Company Registration Number 00556493
SCHAEFFLER (UK) LIMITED
COMPANY INFORMATION
SCHAEFFLER (UK) LIMITED
CONTENTS
SCHAEFFLER (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic report and the financial statements for the year ended 31 December 2024.
The principal activities of the Company during 2024 were the manufacture of clutch assemblies for the passenger car and agricultural tractor industries, and the sale of anti friction bearings and precision components to the industrial sector.
Turnover in 2024 decreased by 18.3% compared to 2023 due to lower demands of passenger car and tractor clutches, however adjusted operating profit improved primarily as a result of an increase in gross margin from 5.7% to 7.7% arising from more favourable purchase costs. Profit before tax rose by £62.6 million as a result of the sale of Schaeffler Vehicle Lifetime Solutions UK Limited to another group entity leading to a gain on investment of £74.8 million which was offset by £13.0 million of costs associated with the closure of the Sheffield plant.
Control of working capital and cash flow management were key measurables during 2024 and will continue to be a priority during 2025.
Turnover in 2024 decreased by 18.3% compared to 2023 due to lower demands of passenger car and tractor clutches, however adjusted operating profit improved primarily as a result of an increase in gross margin from 5.7% to 7.7% arising from more favourable purchase costs. Profit before tax rose by £62.6 million as a result of the sale of Schaeffler Vehicle Lifetime Solutions UK Limited to another group entity leading to a gain on investment of £74.8 million which was offset by £13.0 million of costs associated with the closure of the Sheffield plant.
Control of working capital and cash flow management were key measurables during 2024 and will continue to be a priority during 2025.
The level of trading at the Sheffield Plant reduced by 19% compared to 2023 as a result of the ongoing decline in demand for clutches. After closure of the Sheffield plant, production will ultimately be relocated to other production sites within the group.
The Automotive and Industrial Divisions both maintained consistency with previous years in terms of quality achievements and delivery performance. High quality, dedicated customer service and innovative product development continue to underpin the business.
In November 2024 the Schaeffler Group announced the plan to close the production plant in Sheffield as part of a wider Group restructuring program. The targeted cease of production is at the end of the second quarter of 2026. After the closure, Schaeffler (UK) Limited will continue to operate supporting the remaining UK locations and will continue with its sale of anti friction bearings and precision components to the industrial sector.
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SCHAEFFLER (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Risks are formally reviewed by the senior executive team and appropriate processes put in place to monitor and mitigate them.
Cash flow risk
Detailed cash flow forecasts are prepared monthly with the objective of alerting senior management to potential future risks. The Company operates its banking facilities within a Group Cash Pooling arrangement mitigating the effects of liquidity risks.
Credit risk
Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the Company if it is unable to recover sums due from customers and it is mitigated by rigorous credit control, credit insurance where appropriate, and the regular review of credit limits utilising data from credit agencies and the Company's own financial and marketing intelligence.
Currency risk
The Company faces currency risk on its currency transaction flows with customers and suppliers. It mitigates the risk by internal hedging and the use of the Group currency pooling arrangement.
Competition risk
The Company operates in a competitive market and must carefully monitor the quality and price of its services. In order to mitigate this risk, we work in close partnership with our customers on the design and development of new products, providing solutions to their problems and continually raising our quality goals.
Cash flow risk
Detailed cash flow forecasts are prepared monthly with the objective of alerting senior management to potential future risks. The Company operates its banking facilities within a Group Cash Pooling arrangement mitigating the effects of liquidity risks.
Credit risk
Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the Company if it is unable to recover sums due from customers and it is mitigated by rigorous credit control, credit insurance where appropriate, and the regular review of credit limits utilising data from credit agencies and the Company's own financial and marketing intelligence.
Currency risk
The Company faces currency risk on its currency transaction flows with customers and suppliers. It mitigates the risk by internal hedging and the use of the Group currency pooling arrangement.
Competition risk
The Company operates in a competitive market and must carefully monitor the quality and price of its services. In order to mitigate this risk, we work in close partnership with our customers on the design and development of new products, providing solutions to their problems and continually raising our quality goals.
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SCHAEFFLER (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 as follows:
“A director of a company must act in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
“A director of a company must act in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
∙the likely consequences of any decisions in the long-term;
∙the interests of the company’s employees;
∙the need to foster the company’s business relationships with suppliers, customers and others;
∙the impact of the company’s operations on the community and environment;
∙the desirability of the company maintaining a reputation for high standards of business conduct, and
∙the need to act fairly as between shareholders of the company.’
The board of directors of Schaeffler (UK) Limited consider individually and together that they have acted in the way they consider in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to shareholders and matters set out in section 172(1) of the Act) in the decisions taken during the year ended 31 December 2024.
Examples of how the directors have oversight of stakeholder matters and have regard for these matters when making decisions are set out in the table below.
