Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
COMPANY INFORMATION
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LINDNER PRATER LTD
CONTENTS
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LINDNER PRATER LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The company continues to work with blue chip main contractors and clients providing specialist building envelope solutions involving roofing, cladding and curtain walling activities. The company has maintained a high level of investment in developing solutions which provide first class processes from design through to installation. This has created a scalable business model which gives Lindner Prater the confidence that it will continue to deliver profitable business and cash generation on a sustainable basis. The key market sectors include stadia, health, commercial, defence, residential, transport, social and power.
In the aftermath of the Covid-19 pandemic, the decision was made to merge the activities of Lindner Prater Limited and Prater Limited on 19 April 2021. The decision to bring the two businesses together was the next step in the evolution of the business strategy. Both companies have been part of the Lindner Group for more than a decade.
The Directors are pleased that the merger has been successful which is demonstrated through the improved business activity during 2022. Turnover in the year increased by 74% to £61,841,989. Gross margin for 2022 was £9,117,687 compared to a gross loss of £399,888 in the prior year. The company made an operating profit before exceptional items of £1,270,912 improving from an operating loss of £8,894,785 in 2021. The company retains a strong balance sheet and remains self-financing with no external borrowing and an improved cash position of £5,652,798, an increase of £2,264,974 on the prior. The order book for 2023 and beyond, at £114M, remains strong with HS2, nuclear, education and other infrastructure projects providing opportunities following the UK Government’s ongoing investment plan. The company is, therefore, well positioned to capitalise on opportunities arising in various areas of the construction market, with a continued geographical spread across the UK. On 16 March 2022, as part of an international group restructure, the company disposed of its 100% holding in Prater Limited to Lindner Exterior Holdings Limited for a consideration of £3,291,000. Furthermore, on 12 April 2022, the company disposed of its 51% shareholding in Lindner Facades Asia Pte. Limited for a consideration of £2,119,752. The directors have reviewed the balance sheet and have made a provision of £10M against a large part of the intra group debt due from Prater Limited on the basis that its recovery is highly unlikely.
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LINDNER PRATER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The safety and quality performance achieved during 2022 remained strong and continues to be a key area of focus and investment which is embedded within the Lindner Prater culture.
We have also further enhanced our in-house design and engineering teams and collaborative relationships with our strong network of specialist consultancies and suppliers. Lindner Prater has many repeat business clients and continues to be involved in landmark projects. The company also continues to work on a number of major infrastructure projects across core transportation and energy markets. Together with our partners and supply chain, Lindner Prater continues to deliver innovative, efficient and highly complex infrastructure projects bringing the highest levels of quality, safety and technical expertise. The company opened a new office in Southampton which represents our ongoing strategy to develop strength and capabilities of our regional offices. Linder Prater continues to monitor potential risks and uncertainties posed by the market uncertainty following Covid and Brexit. Following a detailed review there has been no change to Lindner Prater’s work winning strategy, or any significant material impact on current live projects or staff retention.
Lindner Prater Limited is managed in accordance with the risk principles adopted by the Lindner Group. The company strives through rigorous management review of its key performance indicators, to increase and improve its capability and competence through constant innovation and continuous improvement.
A principal risk facing specialist contractors is ensuring that contracts are completed to a first class quality, on time and within budget. Close management review and monitoring of projects ensures that this is achieved. The management systems of the company have been reviewed, audited and have successfully been awarded certification for ISO9001, 14001 and 18001 by TÜV SUD. The company’s uncompromising approach to the health and safety of every employee, client and supplier is a key cornerstone of the company’s systems. The Directors and management teams comprehensively review safety performance as a priority at all management meetings. The company has credit insurance provided by TMHCC on all of its customers to minimise exposure to bad debts.
The fallout from Covid-19 carries significant economic implications for the UK. Whilst our offices have filled up again and remote working decreased significantly during the year, an ongoing key success was the company’s continued ability to work effectively in a remote environment and the strength of its IT infrastructure has facilitated this without any disruption being encountered.
The UK’s exit from the EU following Brexit, has not led to any significant impact on our work winning strategy, nor has it had any material impact on current live projects or staff retention.
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LINDNER PRATER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
As a leading building envelope contractor, the company recognises that its activity on construction sites and at offices, impacts upon the environment and it is the intention to reduce this impact in every part of the business working in harmony with our clients and supply chain partners.
