Company registration number 02715934 (England and Wales)
LOHMANN TECHNOLOGIES U.K. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LOHMANN TECHNOLOGIES U.K. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LOHMANN TECHNOLOGIES U.K. LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
121,331
165,879
Current assets
Stocks
853,467
972,003
Debtors
7
1,367,586
4,623,169
Cash at bank and in hand
71,426
158,371
2,292,479
5,753,543
Creditors: amounts falling due within one year
8
(1,109,072)
(1,239,860)
Net current assets
1,183,407
4,513,683
Total assets less current liabilities
1,304,738
4,679,562
Provisions for liabilities
9
(139,593)
(90,411)
Net assets
1,165,145
4,589,151
Capital and reserves
Called up share capital
10
400,100
400,100
Profit and loss reserves
765,045
4,189,051
Total equity
1,165,145
4,589,151
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 12 March 2024 and are signed on its behalf by:
D Ephgrave
Director
Company Registration No. 02715934
LOHMANN TECHNOLOGIES U.K. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
1
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.
2
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.
2.1
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 amounts 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.
2.2
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.
2.3
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.
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 3 -
2.4
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.
2.5
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
2.6
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.
2.7
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.
2.8
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.
2.9
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.
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
2.10
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
30
33
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
297,288
249,893
Deferred tax
Origination and reversal of timing differences
(9,218)
(3,927)
Total tax charge
288,070
245,966
5
Intangible fixed assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
487,582
1,502,550
1,990,132
Amortisation and impairment
At 1 January 2023 and 31 December 2023
487,582
1,502,550
1,990,132
Carrying amount
At 31 December 2023
At 31 December 2022
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,002,201
478,158
58,483
1,538,842
Additions
3,153
25,445
28,598
Disposals
(51,131)
(51,131)
At 31 December 2023
1,005,354
452,472
58,483
1,516,309
Depreciation and impairment
At 1 January 2023
869,565
451,623
51,775
1,372,963
Depreciation charged in the year
57,248
10,615
1,750
69,613
Eliminated in respect of disposals
(47,598)
(47,598)
At 31 December 2023
926,813
414,640
53,525
1,394,978
Carrying amount
At 31 December 2023
78,541
37,832
4,958
121,331
At 31 December 2022
132,636
26,535
6,708
165,879
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,065,353
1,511,207
Amounts owed by group undertakings
6,046
3,050,255
Other debtors
296,187
61,707
1,367,586
4,623,169
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
223,313
367,034
Amounts owed to group undertakings
313,751
81,293
Corporation tax
88,018
141,816
Other taxation and social security
298,104
349,737
Other creditors
185,886
299,980
1,109,072
1,239,860
LOHMANN TECHNOLOGIES U.K. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Provisions for liabilities
2023
2022
£
£
Dilapidations
118,000
59,600
Deferred tax liabilities
21,593
30,811
139,593
90,411
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
400,100
400,100
400,100
400,100
11
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.
Senior Statutory Auditor:
Jemima King
Statutory Auditor:
Richardsons
Date of audit report:
12 March 2024
12
Operating lease commitments
Lessee
Minimum lease payments under non-cancellable operating leases fall due as follows:
2023
2022
£
£
416,959
462,034
13
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 Straße 55
Postfach 1454
56504 Neuwied
The ultimate controlling party is Lohmann GmbH & Co. KG.