Company Registration No. 01344994 (England and Wales)
Leonhard Kurz (U.K.) Limited
Annual report and financial statements
for the year ended 31 January 2026
Leonhard Kurz (U.K.) Limited
Company information
Directors
Raymond O'Brien
Anthony McNally
Secretary
Raymond O'Brien
Company number
01344994
Registered office
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Business address
Garnett Close
Greycaine Industrial Estate
Watford
Hertfordshire
WD24 7JW
Bankers
HSBC Bank plc
73 High Street
Watford
Hertfordshire
WD17 2DS
Leonhard Kurz (U.K.) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
Leonhard Kurz (U.K.) Limited
Strategic report
For the year ended 31 January 2026
1

The directors present the strategic report and financial statements for the year ended 31 January 2026.

Review of the business

The business activities of Leonhard Kurz (U.K.) Limited comprise of the sales and marketing of hot and cold transfer finish and stamping machines plus accessories in the UK.

During the year the company has seen turnover remain broadly in line with the previous year, whilst experiencing an increase in profitability. We have been satisfied with the strong demand across all product groups given the unpredictable market conditions seen during the period. Our project based business has performed well with several opportunities finally turning into sales. This has boosted overall sales performance.

The company continues to place a strong emphasis on having the correct level of inventory to meet an unpredictable customer demand. The management take a close interest in inventory levels as it continues to be key to the success of the company. Availability levels of our key inventories have been very good for the period giving our customers confidence when ordering from us.

The company has, through its direct contact with Brand Owners continued to work to promote the benefits of its thin film technology to the market and remains optimistic that new opportunities will present themselves in the coming year.

The company is now based in two buildings on the one site. The movement of goods between both buildings is well established and helps with our workflow. For the coming year the company is looking to upgrade the older of the two buildings to improve our operations even further.

This year there has been a reduction in staff numbers. As staff have left the company or retired the company often chooses not to replace them. A great deal of employees have been with the company for many years and offer flexibility and commitment by absorbing extra work where possible. In its industry the company is seen as an employer that values its staff. The company will continue, where necessary, to recruit high quality staff and remain a rewarding place to work.

Principal risks and uncertainties

The company’s strategic direction regarding risk follows the principal of recognising and eliminating risks which could endanger the business whilst at the same time working to maximise business opportunities as they arise.

At the time of writing, there is a major conflict in the Middle East, along with the ongoing conflict in Ukraine. These pose many uncertainties and potential risks to the business in terms of the cost of raw material and the effect this has on customer demand. The directors are optimistic that the financial strength of the company will allow it to face most problems which may arise from this.

The directors monitor the cash flow of the company and are confident that with its own financial strength along with the international resources of the Kurz Group it will be well placed to meet any challenges which may arise.

Bad debt continues to be a risk. The Company continues to work with established credit reference agencies to monitor the credit status of its customers. This along with an open relationship with clients allows us to make informed decisions regarding credit.

Position of the company at year end

The position of the company is set out in the financial statements and notes that follow. At the year end the company reported a net current asset position of £4,870,435 (2025 - £5,170,322) including cash and equivalents of £1,674,236 (2025 - £1,786,975) as shown on page 9 of the financial statements.

Given the positive net current asset and cash position of the business, and have given due consideration to the principle risks and uncertainties, the directors believe the company is in a strong position and has adequate resources to continue in operational existence for the foreseeable future. As such the directors continue to adopt the going concern basis of preparation.

Leonhard Kurz (U.K.) Limited
Strategic report (continued)
For the year ended 31 January 2026
2
Key performance indicators

The company’s key financial performance indicators are revenue and operating profit. During the year, the revenue of the company experienced an increase of £11,247 and profit after taxation increased by £177,098.

Forecasts and future developments

The company is hopeful that new projects in the pipeline at the end of the year will turn into sales in the coming years which will result in growth. The Kurz Group will continue to offer new innovations to the market which should also offer new opportunities. The directors feel that this will give the company a solid foundation for years to come.

