Registration number:
Lagercrantz UK Limited
for the Year Ended 31 March 2023
Lagercrantz UK Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Lagercrantz UK Limited
Company Information
Directors |
J Wigh P Thysell R E M Stuart |
Registered office |
|
Auditors |
|
Lagercrantz UK Limited
(Registration number: 04209447)
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
|
Non-current assets |
|||
Investments |
|
- |
|
Current assets |
|||
Receivables |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Payables: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
( |
|
Payables: Amounts falling due after more than one year |
( |
- |
|
Net assets/(liabilities) |
|
( |
|
Equity |
|||
Called up share capital |
100,000 |
100,000 |
|
Share premium |
650,000 |
650,000 |
|
Capital Contribution |
3,447,500 |
- |
|
Retained earnings |
652,900 |
(750,421) |
|
Shareholders' funds/(deficit) |
4,850,400 |
(421) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
Lagercrantz UK Limited
(Registration number: 04209447)
Statement of Financial Position as at 31 March 2023 (continued)
The financial statements of Lagercrantz UK Limited were approved and authorised for issue by the
.........................................
Director
.........................................
Director
Lagercrantz UK Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023
General information |
Lagercrantz UK Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The directors have considered the company’s financial position, liquidity and future performance together with financial projections for the company and over the foreseeable future and have also reviewed the availability of resources from the company's group. After making enquiries, the directors are satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the company’s financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Lagercrantz Group AB, which may be obtained from Vasagatan 11, Stockholm, SE111 20, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.
Revenue recognition
Revenue represents the value of services provided to its fellow subsidiaries, net of value added tax. Revenue is recognised when the company has a contractual right to receive revenue for work undertaken.
Lagercrantz UK Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Deferred consideration
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Payables
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Lagercrantz UK Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost |
|
At 1 April 2022 |
- |
Additions |
|
At 31 March 2023 |
|
Details of subsidiary undertaking
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
United Kingdom |
|
|
|
Subsidiary undertaking |
Door & Joinery Solutions Limited The principal activity of Door & Joinery Solutions Limited is |
Lagercrantz UK Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023 (continued)
Receivables |
2023 |
2022 |
|
Other receivables |
|
- |
Prepayments |
|
- |
Accrued income |
|
- |
|
- |
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
1,265,117 |
79 |
Payables |
Payables: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade payable |
|
- |
Amounts owed to group undertakings |
|
|
Outstanding defined contribution pension costs |
|
- |
Accruals |
|
- |
|
|
The amounts owed to group undertakings are disclosed as falling within one year, unsecured, repayable on demand and interest bearing.
Payables: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Other payables |
|
- |
Other payables due after more than one year represent on earn-out consideration payable following the acquisition of the company's subsidiary undertaking during the year. This liability is interest free and unsecured.
Lagercrantz UK Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100,000 |
|
100,000 |
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.
The capital contribution represents funding from the immediate parent that carries no rights to repayment or control over usage. This reserve forms part of the company's distributable reserves.
Pension Scheme |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the the group.
There were no other related party transactions to disclose.
Parent and ultimate parent undertaking |
The company's immediate parent is
Lagercrantz UK Limited
Notes to the Financial Statements
for the Year Ended 31 March 2023 (continued)
Events after the financial period |
|
Audit report |