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REGISTERED NUMBER: 01208295 (England and Wales)














Financial Statements

for the Year Ended 31 August 2023

for

Logstrup (UK) Limited

Logstrup (UK) Limited (Registered number: 01208295)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Logstrup (UK) Limited (Registered number: 01208295)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 45,583 48,572

CURRENT ASSETS
Stocks 470,528 440,917
Debtors 5 1,054,914 1,094,503
Cash at bank and in hand 37,556 109,724
1,562,998 1,645,144
CREDITORS
Amounts falling due within one year 6 597,186 1,310,389
NET CURRENT ASSETS 965,812 334,755
TOTAL ASSETS LESS CURRENT LIABILITIES 1,011,395 383,327

PROVISIONS FOR LIABILITIES 11,152 9,003
NET ASSETS 1,000,243 374,324

CAPITAL AND RESERVES
Called up share capital 7 50,000 50,000
Retained earnings 950,243 324,324
SHAREHOLDERS' FUNDS 1,000,243 374,324

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 November 2023 and were signed by:





Mr P Logstrup - Director


Logstrup (UK) Limited (Registered number: 01208295)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Logstrup (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01208295

Registered office: Unit A3
Wardley Industrial Estate
Priestley Road
Manchester
M28 2LY

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on the going concern basis. The company's forecasts and projections show that the company will continue to operate within the group's funding facilities as the company continues to receive financial support from its parent company A/S Logstrup Steel.

Turnover
Turnover is the total amount receivable by the company in the ordinary course of business with outside customers for goods and services as a principal, excluding VAT and trade discounts.

In respect of long term contracts, the amount of profit attributable to the stage of completion is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

Contract work in progress is included in stock and is stated at cost incurred, less those transferred to the profit and loss account, after deducting foreseeable losses and payments on account not matched with turnover.

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

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.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Computer equipment - 33% on cost

Stocks
Stock and work in progress are stated at the lower of cost and net realisable value.

Work in progress cost consists of direct materials and direct labour.

Long term contract balances are valued on the basis of direct costs plus attributable overheads based on normal level of activities. Provision is made for any foreseeable losses where appropriate.


Logstrup (UK) Limited (Registered number: 01208295)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or 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
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 in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 September 2022 1,365 80,884 14,484 96,733
Additions 8,607 6,947 255 15,809
At 31 August 2023 9,972 87,831 14,739 112,542
DEPRECIATION
At 1 September 2022 969 35,320 11,872 48,161
Charge for year 1,820 14,773 2,205 18,798
At 31 August 2023 2,789 50,093 14,077 66,959
NET BOOK VALUE
At 31 August 2023 7,183 37,738 662 45,583
At 31 August 2022 396 45,564 2,612 48,572

Logstrup (UK) Limited (Registered number: 01208295)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 724,205 1,049,594
Other debtors 202,220 44,909
926,425 1,094,503

Amounts falling due after more than one year:
Deferred tax asset 128,489 -

Aggregate amounts 1,054,914 1,094,503

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 238,692 210,732
Amounts owed to group undertakings 47,430 813,432
Taxation and social security 212,861 228,426
Other creditors 98,203 57,799
597,186 1,310,389

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50,000 Ordinary £1 50,000 50,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

9. CAPITAL AND FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet, amount to £687,206 (2022: £762,834).

This amount relates to land and buildings leases totalling £647,946 (2022: £719,240) and other operating leases totalling £39,260 (2022: £42,894).

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Logstrup (UK) Limited (Registered number: 01208295)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Logstrup by virtue of his control over A/S Logstrup Steel.