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REGISTERED NUMBER: 01998269 (England and Wales)












Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Lodige (United Kingdom) Limited

Lodige (United Kingdom) Limited (Registered number: 01998269)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Lodige (United Kingdom) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M A Baul
P P De Backer
Mrs M J Wells



SECRETARY: Mrs M J Wells



REGISTERED OFFICE: Laxton House Crabtree Office Village
Eversley Way
Egham
Surrey
TW20 8RY



REGISTERED NUMBER: 01998269 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Mr Ashfaq Sharif FCA CTA



AUDITORS: PB Associates
Chartered Accountants and Chartered Tax Advisers
2 Castle Business Village
Station Road
Hampton
Middlesex
TW12 2BX

Lodige (United Kingdom) Limited (Registered number: 01998269)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The results for the year and the financial position of the company are as shown in the annexed financial statements. The financial results of 2023 proved to be in keeping with expectations and the general economic climate of the day. Turnover, Operating Profit and Profit before tax are in line with target. The Company Balance Sheet remains strong, following the recent investment in Northern Elevator limited. The company remains debt free from all external borrowings. Early indicators for 2024 would suggest continuing growth following recent COVID period. Our strategy remains to continue to grow the product installation portfolio and grow the service fleet across the UK supported by the larger Service organisation.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company has put in place processes designed to identify the principal risks and uncertainties it faces and to manage and mitigate their effect. These risks are summarised below:

Economic Climate: The Board recognises the risks associated with the prevailing economic climate and is taking all reasonable steps to address the same, including continued investment in local Sales and Marketing activities and Group investment in Research and Development.

Foreign exchange: The Group is working together to minimise foreign exchange risks and is developing a global approach to foreign currency management.

Liquidity risk - Cash is managed to ensure that sufficient liquid funds are available with a variety of counterparties, but principally other Group companies, through short, medium and long-term cash flow forecasting.

Interest rate risk - The only interest bearing financial assets and liabilities held by the Company are those from other Group Companies. The company is not exposed to any interest rate risk on these instruments.

ON BEHALF OF THE BOARD:





Mrs M J Wells - Director


3 September 2024

Lodige (United Kingdom) Limited (Registered number: 01998269)

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
An interim dividend of £2.5 per share on the Ordinary £1 shares was paid on . The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2023 will be £ 1,000,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M A Baul
P P De Backer
Mrs M J Wells

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Lodige (United Kingdom) Limited (Registered number: 01998269)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, PB Associates, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs M J Wells - Director


3 September 2024

Report of the Independent Auditors to the Members of
Lodige (United Kingdom) Limited

Opinion
We have audited the financial statements of Lodige (United Kingdom) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit 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 group 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.

Conclusions relating to going concern
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 group's and the parent 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.

Report of the Independent Auditors to the Members of
Lodige (United Kingdom) Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lodige (United Kingdom) Limited


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 procedures to respond to risks identified included the following:

Enquires of management, concerning actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions.
Testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

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.




Mr Ashfaq Sharif FCA CTA (Senior Statutory Auditor)
for and on behalf of PB Associates
Chartered Accountants and Chartered Tax Advisers
2 Castle Business Village
Station Road
Hampton
Middlesex
TW12 2BX

3 September 2024

Lodige (United Kingdom) Limited (Registered number: 01998269)

Consolidated
Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 15,250,314 13,055,763

Cost of sales 10,241,649 8,855,255
GROSS PROFIT 5,008,665 4,200,508

Administrative expenses 3,794,639 2,978,609
1,214,026 1,221,899

Other operating income 20,611 6,483
OPERATING PROFIT 4 1,234,637 1,228,382


Interest payable and similar expenses 5 11,545 4,899
PROFIT BEFORE TAXATION 1,223,092 1,223,483

Tax on profit 6 307,323 254,566
PROFIT FOR THE FINANCIAL YEAR 915,769 968,917
Profit attributable to:
Owners of the parent 915,769 968,917

Lodige (United Kingdom) Limited (Registered number: 01998269)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 915,769 968,917