On behalf of the board

Raymond O'Brien
Director
28 April 2026
Leonhard Kurz (U.K.) Limited
Directors' report
For the year ended 31 January 2026
3

The directors present their annual report and financial statements for the year ended 31 January 2026.

Principal activities

The principal activities of the company during the period continued to be the conversion and distribution of hot and cold transfer finish and consumables to a range of industries including greeting card manufacturers, book printers, security printers and label manufacturers.

Results and dividends

The results for the year are set out on page 8.

An ordinary interim dividend with value £437,000 was paid in respect of the year ended 31 January 2026 (2025 - £419,750). 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:

Raymond O'Brien
Anthony McNally
Financial instruments

Information about the use of financial instruments by the company is provided in notes 17, 18 and 19.

Auditor

Saffery LLP have expressed their willingness to remain in office as auditor of the company.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 UK-adopted international accounting standards (UK-adopted IAS) 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

Leonhard Kurz (U.K.) Limited
Directors' report (continued)
For the year ended 31 January 2026
4
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware, and

- the directors have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Raymond O'Brien
Director
28 April 2026
Leonhard Kurz (U.K.) Limited
Independent auditor's report
To the members of Leonhard Kurz (U.K.) Limited
5
Opinion

We have audited the financial statements of Leonhard Kurz (U.K.) Limited (the 'company') for the year ended 31 January 2026 which comprise the income statement, the statement of financial position, 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 UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the year then ended;

- have been properly prepared in accordance with UK-adopted international accounting standards; 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 the 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.

Leonhard Kurz (U.K.) Limited
Independent auditor's report
To the members of Leonhard Kurz (U.K.) Limited (continued)
6
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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

Leonhard Kurz (U.K.) Limited
Independent auditor's report
To the members of Leonhard Kurz (U.K.) Limited (continued)
7

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Andrew Watkinson (Senior Statutory Auditor)
For and on behalf of Saffery LLP
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
28 April 2026
Leonhard Kurz (U.K.) Limited
Income statement
For the year ended 31 January 2026
8
2026
2025
Notes
£
£
Revenue
4
17,724,288
17,713,041
Cost of sales
(13,823,644)
(14,052,733)
Gross profit
3,900,644
3,660,308
Other operating income
398
16,396
Distribution costs
(2,226,058)
(2,153,708)
Administrative expenses
(957,361)
(1,037,727)
Operating profit
5
717,623
485,269
Investment revenues
9
22,647
30,293
Finance costs
10
(20,920)
(28,476)
Profit before taxation
719,350
487,086
Income tax expense
11
(199,796)
(144,630)
Profit and total comprehensive income for the year
519,554
342,456

The income statement has been prepared on the basis that all operations are continuing operations.

All comprehensive income for the period is attributable to the equity holders of Leonhard Kurz (U.K.) Limited.

Leonhard Kurz (U.K.) Limited
Statement of financial position
As at 31 January 2026
9
2026
2025
Notes
£
£
Non-current assets
Property, plant and equipment
13
3,809,102
3,812,672
Current assets
Inventories
14
2,229,366
2,739,563
Trade and other receivables
15
3,765,613
3,231,329
Current tax recoverable
-
0
37,046
Cash and cash equivalents
1,674,236
1,786,975
7,669,215
7,794,913
Current liabilities
Trade and other payables
21
2,337,665
2,178,874
Current tax liabilities
22,417
-
0
Borrowings
20
387,500
387,500
Lease liabilities
22
51,198
58,217
2,798,780
2,624,591
Net current assets
4,870,435
5,170,322
Non-current liabilities
Borrowings
20
96,875
484,375
Lease liabilities
22
14,923
48,767
Deferred tax liabilities
23
182,924
147,591
294,722
680,733
Net assets
8,384,815
8,302,261
Equity
Called up share capital
25
115,000
115,000
Share premium account
2,080,000
2,080,000
Retained earnings
6,189,815
6,107,261
Total equity
8,384,815
8,302,261
Leonhard Kurz (U.K.) Limited
Statement of financial position (continued)
As at 31 January 2026
10

