Registered number: 04551774
GODEL TECHNOLOGIES EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GODEL TECHNOLOGIES EUROPE LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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GODEL TECHNOLOGIES EUROPE LIMITED
CONTENTS
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Independent Auditor's Report to the members of Godel Technologies Europe Limited
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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GODEL TECHNOLOGIES EUROPE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic Report for Godel Technologies Europe Limited for the year ended 31 December 2023.
The principal activity of the Company is the provision of agile software development services.
The year ended 31 December 2023 was another year of growth for Godel, resulting in 0.44% year-on-year revenue growth to £81,211,583 (2022 - £80,859,679), consistent FY2023 gross profit margins of 18% (2022 - 25%). The focus on delivering high quality software development services for UK customers has resulted in revenue growth in the year from both existing customers and new customers and the recruitment and retainment of high quality delivery staff which Godel employs.
Financial position at the reporting date
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As at the reporting date, the Company had net current assets of £20,743,183 (2022 - £27,885,734) and net assets of £21,861,157 (2022 - £28,516,357).
Principal risks and uncertainties
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The Company is part of a wider group being consolidated into the results of Project Nearshore Limited. As such the narrative below reflects the Group as headed up by Project Nearshore Limited.
Management continually monitors the key risks facing the Company together with assessing the controls used for managing these risks. The Board of Directors formally reviews and documents the principal risks facing the Company annually.
Economic impact of global events
UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability, and geopolitical events such as the Russian invasion of Ukraine and the Middle Eastern conflict. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
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GODEL TECHNOLOGIES EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial risk management
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The Group, in carrying out its business, faces a number of risks and uncertainties including credit, liquidity and interest rate and foreign exchange risk. The Group assesses its risks as part of its continuing operations. Our risk management policy results from a philosophy of pursuing sustainable growth and creating economic value while avoiding and managing risks.
Credit risk
The Group protects itself against customers not paying by intensifying internal credit control and its processes.
Liquidity and interest rate risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting its obligations associated with financial liabilities. The Company aims to mitigate liquidity risk by managing cash generation by its operations and monitoring projected future cash flows. The Company’s exposure to liquidity risk and interest rate movements is considered to be low.
Foreign exchange risk
Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. There is a Hedge Policy in place to protect the ‘Budget Rate’. The policy defines the types of derivative products that can be used and also the foreign exchange partners to cooperate with. The Group performs a regular foreign exchange transactions review in order to ensure that the sufficient cover is in place.
Key performance indicators
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Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below.
Financial key performance indicators
The Directors believe the financial key performance indicator of the Company is turnover growth. The table below summarises the performance for 2023 against 2022:
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Non-financial key performance indicators
The Company does not consider that there are any non-financial key performance indicators which require disclosure.
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This report was approved by the Board and signed on its behalf.
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GODEL TECHNOLOGIES EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the audited financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
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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 judgements 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; and
∙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 profit for the year, after taxation, amounted to £8,425,755 (2022 - £16,914,912).
Dividends were paid in the year of £15,080,955 (2022 - £10,706,707).
The Directors who served during the year and up until the date of signing, unless otherwise stated, were:
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N McMurdo (resigned 21 May 2024)
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G J Ainsworth (appointed 21 May 2024)
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GODEL TECHNOLOGIES EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Throughout FY2024 the Company has continued to focus on delivering revenue generating and mission critical next generation digital transformation services to our clients, which consist of a high level of recurring revenue from existing customers, continued expansions and growth from existing customers as well as the addition of new clients generated from a large pipeline of identified new opportunities.
The Company has continued its expansion and geographical diversification policy, and during FY2024 has continued to develop and open new offices in multiple locations across Europe.
The Company is focused on continuing to grow its operations within Europe through the retention of our diverse portfolio and the retention and recruitment of high quality software development delivery teams.