To assist in reducing its impacts, the company has installed video conferencing facilities at each of its offices and factories and continues to explore construction methods and materials which align with improvements to our environment. The company is totally committed to complying with legal and other requirements through formalised review and updating procedures. The company is committed to continual improvement in its environmental performance and has a number of objectives and targets which at this time revolve around the carbon footprint: • understanding the supply chain carbon footprint • reducing staff travel between offices • reducing the company carbon footprint.
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LINDNER PRATER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The merger of the activities of Lindner Prater Limited and Prater Limited during 2021 resulted in all Prater employees being transferred to Lindner Prater Limited under a Transfer of Undertakings (Protection of Employment) process.
The challenge during the past two years has been the change in working practices brought about by the pandemic and the adherence to government guidelines. The success of remote working has been testament to the investment into our IT infrastructure and to the dedication and loyalty of our staff who have risen to the challenges imposed. Our factory and site-based employees have been exemplary in both their approach and resolve and the Directors are very proud and appreciative of the manner in which everyone has responded. In addition, our office-based staff adapted quickly to new ways of working adapting to Covid-19 restrictions. We are proud to report that, during 2022, our offices have filled up again as we return to normal after the pandemic. The company remains proud of our Investors in People (‘IIP’) silver status - recognising endeavours to build capability, recognise, involve and engage the team to create sustainable success. As part of our commitment to continuous improvement, during 2023 we are happy to be working again in collaboration with IIP to perform a review of our business, its progress, and what we can do to improve further. This review has been conducted in addition to our bi-annual employee questionnaire, which has provided our employees with a forum to share their views with the Board of Directors on the performance of the business, employee engagement, and ideas of how we can improve. We are very pleased that during Spring 2023, we retained our silver accreditation ahead of communicating an updated IIP action plan with clear commitments to our team. In 2022 we worked closely with Dale Carnegie, an internationally renowned leadership training provider, who delivered a bespoke leadership course to all of the senior leaders across Lindner Group globally. The course focused on communication, self-confidence, company values, and what it takes to be an effective leader for a global business such as Lindner. After the success of this course, in 2023 we will be rolling out the "Lindner Managers Programme", again in partnership with Dale Carnegie, to all of our managers focusing on best practise and providing the tools required to lead highly effective and successful teams. We are very proud to now employ 19 apprentices across the UK. These apprentices span each department and all benefit from a fully funded apprenticeship, whilst benefiting further from our quarterly "Lindner Enrichment Programme" allowing the business to develop both the person and the professional. The programme provides a network for our apprentices, gathering quarterly to attend the enrichment days which are comprised of additional support, training on key products, communication skills, time management, and additional areas such as mental health and financial wellbeing. Lindner Prater is committed to providing social value to local areas and our apprenticeship scheme is a great example of the business supporting local councils, projects, and initiatives to provide local jobs to local people. The Linder Prater wellbeing programme has been at the forefront of internal communications to ensure that we support our employees during these unprecedented times in whatever manner required especially as the world recovers from the Covid-19 pandemic. All such initiatives contribute to ensuring that Lindner Prater is a great place to work and enables all teams to develop and engage in a rewarding career with the business.
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LINDNER PRATER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors have monitored the progress of the company's strategic elements by reference to certain financial
key performance indicators: 2022 2021 Turnover £61.9 million £35.6 million Order backlog £114 million £50 million Cash and Cash equivalents £5.7 million £3.4 million Net Assets £10.6million £19.7million
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LINDNER PRATER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
This statement explains how the Directors have engaged with employees, suppliers, customers and other stakeholders; and have had regard to employee interests, the need to foster the company’s business relationships with suppliers, customers and others, and the impact of the company’s operations on the community and the environment.