Board meetings are held during which relevant strategic, governance and performance issues are discussed and addressed in accordance with the requirements of the Act.
All matters discussed, and decisions made, are done so with consideration to the impact on Company stakeholders in line with the requirements of Section 172 of the Companies Act. The directors are reminded of this requirement at each meeting.
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SCHAEFFLER (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, investors, communities and society as a whole. People are at the heart of what we do and for our business to succeed we manage our people's performance and develop them through a variety of training, learning and efficiency programmes. All staff members work to the common values of the Company which inform and guide behaviours, that ensure we reach our goals in a structured and professional way. A Company wide culture has been introduced to ensure a common understanding and application of our people's behaviours and ethics in everything we do. Regular staff meetings, feedback forums, townhall meetings and social events take place to ensure our people feel they are valued, as well as adding value to what we do.
Our strategy prioritises organic growth, driven by bringing new prospective business to the Company, as well as introducing new products and services to existing customers. To do this we have to continuously develop and maintain strong client relationships. We value all of our suppliers and have multi year contracts and longstanding relationships with our key suppliers.
Regular review meetings and dialogue ensure our partners are fully engaged in supporting the success of the business.
The Company's approach is to use its position to create positive change for the people and communities with which we interact. We actively encourage our colleagues to support the communities around us and we continue to look to support future initiatives that can improve the communities and environments we work in.
The Board is committed to openly engaging with our shareholders, as we recognize the importance of a continuing effective dialogue so that all parties understand our strategy and business objectives. These are explained clearly, feedback is encouraged, and any issues or questions raised are properly considered. Shareholder meetings are held as well as several less formal interactions and dialogue sessions aimed at ensuring a common understanding of the collective aims of the members.
This report was approved by the board and signed on its behalf.
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SCHAEFFLER (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 profit for the year, after taxation, amounted to £66,153,000 (2023: £631,000).
The directors do not recommend a final dividend (2023: £nil).
The directors who served during the year were:
The Company made no political donations or incurred any political expenditure during the year (2023: £nil).
The Company implements a programme of continuous improvement in environmental health and safety activities.
The Company operates to ISO 45001 Safety Standard and the environmental standards EMAS, ISO 14001 and the Energy Management standard ISO 50001.
The Company is dedicated to raising the profile of engineering and manufacturing through membership of Make UK, the SMMT and CIPD. As well as industrial links, the company has links with various universities and further education colleges.
In November 2024 the Schaeffler Group announced the plan to close the production plant in Sheffield as part of a wider Group restructuring program. The targeted cease of production is at the end of the second quarter of 2026. After the closure, Schaeffler (UK) Limited will continue to operate supporting the remaining UK locations and will continue with its sale of antifriction bearings and precision components to the industrial sector.
The Company monitors employee satisfaction through employee surveys and also indirectly through its main departmental measures of staff turnover and absence levels.
The Company continues to invest in its Apprenticeship Programme, a scheme that has been in place for over 50 years.
The Company gives full and fair consideration to applications for employment made by disabled persons having regard to their particular aptitudes and abilities. The training, career development and promotion of disabled persons employed by the Company is an integral part of the policy applicable to all employees.
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SCHAEFFLER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines.
We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in tonnes of CO2e per 1,000 turnover.
Energy Efficiency Action Taken:
Since 2019, our electricity is sourced from 100% REGO-Backed renewables. We have converted existing lighting in the plant and offices to Energy Efficient LED lighting with motion control wherever possible to lower energy usage for lighting. This is expected to save 285,000 kWh per year in the plant and 31,500 kWh per year in the offices.
We have introduced a program for detecting and repairing air leaks in the compressed air systems, reducing the amount of compressed air produced and therefore the usage of electricity. This is expected to save over 1.5 GWh over the next 10 years.
It is now company policy to allow working from home and to use video-conferencing where possible for internal and external meetings. This has reduced commuting, national and international travel significantly.
The fleet of company cars are being changed from Diesel to Petrol Hybrid Cars or fully electric. 93% of the fleet is already transferred to the Petrol Hybrid or fully electric, significantly reducing CO2 and particulate emissions. 6 EV charging points have now been installed.
The Compressed Air system pressure has been reduced from 7 bar to 6 bar. This should give a saving of 7% of air produced, further reducing electricity consumed.
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SCHAEFFLER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Pension scheme
After the year end, the Schaeffler (UK) Pension Scheme purchased an insurance policy in May 2025 covering all the future benefit obligations to members (“buy in”), aside from a small number of members who were already covered by an existing insurance policy. The policy was purchased using existing assets within the pension scheme. There has been no change to member benefits as a result of this transaction. As set out in note 28 to the financial statements the net surplus of the scheme is accounted for within the company balance sheet under IAS 19 and the pension surplus was £18.1m (net of deferred tax) at 31 December 2024.
