, turnover recognition is still considered to be a critical accounting policy. 3.2 Stock valuation The valuation of inventories is critical to the production of the financial statements. Judgment is required in determining whether there is any provision required against slow-moving or obsolete items. This involves evaluating the likelihood of the further sale of particular stock items.
Analysis of turnover by country of destination:
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
17.Deferred taxation (continued)
Profit and loss account
the form of distributable reserves.
The ordinary shares, which do not entitle the holders to a fixed or guaranteed dividend, have equal voting
rights and equal rights in the event of a sale or winding up.
The Company operates a defined contributions 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 and amounted to £95,576 (2023 - £81,184). Contributions totalling £23,392 (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
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ZIEHL-ABEGG UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company was under the control of Ziehl-Abegg SE, a company incorporated in Germany, throughout the current and previous year. The registered office of Ziehl-Abegg SE is Heinz-Ziehl Strasse, 74653 Kunzelsau, Germany. Ziehl-Abegg SE holds 100% of the issued share capital and is both the immediate and ultimate parent company. Ziehl-Abegg SE has included the Company in its group financial statements which may be obtained from the German Company Register and this is the smallest and largest group for which consolidated financial statements are drawn up.
The ultimate controlling party is D Ziehl, through virtue of his majority shareholding in the ultimate parent company, Ziehl-Abegg SE.
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