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Registration number: 12111920

Lapwing Holdco Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Lapwing Holdco Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 31

 

Lapwing Holdco Ltd

Company Information

Directors

Dwayne Ball

James Richard Ball

Registered office

Unit 3 Dadge Road
Keytec East Business Park
Pershore
WR10 2NX

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Lapwing Holdco Ltd

Strategic Report for the Year Ended 31 December 2023

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

Principal activity

The principal activity of the group is the provision of top-quality construction tools, site supplies and consumables across the UK. The group benefits from a broad customer base of businesses within the civil engineering, utilities, ground working and highway maintenance industries. The principal activity of the company is that of an investment company.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £18,152,772 (2022 - £19,979,452) and an operating profit of £1,522,621 (2022 - £1,823,708). At 31 December 2023, the group had net assets of £5,767,105 (2022 - £5,394,576). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Revenue

£

18,152,772

19,979,452

Operating profit

£

1,522,621

1,823,708

Net assets

£

5,767,105

5,394,576

Principal risks and uncertainties

The principal risks to the group are set out below. A risk management policy has been established and the directors are closely involved in running the business and are proactive in identifying and responding to relevant risks.

Competition
The group operates in a competitive market which is subject to pricing pressure from customers as well as their competitors. The group adapts accordingly to changes in the market place and seeks new markets to reduce the threat of competition.

Supply chain management
Inventory management is key to the business and it must continue to ensure it maintains a responsive and flexible supply chain. The group have a large product portfolio and number of suppliers which aids in minimising supply chain disruption.

Foreign exchange
The group acquires a proportion of its inventory in both Euros and US Dollars. The group in part mitigates this risk by matching receipts and payments in currency and through short- and medium-term cash flow planning.

Approved by the Board on 1 August 2024 and signed on its behalf by:


Dwayne Ball
Director

 

Lapwing Holdco Ltd

Directors' Report for the Year Ended 31 December 2023

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

Directors of the company

The directors who held office during the year were as follows:

Dwayne Ball

James Richard Ball

Financial instruments

Objectives and policies

The group's financial instruments comprise cash and liquid resources, and various other items such as trade debtors, trade creditors etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the group. The main risks arising from the group's operations are set out below:

Credit risk, liquidity risk and cash flow risk

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The group makes sales on credit terms to a number of its customers. Before such terms are agreed an assessment of the customers credit rating is undertaken to ensure that customers do not represent a major credit risk to the group. Credit limits are then set accordingly. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group held cash of £1,797,998 at the year end date. The directors constantly monitor cash flows to ensure that the group has sufficient liquid resources to meet its operational requirements.

Cash flow risk
Cash flow risk is the risk that inflows and outflows of cash and cash equivalents will not be sufficient to finance day-to-day operations of the group. The group manages cash flow by active management of working capital and negotiating terms with customers and suppliers to maintain available funds to meet its liabilities as they fall due.

Future developments

The directors remain hopeful that the business can grow and that the business performance can be maintained, despite the challenging economic headwinds.

The government has indicated it will support infrastructure investment, which in turn should benefit the construction market. A potential stagnation in sales of residential property from increased interest rates, may have a knock on effect for many areas of the construction industry.

Interest could increase further, but the impact of the cost of borrowing for the business is expected to be limited.

Going concern

Forecasts have been prepared that reflect estimates of future performance. As at 31 December 2023, the group had net assets of £5,767,105 (2022 - £5,394,576) and access to cash reserves of £1,797,998 (2022 - £1,240,408). Based on forecasts prepared and the funds available, the directors believe that there are sufficient resources for the company and group to continue business for at least 12 months post signing of the financial statements. As such, the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.

 

Lapwing Holdco Ltd

Directors' Report for the Year Ended 31 December 2023

Directors' liabilities

The group has indemnified, by means of directors’ and officers’ liability insurance, the directors of the group against liability in respect of proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act. Such qualifying third party indemnity provision was in force during the year and is in force at the date of approving the Directors’ Report.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 1 August 2024 and signed on its behalf by:


Dwayne Ball
Director

 

Lapwing Holdco Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, 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 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 group and company 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 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Lapwing Holdco Ltd

Independent Auditor's Report to the Members of Lapwing Holdco Ltd

Opinion

We have audited the financial statements of Lapwing Holdco Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

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.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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

 

Lapwing Holdco Ltd

Independent Auditor's Report to the Members of Lapwing Holdco Ltd

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 5, 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 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.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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

We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

 

Lapwing Holdco Ltd

Independent Auditor's Report to the Members of Lapwing Holdco Ltd

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.





