ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2020
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
COMPANY INFORMATION
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
CONTENTS
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors present their report and the financial statements for the year ended 31 December 2020.
During the fiscal year 2020 we have focused on continuing to strengthen our partnership with key stakeholders, and ensuring that we have robust processes and contingencies to support the rapidly evolving requirements presented by operating time sensitive complex services in the context of the pandemic and Brexit. We have maximised the use and flexibility of current storage space and have expanded our range of services to include new services that do not rely on availability of local storage.
We continue to review and improve our internal processes and compliance to external benchmarks and quality standards, and in 2020 we were awarded ISO 45001 certification, a new quality standard for management of occupational health and safety.
Our senior management team is stable and able to perform at a high level, responding to challenges and opportunities as they arise and the Board of Directors has been able to adequately support. This year the senior management team was further strengthen by the appointment of an additional director based in the UK. A successful year has ensued for the management team and shareholders in terms of attaining the required profitability, and the achieved profit exceeds the budget aims.
Logistics and Warehouse
The Logistics team and operating model has been tested this year by the fast evolving challenges of Brexit and the pandemic and has consistently met the demands from key Customers and stakeholders. The high level of Customer satisfaction and easy to administer cost saving process along with creative solution development in a changing business environment have been key to the increase in demand for Logistics services.
Our 16 bay Cryofarm at Milton Park has been fully utilised during 2020 and additional cold storage was made available to our Customers in the parent company facilities in Forchheim and Karlsruhe.
The goals for 2020 have been met in regards:
−Developing strong future focused partnerships
−Reducing workforce turnover to and increasing specialised expertise
−Excellence in quality management systems and processes
−Development and utilisation of workforce competencies to enable expansion of service
Installations
The combined competence of transportation, rigging and installation of medical equipment continues to be a unique selling points in the UK market. In 2020 we were unable to deploy our technicians in northern Europe for much of the year due to travel restrictions and quarantine requirements unless they were able to work away for long periods of time. In response, we have worked to develop new alliances and opportunities in the UK which we will continue to explore in 2021. Our team of technicians has been stable throughout 2020 and has developed in experience and competence, allowing us to take on more complex systems and projects.
System Traffic
The UK line is embedded into our service offer and continues to operate in profit with one or two vehicles travelling each week between the UK and Europe, depending on requirements. This has been unaffected by Brexit or pandemic restrictions, and the UK team have developed competency in provision of documentation in support of the movement of goods between UK and the EU which has brought new connections and opportunities to us.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Looking Forward
The future outlook for Simon Hegele Logistics and Service Ltd. Continues to be very promising. We see 2021 as a year of opportunities with a business need to invest in a larger purpose built logistics facility to enable the expansion of services to existing and new Customers, and the exploration of several opportunities that are under discussion.
Investment in space, equipment and expertise form part of the 2021 plan to support the continued growth of the business.
Simon Hegele has a proven track record valued by our Customers within the high tech medical equipment industry in which we operate, thereby contributing to our positive outlook for the future.
We remain fully committed to strong partnerships with our existing Customers and look forward to progressing commercial discussions and building partnerships with potential new Customers.
Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made, and where possible, the checks continue to be monitored throughout the commercial relationship. In 2020, there were no write-offs of receivables.
Liquidity Risk
Liquidity risk is managed by the company through close monitoring and control of cash flows to ensure adequate funding for the Company’s day to day operations.
Currency Risk
The company has transactional currency exposures which arise from sales and purchases in currencies other than its functional currency as well as the currency risk associated with inter-company transactions in foreign currencies. In general the risk is managed by securing the main requirement for other currencies at the beginning of the year and where possible, balancing sales and purchases in foreign currencies. All new risks are controlled by robust procedures.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Key performance indicators are:
Turnover for the year is £5,215,281 (2019: £4,573,874).
Gross profit margin for the year was 74.95% (2019: 70.35%).
Operating profit for the year was £1,045,170 (2019: £752,873).
The company has created other key performance indicators and will monitor them in the future.
COVID-19
The Company are exposed to the risk in respect of COVID-19. In addition to the market, operational, credit, liquidity and regulatory risks specific to COVID-19, there is also an additional economic uncertainty risk. The Company has a strong management team which will continuously monitor the risk and challenges arising because of COVID-19 and adapt and respond quickly to challenges and changing market conditions.
This report was approved by the board and signed on its behalf.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors who served during the year were:
1. Providing in house logistics at the customer’s factory location and a consignment warehouse culminating in a just in time delivery schedule to optimise and support the customer’s production schedule. 2. Installation Support - Providing the company's parent company with support in carrying out delivery and installations of new medical equipment as well as working with Siemens UK for de-installation / re-installation work. 3. System Traffic - Acting as the UK hub for the collection of goods from UK locations for further transport to Germany and the delivery of goods arrived from Germany to UK locations.
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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.
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 to 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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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditor, James Cowper Kreston, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMON HEGELE LOGISTICS AND SERVICE LIMITED
We have audited the financial statements of Simon Hegele Logistics and Service Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMON HEGELE LOGISTICS AND SERVICE LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMON HEGELE LOGISTICS AND SERVICE LIMITED (CONTINUED)
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 an Auditor's Report 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.
Because of the inherent limitations of an audit, there is a risk that .we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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: • Enquiry of management, those charged with governance around actual and potential litigation and claims; • Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations; • Reviewing minutes of meetings of those charged with governance; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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 Auditor's Report.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIMON HEGELE LOGISTICS AND SERVICE LIMITED (CONTINUED)
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 an Auditor's Report 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 Auditor
2 Chawley Park
Cumnor Hill
OX2 9GG
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
REGISTERED NUMBER: 05320609
BALANCE SHEET
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Simon Hegele Logistics and Service Limited is a private limited company incorporated and domiciled in England and Wales with registered number 05320609. The Company's registered office is Unit 161 Milton Park, Abingdon, Oxfordshire, OX14 4SD.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Simon Hegele Gesellschaft fur Logistik und Service GmbH as at 31 December 2020 and these financial statements may be obtained from Hardeckstrasse 5, 76185 Karisruhe, Germany.
The Company and its major customers are recognised as essential business under the Government’s guidance and generated a profit before tax of £842,746 during the year ended 31 December 2020 and has net assets as at 31 December 2019 of £1,099,008 (2019: £1,281,262) of which cash represents £1,026,585 (2019: £531,454).
The directors have prepared forecasts and projections using what the directors to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of at least 12 months from signing of the financial statements which show the Company to be a going concern. The directors are also undertaking proactive measures to optimise working capital and preserve cash. Based on the above, the directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Asset useful life and depreciation Tangible fixed assets are depreciated over their useful on a straight line basis. The useful lives of the assets are assessed annually and may vary depending on a number of factors. The useful lives of assets are reassessed based on technological innovation, future performance of that asset and maintenance programmes are taken into account. Dilapidation provision Directors have considered work carried out on buildings to date, lease terms, and current conditions of the buildings. The provision for dilapidation of buildings is annually reviewed for any changes and is updated when new factors affecting the directors' estimate of likely costs are identified.
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
7.TAXATION (CONTINUED)
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. As the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements. However, it is likely that the overall effect of the change, had it been substantively enacted by the balance sheet date, would be to increase the tax expense for the period by and to increase the deferred tax liability. The impact of these increases is not expected to be material.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Profit & loss account
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company operates a defined contributions 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 £32,408 (2019: £27,904). Contributions totalling £nil (2019: nil) were payable to the fund at the balance sheet date and are included in creditors.
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SIMON HEGELE LOGISTICS AND SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors regard Simon Hegele Gesellschaft fuer Logistik und Service GmbH, a Company incorporated in Germany, as the immediate and ultimate parent company and controlling party, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of Simon Hegele Gesellschaft fuer Logistick und Service GmbH's consolidated financial statements can be obtained from Hardeckstrasse 5,76185 Karlsruhe, Germany.
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