The Directors have calculated an estimate of the pension scheme surplus on an IAS 19 basis as at 30 June 2025. This indicated that the surplus was approximately £6.3m (net of deferred tax). The change in the pension scheme surplus is a result of the change in the basis of calculation under IAS 19 when an insurance policy is purchased, being that the value of the insurance policy asset has been reduced to exactly match the value of the scheme liabilities under IAS 19. The remaining surplus at the end of June 2025 was the balance of funds remaining after the purchase of the insurance policy.
After the year end, the Schaeffler (UK) Pension Scheme purchased an insurance policy in May 2025 covering all the future benefit obligations to members (“buy in”), aside from a small number of members who were already covered by an existing insurance policy. The policy was purchased using existing assets within the pension scheme. There has been no change to member benefits as a result of this transaction. As set out in note 28 to the financial statements the net surplus of the scheme is accounted for within the company balance sheet under IAS 19 and the pension surplus was £18.1m (net of deferred tax) at 31 December 2024.
The Directors have calculated an estimate of the pension scheme surplus on an IAS 19 basis as at 30 June 2025. This indicated that the surplus was approximately £6.3m (net of deferred tax). The change in the pension scheme surplus is a result of the change in the basis of calculation under IAS 19 when an insurance policy is purchased, being that the value of the insurance policy asset has been reduced to exactly match the value of the scheme liabilities under IAS 19. The remaining surplus at the end of June 2025 was the balance of funds remaining after the purchase of the insurance policy.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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SCHAEFFLER (UK) LIMITED
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 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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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SCHAEFFLER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER (UK) LIMITED
We have audited the financial statements of Schaeffler (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Income statement, the Statement of comprehensive income, the Statement of financial position, 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 101 ‘Reduced Disclosure Framework’ (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 Auditors' 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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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SCHAEFFLER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER (UK) LIMITED (CONTINUED)
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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SCHAEFFLER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER (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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:
∙We obtained an understanding of laws and regulations that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Companies Act 2006, FRS101, tax legislation and employment legislation.
∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations.
∙We also reviewed controls the directors have in place to ensure compliance.
∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud.
∙We enquired of the directors about any incidences of fraud that had taken place during the accounting period. The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: management override of controls and revenue recognition.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the directors and third-party advisors about actual and potential litigation and claims
∙ We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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 Auditors' report.
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SCHAEFFLER (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER (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 Auditors' 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
Chartered Accountants
Statutory Auditors
Leeds
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SCHAEFFLER (UK) LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER (UK) LIMITED
REGISTERED NUMBER: 00556493
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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SCHAEFFLER (UK) LIMITED
REGISTERED NUMBER: 00556493
STATEMENT OF FINANCIAL POSITION (CONTINUED)
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 18 to 45 form part of these financial statements.
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SCHAEFFLER (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Schaeffler (UK) Limited is a private company limited by shares, incorporated in England and Wales and domiciled in the UK.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirement for disclosures in relation to the objectives, policies and process for managing capital
∙the disclosures required under IFRS 15 Revenue from Contracts with Customers, including disaggregation of revenue, details of changes in contract assets and liabilities and details of incomplete performance obligations.
∙the requirements for a statement of compliance with IFRS
∙the requirement for additional comparative information for narrative disclosures and information, beyond IFRS requirements
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirement for disclosure of the effects of future accounting standards not yet adopted
∙the requirement of disclosure of remuneration of key management personnel
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered
∙the requirements for disclosure of the maturity analysis of lease liabilities as required by paragraph 58 of IFRS 16 Leases, has not been disclosed separately as details of indebtedness by Companies Act has been presented separately for lease liabilities as shown in note 22.
This information is included in the consolidated financial statements of Schaeffler AG as at 31 December 2024 and these financial statements may be obtained from the Schaeffler group website.
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The Company is profitable, in a net asset position, and has strong reserves in its cash pool enabling the Company to meet its liabilities as they fall due. The Company also has access to a Group funding facility of £35m comprising a loan of £25m and a cash pooling facility of £10m, should the Company require further funding. As at the approval of these financial statements none of this Group funding facility was drawn.
The directors have prepared profit and cash flow forecasts for the company through to September 2026 which indicate that, taking account of reasonably possible downsides including a reduction in sales, notwithstanding the impending closure of the Sheffield plant and an increase in costs, the company will have sufficient funds to meet its liabilities as they fall due for that period, with substantial headroom available in terms of undrawn amounts on the group funding facility.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due until at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The estimated useful lives range as follows:
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Depreciation is provided on the following basis:
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.
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Impairment of financial assets
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities
Fair value through profit or loss
At amortised cost
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER (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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SCHAEFFLER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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