General confirmation of Directors’ duties The Board’s focus is on activities that enable it to promote shareholders’ interests. This includes the development of strategy, the monitoring of executive action and the consideration of ongoing board and management succession. When making decisions, each Director ensures that he acts in good faith in a way which promotes the company’s success, for the benefit of its members as a whole. In doing so each director has regard to the following (but not limited to) matters: The likely consequences of any decision in the long term The Directors understand the construction business and also the evolving market in which we operate. The company is totally focussed on meeting the needs of the market operated within. To this end, the company continually invests in developing solutions which provide first class processes from design through to installation. This investment aims to keep the company as the preferred curtain walling provider of choice for its customers and will enable the company to provide a sustainable level of turnover and return for its shareholders. Long term planning is reviewed at Board meetings as well as at other separate meetings during the year, when the consequences of decisions and future plans are considered. The interests of the company’s employees The Directors recognise that the company's employees are fundamental and core to our business and the delivery of our goals and ambitions. The success of our business depends upon our attracting, retaining and motivating employees. We need to ensure that we remain a responsible employer, from our pay as well as benefits to our health, safety and workplace environment. Uncompromising safety is paramount to everything we do. To this end we go beyond legal compliance and this is demonstrated by the numerous certifications held. These include: the international standards ISO 45001 (H&S), ISO 9001 (quality) and ISO 14001 (Environment), Achilles Building Confidence and CHAS Premium Plus, Construction Gold, and RISQS. In addition to these standards, we set annual improvement programmes which includes building upon our very successful behavioural safety scheme and mental health first aid that is available to our staff, operatives and the contractors that work for us. The Directors consider the implications of decisions on our employees whenever relevant and feasible. The need to foster the company’s business relationships with suppliers, customers and others Delivering the company's strategy requires strong mutually beneficial relationships with suppliers, subcontractors, customers, and joint-venture partners. The company and its Lindner Group partners have built relationships with their stakeholders through industry events, charity fund raising, supplier workshops, close collaboration on projects and other reasons designed to engage with these stakeholders. Particular emphasis is placed upon health, safety and quality. The culture and performance of the company's customers and sub-contractors is monitored continually using detailed statistics and reporting to ensure standards are maintained at the highest level. If issues arise they are dealt with immediately at the appropriate level internally or with the customer, supplier or contractor. This is one of many measures which the company uses to help foster relationships with these stakeholders.
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LINDNER PRATER LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors regularly receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged.
The impact of the company’s operations on the community and the environment The directors consider carefully the impact of their operations on the community and the environment. We work closely with our customers and supply chain to enable us to use the most environmentally friendly products. We have strong quality systems and controls to ensure this is achieved. The company has developed an environmental management system in accordance with ISO14002:2004. This system is central to minimising the impact of our activities on the environment. The directors' commitment and focus on health and safety is described above pursuant to ‘the interests of the company’s employees’. This is also relevant to the impact of the company’s operations on the community and environment. The desirability of the company maintaining a reputation for high standards of business conduct The directors aim to meet the highest standards for the company's reputation and business conduct. Within the market the company works, its reputation is key and all standards have to be maintained throughout the business to achieve this. Being part of the Lindner Group Corporate social responsibility programme is central to the working culture and this extends across the company's health and safety responsibilities, community activities and environmental systems. The directors recognise that fulfilling the company's moral, financial and legal obligations to both its internal and external stakeholders will bring significant and tangible benefits to the business. The company operates within the Lindner framework of values: I am honest, I am open, I say what I expect, I am disciplined, I pursue common aims, I respect my colleagues, I trust my colleagues, I share success with my colleagues. The company aligns its Core Values, Vision, Mission and business strategy with the social and economic needs of its stakeholders, whilst embedding responsible and ethical business policies and practices into everything it does. The need to act fairly as between members of the company The company only has one shareholder and so will always act fairly between members. The Directors consider which course of action best enables delivery of the company's strategy with regard to the long-term, taking into consideration the impact on stakeholders. This will normally be in the best long term interests of most of the company's stakeholders, however although our Directors will act fairly regarding the sole shareholder, they are not required to balance the company’s interest with those of other external stakeholders.
This report was approved by the board and signed on its behalf.
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LINDNER PRATER LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
The loss for the year, after taxation, amounted to £9,105,703 (2021 - loss £9,002,494).
The directors recommend no final dividend for the year ended 31 December 2022.
The directors who served during the year were:
M English (resigned 28 July 2022) R D Unwin (resigned 7 July 2022) K M Smith A J Fegbeutel G D Hamblett C Roberts S J Whiting M Schmidhuber (appointed 1 August 2022) R J Morton (appointed 1 June 2022)
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LINDNER PRATER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
With the merger of the activities of Prater and Lindner Prater the outlook for 2022 is looking positive. The company is well placed to manage its business risks and meet its financial targets successfully. Brexit and Covid-19 were significant events for the UK however the Directors believe that the steps taken in 2021 have positioned both companies in a strong position.
