Company registration number 02534196 (England and Wales)
WERA TOOLS (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WERA TOOLS (UK) LIMITED
COMPANY INFORMATION
Directors
I Walford
J F Bender
Secretary
J Renshaw
Company number
02534196
Registered office
Unit 1 Railway View
Clay Cross
Chesterfield
Derbyshire
United Kingdom
S45 9FR
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
National Westminster Bank plc
5 Market Place
Chesterfield
Derbyshire
S40 1TW
WERA TOOLS (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
WERA TOOLS (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair Review of the Buisness

The turnover of the Company increased from £14.01m in 2023 to £16.17m in 2024, a 15.4% increase. This occurred primarily due to a combination of successful strategies revolving around customer base development, structure investment, popular take up of new products, effective marketing and sales initiatives. It is expected for the path of success of the Company to continue into 2025 and beyond, whilst strengthening the base of revenue generation and margin protection.

Operating profit increased from £1.16m in 2023 to £1.20m in 2024, an increase of 3.1%, while profit before tax increased from £1.18m in 2023 to £1.23m in 2024, an increase of 4.2%.

The company has a balance sheet with net current assets of £4.22m in 2024 compared with £4.27m in 2023, and net assets of £5.44m in 2024 compared to £4.54m in 2023.

Overall, the directors consider the results of the year to be satisfactory and look forward to continued success in the future.

Principal Risks and Uncertainties

The uncertainty of significant customer performance in an ever-changing market produces the biggest challenges, but strategic planning to reduce the risks continues.

Quality is a core value of Wera, and something which users of our products both value and expect, which therefore makes it vital to our business. Continued innovation alongside stringent quality control procedures ensure that this is not considered likely to be an issue by the Directors.

The Company has risen well to any challenges faced and continues to react positively in an ever-changing environment.

Financial Key Performance Indicators

We consider that our key financial performance indicators are turnover, gross margin and operating profit, with all three showing improvement or consistency in 2024.

On behalf of the board

I Walford
Director
22 January 2025
WERA TOOLS (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities
The principal activity of the company continued to be the distribution of engineering tools.
Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I Walford
J F Bender
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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;

- 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 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.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

WERA TOOLS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
I Walford
Director
22 January 2025
WERA TOOLS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WERA TOOLS (UK) LIMITED
- 4 -
Opinion

We have audited the financial statements of Wera Tools (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 Financial Reporting Standard 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 profit 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

WERA TOOLS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WERA TOOLS (UK) LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

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.

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, i ncluding fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the entity through discussions with Directors and other management, and from our knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the entity, including health and safety and data protection laws;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- we ensured identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the entity’s financial statements to material misstatement, including obtaining an

understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

WERA TOOLS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WERA TOOLS (UK) LIMITED (CONTINUED)
- 6 -

To address the risk of fraud through management bias and override of controls, we

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

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 is available on the Financial Reporting Council’s website at: https://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.

Terri Pierpoint
Senior Statutory Auditor
For and on behalf of BHP LLP
22 January 2025
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
WERA TOOLS (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
16,165,603
14,014,342
Cost of sales
(11,309,737)
(9,777,401)
Gross profit
4,855,866
4,236,941
Distribution costs
(934,174)
(789,935)
Administrative expenses
(2,726,617)
(2,287,635)
Operating profit
4
1,195,075
1,159,371
Interest receivable and similar income
7
32,674
18,861
Profit before taxation
1,227,749
1,178,232
Tax on profit
8
(322,157)
(285,734)
Profit for the financial year
905,592
892,498

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WERA TOOLS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,492,913
335,641
Current assets
Stocks
10
2,113,568
2,543,603
Debtors
11
4,406,444
3,816,162
Cash at bank and in hand
1,908,475
1,890,826
8,428,487
8,250,591
Creditors: amounts falling due within one year
12
(4,205,395)
(3,983,819)
Net current assets
4,223,092
4,266,772
Total assets less current liabilities
5,716,005
4,602,413
Provisions for liabilities
Deferred tax liability
13
273,000
65,000
(273,000)
(65,000)
Net assets
5,443,005
4,537,413
Capital and reserves
Called up share capital
15
100
100
Share premium account
16
2,985
2,985
Profit and loss reserves
5,439,920
4,534,328
Total equity
5,443,005
4,537,413

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
I Walford
Director
Company registration number 02534196 (England and Wales)
WERA TOOLS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
100
2,985
3,641,830
3,644,915
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
892,498
892,498
Balance at 31 December 2023
100
2,985
4,534,328
4,537,413
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
905,592
905,592
Balance at 31 December 2024
100
2,985
5,439,920
5,443,005
WERA TOOLS (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,780,399
1,281,416
Income taxes paid
(309,234)
(196,645)
Net cash inflow from operating activities
1,471,165
1,084,771
Investing activities
Purchase of tangible fixed assets
(1,486,190)
(114,430)
Interest received
32,674
18,861
Net cash used in investing activities
(1,453,516)
(95,569)
Net increase in cash and cash equivalents
17,649
989,202
Cash and cash equivalents at beginning of year
1,890,826
901,624
Cash and cash equivalents at end of year
1,908,475
1,890,826
WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Wera Tools (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Railway View, Clay Cross, Chesterfield, Derbyshire, United Kingdom, S45 9FR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% reducing balance/50% straight line
Fixtures, fittings and equipment
25%/33% straight line
Motor vehicles
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the c ompany estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance had not been discounted.
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates may differ from the related actual results.

