REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
FOR |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
FOR |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
The directors present their strategic report for the year ended 30th September 2022. |
REVIEW OF BUSINESS |
The principal activity of the company in the year under review was that of wholesalers of barbecues and related products. |
The company is part of the worldwide Weber Group which was established in 1952. The Weber Group is one of the world's leading providers of barbecues with the most comprehensive range of barbecue products and services in the industry. The Weber brand is internationally synonymous with barbecuing innovation, perfect barbecue products and the utility barbecuing experience. |
The directors consider the results achieved by the company to be very good, considering the current UK economy. The company's market share in the UK continues to grow and it is envisaged will improve further in the coming years following the continued investment in staffing and resources. The product ranges continue to be regularly updated with new innovative technology which is expected to improve income and profitability. |
The company's key performance indicators during the year were as follows: |
2021/22 | 2020/21 |
Turnover | £41,307,369 | £53,738,849 |
Gross % | 18.29% | 16.19% |
EBITDA | £775,014 | £3,332,555 |
The directors consider the year to be very satisfactory. The high prior year turnover was attributed to a combination of group strategy and COVID-19 restrictions on consumers coupled with good weather during the peak season. Gross profit margins have improved due to sales mix and efficiency savings. The costs in the business have moved in line with the levels of activity and continue to be closely monitored. |
The balance sheet improved due to a dividend received during the year of over £3m. |
The group does not have any external funding requirements or reliance on any external creditors. All cash flow funding is monitored and arranged within the Weber Group. |
The directors are confident in the future outlook of the company and are budgeting an increase in turnover and market share for 2022/23. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal commercial risks and uncertainties faced by the company include the general economic climate, seasonal weather factors and rising costs. The directors monitor these risks in order to respond and react to changes in the market conditions. |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
SECTION 172(1) STATEMENT |
Statement by the directors in performance of their statutory duties in accordance with Section 172(1) of the Companies Act 2006. |
We the board of directors, of Weber-Stephen Products (U.K.) Limited consider, both individually and together, that we have acted in the way we consider, in good faith, would most likely promote the success of the company for the benefit of our members as a whole in the decisions taken during the year ended 30th September 2021. The following details how we have had regard to the matters set out in s.172(1) (a) to (f) as highlighted in bold below: |
The likely consequences of any decision in the long term |
The long term success of the company is always considered in making decisions and this is aligned with the strategy and the risk management procedures within the worldwide group. An important factor to achieving this is with the US parent company being at the forefront of the strategic decision making. |
The interests of the company's employees |
The board recognises that its employees are fundamental to the success of our business. The health, safety and wellbeing of our employees continues to be a priority, and in recognition of the risks associated with the global pandemic we have implemented new measures to ensure all employees feel safe whilst at work, whether that be in the office or at home. |
We aim to maintain a working environment that respects the diversity of staff and enables them to achieve their full potential, to contribute fully, and to derive maximum benefit and enjoyment from their involvement in the company. |
The need to foster the company's business relationship with suppliers, customers and others |
Stakeholder relationships have been, and continue to be, a key source of value to our business and essential to delivering our strategy. |
We seek to promote our values throughout all our stakeholder engagements and consider shared values to be an important factor when engaging with new and existing stakeholders. We conduct regular reviews of current suppliers to ensure that standards are adhered to. |
Partnerships are an important cornerstone in our success, and over the years we have formed excellent relationships with key stakeholders. |
The impact of the company's operations on the community and environment |
We believe we have a responsibility to protect and care for the environment, and we take our responsibilities seriously. |
The desirability of the company maintaining a reputation of high standards of business conduct |
If there is one area where the Weber Group stand head and shoulders above the competition it is our commitment to quality. When you purchase a Weber barbecue, you’re not just getting a high quality product, but a premium warranty too. We are so confident in the quality of our barbecues, we guarantee the individual components of our gas, charcoal and electric barbecues for up to 10 years. |
The need to act fairly between members of the company |
After considering all the relevant factors, we consider which course of action best enables delivery of our strategy, taking into consideration the financial reward to our shareholders and the impact on stakeholders and our employees. In doing so, the application of ethical and sustainable policies is highly promoted. |
FINANCIAL RISK MANAGEMENT |
The company's operations expose it to a variety of financial risks that include the effects of credit, currency, interest rate and liquidity risks. The directors actively manage these risks by monitoring levels of risk and related costs of mitigating these. |
The company finances their operations through a mixture of retained profits and inter-group loans. They are not exposed to any external funding. |
Hedge accounting is not used by the company. |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
EMPLOYEE INVOLVEMENT |
The directors continue to develop employees using both external and in house resources. Programmes are developed around both business needs and personal development. The company continues to appraise all systems and staff wellbeing to actively promote a positive company culture. |
It is the company's policy to consult and discuss with employees on matters likely to affect their interests. |
In the recruitment of staff and their future career development, individuals are considered having regard to their aptitudes and abilities, irrespective of race, gender, marital status or disability. |
DISABLED PERSONS |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
ON BEHALF OF THE BOARD: |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
The directors present their report with the financial statements of the company for the year ended 30th September 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesalers of barbecues and related products. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th September 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st October 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
AUDITORS |
The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
Opinion |
We have audited the financial statements of Weber-Stephen Products (U.K.) Limited (the 'company') for the year ended 30th September 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30th September 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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. |
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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
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. |
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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
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 Strategic Report or the Report of the Directors. |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Company and the nature of the sector in which it operates, we have identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006 and tax legislation. |
We have evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inappropriate journal entries, improper application of revenue cut-off procedures, omission of provisions and management bias within accounting estimates and judgements. Our audit procedures designed to address these risks included, but were not limited to: |