The directors are aware of the competitive pressures in the market place and the impact of the wider economy on the construction industry. However, the directors feel the company is well placed to benefit from the order back log at 31 December 2022.
The company continues to look for improved methods of working and new products to enhance its portfolio and reputation. Investment and training within our BIM ability and 3D/4D modelling continues to be a key development.
As stated previously the company is proud to be accredited to Investors in People and encouraged employees involvement and contribution through its staff committee, operative committee and company intranet.
Dissemination of company information and discussions are held through regular departmental meetings and staff briefings as well as individual performance reviews. Wherever possible, vacancies are filled from within the company and the Lindner UK Group and adequate opportunities for internal promotion are created. The Board is committed to a systematic training policy as stated previously and the Company has a comprehensive training and development programme creating the opportunity for employees to maintain and improve their performance and to develop their potential to a maximum level of attainment. In this way employees will make their best possible contribution to the success of the Lindner Group. The Company treats all people equally, fairly, with respect and without prejudice. Decisions about people’s employment with the Company are based on ability, performance and qualifications. This principle also applies when the Company makes decisions about development, promotion, pay and benefits. The Company does not tolerate unfair treatment or discrimination at work based on ethnicity, gender, age, religion, disability or sexual orientation.
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LINDNER PRATER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Streamlined Energy & Carbon Reporting (SECR)
Under the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon) Regulations 2018, we are mandated to disclose our UK energy use and associated greenhouse gas (GHG) emissions. As a minimum, we are required to report the GHG emissions from fuel combustion, purchased energy and transport vehicles, under Streamlined Energy and Carbon Reporting (SECR). Additionally, the use of an intensity ratio and an outline of implemented efficiency measures are required under the Streamlined Energy and Carbon Reporting (SECR) Regulations. To ensure a high level of transparency is achieved, robust and recognised reporting methods are implemented. The reporting methodology involves usage of the 2022 DEFRA (Department for Environment, Food and Rural Affairs) emissions factors to calculate and assess our UK operational emissions. The SECR reporting period covers Lindner Prater Limited’s operations from the 1st January 2022 to the 31st December 2022 and our calculations are for the following scopes: • Building-related energy – Natural gas consumption (Scope 1), onsite fuel combustion (Scope 1), and purchased electricity consumption (Scope 2). • Transportation – Fuel combustion in company vehicles (Scope 1) and business travel in expensed vehicles (Scope 3).
Calculation Methodology
Lindner Prater Limited’s emissions have been assessed in accordance with the ‘GHG Protocol Corporate Accounting and Reporting Standard’ and in line with DEFRA’s ‘Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting Requirements’. The DEFRA 2022 emissions conversion factors were used to quantify the emissions associated with Lindner Prater’s UK operations for the specified reporting period. Where first hand energy consumption data was unavailable, direct comparison and data benchmarking estimation methodologies have been used.
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LINDNER PRATER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Organisational Boundary
This SECR includes energy and emissions declarations for Lindner Interiors Limited, a sister company, in addition to Lindner Prater Limited. We have used the operational control approach. Results Reporting Period 1st January 2022 - 1st January 2021 - Area Metric 31st December 2022 31st December 2021 UK & Offshore UK & Offshore Combustion of Energy (kWh) 209,313 393,340 natural gas at Emissions (tCO2e) 38 114 site (Scope 1) Combustion of Energy (kWh) 956,120 391,558 fuel at site Emissions (tCO2e) 211 85 (Scope 1) Combustion of Energy (kWh) 301,462 394,691 fuel for transport Emissions (tCO2e) 73 93 in company vehicles (Scope 1) Purchased Energy (kWh) 572,272 824,701 electricity Emissions (tCO2e) 111 175 (Scope 2) Business travel in Energy (kWh) 885,417 586,312 expensed vehicles Emissions (tCO2e) 218 186 (Scope 3) Intensity Ratio (tCO2e / £m Turnover) 6 7 Intensity Ratio (tCO2e / Employee) 2 2 Total Energy (kWh) 2,924,584 2,590,602 Consumption Total Emissions (tCO2e) 651 653 Intensity Metrics The chosen intensity ratio is tCO2e per £million turnover. This was chosen as an appropriate activity metric considering the nature of our operations. An intensity ratio of tCO2e per full time equivalent employees has also been included.