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

915,769

968,917

Total comprehensive income attributable to:
Owners of the parent 915,769 968,917

Lodige (United Kingdom) Limited (Registered number: 01998269)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,623,121 1,696,899
Tangible assets 10 128,131 202,721
Investments 11 - -
1,751,252 1,899,620

CURRENT ASSETS
Stocks 12 189,064 162,189
Debtors 13 5,431,054 5,121,125
Cash at bank and in hand 535,066 1,177,885
6,155,184 6,461,199
CREDITORS
Amounts falling due within one year 14 5,592,932 5,900,819
NET CURRENT ASSETS 562,252 560,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,313,504

2,460,000

CREDITORS
Amounts falling due after more than one
year

15

(29,834

)

(80,656

)

PROVISIONS FOR LIABILITIES 17 (21,687 ) (33,130 )
NET ASSETS 2,261,983 2,346,214

CAPITAL AND RESERVES
Called up share capital 18 400,000 400,000
Retained earnings 19 1,861,983 1,946,214
SHAREHOLDERS' FUNDS 2,261,983 2,346,214

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:



Mrs M J Wells - Director


Lodige (United Kingdom) Limited (Registered number: 01998269)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 629 1,871
Investments 11 2,020,000 2,020,000
2,020,629 2,021,871

CURRENT ASSETS
Debtors 13 4,705,953 4,779,354
Cash at bank and in hand 229,701 1,012,075
4,935,654 5,791,429
CREDITORS
Amounts falling due within one year 14 4,644,452 5,400,232
NET CURRENT ASSETS 291,202 391,197
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,311,831

2,413,068

CAPITAL AND RESERVES
Called up share capital 18 400,000 400,000
Retained earnings 19 1,911,831 2,013,068
SHAREHOLDERS' FUNDS 2,311,831 2,413,068

Company's profit for the financial year 898,763 1,035,771

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





Mrs M J Wells - Director


Lodige (United Kingdom) Limited (Registered number: 01998269)

Consolidated 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 400,000 1,977,297 2,377,297

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 968,917 968,917
Balance at 31 December 2022 400,000 1,946,214 2,346,214

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 915,769 915,769
Balance at 31 December 2023 400,000 1,861,983 2,261,983

Lodige (United Kingdom) Limited (Registered number: 01998269)

Company 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 400,000 1,977,297 2,377,297

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,035,771 1,035,771
Balance at 31 December 2022 400,000 2,013,068 2,413,068

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 898,763 898,763
Balance at 31 December 2023 400,000 1,911,831 2,311,831

Lodige (United Kingdom) Limited (Registered number: 01998269)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 857,379 3,722,356
Interest paid 141 -
Interest element of hire purchase
payments paid

(11,686

)

(4,899

)
Tax paid (445,024 ) (120,807 )
Net cash from operating activities 400,810 3,596,650

Cash flows from investing activities
Purchase of intangible fixed assets - (1,770,677 )
Purchase of tangible fixed assets (6,013 ) (3,360 )
Sale of tangible fixed assets 42,775 1,604
Net cash from investing activities 36,762 (1,772,433 )

Cash flows from financing activities
Capital repayments in year (80,391 ) 153,996
Equity dividends paid (1,000,000 ) (1,000,000 )
Net cash from financing activities (1,080,391 ) (846,004 )

(Decrease)/increase in cash and cash equivalents (642,819 ) 978,213
Cash and cash equivalents at beginning
of year

2

1,177,885

199,672

Cash and cash equivalents at end of
year

2

535,066

1,177,885

Lodige (United Kingdom) Limited (Registered number: 01998269)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 1,223,092 1,223,483
Depreciation charges 125,806 104,466
Profit on disposal of fixed assets (14,200 ) -
Finance costs 11,545 4,899
1,346,243 1,332,848
Increase in stocks (26,875 ) (162,189 )
Decrease/(increase) in trade and other debtors 20,872 (731,551 )
(Decrease)/increase in trade and other creditors (482,861 ) 3,283,248
Cash generated from operations 857,379 3,722,356

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 535,066 1,177,885
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,177,885 199,672