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 28 April 2026 and are signed on its behalf by:
Raymond O'Brien
Director
Company registration number 01344994 (England and Wales)
Leonhard Kurz (U.K.) Limited
Statement of changes in equity
For the year ended 31 January 2026
11
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 February 2024
115,000
2,080,000
6,184,555
8,379,555
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
342,456
342,456
Transactions with owners:
Dividends
12
-
-
(419,750)
(419,750)
Balance at 31 January 2025
115,000
2,080,000
6,107,261
8,302,261
Year ended 31 January 2026:
Profit and total comprehensive income
-
-
519,554
519,554
Transactions with owners:
Dividends
12
-
-
(437,000)
(437,000)
Balance at 31 January 2026
115,000
2,080,000
6,189,815
8,384,815
Leonhard Kurz (U.K.) Limited
Statement of cash flows
For the year ended 31 January 2026
12
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,127,701
862,636
Interest paid
(20,920)
(28,476)
Income taxes paid
(105,000)
(130,000)
Net cash inflow from operating activities
1,001,781
704,160
Investing activities
Purchase of property, plant and equipment
(255,987)
(318,513)
Proceeds from disposal of property, plant and equipment
4,989
2,750
Interest received
22,647
30,293
Net cash used in investing activities
(228,351)
(285,470)
Financing activities
Repayment of borrowings
(387,500)
(387,500)
Payment of lease liabilities
(61,669)
(55,997)
Dividends paid
(437,000)
(419,750)
Net cash used in financing activities
(886,169)
(863,247)
Net decrease in cash and cash equivalents
(112,739)
(444,557)
Cash and cash equivalents at beginning of year
1,786,975
2,231,532
Cash and cash equivalents at end of year
1,674,236
1,786,975
Leonhard Kurz (U.K.) Limited
Notes to the financial statements
For the year ended 31 January 2026
13
1
Accounting policies
Company information

Leonhard Kurz (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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

The financial statements have been prepared on the historical cost basis, modified to include the revaluation of certain financial instruments to fair value. The principal accounting policies are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true 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
Revenue

Revenue is recognised upon satisfaction of the underlying performance obligation by transferring control of goods or services to the customer. Revenue is measured at the amount of consideration to which the company expects to be entitled, which is based upon the transaction price, net of value added tax, returns and other allowances.

The company derives revenue from transfer finish sales, machine sales, and rebilling and recharge income.

Transfer finish sales

Revenue under contracts for the sale of transfer finish is recognised upon delivery of the goods to the customer, being the point at which the performance obligation is satisfied. Payment is typically due within 30 days from the end of the month of delivery.

Machine sales

Revenue from the sale of stamping and finishing machines and related accessories is recognised when control of the machine transfers to the customer. This occurs upon delivery of the machine to the customer. Machine sales contracts do not contain a significant financing component. Payment is typically due in instalments throughout the project with the final payment becoming due 30 days from the end of the month of delivery.

Rebilling and recharge income

Rebilling and recharge income arises from costs recoverable from other entities within the group in respect of staff time incurred. Revenue is recognised upon provision of the service. Payment is typically du e 30 days from the end of the month of the service being completed.

Contracts with customers do not typically give rise to contract assets. Contract liabilities arise where consideration is received in advance and are recognised as revenue when the related performance obligations are satisfied.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
14
1.4
Property, plant and equipment

Property, plant and equipment 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:

Freehold property
3.33% on cost
Refurbishment, fixtures & office equipment
3.33% - 33.33% on cost
Plant and machinery
10% on cost
Right of use assets
Over the life of the lease

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 recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
15
1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings and t rade and intercompany payable balances, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
16
1.9
Derivatives

The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are classified as current assets or liabilities as they are held for trading or are expected to be realised or settled within 12 months of the reporting date.

