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Registered number: 00965949
FERAG UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FERAG UK LTD
COMPANY INFORMATION
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Unit 17 Harlow Mill Business Centre
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S&W Partners Audit Limited
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Chartered accountants & Statutory Auditor
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FERAG UK LTD
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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FERAG UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Graphics side of the business, Spares and Service , has continued to gradually decline during 2024 as this market sector does. We have seen the reduction in SLA contracts in some long standing sites which has emphasised the need to grow the ILO side of the business.
The Service team have been utilised on the installation of some major ILO projects . This gives us a great base in this area to increase the resource within the Company on the Sales and Solutions area. It is within the ILO where growth will continue in the next few years.
Projects continue to be worked on in both sectors however, this gives the whole company a very strong base and position for both Installation projects and Aftermarket
The major risk has been in the decline of the Graphics sector leading to reduced sales in the Spares and Service area. However, the deliberate move into the ILO sector has mitigated this risk and diminished any future risk to the Company of future decline in the Sector.
Financial risk management
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The Company's operations expose it to limited financial risks, which includes credit risk, liquidity risk and foreign exchange risk. The directors are monitoring specific customers who pose significant credit risk threats and in certain circumstances credit has been reduced or removed.
The market price of all capital equipment and consumable items is continually under pressure. We have and will continue to select and work with customers that see the potential of savings in efficiency, energy and lean processing as a benefit, and who model their investments on mid-term savings.
The Company has policies in place to ensure that credit checks are undertaken for each new potential customer. Also, given the size of the industry in which the Company undertakes its activities, all existing customers' financial status is closely monitored.
The Company, along with the parent Company, closely tracks its liquidity position to ensure that sufficient funds are available for its operations.
The position of the Company at the year end
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Our business structure is now suited to the traditional and new market sectors we are operating within. Maintaining our market activity in the graphic arts sector, providing sales, service and spare parts. Also, our new sectors of ecommerce, logistics and general material handling are becoming more and more established with an increased sales department and solutions team , we have won major projects that will see a strong base going through 2025 and into 2026 as these get completed.
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FERAG UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis based on key performance indicators
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The Company was able to show a positive cash position, despite difficult trading conditions. Management continues to look at ways to improve net profit margins by increasing sales and reducing fixed costs.
Our future customer approach offers advice on process flow efficiency. Our systems and products will be targeted to the ecommerce, logistics, general material handing sectors. Due to the realignment of the Company towards the Intralogistics process flow approach mentioned above, there have been a number of change in Senior Management with the introduction of Karl Friesenbichler into the team who has a wealth of knowledge and expertise of growing companies within the ILO sector both within Ferag and elsewhere.
This report was approved by the board and signed on its behalf.
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M Andrews
Director
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FERAG UK LTD
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 principal activities of the Company throughout the year were the sales of Ferag systems, DeniPro products, third party products, spares and service. The Company has traditionally been involved with the newspaper industry and is now placing an increased focus on the graphic arts, food and retail market sectors.
The directors who served during the year were:
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D R De Thierry (resigned 15 October 2024)
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Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, S&W Partners Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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M Andrews
Director
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FERAG UK LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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.
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FERAG UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERAG UK LTD
Opinion
We have audited the financial statements of Ferag UK Ltd (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive income, Statement of Financial Position, Statement of Changes in Equity and the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 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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FERAG UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERAG UK LTD (CONTINUED)
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.
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Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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FERAG UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERAG UK LTD (CONTINUED)
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.
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:
We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management regarding their understanding of relevant laws and regulations, the Company's policies and procedures regarding compliance and how they identify, evaluate and account for litigation and claims. We also drew on our existing understanding of the Company's industry and regulation.
We understand that the Company complies with the framework through updating operating procedures and internal controls as legal and regulatory requirements change.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company:
∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statement;
∙UK taxation law
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:
∙inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
∙enquiries with the same concerning any actual or potential litigation or claims;
∙inspection of relevant legal correspondence;
∙review of board minutes;
∙testing the apporpriateness of journal entries;
The senior statutory auditor led a discussion with members of the engagement team regarding the susceptibility of the Company's financial statements to material misstatements, including how fraud might occur. The key areas identified in this discussion were management override of controls and revenue recognition, particularly ensuring that revenue close to the year end is recognised in the correct period.
These areas were communicated to the other members of the engagement team not present at the discussion.