Lodige (United Kingdom) Limited (Registered number: 01998269)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,177,885 (642,819 ) 535,066
1,177,885 (642,819 ) 535,066
Debt
Finance leases (153,996 ) 80,391 (73,605 )
(153,996 ) 80,391 (73,605 )
Total 1,023,889 (562,428 ) 461,461

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

1. STATUTORY INFORMATION

Lodige (United Kingdom) 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 General 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 33% on cost
Computer equipment - 50% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


Lodige (United Kingdom) Limited (Registered number: 01998269)

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

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 3,711,325 2,583,409
Social security costs 315,941 263,249
Other pension costs 141,681 148,540
4,168,947 2,995,198

The average number of employees during the year was as follows:
31.12.23 31.12.22

Engineering 41 47
Administration 31 21
72 68

The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2022 - 68 ) .

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

3. EMPLOYEES AND DIRECTORS - continued

31.12.23 31.12.22
£    £   
Directors' remuneration 384,659 356,961
Directors' pension contributions to money purchase schemes 59,481 88,771

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 257,909 238,107
Pension contributions to money purchase schemes 25,234 27,934

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 52,028 46,229
Profit on disposal of fixed assets (14,200 ) -
Goodwill amortisation 73,778 73,778
Auditors' remuneration 15,248 15,248
Foreign exchange differences (2,537 ) (5,720 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Loan interest (141 ) -
Hire purchase 11,686 4,899
11,545 4,899

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 305,985 254,566

Deferred tax 1,338 -
Tax on profit 307,323 254,566

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 1,000,000 1,000,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,770,677
AMORTISATION
At 1 January 2023 73,778
Amortisation for year 73,778
At 31 December 2023 147,556
NET BOOK VALUE
At 31 December 2023 1,623,121
At 31 December 2022 1,696,899

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 1 624 377,887 103,480 481,992
Additions - - - 6,013 6,013
Disposals - - (115,618 ) (35,949 ) (151,567 )
At 31 December 2023 1 624 262,269 73,544 336,438
DEPRECIATION
At 1 January 2023 - 434 195,944 82,893 279,271
Charge for year - 190 42,515 9,323 52,028
Eliminated on disposal - - (89,291 ) (33,701 ) (122,992 )
At 31 December 2023 - 624 149,168 58,515 208,307
NET BOOK VALUE
At 31 December 2023 1 - 113,101 15,029 128,131
At 31 December 2022 1 190 181,943 20,587 202,721

Company
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 1 624 14,396 15,021
Additions - - 1,256 1,256
At 31 December 2023 1 624 15,652 16,277
DEPRECIATION
At 1 January 2023 - 434 12,716 13,150
Charge for year - 190 2,308 2,498
At 31 December 2023 - 624 15,024 15,648
NET BOOK VALUE
At 31 December 2023 1 - 628 629
At 31 December 2022 1 190 1,680 1,871

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,020,000
NET BOOK VALUE
At 31 December 2023 2,020,000
At 31 December 2022 2,020,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Lodige Systems (UK) Limited
Registered office: Laxton House, Crabtree Office Village, Eversley Way, Egham, Surrey, TW20 8RY.
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00

Northern Elevator Limited
Registered office: 3 Diamond Court, Kingston Park, Newcastle Upon Tyne, Tyne And Wear. NE3 2EN
Nature of business: maintenance of elevator equipment
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 189,064 162,189

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

13. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,305,004 2,172,222 1,671,613 1,872,539
Amounts owed by group undertakings 2,481,786 2,150,985 2,481,786 2,150,985
Prepayments and accrued Income 623,209 768,292 529,922 728,090
Other debtors (1,499 ) 7,072 (1,849 ) 1,921
Deferred tax asset - - 1,927 3,265
5,408,500 5,098,571 4,683,399 4,756,800

Amounts falling due after more than one year:
Other debtors 22,554 22,554 22,554 22,554

Aggregate amounts 5,431,054 5,121,125 4,705,953 4,779,354

As part of its treasury management activities the parent company Lodige Industries GmbH undertakes a cash pooling arrangement whereby a predetermined amount of cash remains in Lodige (United Kingdom) Ltd with the surplus pooled within a bank account in the name of the parent company.