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 income statement 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 tax 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 has not been discounted.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.

1.12
Retirement benefits

The company operates a contributory pension scheme providing benefits based on defined contributions which are charged annually against trading profit.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
1
Accounting policies (continued)
17
1.13
Foreign exchange

Trading transactions undertaken in foreign currencies are expressed in sterling at the rate of exchange prevailing on the date of transaction or at an agreed rate which is not significantly different to the rate prevailing at the date of the transaction. All profits and losses on exchange realised during the year are dealt with through profit or loss for the year.

Assets and liabilities to be settled in foreign currency are translated into sterling at the rate of exchange ruling at the reporting date. Exchange differences are dealt with through profit or loss for the year.

2
Adoption of new and revised standards and changes in accounting policies

There are no new standards impacting the company that have been adopted in the financial statements for the year ended 31 January 2026.

Standards which are in issue but not yet effective

At the date of authorisation of these financial statements, the following Standards, which have not yet been applied in these financial statements, were in issue but not yet effective:

Standard
Effective date annual period beginning on or after
IFRS 18 - Presentation and Disclosure in Finance Statements
01-Jan-27

The directors are evaluating the impact that this standard will have on the financial statements of the company.

The directors have not identified any further relevant standards that were in issue, but not yet effective, and not applied in these financial statements, that would be expected to have a material impact on the company in the current or future reporting periods.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
18
3
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements
Provision against the carrying value of inventory

Inventories are reviewed periodically for indications of impairment to ensure inventory is stated at the lower of cost and net realisable value. Management initially calculate the impairment provision based upon the ageing profile and saleable value of inventory items held, based on management determined pricing, and then exercise judgement in adjusting the calculated value for other commercial factors.

The resultant impairment value is reflected as a provision against the carrying value of inventory, with the movement in the impairment provision charged to the income statement as it arises. The value of the applied provision at the balance sheet date is presented in note 14.

4
Revenue

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

2026
2025
£
£
Revenue analysed by class of business
Transfer finish sales
16,151,572
16,900,717
Machinery sales
982,917
402,676
Rebilling and recharge income
589,799
409,648
17,724,288
17,713,041
2026
2025
£
£
Revenue analysed by geographical market
United Kingdom
16,363,705
16,016,610
Ireland
943,262
1,260,206
Rest of Europe
417,321
379,855
Rest of World
-
56,370
17,724,288
17,713,041
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
19
5
Operating profit
2026
2025
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(86,149)
22,251
Depreciation of property, plant and equipment
280,363
260,271
(Profit)/loss on disposal of property, plant and equipment
(4,989)
177
Cost of inventories recognised as an expense
12,162,319
12,337,886
Write downs of inventories recognised as an expense
133,916
198,157
6
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,750
28,750
For other services
Tax services
3,250
2,900
7
Employees

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

2026
2025
Number
Number
Administration
12
13
Selling
8
8
Warehouse
33
34
Total
53
55

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
2,230,544
2,187,937
Social security costs
288,833
238,988
Pension costs
141,662
138,423
2,661,039
2,565,348
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
20
8
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
324,265
322,693
Company pension contributions to defined contribution schemes
19,588
18,850
343,853
341,543

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2026
2025
£
£
Remuneration for qualifying services
188,401
191,201
Company pension contributions to defined contribution schemes
11,495
11,062
9
Investment income
2026
2025
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
22,647
30,293
Income above relates to assets held at amortised cost, unless stated otherwise.
10
Finance costs
2026
2025
£
£
Interest on lease liabilities
3,606
1,250
Interest on borrowings
17,314
27,226
Total interest expense
20,920
28,476

