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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2020 |
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Stahl UK Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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Stahl UK Limited |
Stahl UK Limited (Registered number: 03784458) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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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 | 4 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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Stahl UK Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY
AUDITOR: |
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AUDITORS: |
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Westwood House |
78 Loughborough Road |
Quorn |
Leicestershire |
LE12 8DX |
Stahl UK Limited (Registered number: 03784458) |
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Report of the Directors |
for the Year Ended 31 December 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of providing technical and sales support for the sale of leather finishes, coatings and dyes. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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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). 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 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. |
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AUDITORS |
The auditors, Robert Whowell & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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Stahl UK Limited (Registered number: 03784458) |
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Report of the Directors |
for the Year Ended 31 December 2020 |
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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 |
Stahl UK Limited |
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Opinion |
We have audited the financial statements of Stahl UK Limited (the 'company') for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 101 'Reduced Disclosure Framework' (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 31 December 2020 and of its loss 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. |
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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. |
Report of the Independent Auditors to the Members of |
Stahl UK Limited |
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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 take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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A full audit has been undertaken without any restrictions to provide reasonable assurance that any acts of omission or commission intentional or unintentional, committed by the entity, or by those charged with governance, by management or by other individuals working for or under the direction of the entity, which are contrary to the prevailing laws or regulations have not occurred. This included assessing the control environment and robustness of the company's existing systems and controls. The matters of significance giving rise to risk, notably the effects of COVID-19 and BREXIT on the general economy and on the performance of the company, have not given us any concerns that this reasonable assurance cannot be achieved. |
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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 |
Stahl UK 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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Westwood House |
78 Loughborough Road |
Quorn |
Leicestershire |
LE12 8DX |
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Stahl UK Limited (Registered number: 03784458) |
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Income Statement |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT/(LOSS) |
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Other finance income | 12 |
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10,918 | 34,903 |
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Interest payable and similar expenses | 4 |
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Other finance costs | 12 |
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32,391 | 35,653 |
LOSS BEFORE TAXATION | 5 | ( |
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Tax on loss | 6 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Stahl UK Limited (Registered number: 03784458) |
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Other Comprehensive Income |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ |
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LOSS FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME |
Item that will not be reclassified to profit or loss: |
Actuarial profit/(loss) on pension fund | ( |
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Income tax relating to item that will not be reclassified to
profit or loss |
358,000 |
127,250 |
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
( |
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( |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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( |
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Stahl UK Limited (Registered number: 03784458) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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PENSION LIABILITY | 12 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 | ( |
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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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Stahl UK Limited (Registered number: 03784458) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2019 |
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(2,048,284 | ) | ( |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2020 |
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( |
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Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Stahl UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
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• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
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the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii),
B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
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the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations; |
• | the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
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the requirements of paragraph 52 the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of
IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
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the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to
(c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
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the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
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the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of
IAS 1 Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
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the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
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the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into
between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
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In accordance with IAS1.122 the judgements made by the board in applying the company's accounting policies have not resulted in any significant effect on the amounts recognised in these financial statements. |
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Revenue |
Revenue represents net invoiced support and commission charges, excluding value added tax and is solely derived from support commissions due from Stahl Holdings B.V. Stahl UK Ltd has no contract customers. |
Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Motor vehicles | - |
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Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
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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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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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Employee benefit costs |
The company operates a pension scheme providing benefits based on final pensionable pay. The scheme is closed to new entrants and there are no active members. The assets of the scheme are held separately from those of the company. |
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Pension scheme liabilities are measured using projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. The pension scheme surplus or deficit is recognised in full. The movement in the scheme surplus/deficit is split between operating charges, finance items and, in the statement of comprehensive income, actuarial gains and losses. |
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The company also contributes to a money purchase scheme and contributions are charged to the profit and loss account in the payroll period to which they relate. |
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Going concern |
At 31 December 2020 the company has a net capital deficiency of £3.174 million and is dependent on the availability of financial resources from its providers of finance. Taking into account the function of the company within Stahl group as well as the current consolidated performance and outlook for the near future, the company, through Stahl group, has adequate financial resources to continue its operational and financial existence for the foreseeable future. As a result of this the management of the company continue to adopt the going concern basis in preparing the statutory financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
