Josef Seibel UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05139748 (England and Wales)

JOSEF SEIBEL UK LIMITED

Financial Statements for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Ingram

C A Seibel

A M J Garnier

SECRETARY:

M S Ingram

REGISTERED OFFICE:

Nightingale House

46 - 48 East Street

Epsom

Surrey

KT17 1HQ

REGISTERED NUMBER:

05139748 (England and Wales)

SENIOR STATUTORY AUDITOR:

Keith Ferguson

AUDITORS:

BDO LLP

16 The Havens

Ransomes Europark

Ipswich

Suffolk

IP3 9SJ

FIXED ASSETS

Tangible assets

5

74,767

95,147

CURRENT ASSETS

Stocks

720,669

909,546

Debtors

6

477,259

298,548

Cash at bank and in hand

565,711

403,079

1,763,639

1,611,173

CREDITORS

Amounts falling due within one year

7

1,165,219

1,081,059

NET CURRENT ASSETS

598,420

530,114

TOTAL ASSETS LESS CURRENT LIABILITIES

673,187

625,261

CREDITORS

Amounts falling due after more than one year

8

(38,885

)

(48,431

)

PROVISIONS FOR LIABILITIES

11

(5,268

)

(6,362

)

NET ASSETS

629,034

570,468

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

12

579,034

520,468

SHAREHOLDERS' FUNDS

629,034

570,468

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2022 and were signed on its behalf by:

M S Ingram - Director

1.	STATUTORY INFORMATION

Josef Seibel UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company during the year was that of distributor for Josef Seibel footwear in the United Kingdom.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared under historical cost convention.

GOING CONCERN

The financial statements have been prepared on a going concern basis. The Directors have assessed the performance after the period end and prepared forecasts for a period of at least 12 months from the date of approval of the financial statements. The Directors have considered the on-going conflict in Ukraine and do not anticipate the conflict in its current form to have an impact on the business. The Directors consider that the company is able to continue as a going concern for a period of at least 12 months from the date these financial statements have been issued.

The following principal accounting policies have been applied:

ESTIMATES AND JUDGEMENTS

The only significant area of judgement within these financial statements is considered to be the depreciation of fixed assets as detailed in the accounting policy below.

TURNOVER

Turnover includes retail sales representing the net invoiced sale of goods, excluding value added tax, recognised at the point of delivery to the customer.

Turnover also includes commission received on the sale of goods, excluding value added tax, recognised at the point the goods are invoiced to the customer.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

over the life of the lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

GOVERNMENT GRANTS

During the year the company has utilised avaliable coronavirus support from the government including claims under the job retention scheme for furloughed employees. Government grants have been accounted for using the accruals model.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised 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.

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

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions denominated in foreign currencies are translated into sterling at the rate ruling at the date of the transaction.

Exchange gains and losses are recognised in the Statement of Comprehensive Income.

LEASING COMMITMENTS

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

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 the Statement of Comprehensive Income in the period in which they relate. Amounts not paid are shown in accruals as a liability in the balance sheet.

FINANCIAL INSTRUMENTS

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial Liabilities

Basic financial liabilities, including trade and other payables, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

and 31 December 2021

129,070

8,737

65,713

40,962

244,482

DEPRECIATION

At 1 January 2021

67,407

7,182

35,528

39,218

149,335

Charge for year

14,623

388

4,527

842

20,380

At 31 December 2021

82,030

7,570

40,055

40,060

169,715

NET BOOK VALUE

At 31 December 2021

47,040

1,167

25,658

902

74,767

At 31 December 2020

61,663

1,555

30,185

1,744

95,147

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

349,973

269,953

Other debtors

127,286

28,595

477,259

298,548

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,940

4,915

Trade creditors

45,128

40,052

Amounts owed to group undertakings

756,018

840,002

Tax

-

44,985

Social security and other taxes

27,180

24,367

VAT

261,145

95,440

Other creditors

6,157

5,176

Accrued expenses

59,651

26,122

1,165,219

1,081,059

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

9,788

9,547

Bank loans - 2-5 years

29,097

30,112

Bank loans more 5 yr by instal

-

8,772

38,885

48,431

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

8,772

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

25,368

53,719

Between one and five years

-

34,893

25,368

88,612

10.	SECURED DEBTS

The bank loan included in creditors above is not secured on the assets of the company as it is a bounce back loan guaranteed by the government as part of the Corona virus support measures provided to businesses.

11.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

5,268

6,362

Deferred

tax

£

Balance at 1 January 2021

6,362

Credit to Income Statement during year

(1,094

)

Accelerated capital allowances

Balance at 31 December 2021

5,268

12.

RESERVES

Retained

earnings

£

At 1 January 2021

520,468

Profit for the year

58,566

At 31 December 2021

579,034

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

An audit of the company's financial statements was carried out by BDO LLP as statutory auditor who reported to the company's members on 23 March 2022.

The auditor's report was signed by Keith Ferguson as senior statutory auditor and was unqualified.

14.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,760 (2020 - £6,791). Contributions totalling £2,558 (2020 - £1,580) were payable to the fund at the balance sheet date and are included in other creditors.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY