REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HANSA-FLEX UK LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HANSA-FLEX UK LTD |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HANSA-FLEX UK LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
4 Cedar Park |
Cobham Road |
Ferndown Industrial Estate |
Wimborne |
Dorset |
BH21 7SF |
BANKERS: |
Leicester |
LE87 2BB |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Hansa-Flex UK Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At 31 December 2023, the company had net liabilities and had incurred trading losses to date. The company is therefore reliant upon the continued financial support provided by Hansa-Flex International GmbH and director, Mr G Sturm, such support having been confirmed for a period of not less than 12 months from the date of approval of these financial statements. |
Significant judgements and estimates |
In the application of the Company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. There are no areas that are considered to be key areas of judgement or estimation uncertainty. |
Goodwill |
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 5 years. |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Assets held under finance leases are depreciated in the same way as owned assets. |
At the balance sheet date, the Company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production and/or purchase costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Debtors |
Short term debtors are measured at the transaction price, less any provisions for amounts considered irrecoverable. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | 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. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance lease are those where substantially all the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss accounts so as to produce a constant rate of charge on the net obligation outstanding in each period. |
Rentals applicable to operating leases where substantially all the benefits and risks of ownership remains with the lessor are charged to the profit and loss account on a straight line basis. |
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. |
Revenue rocognition |
Revenue is measure at the fair value of the consideration received or receivable after the deduction of trade discounts and value added tax. Revenue is reduced for estimated customer returns, rebates and other similar allowances were required. |
Revenue from the sale of goods and services is recognised when those goods and services are delivered and legal title has passed. |
Government grants |
Government grants shall be recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
5,950 |
5,650 |
6. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Goodwill arose on the acquisition of the trade and assets of a division of Rouden Hydratek in 2017. |
7. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Plant and | and | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TANGIBLE FIXED ASSETS - continued |
The net book value of plant and machinery held under finance lease arrangements at 31 December 2023 was £nil (2022: £11,345) on which £3,392 (2022: £3,392) depreciation was charged during the year. |
The net book value of motor vehicles held under finance lease arrangements at 31 December 2023 was £nil (2022: £26,437) on which £12,377 (2022: £12,377) depreciation was charged during the year. |
8. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods and goods for resale |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 70,335 | 61,355 |
Other creditors |
Accruals and deferred income |
The finance leases are secured on the assets concerned. |
Bank loans represent a "Bounce-back loan" provided unsecured by Barclays Bank plc for a term of 6 years, of which the first 12 months are interest free (2.5% per annum interest charged thereafter). |
Amounts owed to group undertakings are unsecured and accrue interest at rates between 4-6%. |
HANSA-FLEX UK LTD (REGISTERED NUMBER: 01775369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans represent a "Bounce-back loan" provided unsecured by Barclays Bank plc for a term of 6 years, of which the first 12 months are interest free (2.5% per annum interest charged thereafter). |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 300,000 | 300,000 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Hansa-Flex Hydraulics UK Limited, a private company limited by shares and incorporated in England and Wales. |
The ultimate parent company Hansa-Flex AG, a private company limited by shares and incorporated in Germany, draws up consolidated financial statements for the Group, of which Hansa-Flex UK Limited is a part. |
The controlling parties of the company are Mr G Sturm, a director of the company by virtue of his shareholding in Hansa-Flex Hydraulics UK Limited and Mr T J C Armerding by virtue of his shareholdings in the parent companies of the Hansa-Flex Group. |
15. | LEASING AGREEMENTS |
2023 | 2022 |
£ | £ |
Within one year | 66,252 | 17,835 |
Between one and five years | 21,744 | 21,310 |
87,996 | 39,145 |