There are no key judgements, estimates or assumptions that have been made by the directors in the preparation of these financial statements.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,842,830
13,665,415
Ireland
322,773
348,927
16,165,603
14,014,342
2024
2023
£
£
Other revenue
Interest income
32,674
18,861
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,750
12,000
Depreciation of owned tangible fixed assets
328,918
198,313
Operating lease charges
274,605
215,742
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was

2024
2023
Number
Number
Employees
30
28
WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,443,830
1,250,710
Social security costs
172,783
152,316
Pension costs
37,149
34,879
1,653,762
1,437,905
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
173,395
164,835
Company pension contributions to defined contribution schemes
6,561
6,561
179,956
171,396
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
32,674
18,861
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
114,157
295,234
Deferred tax
Origination and reversal of timing differences
208,000
(9,500)
Total tax charge
322,157
285,734
WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,227,749
1,178,232
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
306,937
277,120
Tax effect of expenses that are not deductible in determining taxable profit
6,715
6,673
Change in unrecognised deferred tax assets
1,287
(810)
Permanent capital allowances in excess of depreciation
7,218
3,259
Remeasurement of deferred tax for changes in tax rates
-
0
(508)
Taxation charge for the year
322,157
285,734
9
Tangible fixed assets
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,320,843
322,544
23,729
1,667,116
Additions
1,340,145
146,045
-
0
1,486,190
Disposals
(37,308)
-
0
-
0
(37,308)
At 31 December 2024
2,623,680
468,589
23,729
3,115,998
Depreciation and impairment
At 1 January 2024
1,034,431
273,710
23,334
1,331,475
Depreciation charged in the year
283,427
45,359
132
328,918
Eliminated in respect of disposals
(37,308)
-
0
-
0
(37,308)
At 31 December 2024
1,280,550
319,069
23,466
1,623,085
Carrying amount
At 31 December 2024
1,343,130
149,520
263
1,492,913
At 31 December 2023
286,412
48,834
395
335,641
10
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,113,568
2,543,603
WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,174,355
3,496,590
Corporation tax recoverable
9,843
-
0
Other debtors
252
-
0
Prepayments and accrued income
221,994
319,572
4,406,444
3,816,162
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
171,650
57,254
Amounts owed to group undertakings
2,378,125
2,312,166
Corporation tax
-
0
185,234
Other taxation and social security
662,099
606,317
Other creditors
-
0
5,240
Accruals and deferred income
993,521
817,608
4,205,395
3,983,819
13
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
273,000
65,000
2024
Movements in the year:
£
Liability at 1 January 2024
65,000
Charge to profit or loss
208,000
Liability at 31 December 2024
273,000

WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
14
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,149
34,879

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
16
Share premium account
2024
2023
£
£
At the beginning and end of the year
2,985
2,985
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
243,043
202,940
Between two and five years
564,477
494,008
In over five years
465,903
-
1,273,423
696,948

The final lease agreement for the new warehouse is currently in the process of being signed, but the commitments have been included in the above table.

18
Capital commitments

As at 31 December 202 4 the company had contracted to purchase plant and machinery amounting to £Nil (202 3: £41,774).

19
Ultimate controlling party

The company is a 100% subsidiary undertaking of Wera Werkzeuge GmbH, a company registered in Germany. The ultimate parent undertaking is Th. Simon GmbH & Co. KG., a company registered in Germany.

WERA TOOLS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
20
Related party transactions

During the period, the company purchased services to the value of £Nil (202 3: £960) from Julie Walford Ltd, a company owned by the wife of a director.

The company also paid a total of £1,512 to the daughter of a director for work carried out during the period.

At the year end, there was balance due from a director totalling £252 (2023: £Nil) which is included within other debtors.

21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
905,592
892,498
Adjustments for:
Taxation charged
322,157
285,734
Investment income
(32,674)
(18,861)
Depreciation and impairment of tangible fixed assets
328,918
198,313
Movements in working capital:
Decrease/(increase) in stocks
430,035
(156,313)
(Increase)/decrease in debtors
(580,439)
426,625
Increase/(decrease) in creditors
406,810
(346,580)
Cash generated from operations
1,780,399
1,281,416
22
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,890,826
17,649
1,908,475
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