REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2022 |
for |
Steiner Hops Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2022 |
for |
Steiner Hops Limited |
Steiner Hops Limited (Registered number: 01166845) |
Contents of the Financial Statements |
for the Year Ended 31st December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Steiner Hops Limited |
Company Information |
for the Year Ended 31st December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
29a Crown Street |
Brentwood |
Essex |
CM14 4BA |
Steiner Hops Limited (Registered number: 01166845) |
Balance Sheet |
31st December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital contribution reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Steiner Hops Limited (Registered number: 01166845) |
Notes to the Financial Statements |
for the Year Ended 31st December 2022 |
1. | STATUTORY INFORMATION |
Steiner Hops Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover represents net sales invoiced to customers. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Provision for losses arising on forward contracts |
It is the company's policy to match all significant forward purchase and sales contracts. The company regularly reviews its stock relating to to unmatched purchase contracts in order to identify whether losses are likely to be incurred and to ensure provision for these losses has been recognised in the financial statements. |
Investments |
Investments are recognised at cost. |
Steiner Hops Limited (Registered number: 01166845) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2022 |
Additions |
Disposals | ( |
) |
At 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st January 2022 |
and 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
6. | STOCKS |
31.12.22 | 31.12.21 |
£ | £ |
Stock of raw materials |
Processed and finished goods |
Steiner Hops Limited (Registered number: 01166845) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Taxation |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Hire purchase contracts (see note 10) |
Trade creditors |
Social security and other taxes |
Other creditors |
Due to group undertakings |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Hire purchase contracts (see note 10) |
Amounts owed to group undertakings |
Steiner Hops Limited (Registered number: 01166845) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.12.22 | 31.12.21 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
31.12.22 | 31.12.21 |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The company has provided an unlimited debenture to its bankers which incorporates a fixed and floating charge over the assets of the company, a cross-guarantee and a right of set-off in respect of a fellow subsidiary, Hopsteiner Services Limited. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Steiner Hops Limited (Registered number: 01166845) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
13. | OTHER FINANCIAL COMMITMENTS |
It is the company's policy to match all significant forward purchase and sales contracts. However, the company's customer base has changed over recent years to include smaller breweries. This has resulted in the company now having forward purchase contracts that are not fully matched to a sales contract. |
The company regularly reviews its stock relating to unmatched purchase contracts in order to identify whether losses are likely to be incurred and to ensure provision for these losses has been recognised in the financial statements. |
In addition, the company enters into forward contracts to buy currency at specified rates from time to time. This normally occurs when the directors are aware of future liabilities on forward purchase contracts arising in foreign currencies and these are then covered partially or in full depending on the cash requirements of the business. |
In the opinion of the directors, the company had no unmatched commitments on forward contracts that represented a significant risk to the company at the balance sheet date. |
Steiner Hops Limited (Registered number: 01166845) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2022 |
14. | RELATED PARTY DISCLOSURES |
S.S. Steiner Inc. |
Parent company |
During the year, the company sold products and services amounting to £116,868 (2021: £24,419) and purchased products and services amounting to £2,179,562 (2021: £905,417) from its parent company. |
The balance due to the parent company at the balance sheet date amounted to £961,594 (2021: £nil). |
Simon H. Steiner, Hopfen, GmbH |
A fellow subsidiary |
During the year, the company sold products and services amounting to £436,739 (2021: £356,179) to Simon H. Steiner, Hopfen, GmbH. In addition, the company purchased products amounting to £1,124,306 (2021: £898,141) from its fellow subsidiary and were charged interest on loans of £26,800 (2021: £29,100). |
During the year, Simon H. Steiner, Hopfen, GmbH advanced a short term loan to the company which attracts interest at a rate of 6.00% per annum. The balance on this loan at 31st December 2022 amounted to £600,000. |
In the previous year, Simon H. Steiner, Hopfen, GmbH advanced another short-term loan to the company which attracted interest at a rate of 3.25% per annum and was repaid in full during the year. The balance on this loan amounted to £500,000 at 31st December 2021. |
In 2021, Simon H. Steiner, Hopfen, GmbH advanced a long-term loan to the company which attracts interest at a rate of 3.25% per annum, the balance of this loan at 31st December 2022 amounted to £320,000. |
The overall balance due to Simon H. Steiner, Hopfen, GmbH at the balance sheet date amounted to £882,812 (2021: £861,011). |
Hallertauer Hopfenveredelungsgesellschaft GmbH |
A fellow subsidiary |
During the year, the company purchased services from its fellow subsidiary Hallertauer Hopfenveredelungsgesellschaft GmbH amounting to £31,308 (2021: £nil). |
The balance due to Hallertauer Hopfenveredelungsgesellschaft GmbH at the balance sheet date amounted to £nil (2021: £nil). |
Hopsteiner Services Limited |
A fellow subsidiary |
During the year, the company leased a property from its fellow subsidiary Hopsteiner Services Limited amounting to £90,000 (2021: £37,500). |
The company also provided an interest-free loan to its fellow subsidiary during the year. The balance due to Hopsteiner Services Limited at the balance sheet date amounted to £642,549 (2021: £612,489). |
Hopsteiner Services Limited acquired a mortgage during the year to purchase a commercial property. The company has provided a right of set-off and cross guarantee to the bank. |
15. | ULTIMATE PARENT COMPANY |
The ultimate parent company is S.S. Steiner Inc. a company incorporated in the United States of America. The parent company prepares consolidated accounts and its registered office is 725 5th Avenue, New York, NY 10022. |