These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the Directors have carefully considered these risks, including an assessment of uncertainty and downside scenarios on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. The Directors have taken into account forecast cash flows, liquidity, borrowing facilities and related covenant requirements and the expected operational activities of the Group. Having due regard for these matters and after making appropriate enquiries, the Directors are satisfied that the Group and Company have adequate resources for a period of at least 12 months from the date of signing the financial statements.
The Group feels that the existing multi-location model that exists will ensure that any business disruption is minimised.
In addition, the Company's assets are assessed for recoverability on a regular basis, the Directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus, the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
Matters covered in the Strategic Report
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As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized companies and Groups (Accounts and report) Regulations 2008 certain matters which are required to be disclosed in the Director's report have been omitted as they are included in the Strategic Report instead. These matters relate to the business review, principal risks and uncertainties, financial risk management and key performance indicators.
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
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GODEL TECHNOLOGIES EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Events subsequent to the reporting date
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There have been no events subsequent to the reporting date that require disclosure in these financial statements.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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GODEL TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES EUROPE LIMITED
Opinion
We have audited the financial statements of Godel Technologies Europe Limited ("the Company") for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 FRS 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 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 Auditor’s 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.
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 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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GODEL TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES EUROPE LIMITED
Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor’s 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.
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 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.
Matters on which we are required to report by exception
In 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.
We have nothing to report in respect of the following matters in relation to which 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.
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GODEL TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES EUROPE LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an Auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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GODEL TECHNOLOGIES EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GODEL TECHNOLOGIES EUROPE LIMITED
Auditor's responsibilities for the audit of the financial statements (continued)
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the risk of cut off) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations 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 Auditor’s Report.
Use of the audit 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 an Auditor's 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.
Neil Barton (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
One St. Peter's Square
Manchester
M2 3DE
27 June 2024
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GODEL TECHNOLOGIES EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Gain on disposal of financial instruments
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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There was no other comprehensive income for 2023 (2022 - £Nil).
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The notes on pages 13 to 32 form part of these financial statements.
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GODEL TECHNOLOGIES EUROPE LIMITED
REGISTERED NUMBER: 04551774
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 27 June 2024.
The notes on pages 13 to 32 form part of these financial statements.
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GODEL TECHNOLOGIES EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 13 to 32 form part of these financial statements.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Godel Technologies Europe Limited ("the Company") is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. Company registered number 04551774. The address of its registered office and principal place of business is 9th Floor, Neo Building, Charlotte Street, Manchester, M1 4ET.
The principal activity of the Company is the provision of agile software development services.
These financial statements have been presented in Pounds Sterling (£), this being the functional currency of the Company and currency of its primary economic environment.
Monetary amounts within these financial statements have been rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 Lowry Trading Limited as at 31 December 2023 and these financial statements may be obtained from from Companies House.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the Directors have carefully considered these risks, including an assessment of uncertainty and downside scenarios on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. The Directors have taken into account forecast cash flows, liquidity, borrowing facilities and related covenant requirements and the expected operational activities of the Group. Having due regard for these matters and after making appropriate enquiries, the Directors are satisfied that the Group and Company have adequate resources for a period of at least 12 months from the date of signing the financial statements.
The Group feels that the existing multi-location model that exists will ensure that any business disruption is minimised.
In addition, the Company's assets are assessed for recoverability on a regular basis, the Directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus, the Directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Pounds Sterling (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Interest receivable and similar income
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Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Interest payable and similar expenses
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Interest payable and similar expenses are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Amortisation is provided on the following basis:
In-House Software Development - 10 years straight-line
The amortisation expense is charged to administrative expenses within the Statement of Comprehensive Income.
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
Depreciation is provided on the following basis:
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 the Statement of Comprehensive Income.
The depreciation expenses are charged to administrative expenses within the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the Statement of Comprehensive Income. They are subsequently measured at fair value with changes in the Statement of Comprehensive Income.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Statement of Comprehensive Income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Company's Directors to exercise judgements and estimates that have been made in preparing the financial statements, as well as make certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
Critical judgements in applying the Company's accounting policies
(i) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the Directors consider factors such as the aging of the receivables, past experience of recoverability, and the credit profile of customers.