Paul Fussell (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

2 August 2024

 

Lapwing Holdco Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

Year ended 31 December 2023
 £

1 August 2021 to 31 December 2022
 £

Turnover

3

18,152,772

19,979,452

Cost of sales

 

(12,980,459)

(14,609,713)

Gross profit

 

5,172,313

5,369,739

Administrative expenses

 

(3,666,888)

(3,596,031)

Other operating income

4

17,196

50,000

Operating profit

5

1,522,621

1,823,708

Other interest receivable and similar income

6

27,164

68,692

Interest payable and similar charges

7

(71,875)

(102,890)

Share of profit of equity accounted investees

 

-

98,204

Profit before tax

 

1,477,910

1,887,714

Taxation

11

(393,981)

(305,538)

Profit for the financial year

 

1,083,929

1,582,176

Profit attributable to:

 

Owners of the company

 

956,036

1,436,309

Minority interests

 

127,893

145,867

 

1,083,929

1,582,176

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Lapwing Holdco Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

31 December
2023
£

1 August 2021 to December
2022
£

Profit for the year

1,083,929

1,582,176

Share of associates and joint ventures other comprehensive income

-

(98,204)

Gain on negative goodwill

-

3,323,487

-

3,225,283

Total comprehensive income for the year

1,083,929

4,807,459

Total comprehensive income attributable to:

Owners of the company

956,036

4,661,592

Minority interests

127,893

145,867

1,083,929

4,807,459

 

Lapwing Holdco Ltd

(Registration number: 12111920)
Consolidated Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Negative goodwill

 

(196,679)

(218,464)

Intangible assets not including goodwill

12

23,146

29,761

Tangible assets

13

2,490,134

2,295,452

 

2,316,601

2,106,749

Current assets

 

Stocks

15

2,260,858

2,089,711

Debtors

16

3,266,504

4,559,684

Cash at bank and in hand

 

1,797,998

1,240,408

 

7,325,360

7,889,803

Creditors: Amounts falling due within one year

17

(2,397,509)

(2,544,082)

Net current assets

 

4,927,851

5,345,721

Total assets less current liabilities

 

7,244,452

7,452,470

Creditors: Amounts falling due after more than one year

17

(1,184,136)

(1,865,510)

Provisions for liabilities

19

(293,211)

(192,384)

Net assets

 

5,767,105

5,394,576

Capital and reserves

 

Called up share capital

21

325

300

Retained earnings

22

4,696,203

4,451,592

Equity attributable to owners of the company

 

4,696,528

4,451,892

Non-controlling interests

22

1,070,577

942,684

Shareholders' funds

 

5,767,105

5,394,576

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

Dwayne Ball
Director

 

Lapwing Holdco Ltd

(Registration number: 12111920)
Balance Sheet as at 31 December 2023

Note

31 December 2023
 £

31 December 2022
 £

Fixed assets

 

Investments

14

1,500,000

1,500,000

Current assets

 

Debtors

16

76,768

12,844

Cash at bank and in hand

 

26,432

14,217

 

103,200

27,061

Creditors: Amounts falling due within one year

17

(247,037)

(201,825)

Net current liabilities

 

(143,837)

(174,764)

Total assets less current liabilities

 

1,356,163

1,325,236

Creditors: Amounts falling due after more than one year

17

(1,184,136)

(1,279,442)

Net assets

 

172,027

45,794

Capital and reserves

 

Called up share capital

21

325

300

Profit and loss account

171,702

45,494

Total equity

 

172,027

45,794

The company made a profit after tax for the financial year of £181,633 (2022 - profit of £255,494).

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

Dwayne Ball
Director

 

Lapwing Holdco Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Non- controlling interests
£

At 1 January 2023

300

4,451,592

4,451,892

942,684

Profit for the year

-

956,036

956,036

127,893

Dividends

-

(111,425)

(111,425)

-

New share capital subscribed

25

-

25

-

Purchase of own share capital in subsidiary

-

(600,000)

(600,000)

-

At 31 December 2023

325

4,696,203

4,696,528

1,070,577

Share capital
£

Profit and loss account
£

Total
£

Non- controlling interests
£

At 1 August 2021

300

-

300

-

Profit for the year

-

1,436,309

1,436,309

942,684

Other comprehensive income

-

3,225,283

3,225,283

-

Total comprehensive income

-

4,661,592

4,661,592

942,684

Dividends

-

(210,000)

(210,000)

-

At 31 December 2022

300

4,451,592

4,451,892

942,684

 

Lapwing Holdco Ltd

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

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2023

300

45,494

45,794

Profit for the year

-

181,633

181,633

Dividends

-

(55,425)

(55,425)

New share capital subscribed

25

-

25

At 31 December 2023

325

171,702

172,027

Share capital
£

Profit and loss account
£

Total
£

At 1 August 2021

300

-

300

Profit for the year

-

255,494

255,494

Dividends

-

(210,000)

(210,000)

At 31 December 2022

300

45,494

45,794

 

Lapwing Holdco Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

Year ended 31 December 2023
 £

1 August 2021 to 31 December 2022
 £

Cash flows from operating activities

Profit for the year

 