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LINDNER PRATER LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Energy Efficiency Measures
Energy efficiency measures implemented this year include replacing 10 fluorescent tube lighting modules with LEDs at the Head Office in Salfords. All 24 halogen factory floor lights were replaced with LEDs at our factory in Crowborough. A time clock was installed on the Air Handling Unit of the office in Quinton so it would run for 14 hours a day on a weekday and not at weekends, instead of 24/7 as before. The temperature at our head office in Salfords has been set to 21C as opposed to 22C as it was previously. A salary sacrifice EV scheme was introduced to the business, with 21 employees having signed up so far. All of these employees have switched from a diesel or petrol car to a fully electric one. At the same time, electric car chargers were installed at our offices in Salfords, Cheadle, Quinton, Huntingdon and Putney.
In accordance with section 414C(11) of the Companies Act 2006, the company has chosen to include information in relation to the company's business relationships with suppliers, customers and others in the Strategic Report.
Following a rebranding exercise on 15 May 2023 the trading name of the independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
This report was approved by the board and signed on its behalf.
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LINDNER PRATER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LTD
We have audited the financial statements of Lindner Prater Ltd (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 Auditors' 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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LINDNER PRATER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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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LINDNER PRATER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LTD (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 Auditors' 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.
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 and 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; • 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; • Reviewing minutes of meetings of those charged with governance and • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 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, 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.
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 Auditors' Report.
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LINDNER PRATER LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LTD (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 Auditors' 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
Statutory Auditor
6th Floor
2 London Wall Place
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Date:
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LINDNER PRATER LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
REGISTERED NUMBER: 05759393
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 38 form part of these financial statements.
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LINDNER PRATER LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's Statement of Financial Position has been adapted and prepared in accordance with Section 4.2A of Financial Reporting Standard 102.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Lindner Group KG as at 31 December 2022 and these financial statements may be obtained from Bahnhofstrasse 29, 94424 Arnstorf, Germany.
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.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.
The estimated useful lives range as follows:
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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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Lindner Prater Limited is a private limited company incorporated in England and Wales within the United Kingdom.
The company's registered office is Unit 14, Perrywood Business Park, Honeycrock Lane, Redhill RH1 5JQ. The key estimation uncertainty impacting the company's activities relates to the measurement of the performance of long term contracts. All revenue in the year relates to long term contracts in the construction industry and management is required to make estimates regarding future performance of those contracts in determining current year performance. The carrying amount at the year end of assets and liabilities relating to long term contracts are disclosed in notes 19 and 21 of the financial statements.
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
At 31 December 2022 there is a potential deferred tax asset of £10,865,935 representing trading tax losses of £43,463,741 at the enacted rate of 25% (2021: £10,695,121 representing trading losses of £42,780,485 at the enacted rate of 25%). The deferred tax asset has not been recognised due to the uncertainty regarding a pattern of future profits that will arise for offset against which the losses carried forward can be relieved.
The main rate of corporation tax in the United Kingdom is increasing to 25% from 1 April 2023.
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
Project labour recharges totalling £5,884,909 was presented as offset to the administrative expenses in the prior year. This comparative amount is now shown as gross of the offset.
In the ordinary course of business the company has given counter indemnities in respect of performance
bonds and guarantees totalling £17,195,098 (2021: £23,626,279).
The company operates a defined contribution pension scheme for its employees. 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 £Nil (2021: £634,515). Contributions totalling £Nil (2021: £142,691) were payable to the fund at the balance sheet date and are included in creditors.
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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LINDNER PRATER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
29.Related party transactions (continued)
The immediate parent company is Lindner Building Envelope GmBH, a company incorporated in Germany.
The ultimate parent company and parent undertaking of the largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Lindner Group KG, a company incorporated in Germany. Copies of these group financial statements are available from Bahnhofstrasse 29, 94424, Arnstorf, Germany. In the opinion of the directors the ultimate controlling party is Lindner Group KG.
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