The Directors consider that there are no other critical judgements to disclose.
Key sources of estimation uncertainty
The Directors consider that there are no key sources of estimation uncertainty to disclose within these financial statements.
The whole of the turnover is attributable to the principal activity of the Company.
Analysis of turnover by country of destination:
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Net fair value gains/(losses) recognised on foreign exchange derivative contracts
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Net fair value gains recognised on sale of foreign exchange derivative contracts
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible assets
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Amortisation of intangible assets
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Other operating lease rentals
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Defined contribution pension cost
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the the parent company, Lowry Trading Limited.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Staff costs were as follows:
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Cost of defined contribution scheme
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Staff costs include £13,241,972 (2022 - £32,153,498) recharged to the Company from its now former subsidiary, Foreign Enterprise Godel Technologies Europe.
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The average monthly number of employees, including the Directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.
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Interest receivable and similar income
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Other interest receivable
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Interest payable and similar expenses
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Current tax on profits for the year
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Adjustments in respect of prior periods
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Origination and reversal of timing differences
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Tax on profit on ordinary activities
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods - corporation tax
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Remeasurement of deferred tax for changes in tax rates
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Total tax charge for the year
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Factors that may affect future tax charges
|
The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase. Deferred tax is provided for at 25% as that was the substantially enacted rate at the reporting date.
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Dividends paid of £15,081 per share (2022 - £10,707 per share)
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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In-house software development
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Investments in subsidiary companies
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During the year, the Company paid the investment value in one additional subsidiary, LLC Godel Technologies Europe, in Poland which was previously deferred.
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The following were subsidiary undertakings of the Company:
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Godel Technologies Europe, UAB
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Žalgirio g. 135, 2nd floor, LT-08217 Vilnius, Lithuania
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Godel Technologies Europe LLC
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Ukraine, 01025, Kyiv city, Vozdvyzhenska street 52-54A
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Godel Technologies Europe EOOD
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Tsarigradsko shose blvd., 40, Sofia, 1750 Bulgaria
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LLC Godel Technologies Europe
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ul. Zeromskiego 94b, 90-550 Lódz, Poland
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Giorgi Saakadze II Ln, Atrium Business Center, 4th Floor, Tbilisi, Georgia
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|
GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Amounts owed by group undertakings
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Amounts owed by related parties
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Prepayments and accrued income
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Amounts owed by group undertakings are trading balances. These balances are interest free, unsecured and repayable on demand within 12 months.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are trading balances. These balances are interest free, unsecured and repayable on demand within 12 months.
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charged to the Statement of Comprehensive Income
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1,000 (2022 - 1,000) Ordinary shares of £1.00 each
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The Company has one class of ordinary share with them voting rights but no rights to fixed income.
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Retained earnings
Retained earnings represents the cumulative profits and losses of the Company, less dividends paid.
The Company operates a defined contributions pension scheme. 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 £43,254 (2022 - £34,216). Contributions totalling £Nil (2022 - £74) were payable to the fund at the reporting date and are included within other creditors (note 19).
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Commitments under operating leases
|
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
|
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During the year the Company entered into trading transactions with Lowry Trading Limited. The Company made sales of £12,945 (2022 - £7,927) and purchases of £215,984 (2022 - £121,000).
During the year the Company entered into trading transactions with Fresh Generation UK Limited, who are a subsidiary of the Lowry Trading Limited group. The Company made sales of £13 (2022 - £163) and purchases of £15,000 (2022 - £Nil).
During the year the Company entered into trading transactions with Godel Technologies Limited, who is the parent Company of Godel Technologies Europe Limited. The Company made sales of £13 (2022 - £13) and purchases of £Nil (2022 - £Nil).