- | Obtaining an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls; |
- | Enquiries with management, regarding any known or suspected instances of non-compliance with laws and regulations and fraud; |
- | Challenging assumptions and judgements made by management in their significant accounting estimates, in particular, those relating to provisions and future performance in light of the impact of Covid-19; |
- | Auditing the risk of management override of controls, including through the testing of journal entries and other adjustments for appropriateness; |
- | Revenue year end cut-off procedures; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and |
- | Agreement of the financial statements disclosures to the underlying supporting documentation. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 concealment by misrepresentations or through collusion. There are inherent limitations in the audit procedures performed, 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 are to become aware of it. |
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 |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
6,540,473 | 5,398,383 |
OPERATING PROFIT | 5 |
Income from shares in group undertakings |
Interest receivable and similar income |
3,516,622 | 13,425,392 |
4,530,783 | 16,725,076 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
BALANCE SHEET |
30TH SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Share premium | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st October 2020 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30th September 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30th September 2022 |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
30.9.22 | 30.9.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Purchase of fixed asset investments | (1,359,253 | ) | (8,894,671 | ) |
Interest received |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
Share issue |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
2,872,618 |
Cash and cash equivalents at end of year | 2 | 1,103,288 | 1,426,927 |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.9.22 | 30.9.21 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 285,160 | 242,255 |
Finance income | (3,516,622 | ) | (13,425,392 | ) |
1,060,174 | 3,332,555 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th September 2022 |
30.9.22 | 1.10.21 |
£ | £ |
Cash and cash equivalents | 1,103,288 | 1,426,927 |
Year ended 30th September 2021 |
30.9.21 | 1.10.20 |
£ | £ |
Cash and cash equivalents | 1,426,927 | 2,872,618 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.21 | Cash flow | At 30.9.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,426,927 | (323,639 | ) | 1,103,288 |
1,426,927 | ( |
) | 1,103,288 |
Total | 1,426,927 | (323,639 | ) | 1,103,288 |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
Weber-Stephen Products (U.K.) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Weber-Stephen Products (U.K.) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Weber Inc., 1415 South Roselle Road, Palatine, Illinois, 60067, USA. |
Significant judgements and estimates |
In 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. Where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The judgements and estimates which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows: |
Sales rebate provisions - the directors have made estimations in respect of the level of sales rebate provisions payable to customers. The sales rebate provisions are based on a number of factors which are not all fully apparent at the year end. |
Stock provisions - the directors have reviewed and estimated the value of stock which is either slow moving or obsolete. |
Bad debt provisions - the directors have reviewed and estimated the value of debtors which they do not believe are fully recoverable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
The following assets and liabilities are classified as financial instruments: |
Investments in subsidiaries, trade debtors, trade creditors and inter group balances. |
Trade debtors, trade creditors, and inter group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in profit and loss. |
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. |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
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. |
Foreign currencies |
Transactions in foreign currencies are translated at a fixed exchange rate. Monetary assets and liabilities held at the balance sheet date are retranslated at the year end exchange rate. |
3. | TURNOVER |
Turnover is attributable to the principal activity of the company. |
The percentage of turnover attributable to overseas markets was 14.37% (2021: 13.73%). |
4. | EMPLOYEES AND DIRECTORS |
30.9.22 | 30.9.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.9.22 | 30.9.21 |
Sales and administration |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
30.9.22 | 30.9.21 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30.9.22 | 30.9.21 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.9.22 | 30.9.21 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Other non- audit services |
Foreign exchange (gains) / losses | ( |
) |
Interest payable and similar expenses on loans from group undertakings |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.9.22 | 30.9.21 |
£ | £ |
Group interest payable |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30th September 2022 nor for the year ended 30th September 2021. |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.9.22 | 30.9.21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
forwards |
Depreciation of non-qualifying assets | 3,100 | 867 |
Tax rate movements | 2,270 | - |
Total tax charge | - | - |
8. | DIVIDENDS |
30.9.22 | 30.9.21 |
£ | £ |
Ordinary shares of £1 each |
Interim |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st October 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30th September 2022 |
DEPRECIATION |
At 1st October 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30th September 2022 |
NET BOOK VALUE |
At 30th September 2022 |
At 30th September 2021 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st October 2021 |
Additions |
At 30th September 2022 |
NET BOOK VALUE |
At 30th September 2022 |
At 30th September 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Germany |
Nature of business: |
% |
Class of shares: | holding |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Switzerland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Czech Republic |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Russia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Poland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Germany |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Canada |
Nature of business: |
% |
Class of shares: | holding |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Chile |
Nature of business: |
% |
Class of shares: | holding |
Registered office: China |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Hong Kong |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Japan |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Malaysia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Poland |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Colombia |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
30.9.22 | 30.9.21 |
£ | £ |
Stocks |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade debtors |
Amount owed by group companies | 371,090 | 162,912 |
VAT |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.22 | 30.9.21 |
£ | £ |
Trade creditors |
Other creditors |
Amount owed to group companies | 17,890,798 | 17,248,819 |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.22 | 30.9.21 |
£ | £ |
Within one year |
Between one and five years |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.22 | 30.9.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
16. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st October 2021 | 11,425,000 |
Profit for the year |
At 30th September 2022 | 15,670,623 |
WEBER-STEPHEN PRODUCTS (U.K.) LIMITED (REGISTERED NUMBER: 03518831) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2022 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for the benefit of the directors and employees. The assets of the scheme are administered by trustees in a fund independent from those of the company. The cost in the year was £146,185 (2021: £156,651). |
18. | ULTIMATE PARENT COMPANY |
In the directors' opinion the company's ultimate parent company is Weber Inc. which is incorporated in the United States of America. The company's address is 1415 South Roselle Road, Palatine, Illinois, 60067, USA. |
19. | RELATED PARTY DISCLOSURES |
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. |