Further details of the lease liabilities can be found at note 13.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
21
11
Income tax expense
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
164,463
107,475
Deferred tax
Origination and reversal of temporary differences
35,333
37,155
Total tax charge
199,796
144,630

The charge for the year can be reconciled to the profit per the income statement as follows:

2026
2025
£
£
Profit before taxation
719,350
487,086
Expected tax charge based on a corporation tax rate of 25.00% (2025: 25.00%)
179,838
121,772
Effect of expenses not deductible in determining taxable profit
1,884
2,879
Depreciation on assets not qualifying for tax allowances
18,074
19,979
Taxation charge for the year
199,796
144,630

The company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective since 2024.

Under the legislation, the company is liable to pay a top-up tax in the UK for the difference between the Global Anti-Base Erosion effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect. There is no current tax expense related to Pillar Two.

The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

12
Dividends
2026
2025
2026
2025
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Interim dividend paid
3.80
3.65
437,000
419,750
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
22
13
Property, plant and equipment
Freehold property
Plant and machinery
Refurbishment, fixtures & office equipment
Motor vehicles
Right of use assets
Total
£
£
£
£
£
£
Cost
At 1 February 2024
3,472,452
1,808,380
1,273,237
12,541
124,793
6,691,403
Additions
-
0
78,740
239,773
-
0
113,092
431,605
Disposals
-
0
(23,210)
(36,930)
(12,541)
(68,048)
(140,729)
Transfers
(13,320)
-
0
13,320
-
0
-
0
-
0
At 31 January 2025
3,459,132
1,863,910
1,489,400
-
0
169,837
6,982,279
Additions
-
0
209,336
46,651
-
0
20,806
276,793
Disposals
-
0
(50,145)
(14,902)
-
0
(23,995)
(89,042)
At 31 January 2026
3,459,132
2,023,101
1,521,149
-
0
166,648
7,170,030
Accumulated depreciation and impairment
At 1 February 2024
745,316
1,438,278
786,325
8,569
68,650
3,047,138
Charge for the year
68,637
84,944
52,757
1,045
52,888
260,271
Eliminated on disposal
-
0
(23,210)
(36,930)
(9,614)
(68,048)
(137,802)
At 31 January 2025
813,953
1,500,012
802,152
-
0
53,490
3,169,607
Charge for the year
68,644
85,316
60,058
-
0
66,345
280,363
Eliminated on disposal
-
0
(50,145)
(14,902)
-
0
(23,995)
(89,042)
At 31 January 2026
882,597
1,535,183
847,308
-
0
95,840
3,360,928
Carrying amount
At 31 January 2026
2,576,535
487,918
673,841
-
70,808
3,809,102
At 31 January 2025
2,645,179
363,898
687,248
-
116,347
3,812,672

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2026
2025
£
£
Net values at the year end
Plant and machinery
2,489
4,462
Motor vehicles
68,319
111,885
70,808
116,347
Depreciation charge for the year
Plant and machinery
1,973
2,466
Motor vehicles
64,372
50,422
66,345
52,888
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
13
Property, plant and equipment (continued)
23

At 31 January 2026 the cost of assets which were fully depreciated amounted to £1,685,051 (2025 - £1,641,233).

Freehold property includes land with a cost of £1,400,000 (2025 - £1,400,000) which has not been depreciated.

The undrawn bank overdraft facility is secured by a fixed and floating charge over all assets of the company.

14
Inventories
2026
2025
£
£
Finished goods
2,229,366
2,739,563

Inventories are held net of impairment at the year end of £182,850 (2025 - £209,192).

15
Trade and other receivables
2026
2025
£
£
Trade receivables
3,614,840
3,136,590
Amounts owed by fellow group undertakings
61,300
10,702
Prepayments
89,473
84,037
3,765,613
3,231,329

All financial instruments are measured at amortised cost.

There are no significant amounts past due included in trade receivables and no significant financial assets held at amortised cost have been impaired at the reporting date. See note 17.

16
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
24
17
Credit risk

The company is exposed to credit risk attributable to trade receivables, amounts owed by fellow group undertakings and cash at bank. The maximum credit risk in respect of the financial assets at each period end is represented by the balance outstanding on these financial assets. The company has limited exposure to credit risk, as the majority of its trade and other receivables are due from large corporations, and cash at bank are deposited with reputable financial statements.

The company applies the IFRS 9 simplified approach to measuring expected credit losses for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar risk and aging. The expected loss rates are based off the company's historical credit losses experienced in periods prior to the period end. The historical loss rates are then adjusted for current and forward looking information on macroeconomic factors affecting the company's customers.

The calculated expected credit loss was immaterial and therefore no provision has been recognised (2025: £nil). This reflects both the low credit risk characteristics of the large corporations, and their availability of sufficient liquid assets to enable them to settle their obligations.

The carrying amount of financial assets recorded in the financial statements, which is net of the allowance for expected credit losses, represents the company's maximum exposure to credit risk.

The company does not hold any collateral or other credit enhancements to cover this credit risk.

18
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities and lease liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

1 – 3 months
3 months to 1 year
1 – 5 years
Total
£
£
£
£
At 31 January 2025
Trade payables including intercompany
1,770,150
-
-
1,770,150
Borrowings
96,875
290,625
484,375
871,875
Obligations under lease liabilities
17,065
41,152
48,767
106,984
1,884,090
331,777
533,142
2,749,009
At 31 January 2026
Trade payables including intercompany
1,883,918
-
-
1,883,918
Borrowings
96,875
290,625
96,875
484,375
Obligations under lease liabilities
16,942
34,256
14,923
66,121
1,997,735
324,881
111,798
2,434,414

Borrowings are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as set out in note 20.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
18
Liquidity risk (continued)
25
Liquidity risk management

The company finances its operations from the cash flows received from the associated revenues generated by the business. The company seeks to manage liquidity risk to ensure sufficient funds are available to meet requirements.

The company invests its cash reserves in bank deposits as a liquid resource to fund its operations.

19
Market risk
Market risk management

The company operates internationally and is exposed to foreign exchange risks arising from various currency exposures, primarily with respect to the US dollar and Euros. Foreign exchange risk arises when the company enters into transactions denominated into a currency other than their functional currency.

Where a significant transaction in a foreign currency is anticipated with a high degree of certainty, the company will engage in a forward exchange contract to mitigate the risk of currency fluctuation.

Foreign exchange risk

The carrying amounts of the company's foreign currency denominated monetary assets and liabilities at the reporting date are as follows:

Assets
Liabilities
2026
2025
2026
2025
£
£
£
£
Euro
613,803
224,237
925,986
802,185
US Dollar
2,825
1,606
844,493
881,284
616,628
225,843
1,770,479
1,683,469
20
Borrowings
Current
Non-current
2026
2025
2026
2025
£
£
£
£
Borrowings held at amortised cost:
Bank loans
387,500
387,500
96,875
484,375

A £3,100,000 bank loan was advanced to the company on 1 February 2019. The loan has a maturity date of 1 February 2027 and carries interest at a fixed rate of 2.5%. Collateral for the bank loan is provided by way of a corporate guarantee from Leonhard Kurz Stiftung & Co. KG, the company's ultimate parent.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
26
21
Trade and other payables
2026
2025
£
£
Trade payables
160,077
154,409
Amount owed to parent undertaking
1,170,336
1,072,055
Amounts owed to fellow group undertakings
553,505
543,800
Accruals
106,068
73,470
Social security and other taxation
347,679
335,140
2,337,665
2,178,874
22
Lease liabilities
2026
2025
Net amounts due
£
£
Within one year
51,198
58,217
After more than one year
14,923
48,767
66,121
106,984
2026
2025
Maturity analysis of future lease payments
£
£
Within one year
51,198
58,217
In two to five years
14,923
48,767
Total undiscounted liabilities
66,121
106,984
Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
27
23
Deferred taxation
Liabilities
2026
2025
£
£
Deferred tax balances
182,924
147,591

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 February 2024
110,436
Deferred tax movements in prior year
Charge/(credit) to profit or loss
37,155
Liability at 1 February 2025
147,591
Deferred tax movements in current year
Charge/(credit) to profit or loss
35,333
Liability at 31 January 2026
182,924
24
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
141,662
138,423

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.