During the year the Company entered into trading transactions with Project Nearshore Limited, who is the parent Company of Godel Technologies Limited. The Company made sales of £13 (2022 - £28) and purchases of £600,000 (2022 - £600,000). At the year end the following balances were due to Project Nearshore Limited £10,632,916 (2022 - £10,632,916).
During the year the Company entered into trading transactions with Project Nearshore Midco Limited, who is the parent Company of Godel Technologies Limited. The Company made sales of £13 (2022 - £13) and purchases of £Nil (2022 - £Nil).
During the year the Company entered into trading transactions with Westlab Limited who are an associate of Lowry Trading Limited. The Company made sales of £32 (2022 - £Nil) and purchases of £Nil (2022 - £Nil).
During the year the Company entered into trading transactions with Cloudsmart Limited, who are part of the Lowry Trading Limited group. The Company made sales of £39 (2022 - £13) and purchases of £20,402 (2022 - £445,415).
During the year the Company entered into trading transactions with Lowry Propco Limited, who has common Directors with Godel Technologies Europe Limited. The Company made purchases of £Nil (2022 - £Nil) and sales of £24,159 (2022 - £247).
During the year the Company entered into trading transactions with Lowry Property SPV1 Limited, who has common Directors with Godel Technologies Europe Limited. The Company made purchases of £Nil (2022 - £Nil) and sales of £13 (2022 - £Nil).
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GODEL TECHNOLOGIES EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Related party transactions (continued)
|
During the year the Company entered into trading transactions with Green Energy SPV Limited, who has common Directors with Godel Technologies Europe Limited. The Company made purchases of £Nil (2022 - £Nil) and sales of £13 (2022 - £Nil).
During the year the Company entered into trading transactions with Godel Technologies Europe, UAB, Lithuania, who are a subsidiary of the Company. The Company made purchases of £4,366,101 (2022 - £2,356,571) and sales of £Nil (2022 - £Nil). At the year-end the following balances were due to Godel Technologies Europe, UAB, Lithuania £125,873 (2022 - £45,936).
During the year the Company entered into trading transactions with Godel Technologies Europe, EOOD, Bulgaria, who are a subsidiary of the Company. The Company made purchases of £1,411,178 (2022 - £821,692) and sales of £Nil (2022 - £Nil). At the year end the following balances were due to Godel Technologies Europe, EOOD, Bulgaria £186,598 (2022 - £72,266).
During the year the Company entered into trading transactions with Godel Technologies Europe, Ukraine, who are a subsidiary of the Company. The Company made purchases of £147,890 (2022 - £342,031) and sales of £Nil (2022 - £Nil). At the year end the following balances were due to Godel Technologies Europe, Ukraine £Nil (2022 - £Nil) At the year end the following balances were due from Godel Technologies Europe, Ukraine £1,692 (2022 - £2,850).
During the year the Company entered into trading transactions with LLC Godel Technologies Europe, Poland, who are a subsidiary of the Company. The Company made purchases of £53,529,051 (2022 - £29,555,930) and sales of £Nil (2022 - £Nil). At the year-end the following balances were due to LLC Godel Technologies Europe, Poland £7,957,132 (2022 - £4,543,922).
During the year the Company entered into trading transactions with LLC Godel Technologies Europe, Georgia, who are a subsidiary of the Company. The Company made purchases of £2,084,108 (2022 - £1,108,811) and sales of £Nil (2022 - £Nil). At the year end the following balances were due to LLC Godel Technologies Europe, Georgia £356,195 (2022 - £82,141).
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Events subsequent to the reporting date
|
There are no events subsequent to the reporting date that require disclosure in these financial statements.
The immediate parent undertaking is Godel Technologies Limited, a Company registered in England and Wales, registered address 9th Floor, Neo Building, Charlotte Street, Manchester, M1 4ET.
The ultimate parent undertaking is The Scott Fletcher 2008 Discretionary Settlement, which is an unincorporated trust.
Lowry Trading Limited is the head of the largest group of companies for which consolidated financial statements are available and include the results of the Company which is available from Companies House.
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