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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Zeppelin Systems UK Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Zeppelin Systems UK Limited |
Zeppelin Systems UK Limited (Registered number: 06193937) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Zeppelin Systems UK Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTOR: |
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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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Bridge House |
Old Grantham Road |
Whatton |
Nottingham |
NG13 9FG |
Zeppelin Systems UK Limited (Registered number: 06193937) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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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 | 9 |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Zeppelin Systems UK Limited (Registered number: 06193937) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Zeppelin Systems UK Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
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. |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the transfer of ownership and the transfer of risk have passed to the buyer. Transfer of ownership will occur when all goods are provided to the buyer. Transfer of risk will occur upon acceptance by the buyer of the service. |
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With respect to long term contracts where the outcome can be estimated reliably, revenue is recognised by reference to the stage of completion. The stage of completion is calculated by comparing total costs incurred to the year end as a percentage of total forecasted costs. |
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When it is probable that total contract costs will exceed total contract income, the expected loss is recognised as an expense immediately. |
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Payment received in advance of revenue recognition is included in creditors as payments on account to the extent that the amount received exceeds the cost incurred and included with inventory. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to the working condition for the intended use. Depreciation is provided at the following rates calculated to write off the cost of each material asset over its expected useful life as follows: |
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Plant and machinery | 20%, 33% straight line |
Fixtures, fittings & equipment | 20%, 33% straight line |
Motor vehicles | 33% straight line |
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Low value tangible fixed assets are included at cost and fully depreciated in the year of purchase. |
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Stocks |
Raw material stocks are valued at the lower of cost and net realisable value on a first in first out basis. |
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Work-in-progress is stated at costs incurred, net of amounts transferred to the profit and loss account in respect of deliverables completed to date, less foreseeable losses and applicable payments on account. |
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Cost comprises purchase price or direct production cost, together with attributable production and other overheads and is valued on a first in first out basis. |
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Net realisable value means estimated selling prices less all further costs to completion and all costs to be incurred in marketing, selling and distribution. |
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Zeppelin Systems UK Limited (Registered number: 06193937) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Provisions |
Provisions for costs to complete |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the directors' best estimate of the consideration required to settle the present obligation. These estimates consider information available and different possible outcomes. |
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Warranties |
Provision for expected costs of warranty obligations under sale agreements of goods are recognised at the date of the relevant products. The amount recognised as a provision is the directors' best estimate of the consideration required to settle the present obligation at the balance sheet date, and takes into account historical information regarding the nature, frequency and average cost claims for such sales and also the risks and uncertainties surrounding the obligation. The provision is retained as a liability up to the date of expiry of the warranty period, typically being two years from the completion of installation of the products. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Zeppelin Systems UK Limited (Registered number: 06193937) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Deferred tax asset |
Tax losses carried forward |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
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Ordinary | £1 | 500,000 | 500,000 |
Zeppelin Systems UK Limited (Registered number: 06193937) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | ULTIMATE PARENT UNDERTAKING |
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The ultimate and immediate parent undertaking and the smallest and largest group to consolidate these financial statements is Zeppelin GmbH incorporated in Germany. Copies of the Zeppelin GmbH consolidated financial statements can be obtained from the Company Secretary at Zeppelin GmbH, Postfach 15 05, 85742 Garching b, Munich, Germany. |
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12. | PROVISIONS FOR LIABILITIES |
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31.12.21 | 31.12.20 |
£ | £ |
Warranty provision | 433,521 | 438,680 |
Provisions to complete projects | 499,817 | 661,419 |
933,338 | 1,100,099 |
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Warranty provision |
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Provision for
costs to completion |
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Total |
£ | £ | £ |
Balance at 1 January 2020 | 438,680 | 661,419 | 1,100,099 |
Unused amounts reversed | (61,607 | ) | (277,686 | ) | (339,293 | ) |
Profit and loss account | 58,268 | 154,584 | 212,852 |
Amounts utilised | (1,820 | ) | (38,500 | ) | (40,320 | ) |
Balance at 31 December 2020 | 433,521 | 499,817 | 933,338 |
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The company provides a warranty cover in respect of manufacturing and design defects on its bulk handling system, which became apparent within the first two years following installation. A provision for warranty claims has been recognised and is expected to be utilised over the next two years based on past experience of warranty claims actually received and existing unsettled claims. |
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Provisions for costs to complete relate to estimates of future costs required to fulfil contracts, which have been substantially completed by the year end, or where title of goods has passed to the customer. The amount also includes provisions for costs relating to remediation and snagging costs that fall outside the company's definition of warranty spend. The provisions are expected to be utilised over the next three years. |