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Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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Schaffner Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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Schaffner Limited |
Schaffner Limited (Registered number: 01817704) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 6 |
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Income Statement | 10 |
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Balance Sheet | 11 |
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Notes to the Financial Statements | 12 |
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Schaffner Limited |
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Company Information |
for the Year Ended 30 September 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Registered Auditors |
Chartered Accountants |
10a White Hart Parade |
London Road |
Blackwater |
Camberley |
Surrey |
GU17 9AD |
Schaffner Limited (Registered number: 01817704) |
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Report of the Directors |
for the Year Ended 30 September 2021 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of marketing a range of electronic components, instruments and systems and the provision of technical support. |
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REVIEW OF BUSINESS |
The Business Model |
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Schaffner Limited receives commission for orders generated for the company's fellow subsidiary, and for marketing and the provision of technical support. |
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Key Performance Indicators |
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These are set at Group level. |
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FUTURE DEVELOPMENTS |
Schaffner is the world market leader in EMC filters. It develops and manufactures standard and custom components that protect power electronic systems from line interference (thus ensuring electromagnetic compatibility, or EMC) and safeguard their reliable operation in power grids. Schaffner develops and builds active and passive power quality filters to assure the best quality of electric power. The key sales markets include energy-efficient drive systems, electrical infrastructure, machine tools and robotics, power supplies for electronic devices, rapid charging systems for electric vehicles, and renewable energy. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2020 to the date of this report. |
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Schaffner Limited (Registered number: 01817704) |
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Report of the Directors |
for the Year Ended 30 September 2021 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Credit Risk |
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Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation.The company only has two debtors, the fellow subsidiary logistics company, from whom commission is received and the tenant from the sublease of the office premises. Company policy is aimed at minimising such losses and requires that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. |
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Currency Risk |
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The company has transactional currency exposures which arise as a result of intercompany transactions in various currencies. |
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Liquidity and Cashflow |
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Cash flow is the risk that inflows and outflows of cash and cash equivalents will not be sufficient to finance day to day operations of the company. Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company manages cash flow and liquidity risk by careful negotiation of terms with customers and suppliers and maintains available funds with support from it's parent company, Schaffner Holdings AG, to enable the company to meet its liabilities as they fall due. |
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GOING CONCERN |
A financial review of the results and financial position occurs each month with the whole Board of Schaffner Limited and the Board of Schaffner Holding AG. The Schaffner Holding AG group has considerable financial resources together with established long-term relationships with a number of customers and suppliers. As a consequence, the directors believe that the company is well placed to manage its business risks successfully. |
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DIRECTORS' LIABILITIES |
During the year, and up to the date of approval of the financial statements, the Schaffner Holding AG group, of which this company is a wholly owned subsidiary, had in place third party indemnity provisions for the benefit of all the directors of the company. |
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Schaffner Limited (Registered number: 01817704) |
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Report of the Directors |
for the Year Ended 30 September 2021 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
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- | 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. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Turner & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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Schaffner Limited (Registered number: 01817704) |
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Report of the Directors |
for the Year Ended 30 September 2021 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Schaffner Limited |
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Opinion |
We have audited the financial statements of Schaffner Limited (the 'company') for the year ended 30 September 2021 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2021 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. |
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Schaffner Limited |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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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 identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Schaffner Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
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Auditors' 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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Enquiry of management, those charged with governance around actual and potential litigation and claims. |
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Reviewing financial statements disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations and the Associations memorandum. |
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Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business should they arise. |
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Reconciling income in total to amount recorded in the company's financial records to ensure completeness of income. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Schaffner Limited |
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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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Registered Auditors |
Chartered Accountants |
10a White Hart Parade |
London Road |
Blackwater |
Camberley |
Surrey |
GU17 9AD |
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Schaffner Limited (Registered number: 01817704) |
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Income Statement |
for the Year Ended 30 September 2021 |
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30.9.21 | 30.9.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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554,580 | 289,145 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL
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Schaffner Limited (Registered number: 01817704) |
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Balance Sheet |
30 September 2021 |
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30.9.21 | 30.9.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Schaffner Limited (Registered number: 01817704) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Schaffner Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises revenue recognised by the company in respect of commission received and expenses recharged, exclusive of Value Added Tax and trade discounts. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Schaffner Limited (Registered number: 01817704) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Share- based payments |
Certain employees are entitled to participate in restricted share plans operated by Schaffner Holding AG. The directors have considered Financial Reporting Standard number 20 and have concluded that the expense and any resulting disclosure relating to these options would not be material to these 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. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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30.9.21 | 30.9.20 |
£ | £ |
Depreciation - owned assets |
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Schaffner Limited (Registered number: 01817704) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 October 2020 |
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Additions |
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Disposals |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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6. | DEBTORS |
30.9.21 | 30.9.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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Schaffner Limited (Registered number: 01817704) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company, in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £35,514 (2020 £25,989). Contributions totalling £7,120 (2020: £8,619) were payable to the fund at the balance sheet date and are included in other creditors. |
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |