Woehner (UK) Limited Filleted accounts for Companies House (small and micro)

Woehner (UK) Limited Filleted accounts for Companies House (small and micro)

WOEHNER (U.K.) LIMITED - Company Information

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Woehner (UK) Limited
Financial statements
31 December 2021
Company Registration Number 03096821
Woehner (UK) Limited
Financial statements
year ended 31 December 2021
Contents
Pages
Balance sheet
1
Notes to the financial statements
2 to 5
Woehner (UK) Limited
Balance sheet
31 December 2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
5,810
966
Current assets
Stocks
157,404
16,016
Debtors
5
189,000
106,173
Cash at bank and in hand
173,393
86,247
---------
---------
519,797
208,436
Prepayments and accrued income
3,600
1,479
Creditors: amounts falling due within one year
6
( 579,575)
( 395,536)
---------
---------
Net current liabilities
( 56,178)
( 185,621)
--------
---------
Total assets less current liabilities
( 50,368)
( 184,655)
Creditors: amounts falling due after more than one year
7
( 3,668,610)
( 3,853,114)
Accruals and deferred income
( 4,451)
( 3,910)
------------
------------
Net liabilities
( 3,723,429)
( 4,041,679)
------------
------------
Capital and reserves
Called up share capital
8
50
50
Profit and loss account
( 3,723,479)
( 4,041,729)
------------
------------
Shareholders funds
( 3,723,429)
( 4,041,679)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2022 , and are signed on behalf of the board by:
P Kooke
Director
Company registration number: 03096821
Woehner (UK) Limited
Notes to the financial statements
year ended 31 December 2021
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. Accounting policies
2.1 Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2 Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependant on the continued support of the parent company in postponing the repayment of their loans and also the continued support of the company's bankers in providing overdraft facilities. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amount, to provide for any further liabilities that might arise, and to reclassify fixed assets as current assets.
2.3 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
2.4 Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: Deferred tax has not been provided as it is unlikely the losses will be reversed.
2.5 Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
2.6 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on a straight line basis at rates of 15% - 33% per annum.
2.7 Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
2.8 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.9 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
2.10 Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
2.11 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
3. Employees
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
4. Tangible assets
Plant and machinery
Total
Cost
At 1 January 2021
1,832
1,832
Additions
6,260
6,260
-------
-------
At 31 December 2021
8,092
8,092
-------
-------
Depreciation
At 1 January 2021
866
866
Charge for the year
1,416
1,416
-------
-------
At 31 December 2021
2,282
2,282
-------
-------
Carrying amount
At 31 December 2021
5,810
5,810
-------
-------
At 31 December 2020
966
966
-------
-------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 December 2021
708
----
At 31 December 2020
–
----
5. Debtors
2020
£
£
Trade debtors
189,000
106,173
---------
---------
6. Creditors: amounts falling due within one year
2020
£
£
Trade creditors
8,109
169
Amounts owed to group undertakings
518,813
350,492
Social security and other taxes
52,353
44,629
HP liability
300
246
---------
---------
579,575
395,536
---------
---------
The HP liability is secured on the relevant assets concerned.
7. Creditors: amounts falling due after more than one year
2020
£
£
Obligations under finance leases and hire purchase contracts
525
–
Amounts owed to group undertakings
3,668,085
3,853,114
------------
------------
3,668,610
3,853,114
------------
------------
The HP liability is secured on the relevant assets concerned.
Included within creditors: amounts falling due after more than one year is an amount of £3,668,085 (2020: £3,853,114) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2021
2020
No
£
No
£
Ordinary shares of £ 1 each
50
50
50
50
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2020
£
£
Not later than 1 year
6,735
–
Later than 1 year and not later than 5 years
8,794
–
--------
----
15,529
–
--------
----
10. Summary audit opinion
The auditor's report for the year dated 24 February 2022 was unqualified.
The senior statutory auditor was Sarah Brock , for and on behalf of Hart Shaw LLP .
11. Controlling party
The parent of the smallest group for which consolidated financial statements are prepared is Wöhner International Ges.m.b.H, a company incorporated in Austria, with registered office Schottenfeldgasse 59/8, 1070 Vienna Commercial , which owns 100% of the issued ordinary share capital of Woehner (U.K.) Limited. The ultimate parent is Wöhner Family Holding GmbH and Co. KG. a company incorporated in Germany, with registered office Allee 2, 96450 Coburg.
12. General information
The company was registered in Wales and its registered number is 03096821 . The company is a private company limited by shares. Its registered office is 7 Spring Gardens, Gainsborough, Lincolnshire DN21 2AY.