31.12.20 | 31.12.19 |
£ | £ |
Wages and salaries | 68,289 | 58,693 |
Other pension costs |
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The average number of employees during the year was as follows: |
31.12.20 | 31.12.19 |
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Sales |
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Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The total pension costs in the year detailed above includes pension levies of £394 (2019 - £228). Also note the pension costs included in the final accounts are net of £16,994 (2019 - £30,548) of employer contributions that are recharged to Stahl Holdings BV. |
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Pension costs are net of the IAS19 adjustment of £125,000 (2019 - £125,000). |
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31.12.20 | 31.12.19 |
£ | £ |
Directors' remuneration |
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4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.20 | 31.12.19 |
£ | £ |
Group treasury interest paid |
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5. | LOSS BEFORE TAXATION |
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The profit before taxation is stated after charging: Depreciation - owned assets £1,398 (2019 - £5,592) and Auditors remuneration £3,000 (2019 - £3,000) and also includes the profit on sale of a company car in the year of £4,650. |
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6. | TAXATION |
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Stahl UK Ltd became part of the fiscal unity of Winvest Part B.V. in Amsterdam with effect from 1st January 2013. As from 15 December 2016 the company is part of the fiscal unity for the corporate income taxes of Stahl Parent B.V. The members of the tax group are jointly and severally liable for any taxes payable by the Group. The company is to be treated as solely resident of the Netherlands for tax purposes from the above date. As such the tax provision made in these financial statements is in accordance with Dutch taxation. |
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The deferred tax provision in the year relates to a deferred tax liability of £358,000 on the actuarial loss shown in the comprehensive income statement net of the increase in deferred tax asset of £327,500 to £379,000 on the pension scheme deficit. |
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The resultant tax charge on the profit on ordinary activities for the year is: Deferred Tax £30,500 (2019 - £75,750) |
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Dutch tax has been charged at 25% (2019 - 25%) |
Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | PROPERTY, PLANT AND EQUIPMENT |
Motor |
vehicles |
£ |
COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 101 | 101 |
Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 | ( |
) |
Deficit for the year | ( |
) |
Actuarial profit/(loss) on |
pension fund | (1,074,000 | ) |
At 31 December 2020 | ( |
) |
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12. | EMPLOYEE BENEFIT OBLIGATIONS |
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The assets of the scheme are held separately from those of the company, being invested under a Managed Fund effected by the Trustees with Quantum Advisory. The contributions are determined by a qualified actuary on the basis of valuations using the projected unit method. The most recent formal valuation was 1st January 2020. The assumptions which have most significant effect on the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries. |
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The most recent non-formal actuarial valuation showed that the market value of the scheme's assets was £14.2m and that the actuarial value of those assets represented 90.4% of the funded obligations, after allowing for expected future increases in earnings. The contributions made are at 35.4% of pensionable salaries together with an additional £125,000 in the above year by the company. |
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As the scheme is closed to new entrants, the current service cost as a percentage of pensionable payroll is likely to increase as the membership ages, although it will be applied to a decreasing pensionable payroll. |
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Pension Disclosure Under IAS 19 |
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The calculations are based upon the results of the formal valuation carried out on 1 January 2020, updated to 31 December 2020 by a qualified actuary. |
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The amounts recognised in the balance sheet are as follows: |
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Defined benefit |
pension plans |
31.12.20 | 31.12.19 |
£ | £ |
Present value of funded obligations |
( |
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( |
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Fair value of plan assets |
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(1,516,000 | ) | (206,000 | ) |
Present value of unfunded obligations |
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Deficit | ( |
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Deferred tax asset |
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Net liability | ( |
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Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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The amounts recognised in profit or loss are as follows: |
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Defined benefit |
pension plans |
31.12.20 | 31.12.19 |
£ | £ |
Current service cost |
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Net interest from net defined benefit
asset/liability |
3,000 |
(7,000 |
) |
Past service cost |
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( |
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3,000 | (124,000 | ) |
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Actual return on plan assets | 277,000 | 370,000 |
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Changes in the present value of the defined benefit obligation are as follows: |
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Defined benefit |
pension plans |
31.12.20 | 31.12.19 |
£ | £ |
Opening defined benefit obligation |
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Past service cost |
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( |
) |
Interest cost |
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Benefits paid | ( |
) | ( |
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Settlements |
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( |
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Remeasurements: |
Actuarial (gains)/losses from changes in
demographic assumptions |
(1,000 |
) |
(93,000 |
) |
Actuarial (gains)/losses from changes in
financial assumptions |
1,806,000 |
2,235,000 |
Oblig other remeasurement | 169,000 | 83,000 |
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Changes in the fair value of scheme assets are as follows: |
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Defined benefit |
pension plans |
31.12.20 | 31.12.19 |
£ | £ |
Opening fair value of scheme assets | 14,298,000 | 13,185,000 |
Contributions by employer |
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Expected return | 277,000 | 370,000 |
Benefits paid | (1,048,000 | ) | (343,000 | ) |
Settlements |
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( |
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Remeasurements on plan assets | 542,000 | 1,616,000 |
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Stahl UK Limited (Registered number: 03784458) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
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The amounts recognised in other comprehensive income are as follows: |
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Defined benefit |
pension plans |
31.12.20 | 31.12.19 |
£ | £ |
Actuarial (gains)/losses from changes in
demographic assumptions |
1,000 |
93,000 |
Actuarial (gains)/losses from changes in
financial assumptions |
(1,806,000 |
) |
(2,235,000 |
) |
Oblig other remeasurement | (169,000 | ) | (83,000 | ) |
Remeasurements on plan assets | 542,000 | 1,616,000 |
Change in asset ceiling | - | 100,000 |
(1,432,000 | ) | (509,000 | ) |
|
The major categories of scheme assets as amounts of total scheme assets are as follows: |
|
Defined benefit |
pension plans |
31.12.20 | 31.12.19 |
£ | £ |
Equities |
|
|
Fixed income instruments |
|
|
Property | 1,713,000 | 1,797,000 |
Cash | 58,000 | 346,000 |
14,194,000 | 14,298,000 |
|
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
|
31.12.20 | 31.12.19 |
Discount rate |
|
|
Deferred Revaluation |
|
|
Future pension increases - RPI up to 5% |
|
|
Price inflation (RPI) | 3.10% | 3.10% |
Price inflation (CPI) | 2.10% | 2.10% |
Expected return on assets | 1.30% | 2.00% |
|
13. | RELATED PARTY DISCLOSURES |
|
This company has taken advantage of the exemption available under IAS 24 'Related Party Disclosures' and has not disclosed transactions with companies that are part of the Stahl group. |
|
14. | ULTIMATE CONTROLLING PARTY |
|
The company's ultimate parent company and controlling party is Stahl Group S.A., a company registered in Luxembourg. The immediate holding company is Stahl Netherlands B.V. Copies of the consolidated financial statements published by Stahl Group S.A. can be obtained from the Chamber of Commerce in Luxembourg. |