Within amounts due from group undertakings the cash balance held by Lodige Industries GmbH on behalf of Lodige (United Kingdom) Ltd was as at 31 December 2023 £2,598,284 (2022: £2,150,926)

Lodige Industries GmbH undertakes to repatriate pooled cash balances to Lodige (United Kingdom) Ltd on demand.

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Hire purchase contracts (see note 16) 43,771 73,340 - -
Trade creditors 592,516 165,621 329,531 138,704
Amounts owed to group undertakings 681,103 570,950 691,103 580,950
Corporation tax (29,651 ) 109,388 (84,914 ) 87,765
Social security and other taxes 136,775 163,088 79,990 71,369
VAT 488,965 452,559 369,965 452,559
Other creditors - 500,000 - 500,000
Holiday pay accrual 328,323 166,237 - -
Accrued expenses 3,351,130 3,699,636 3,258,777 3,568,885
5,592,932 5,900,819 4,644,452 5,400,232

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 16) 29,834 80,656

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 43,771 73,340
Between one and five years 29,834 80,656
73,605 153,996

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

17. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances (1,927 ) (3,265 )
Deferred tax 23,614 36,395
21,687 33,130

Group
Deferred
tax
£   
Balance at 1 January 2023 33,130
Provided during year (11,443 )
Balance at 31 December 2023 21,687

Company
Deferred
tax
£   
Balance at 1 January 2023 (3,265 )
Charge to Income Statement during year 1,338
Balance at 31 December 2023 (1,927 )

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
400,000 Ordinary £1 400,000 400,000

Lodige (United Kingdom) Limited (Registered number: 01998269)

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

19. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 1,946,214
Profit for the year 915,769
Dividends (1,000,000 )
At 31 December 2023 1,861,983

Company
Retained
earnings
£   

At 1 January 2023 2,013,068
Profit for the year 898,763
Dividends (1,000,000 )
At 31 December 2023 1,911,831


Lodige (United Kingdom) Limited (Registered number: 01998269)

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

20. RELATED PARTY DISCLOSURES

During the period the company recorded transactions with the following associated companies that are under common control:

Overheads Balance at
Sales Recharged Purchases 31.12.2023
£ £ £ £

Lodige Industries Gmbh 0 373,469 2,481,786
Lodige Ireland Limited 51,829 435 877 Cr
Lodige Systems (UK) Limited 0 0 10,000 Cr
Lodige Machine Warburg Gmbh 16,656 2,927,092 250,544 Cr
Lodige Machine SRL 0 546,637 0
Lodige Systems GmbH 0 35,834 28,254 Cr
Lodige USA Inc 107,140 0 0
LogIT 0 1,053,731 440,526 Cr
Lodige Systems Middle East Limited 182,993 0 44,466
Northern Elevators Ltd 111,321 47,362 5,367 Cr


Lodige Industries GmbH acts as a guarantor to the company's property lease.


In the previous period the transactions with associated companies were as follows:

Overheads Balance at
Sales Recharged Purchases 31.12.2022
£ £ £ £

Lodige Benelux B.V. 0 1,849 0
Lodige Industries Gmbh 238 370,707 2,150,926
Lodige Ireland Limited 74,830 0 51,367
Lodige Systems LLC 0 0 0
Lodige Systems (UK) Limited 0 0 10,000 Cr
Lodige Fordertechnik GmbH 0 0 0
Lodige Machine Warburg Gmbh 26,971 3,645,452 165,141 Cr
Lodige Machine SRL 0 20,882 17,877 Cr
Lodige Systems GmbH 0 361,381 169,782 Cr
Lodige USA Inc 104,726 0 0
LogIT 0 517,871 203,241 Cr
Lodige Systems Middle East Limited 214,345 0 24,759
Northern Elevators Ltd 211 101,931 91,034 Cr



Lodige (United Kingdom) Limited (Registered number: 01998269)

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

21. ULTIMATE CONTROLLING PARTY

There is no individual ultimate controlling party, however the Dr R Lodige family together have ultimate control.