1,083,929

1,582,176

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

421,612

113,051

Loss on disposal of tangible assets

622

-

Finance income

6

(27,164)

(68,692)

Finance costs

7

71,875

102,890

Share of profit/loss of equity accounted investees

 

-

(98,204)

Income tax expense

11

393,981

305,538

 

1,944,855

1,936,759

Working capital adjustments

 

Increase in stocks

 

(171,147)

(177,918)

Decrease/(increase) in trade debtors

 

1,406,695

(1,327,738)

Increase in trade creditors

 

310,664

4,874

Cash generated from operations

 

3,491,067

435,977

Income taxes paid

11

(632,400)

(594,817)

Net cash flow from operating activities

 

2,858,667

(158,840)

Cash flows from investing activities

 

Interest received

27,164

68,692

Acquisitions of tangible assets

(644,586)

(427,540)

Proceeds from sale of tangible assets

 

12,500

-

Acquisition of intangible assets

12

-

(10,741)

Acquisition of subsidiaries

-

372,845

Net cash flows from investing activities

 

(604,922)

3,256

Cash flows from financing activities

 

Interest paid

 

(29,356)

(51,892)

Purchase of shares in subsidiary

 

(600,000)

-

Repayment of bank borrowing

 

(95,319)

-

Proceeds from other borrowing draw downs

 

-

1,979,425

Repayment of other borrowing

 

(860,055)

(321,541)

Dividends paid

(111,425)

(210,000)

Net cash flows from financing activities

 

(1,696,155)

1,395,992

Net increase in cash and cash equivalents

 

557,590

1,240,408

Cash and cash equivalents at 1 January 2023 (2022: 1 August 2022)

 

1,240,408

-

Cash and cash equivalents at 31 December

 

1,797,998

1,240,408

 

Lapwing Holdco Ltd

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Dadge Road
Keytec East Business Park
Pershore
WR10 2NX
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Lapwing Holdco Ltd

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

Going concern

Forecasts have been prepared that reflect estimates of future performance. At 31 December 2023, the group had net assets of £5,767,105 (2022 - £5,394,576) and access to cash reserves of £1,797,998 (2022 - £1,240,408). Based on forecasts prepared and the funds available, the directors believe that there are sufficient resources for the company and group to continue business for at least 12 months post signing of the financial statements. As such, the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

Turnover is recognised when its value can be measured reliably, it is probable that future economic benefits will flow to the entity and the cost incurred in relation to the transaction can be specific measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 group operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lapwing Holdco Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

33% reducing balance

Furniture, fittings and equipment

25% reducing balance

Land

Not depreciated

Long leasehold property

10 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Intangible assets

Software developments costs are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Software development costs

5 years straight line

Negative goodwill

Over the period in which non-monetary assets are recovered

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

 

Lapwing Holdco Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

The cost of finished goods comprises direct materials and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lapwing Holdco Ltd

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Lapwing Holdco Ltd

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

 

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

31 December
2023
£

1 August 2021 to December
2022
£

Sale of goods

18,152,772

19,979,452

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

31 December
2023
£

1 August 2021 to December
2022
£

Miscellaneous other operating income

17,196

50,000

 

5

Operating profit

Arrived at after charging/(crediting)

31 December
2023
£

1 August 2021 to December
2022
£

Depreciation expense

436,782

379,900

Amortisation expense

(15,170)

(266,849)

Foreign exchange losses

695

19,987

Operating lease expense - other

19,782

16,093

 

6

Other interest receivable and similar income

31 December
2023
£

1 August 2021 to December
2022
£

Interest income on loans with related parties

12,169

67,627

Interest income on bank deposits

14,995

1,065

27,164

68,692

 

7

Interest payable and similar expenses

31 December
2023
£

1 August 2021 to December
2022
£

Interest expense on other finance liabilities

71,875

102,890

 

Lapwing Holdco Ltd

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

 

8

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

Year ended 31 December 2023
 £

1 August 2021 to 31 December 2022
 £

Wages and salaries

2,541,801

2,248,025

Social security costs

282,753

265,983

Pension costs, defined contribution scheme

29,569

27,076

2,854,123

2,541,084

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

Year ended 31 December 2023
 No.

1 August 2021 to 31 December 2022
 No.

Sales, marketing and distribution

63

59


Company
The company incurred no staff costs and had no employees other than the directors.

