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REGISTERED NUMBER: 13142642 (England and Wales)















Lakers Group UK Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023






Lakers Group UK Limited (Registered number: 13142642)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Lakers Group UK Limited

Company Information
for the Year Ended 31 December 2023







Directors: Mr S O Nykvist
Mr S C L Gothberg



Registered office: Llewellyns Quay
The Docks
Neath Port Talbot
SA13 1RF



Registered number: 13142642 (England and Wales)



Senior statutory auditor: Clive Edwards



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Lakers Group UK Limited (Registered number: 13142642)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
For the year end 31 December 2023, the company reported a loss before tax of £2,590,276 (2022: £1,070,220).

The net assets of the business at the year end totalled £2,521,869 (2022: £5,112,145), which confirms that the company continues to have the resources at hand to react dynamically to the needs of the group.

On behalf of the board:





Mr S O Nykvist - Director


14 June 2024

Lakers Group UK Limited (Registered number: 13142642)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Directors
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

Mr G C J Callenholm - resigned 5 July 2023
Mr J M Zeno - resigned 5 July 2023
Mr S O Nykvist - appointed 5 July 2023
Mr S C L Gothberg - appointed 5 July 2023

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr S O Nykvist - Director


14 June 2024

Report of the Independent Auditors to the Members of
Lakers Group UK Limited

Opinion
We have audited the financial statements of Lakers Group UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Emphasis of matter
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.

We draw attention to note 2 to the financial statements, which explains that the directors intend to liquidate the company and therefore do not consider it to be a going concern.

Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lakers Group UK Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial
statements of the company. These are reviewed internally with the audit team including relevant industry experience
and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities,
including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with Directors and management which areas of the business they believe to be more susceptible to
fraud, and whether they have any knowledge or suspicion of fraudulent activities.
- Discussing with Directors and management the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion of non-compliance.
- Assessing the risk of management override and review and testing of journal entries made into the accounting
system.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional
misrepresentation, or the override of internal controls.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Lakers Group UK Limited


Use of our report
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 a Report of the Auditors 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.




Clive Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

18 June 2024

Lakers Group UK Limited (Registered number: 13142642)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

Turnover - -

Administrative expenses (2,003,300 ) (86,086 )
Operating loss (2,003,300 ) (86,086 )

Income from shares in group undertakings 500,000 -
(1,503,300 ) (86,086 )

Interest payable and similar expenses 4 (1,086,976 ) (984,134 )
Loss before taxation 5 (2,590,276 ) (1,070,220 )

Tax on loss 6 - -
Loss for the financial year (2,590,276 ) (1,070,220 )

Other comprehensive income - -
Total comprehensive income for the year (2,590,276 ) (1,070,220 )

Lakers Group UK Limited (Registered number: 13142642)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Investments 7 - 24,118,287

Current assets
Debtors 8 22,118,287 -

Creditors
Amounts falling due within one year 9 (19,596,418 ) (19,006,142 )
Net current assets/(liabilities) 2,521,869 (19,006,142 )
Total assets less current liabilities 2,521,869 5,112,145

Capital and reserves
Called up share capital 10 6,870,552 6,870,552
Retained earnings (4,348,683 ) (1,758,407 )
Shareholders' funds 2,521,869 5,112,145

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2024 and were signed on its behalf by:





Mr S O Nykvist - Director


Lakers Group UK Limited (Registered number: 13142642)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 6,870,552 (688,187 ) 6,182,365

Changes in equity
Total comprehensive income - (1,070,220 ) (1,070,220 )
Balance at 31 December 2022 6,870,552 (1,758,407 ) 5,112,145

Changes in equity
Total comprehensive income - (2,590,276 ) (2,590,276 )
Balance at 31 December 2023 6,870,552 (4,348,683 ) 2,521,869

Lakers Group UK Limited (Registered number: 13142642)

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

1. Statutory information

Lakers Group UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
On the 5 July 2023, the companys assets and liabilities were sold via a share purchase agreement.

It is the intention that the directors will begin to wind down the company to a dormant status. The accounts have therefore not been prepared on a going concern basis, however no adjustments are required to the balances as at 31 December 2023..

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Lakers Group UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Vsetum AB, Kungsgatan 26, 111 35 Stockholm, Sweden..

The accounts for the parent can be found on www.vestum.se.

Related party exemption
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.

Critical accounting 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.

No critical accounting judgements have been made in the process by the directors in applying the accounting policies.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Lakers Group UK Limited (Registered number: 13142642)

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

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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
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.

3. Employees and directors

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

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

2023 2022
£    £   
Directors' remuneration - -

4. Interest payable and similar expenses
2023 2022
£    £   
Loan interest 1,086,976 984,134

5. Loss before taxation

The loss is stated after charging:

2023 2022
£    £   
Auditors' remuneration 3,300 2,000

6. Taxation

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Lakers Group UK Limited (Registered number: 13142642)

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

7. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2023 24,118,287
Disposals (22,118,287 )
Impairments (2,000,000 )
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 24,118,287

8. Debtors: amounts falling due after more than one year
2023 2022
£    £   
Amounts owed by group undertakings 22,118,287 -

9. Creditors: amounts falling due within one year
2023 2022
£    £   
Amounts owed to group undertakings 19,594,418 19,004,142
Accrued expenses 2,000 2,000
19,596,418 19,006,142

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6,870,552 Ordinary £1 6,870,552 6,870,552

11. Ultimate parent company

Vestum AB (incorporated in Sweden ) is regarded by the directors as being the company's ultimate parent company.