Company Registration No. 02715934 (England and Wales)
LOHMANN TECHNOLOGIES U.K. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LOHMANN TECHNOLOGIES U.K. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LOHMANN TECHNOLOGIES U.K. LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
6
234,823
182,731
Current assets
Stocks
1,104,456
925,495
Debtors
7
3,403,465
2,586,490
Cash at bank and in hand
127,981
217,827
4,635,902
3,729,812
Creditors: amounts falling due within one year
8
(1,134,247)
(919,711)
Net current assets
3,501,655
2,810,101
Total assets less current liabilities
3,736,478
2,992,832
Provisions for liabilities
9
(88,806)
(71,840)
Net assets
3,647,672
2,920,992
Capital and reserves
Called up share capital
400,100
400,100
Profit and loss reserves
3,247,572
2,520,892
Total equity
3,647,672
2,920,992
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 March 2022 and are signed on its behalf by:
R Churchill
Director
Company Registration No. 02715934
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Lohmann Technologies U.K. Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and equipment
at varying rates on cost
Fixtures and fittings
20% straight line basis
Motor vehicles
20% straight line basis
Tangible assets are valued at historic cost less depreciation.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Tax
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
1.8
Retirement benefits
The company operates a defined contribution pension scheme covering the directors and the employees. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they related. The assets of the scheme are held separately from those of the company in an independently administered fund.
1.9
Operating lease commitments
Lessee
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.11
Foreign currency transactions
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
39
43
4
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
129,908
36,388
Adjustments in respect of prior periods
(106,407)
(12,512)
Total current tax
23,501
23,876
Deferred tax
Origination and reversal of timing differences
12,066
8,183
Total tax charge
35,567
32,059
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
5
Intangible fixed assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
487,582
1,502,550
1,990,132
Amortisation and impairment
At 1 January 2021 and 31 December 2021
487,582
1,502,550
1,990,132
Carrying amount
At 31 December 2021
At 31 December 2020
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
913,840
453,555
55,713
1,423,108
Additions
114,888
20,528
8,750
144,166
Disposals
(16,551)
(888)
(17,439)
At 31 December 2021
1,012,177
473,195
64,463
1,549,835
Depreciation and impairment
At 1 January 2021
778,703
406,278
55,396
1,240,377
Depreciation charged in the year
62,871
28,594
609
92,074
Eliminated in respect of disposals
(16,551)
(888)
(17,439)
At 31 December 2021
825,023
433,984
56,005
1,315,012
Carrying amount
At 31 December 2021
187,154
39,211
8,458
234,823
At 31 December 2020
135,137
47,277
317
182,731
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,275,445
1,322,478
Amounts owed by group undertakings
2,042,790
1,211,593
Other debtors
85,230
52,419
3,403,465
2,586,490
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
123,569
150,880
Amounts owed to group undertakings
137,168
138,015
Corporation tax
54,898
57,138
Other taxation and social security
343,885
370,843
Other creditors
474,727
202,835
1,134,247
919,711
9
Provisions for liabilities
2021
2020
£
£
Dilapidations
54,068
49,168
Deferred tax liabilities
34,738
22,672
88,806
71,840
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ria Leadbetter and the auditor was Richardsons.
11
Operating lease commitments
Lessee
Minimum lease payments under non-cancellable operating leases fall due as follows:
2021
2020
£
£
666,827
818,104
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
12
Parent company
The ultimate parent company throughout the financial year was Lohmann GmbH & Co. KG which is registered in Germany.
The results of Lohmann Technologies U.K. Limited are included in the group accounts prepared by Lohmann GmbH & Co, KG. The accounts can be obtained from the registered office address shown below:
Irlicher Straβe 55
Postfach 1454
56504 Neuwied
The ultimate controlling party is Lohmann GmbH & Co. KG.