SIEGWERK UK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Dr J Breitkopf

G Tattam

REGISTERED OFFICE:

Unit H & H1

Robian Way

Swadlincote

Derbyshire

DE11 9DH

REGISTERED NUMBER:

05306032 (England and Wales)

AUDITORS:

Sibbalds Limited

Chartered Accountants and Statutory Auditor

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Intangible assets

4

205,028

320,365

Tangible assets

5

394,861

251,190

599,889

571,555

CURRENT ASSETS

Stocks

6

492,357

348,086

Debtors: amounts falling due within one year

7

1,610,598

1,255,255

Cash at bank and in hand

776,771

897,513

2,879,726

2,500,854

CREDITORS

Amounts falling due within one year

8

1,431,590

1,150,611

NET CURRENT ASSETS

1,448,136

1,350,243

TOTAL ASSETS LESS CURRENT LIABILITIES

2,048,025

1,921,798

PROVISIONS FOR LIABILITIES

10

98,700

62,800

NET ASSETS

1,949,325

1,858,998

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

1,949,323

1,858,996

SHAREHOLDERS' FUNDS

1,949,325

1,858,998

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:

G Tattam - Director

1.	STATUTORY INFORMATION

Siegwerk UK Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The company's registered number and registered office address can be found on the Company Information page. The nature of the company's operations and its principle activity is set out in the directors report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006

The following principal accounting policies have been applied:

Related party exemption

The company is a wholly owned subsidiary. The company has taken advantage of the exemption within the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions entered into between fellow group members that are also wholly owned within the group.

Turnover

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually associated with 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 reliably.

Sale of services

Revenue is also generated through the provision of services to other Siegwerk group entities, revenue for such services is recognised as these are performed.

Intangible assets

Intangible assets as initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Customer relationships assets are being amortised evenly over the term of the customer contract.

Delivery rights are being amortised evenly over the term of the customer contract.

Computer software is being amortised evenly over the term of the customer contract.

Tangible fixed assets

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, as outlined below.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as outlined below.

Plant and machinery is being depreciated evenly over its estimated useful life of between 2 and 15 years.

Fixtures and fittings are being depreciated evenly over their estimated useful life of between 2 and 15 years.

Motor vehicles are being depreciated evenly over their estimated useful life of between 4 and 8 years.

Computer equipment is being depreciated evenly over its estimated useful life of between 3 and 10 years.

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 the statement of income and retained earnings.

Stocks

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.

There is no material difference in the replacement value of stock compared to the value disclosed.

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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 statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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 the statement of comprehensive income 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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Financial instruments

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern

At the signing date of the statutory accounts several factors effected the global economy, this includes high inflation rates and living costs crisis. The company is in net assets position as at 31 December 2024 of £1,949,323. The company has undertaken a thorough going concern review to ensure the company will continue to be able to meet its liabilities for the next year from the signing date of the accounts. In undertaking this going concern assessment the company has reviewed performance in light of the global economy changes. This has seen sales volume remain fairly consistent in relation to the prior periods and sales value increasing in relation to the prior period as a result of a strategic group decision to diversify the UK entity into sister business unit. The base case assumptions used in the going concern assessment is consistent with most recent cashflows. The cashflow forecasts were then sensitised to consider the relevant impact, such as lower than expected sales volumes, and have been found to be sufficiently resilient to these changes. Whilst there is some uncertainty within any assumption, these financial statements have been prepared on a going concern basis as the board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Customer

relationship

Delivery

Computer

asset

rights

software

Totals

£

£

£

£

COST

At 1 January 2024

377,590

23,256

234,386

635,232

Additions

-

-

663

663

Reclassification/transfer

-

(23,256

)

-

(23,256

)

At 31 December 2024

377,590

-

235,049

612,639

AMORTISATION

At 1 January 2024

215,988

1,342

97,537

314,867

Amortisation for year

47,198

-

46,888

94,086

Reclassification/transfer

-

(1,342

)

-

(1,342

)

At 31 December 2024

263,186

-

144,425

407,611

NET BOOK VALUE

At 31 December 2024

114,404

-

90,624

205,028

At 31 December 2023

161,602

21,914

136,849

320,365

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

3,020

1,256,334

29,362

Additions

-

239,113

6,480

Disposals

-

(45,740

)

-

Reclassification/transfer

-

23,256

-

At 31 December 2024

3,020

1,472,963

35,842

DEPRECIATION

At 1 January 2024

3,020

1,029,009

22,072

Charge for year

-

101,722

2,056

Eliminated on disposal

-

(33,227

)

-

Reclassification/transfer

-

1,342

-

At 31 December 2024

3,020

1,098,846

24,128

NET BOOK VALUE

At 31 December 2024

-

374,117

11,714

At 31 December 2023

-

227,325

7,290

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

14,871

144,511

1,448,098

Additions

-

3,373

248,966

Disposals

-

-

(45,740

)

Reclassification/transfer

-

-

23,256

At 31 December 2024

14,871

147,884

1,674,580

DEPRECIATION

At 1 January 2024

13,602

129,205

1,196,908

Charge for year

1,269

9,649

114,696

Eliminated on disposal

-

-

(33,227

)

Reclassification/transfer

-

-

1,342

At 31 December 2024

14,871

138,854

1,279,719

NET BOOK VALUE

At 31 December 2024

-

9,030

394,861

At 31 December 2023

1,269

15,306

251,190

6.

STOCKS

2024

2023

£

£

Raw materials

69,237

60,191

Work-in-progress

19

-

Finished goods

423,101

287,895

492,357

348,086

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,222,930

850,501

Amounts owed by group undertakings

372,499

366,363

Other debtors

15,169

38,391

1,610,598

1,255,255

Amounts owed by group undertakings are interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

127,404

96,440

Amounts owed to group undertakings

679,746

483,013

Taxation and social security

255,540

235,116

Other creditors

368,900

336,042

1,431,590

1,150,611

Amounts owed by group undertakings are interest free and repayable on demand.

9.	LEASING AGREEMENTS

At 31 December 2024 the company had future minimum annual commitments under non-cancellable operating leases as follows:

Other

2024

2023

£

£

Amounts due within one year

32,838

110,300

Amounts due between one and five years

1,862

33,640

34,700

143,940

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

98,700

62,800

Deferred

tax

£

Balance at 1 January 2024

62,800

Charge to Statement of Income and Retained Earnings during year

35,900

Balance at 31 December 2024

98,700

11.	CALLED UP SHARE CAPITAL

Allotted, called up and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

The company's capital and reserves are as follows:

Called up share capital

Called up share capital reserve represents the nominal value of the shares issued.

Profit and loss account

Profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Hari Vasdev MEng FCA (Senior Statutory Auditor)

for and on behalf of Sibbalds Limited

14.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Siegwerk Netherlands B.V., a company incorporated in the Netherlands and whose registered office is Maliebaan 77, 3581 CG, Utrecht, The Netherlands.

Nehmag Beteiligungs GmbH & Co. KG is the company's ultimate parent company. Nehmag Beteiligungs GmbH & Co. KG is a company incorporated in Germany and whose registered office is Alfred-Keller-Strasse 55, Siegburg, 5372, Germany. Copies of the consolidated financial statements of Nehmag Beteiligungs GmbH & Co. KG are available at www.unternehmensregister.de.

A Keller is the company's ultimate controlling party.