Company Registration Number 13606212
SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
COMPANY INFORMATION
SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
CONTENTS
SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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 activity during the year was the distribution of vehicle components to the after sales market.
Turnover increased by 12% to £150.7 million from £134.0 million in 2024 primarily due to higher demands for passenger car clutches and dampers in commercial sales. The gross profit margin reduced by 1.5% resulting in a reduction in gross profit of 3.5% to £13.5 million primarily as a result of an increase in purchase costs. Profit before tax reduced by 56.0% to £1.7m primarily as a result of the reduction in the gross profit in addition to higher distribution costs.
Sales reached the level of £150 million in the third year of trading with satisfactory volumes across all product lines. The company in conjunction with the Schaeffler Group is marketing and selling new products in the car, commercial vehicle and tractor areas of the automotive aftermarket business, and the prospects for the coming year suggest a significant further increase in sales. It is evident that the Schaeffler brands are highly valued and appreciated in all sectors of our markets. In support of new and existing business, the company is planning its investment strategy in the distribution and sales and marketing areas of the business. This is part of the company's long term plan for growth in the automotive business. Continued and additional training of employees will enhance and underpin the company's leading position in the industry, with skilled employees in the required technology fields.
The company will continue to grow its business in traditional market sectors and consider options for further expansion. The company will continue its long term growth plans following recent capital investment, and opportunities are being sought to underpin this expansion. Ongoing staff training at all levels remains a top priority to enhance best possible technical and service performance. The Schaeffler Group maintains its commitment to research and development to support the launch of new products, materials and processes and this will ensure that leading-edge products continue to be developed for the automotive market sector.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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 VEHICLE LIFETIME SOLUTIONS 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 Vehicle Lifetime Solutions 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.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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 multiyear 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 VEHICLE LIFETIME SOLUTIONS 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 £1,502,000 (2023: £2,926,000).
The directors do not recommend a final dividend.
The directors who served during the year were:
The Company implements a programme of continuous improvement in environmental health and safety activities.
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.
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.
The Company will continue to grow its business in traditional market sectors and consider options for further expansion. The Company will continue its long term growth plans following recent capital investment, and opportunities are being sought to underpin this expansion further. Ongoing staff training at all levels remains a top priority to enhance best possible technical and service performance. The Schaeffler Group maintains its commitment to research and development to support the launch of new products, materials and processes and this will ensure that leading edge products continue to be developed for the automotive aftermarket 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 invests in its Apprenticeship Programme, based on an existing Group scheme which has been in place for over 50 years.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's greenhouse gas emissions and energy consumption for the year are:
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 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 rolled out a program of converting 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 over 10,000 kWh in the next 10 years.
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 work 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.
We are in the process of installing pulse valves and reducing the system air pressure to reduce the amount of air used and the electricity needed to produce air.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
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 VEHICLE LIFETIME SOLUTIONS 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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
We have audited the financial statements of Schaeffler Vehicle Lifetime Solutions UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the statement of profit and loss and other 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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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:
∙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.
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.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Leeds
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
REGISTERED NUMBER: 13606212
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
REGISTERED NUMBER: 13606212
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 on 23 September 2025 .
The notes on pages 17 to 34 form part of these financial statements.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Schaeffler Vehicle Lifetime Solutions 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 requirements of IFRS 7 Financial Instruments: Disclosures
∙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 requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
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 VEHICLE LIFETIME SOLUTIONS 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 and is in a net asset position. It meets its day to day working capital requirements from a funding facility comprising a cash pooling facility of £10m, which was drawn to the extent of £7.5m at 31 December 2024 and a loan facility of £16m, which was drawn to the extent of £15m at 31 December 2024. Following the year end in line with the Company’s growth plans, the Company’s group cash pooling facility of £10m was extended to July 2027, and the loan facility of £16m increased to £36m, also with an expiry of July 2027.
The directors have prepared profit and cash flow forecasts for the Company through to September 2025, which indicate that taking account of reasonably possible downsides, 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.
The group cash pooling and loan facilities expire in 2027. As with any Company placing reliance on other group entities for funding support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Materials purchased are valued at average cost whilst finished goods are valued using a standard costing system. Standard cost consists of purchase cost, cost of direct material and labour and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.
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.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Fair value through profit or loss
Impairment of financial assets
Financial liabilities
Fair value through profit or loss
At amortised cost
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS 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 VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Tangible fixed assets (continued)
The Company operated a defined contribution scheme for which contributions payable are charged to the income statement. In the year ended 31 December 2024, there is a charge in the income statement in respect of the defined contribution scheme of £279,165 (2023: £257,773). Contributions outstanding for the scheme amounted to £39,655 (2023: £39,242 ) at the year end.
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCHAEFFLER VEHICLE LIFETIME SOLUTIONS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Schaeffler Vehicle Lifetime Solutions UK Limited and its immediate parent are part of the Schaeffler Group of companies.
The largest group for which consolidated financial statements are publicly available is the group headed bySchaeffler AG .
The ultimate parent of the group isINA-Holding Schaeffler GmbH & Co.KG , Industriestraße 1-3, Herzogenaurach, 91074, Germany, registered in Germany.
The ultimate controlling party isFrau M-E Schaeffler-Thumann and Herr G.F.W. Schaeffler .
The largest group for which consolidated financial statements are publicly available is the group headed by
The ultimate parent of the group is
The ultimate controlling party is
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