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Financial Statements for the Year Ended 31st December 2020 |
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Steiner Hops Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31st December 2020 |
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for |
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Steiner Hops Limited |
Steiner Hops Limited (Registered number: 01166845) |
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Contents of the Financial Statements |
for the Year Ended 31st December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Steiner Hops Limited |
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Company Information |
for the Year Ended 31st December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
29a Crown Street |
Brentwood |
Essex |
CM14 4BA |
Steiner Hops Limited (Registered number: 01166845) |
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Balance Sheet |
31st December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital contribution reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Steiner Hops Limited (Registered number: 01166845) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2020 |
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1. | STATUTORY INFORMATION |
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Steiner Hops Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have reviewed the ongoing situation with COVID-19 and consider it is reasonable to prepare the financial statements on a going concern basis. The company has sufficient reserves and will be accessing financing options available to support it through the pandemic if necessary and, therefore, the directors see no reasonable concern as to the company's ability to continue to trade for the next 12 months. |
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Revenue recognition |
Turnover represents net sales invoiced to customers. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Government grants |
Government grants receivable during the year are shown in other operating income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
Steiner Hops Limited (Registered number: 01166845) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st January 2020 |
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Disposals | ( |
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At 31st December 2020 |
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DEPRECIATION |
At 1st January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1st January 2020 |
and 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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6. | STOCKS |
31.12.20 | 31.12.19 |
£ | £ |
Stock of raw materials |
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Processed and finished goods |
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Steiner Hops Limited (Registered number: 01166845) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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Deferred tax asset |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Due to group undertakings |
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Accrued expenses |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
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Between one and five years |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | OTHER FINANCIAL COMMITMENTS |
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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. |
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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. |
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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. |
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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) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2020 |
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12. | RELATED PARTY DISCLOSURES |
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S.S. Steiner Inc. |
Parent company |
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During the year, the company sold products and services amounting to £42,160 (2019: £151,346) and purchased products and services amounting to £1,081,642 (2019: £1,994,191) from its parent company. |
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The balance due to the parent company at the balance sheet date amounted to £4,266 (2019: £756,387). |
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Simon H. Steiner, Hopfen, GmbH |
A fellow subsidiary |
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During the year, the company sold products and services amounting to £864,404 (2019: £447,655) to Simon H. Steiner, Hopfen, GmbH. In addition, the company purchased products amounting to £1,142,785 (2019: £1,456,743) from its fellow subsidiary and were charged interest on loans of £32,600 (2019: £43,500). |
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During the year, Simon H. Steiner, Hopfen, GmbH advanced a short term loan to the company which attracts interest at a rate of 3.00% per annum. The balance on this loan at 31st December 2020 amounted to £750,000. |
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In the previous year, Simon H. Steiner, Hopfen, GmbH advanced another short-term loan to the company which attracted interest at a rate of 3.70% per annum and was repaid in full during the year. The balance on this loan amounted to £1,000,000 at 31st December 2019. |
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In 2017, Simon H. Steiner, Hopfen, GmbH advanced a long-term loan to the company which attracts interest at a rate of 3.75% per annum, the balance of this loan at 31st December 2019 amounted to £500,000. The balance was fully repaid during the year. |
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The overall balance due to Simon H. Steiner, Hopfen, GmbH at the balance sheet date amounted to £843,124 (2019: £1,530,625). |
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Hallertauer Hopfenveredelungsgesellschaft GmbH |
A fellow subsidiary |
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During the year, the company purchased services from Hallertauer Hopfenveredelungsgesellschaft GmbH amounting to £78,863 (2019: £63,666) from its fellow subsidiary. |
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The balance due to Hallertauer Hopfenveredelungsgesellschaft GmbH at the balance sheet date amounted to £nil (2019: £1,269). |
Steiner Hops Limited (Registered number: 01166845) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2020 |
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13. | POST BALANCE SHEET EVENTS |
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There are no adjusting events identified after the reporting date. |
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The company has provided guarantees since the year-end date for a mortgage on a commercial property which is in the process of being acquired by a fellow subsidiary, Hopsteiner Services Limited. |
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In March 2020, the World Health Organisation declared the outbreak of a new coronavirus (COVID-19) as a pandemic. Subsequent to 31st December 2020, the virus continues to spread globally, giving rise to economic uncertainties which may impact the company's business operations. |
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In addition, the UK left the European Union on 31st December 2020 and the EU-UK Trade and Cooperation Agreement came into effect. |
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There have been no significant issues of collecting receivables and the company is in a position to meet all of its obligations for the next 12 months. The impact, if any, on the company's sales and profitability remains uncertain however a decline in the company's results is possible. |
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Given the dynamic nature of these circumstances and the significant increase in economic uncertainty, the related impact on the company's results of operations, cash flows and financial condition going forwards cannot be reasonably estimated at this stage and will be reflected in the company's annual financial statements for the year ending 31st December 2021. Apart from these matters, there are no other subsequent events to report. |
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Except as noted above, there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the company, to affect significantly the operations of the company, the results of those operations, or the state of affairs of the company, in future years. |
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14. | ULTIMATE PARENT COMPANY |
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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. |