25
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
115,000
115,000
115,000
115,000
Issued and fully paid
Ordinary shares of £1 each
115,000
115,000
115,000
115,000

The company has one class of ordinary shares which carry full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
28
26
Capital risk management

The company manages its capital to ensure that it will be able to continue as a going concern in order to provide returns for its shareholders and benefits for other stakeholders.

The capital structure of the company consists of cash and equity comprising share capital, share premium and retained earnings.

The company is not subject to any externally imposed capital requirements.

27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

2026
2025
£
£
Short-term employee benefits
363,631
358,186
Post-employment benefits
18,588
18,850
382,219
377,036
Other information

Transactions with the parent company

Transactions with the ultimate controlling company, Leonhard Kurz Stiftung & Co. KG, included sales of £364,474 (2025 - £348,454) and purchases of £9,350,878 (2025 - £10,206,866). At the year end, the company owed Leonhard Kurz Stiftung & Co. KG, £1,170,336 (2025 - £1,072,055).

Transactions with fellow subsidiaries companies

At the year end the company owed several of its fellow group subsidiaries a total of £553,505 (2025 - £543,914) and was owed £61,300 (2025 - £10,702) with an overall net adjustment of £39,433 (2025 - £28,255) for exchange variances. Total sales to fellow group subsidiaries for the year amounted to £1,005,262 (2025 - £1,285,162) and purchases from fellow group subsidiaries totalled £2,871,361 (2025 - £2,677,093).

Balances owed to the parent and fellow group undertakings are shown in note 21. These balances are interest free, unsecured and repayable on demand.

28
Controlling party

The immediate holding company is Kurz International Holding GmbH, a company incorporated in Germany. The ultimate controlling company is Leonhard Kurz Stiftung & Co KG, a company also incorporated in Germany. The ultimate controlling company prepares consolidated group financial statements, a copy of which is published at German Bundesanzeiger (publication platform).

Leonhard Kurz (U.K.) Limited
Notes to the financial statements (continued)
For the year ended 31 January 2026
29
29
Cash generated from operations
2026
2025
£
£
Profit for the year before taxation
719,350
487,086
Adjustments for:
Finance costs
20,920
28,476
Investment income
(22,647)
(30,293)
(Gain)/loss on disposal of property, plant and equipment
(4,989)
177
Depreciation of property, plant and equipment
280,363
260,271
Movements in working capital:
Decrease/(increase) in inventories
510,197
(93,555)
(Increase)/decrease in trade and other receivables
(534,284)
744,978
Increase/(decrease) in trade and other payables
158,791
(534,504)
Cash generated from operations
1,127,701
862,636
30
Analysis of changes in net funds
1 February 2025
Cash flows
New leases
31 January 2026
£
£
£
£
Cash at bank and in hand
1,786,975
(112,739)
-
1,674,236
Borrowings
(871,875)
387,500
-
(484,375)
Lease liabilities
(106,984)
61,669
(20,806)
(66,121)
808,116
336,430
(20,806)
1,123,740
1 February 2024
Cash flows
New leases
31 January 2025
Prior year:
£
£
£
£
Cash at bank and in hand
2,231,532
(444,557)
-
1,786,975
Borrowings
(1,259,375)
387,500
-
(871,875)
Lease liabilities
(49,889)
55,997
(113,092)
(106,984)
922,268
(1,060)
(113,092)
808,116
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