The procedures we carried out to gain evidence in the above areas included: testing of a sample of manual journal entries, selected through applying specific risk assessments based on the Company's processes and controls surrounding manual journal entries and testing of the occurrence, completeness and cut-off of revenue, through substantive audit procedures.
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FERAG UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FERAG UK LTD (CONTINUED)
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
Mark Prince (Senior Statutory Auditor)
for and on behalf of
S&W Partners Audit Limited
Chartered accountants & Statutory Auditor
Stonecross
Trumpington High Street
Cambridge
CB2 9SU
20 August 2025
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FERAG UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 13 to 25 form part of these financial statements.
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FERAG UK LTD
REGISTERED NUMBER: 00965949
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2025.
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M Andrews
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The notes on pages 13 to 25 form part of these financial statements.
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FERAG UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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The notes on pages 13 to 25 form part of these financial statements.
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FERAG UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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The notes on pages 13 to 25 form part of these financial statements.
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address is Unit 17 Harlow Mill Business Centre, River Way, Harlow, Essex, CM20 2FD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have considered the Company's business activities and the level of integration of the Company's operations to support the operations of Ferag Group as a whole together with the factors likely to affect its future development, its financial position and financial risk management objectives. Based on this they have prepared forecasts covering a period of 12 months from the date of approval of these financial statements which support their opinion that the going concern basis remains appropriate.
Management has prepared forecasts for the period of 12 months from the date of approval of these financial statements, including worst case scenarios to understand the impacts any such occurrence would have and the mitigating procedures the Company could take in such situations. A severe downside scenario where sales levels are an average 30% below normal trading levels results in the Company still being cash generative for the period of 12 months.
Therefore, the Directors are satisfied that the Company has adequate cash and financing resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the financial statements. The Directors of the Company have prepared these financial statements on a going concern basis.
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover represents the revenue earned from the invoiced value of goods sold and services provided net of value added tax.
Revenue from the sale of goods is only recognized when the Company has transferred the significant risks and rewards of ownership of the goods to the buyer and the. amount of revenue can be measured reliably and it.is probable that the economic benefits associated with the transaction will flow to the entity.
Revenue from services is recognized according to the stage of completion of the work. Commission is recognized following a confirmed purchase order to the equipment provider, mainly being the parent Company in Switzerland.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
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Long-term leasehold property
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depreciated over the term of the lease
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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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the Directors are required to make judgments, estimates and assumptions. 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 recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below:
Using the information available at the balance sheet date, the Directors make estimates regarding the valuation of stock held in accordance with the accounting policy over stock noted above. These include the assessment of NRV, the likelihood of the sale of the stock held and historical experience. The carrying amount of stock is disclosed in Note 12.
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Turnover by Geographical market
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating loss is stated after charging/ (crediting):
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Foreign exchange differences
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Other operating lease rentals
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Fees payable to the Company's auditors in respect of:
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Taxation compliance services
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All non-audit services not included above
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £158,887 (2023 - £173,592).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,899 (2023 - £12,607).
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25.00% (2023 - 23.52%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 23.52%)
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Expenses not deductible for tax purposes
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Remeasurement of deferred tax for changes in tax rates
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Movement in deferred tax not recognised
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Adjustment to tax charge in respec of prior periods
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Total tax charge for the year
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Factors that may affect future tax charges
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The deferred tax asset at 31 December 2024 has been calculated at 25% (2023: 25%). The deferred tax asset not recognised in the year amounted to £369,254 (2023: £366,732).
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Long-term leasehold property
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Charge for the year on owned assets
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Raw materials and consumables
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Finished goods and goods for resale
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to other comprehensive income
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1,500,000 (2023 - 1,500,000) Ordinary shares of £1.00 each
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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 £84,871 (2023 - £65,234) . Contributions totalling £33,890 (2023 - £12,615) were payable to the fund at the reporting date and are included in creditors.
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company is involved with other group undertakings.
These included the receipt of sales commissions, the purchase of almost all raw materials, consumables and equipment and the supply of installation and maintenance services.
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Total Related Party Balances
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FERAG UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a subsidiary undertaking of Ferag AG, incorporated in Switzerland with its registered office at Zurichstrasse 1 CH-*340, Hinwil, Switzerland. The ultimate controlling party is Walter Reist Holding AG incorporated in Switzerland with its registered office at Arenenbergstrasse 8, Ermatingen, 8272, Switzerland.
The consolidated financial statements of these groups are not available to the public and may be obtained from Zurichstrasse 1 CH-8340, Hinwil, Switzerland.
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