Josef Seibel UK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05139748 (England and Wales)

JOSEF SEIBEL UK LIMITED

Financial Statements for the Year Ended 31 December 2023

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:

Sarah Flear

AUDITORS:

PKF Smith Cooper Audit Limited

2 Lace Market Square

Nottingham

NG1 1PB

FIXED ASSETS

Tangible assets

5

55,839

68,600

CURRENT ASSETS

Stocks

1,135,722

1,055,449

Debtors

6

1,007,847

1,055,747

Cash at bank and in hand

980,002

1,121,467

3,123,571

3,232,663

CREDITORS

Amounts falling due within one year

7

1,716,101

2,206,300

NET CURRENT ASSETS

1,407,470

1,026,363

TOTAL ASSETS LESS CURRENT LIABILITIES

1,463,309

1,094,963

CREDITORS

Amounts falling due after more than one year

8

(19,063

)

(29,098

)

PROVISIONS FOR LIABILITIES

11

(9,511

)

(9,045

)

NET ASSETS

1,434,735

1,056,820

CAPITAL AND RESERVES

Called up share capital

12

50,000

50,000

Retained earnings

13

1,384,735

1,006,820

SHAREHOLDERS' FUNDS

1,434,735

1,056,820

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 2024 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.

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 17 (2022 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2023

129,070

11,514

65,713

54,637

260,934

Additions

-

-

8,381

5,753

14,134

Disposals

-

-

(9,452

)

(2,730

)

(12,182

)

At 31 December 2023

129,070

11,514

64,642

57,660

262,886

DEPRECIATION

At 1 January 2023

96,652

8,433

43,904

43,345

192,334

Charge for year

14,623

770

3,705

5,346

24,444

Eliminated on disposal

-

-

(7,001

)

(2,730

)

(9,731

)

At 31 December 2023

111,275

9,203

40,608

45,961

207,047

NET BOOK VALUE

At 31 December 2023

17,795

2,311

24,034

11,699

55,839

At 31 December 2022

32,418

3,081

21,809

11,292

68,600

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

640,169

608,002

Other debtors

367,678

447,745

1,007,847

1,055,747

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

11,119

10,442

Trade creditors

135,217

174,345

Amounts owed to group undertakings

1,064,750

1,565,308

Tax

93,098

44,560

Social security and other taxes

30,216

27,242

VAT

312,382

309,164

Other creditors

6,125

5,266

Accrued expenses

63,194

69,973

1,716,101

2,206,300

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

10,289

10,035

Bank loans - 2-5 years

8,774

19,063

19,063

29,098

9.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

63,234

44,246

Between one and five years

91,789

75,491

155,023

119,737

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

2023

2022

£

£

Deferred tax

9,511

9,045

Deferred

tax

£

Balance at 1 January 2023

9,045

Accelerated capital allowances

466

Balance at 31 December 2023

9,511

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

50,000

Ordinary

£1

50,000

50,000

13.

RESERVES

Retained

earnings

£

At 1 January 2023

1,006,820

Profit for the year

377,915

At 31 December 2023

1,384,735

14.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 22 March 2024 by Sarah Flear (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.

15.	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 £10,560 (2022 - £7,313). Contributions totalling £2,526 (2022 - £1,667) were payable to the fund at the balance sheet date and are included in other creditors.

16.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023

2022

£

£

M S Ingram

Balance outstanding at start of year

85,000

-

Amounts advanced

-

85,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

85,000

85,000

17.	RELATED PARTY DISCLOSURES

During the year commission was received from related companies amounting to £123,596 (2022 - £119,299) from Josef Seibel Schuhfabrik GmbH and £1,458 (2022 - £3,548) from Westland Shoes GmbH.

During the year, Josef Seibel UK Limited purchased goods from related companies amounting to £3,008,426 (2022 - £3,221,500) from Josef Seibel Schuhfabrik GmbH, £33,745 (2022 - £65,462) from Westland Shoes GmbH and £240,350 (2022 - £880,463) from Josef Seibel AsiaPacific Limited.

During the year, Josef Seibel UK Limited made payments for interest of £48,559 (2022 - £14,682), and royalties of £35,042 (2022 - £52,576) to Josef Seibel Schuhfabrik GmbH.

During the year, Josef Seibel UK Limited made payments of royalties of £75,794 (2022 - £Nil) to Westland Shoes GmbH.

At the end of the year there were outstanding balances included in debtors falling due within one year of £249 (2022 - £642) from Josef Seibel Schuhfabrik GmbH.

At the end of the year there were outstanding balances included in creditors falling due within one year of £956,252 (2022 - £1,430,948) for Josef Seibel Schuhfabrik GmbH, £Nil (2022 - £8,248) for Westland Shoes GmbH and £108,498 (2022 - £126,111) for Josef Seibel AsiaPacific Limited.

The company has hired certain fixtures and fittings at retail premises from Josef Seibel Schuhfabrik GmbH. The charge for the year was £Nil (2022 - £13,811).

During the year, the company made sales totalling £80,775 (2022 - £84,849) to Comfort Connections Limited, a company in which director/shareholder Martin Ingram has an effective 25.5% shareholding. At the year end, Comfort Connections Limited owed the company £96,391 (2022 - £71,936).

18.	ULTIMATE CONTROLLING PARTY

The ultimate parent company and controlling party of Josef Seibel UK Limited is Josef Seibel Holding GmbH, a company incorporated in Germany.

The registered office address of Josef Seibel Holding GmbH is:

Gebrüder-Seibel-Strasse 7,

76846 Hauenstein

Germany

HRB 30459

Consolidated accounts can also be obtained from this address.