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

31 December
2023
£

1 August 2021 to December
2022
£

Remuneration

180,000

188,029

Contributions paid to money purchase schemes

1,321

1,541

181,321

189,570

 

Lapwing Holdco Ltd

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

 

10

Auditor's remuneration

31 December
2023
£

1 August 2021 to December
2022
£

Audit of these financial statements

2,625

2,500

Audit of the financial statements of subsidiaries of the company pursuant to legislation

23,625

31,350

26,250

33,850

Other fees to auditors

Taxation compliance services

6,825

5,900

All other non-audit services

6,600

7,150

13,425

13,050


 

 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

31 December
2023
£

1 August 2021 to December
2022
£

Current taxation

UK corporation tax

294,796

262,148

UK corporation tax adjustment to prior periods

(1,643)

(6,637)

293,153

255,511

Deferred taxation

Arising from origination and reversal of timing differences

89,634

42,148

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

11,194

7,879

Total deferred taxation

100,828

50,027

Tax expense in the profit and loss account

393,981

305,538

 

Lapwing Holdco Ltd

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

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

31 December
2023
£

1 August 2021 to December
2022
£

Profit before tax

1,477,910

1,887,714

Corporation tax at standard rate

347,604

358,666

Effect of revenues exempt from taxation

-

(18,659)

Effect of expense not deductible in determining taxable profit (tax loss)

492

7,254

Deferred tax expense relating to changes in tax rates or laws

5,305

14,996

Deferred tax expense from unrecognised temporary difference from a prior period

11,194

7,879

Decrease in UK and foreign current tax from adjustment for prior periods

(1,643)

(6,637)

Tax increase from effect of capital allowances and depreciation

31,029

14,748

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

(72,709)

Total tax charge

393,981

305,538

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

293,653

Short term timing differences

(442)

293,211

2022

Liability
£

Fixed asset timing differences

192,384

192,384

 

Lapwing Holdco Ltd

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

 

12

Intangible assets

Group

Goodwill
 £

Software development costs
 £

Negative goodwill
 £

Total
£

Cost

At 1 January 2023

670,000

33,074

(488,626)

214,448

At 31 December 2023

670,000

33,074

(488,626)

214,448

Amortisation

At 1 January 2023

670,000

3,313

(270,162)

403,151

Amortisation charge

-

6,615

(21,785)

(15,170)

At 31 December 2023

670,000

9,928

(291,947)

387,981

Carrying amount

At 31 December 2023

-

23,146

(196,679)

(173,533)

At 31 December 2022

-

29,761

(218,464)

(188,703)

Negative goodwill is being amortised over the period in which the fair value of the non-monetary assets purchased are recovered. The balance has a remaining life of ten years.

 

13

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Long leasehold property
£

Total
£

Cost

At 1 January 2023

791,376

475,396

1,903,716

3,170,488

Acquired through business combinations

24,161

23,000

-

47,161

Additions

22,500

574,925

-

597,425

Disposals

-

(25,000)

-

(25,000)

At 31 December 2023

838,037

1,048,321

1,903,716

3,790,074

Depreciation

At 1 January 2023

525,151

147,559

202,326

875,036

Charge for the year

72,296

212,742

151,744

436,782

Eliminated on disposal

-

(11,878)

-

(11,878)

At 31 December 2023

597,447

348,423

354,070

1,299,940

Carrying amount

At 31 December 2023

240,590

699,898

1,549,646

2,490,134

At 31 December 2022

266,225

327,837

1,701,390

2,295,452

 

Lapwing Holdco Ltd

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

 

14

Investments

Company

31 December
2023
£

31 December
2022
£

Investments in subsidiaries

1,500,000

1,500,000

Subsidiaries

£

Cost

At 1 January 2023

1,500,000

At 31 December 2023

1,500,000

Carrying amount

At 31 December 2023

1,500,000

At 31 December 2022

1,500,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Lapwing UK. Ltd

Unit 3 Dadge Road, Keytec East
Business Park, Pershore,
WR10 2NX

Ordinary

87%

87%

Subsidiary undertakings

Lapwing UK. Ltd

The principal activity of Lapwing UK. Ltd is the wholesale of machine tools.

 

15

Stocks

 

Group

Company

31 December
2023
£

31 December
2022
£

31 December
2023
£

31 December
2022
£

Finished goods and goods for resale

2,260,858

2,089,711

-

-

 

Lapwing Holdco Ltd

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

 

16

Debtors

 

Group

Company

31 December 2023
 £

31 December 2022
 £

31 December 2023
 £

31 December 2022
 £

Trade debtors

2,534,250

2,680,453

-

-

Amounts owed by related parties

155,552

1,490,072

64,575

-

Other debtors

19,578

26,397

324

300

Prepayments

443,633

362,762

11,869

12,544

Corporation tax asset

113,491

-

-

-

3,266,504

4,559,684

76,768

12,844

 

17

Creditors

   

Group

Company

Note

31 December 2023
 £

31 December 2022
 £

31 December 2023
 £

31 December 2022
 £

Due within one year

 

Loans and borrowings

18

108,779

340,260

95,318

52,812

Trade creditors

 

1,689,205

1,443,090

-

-

Amounts due to group undertakings

-

-

119,113

119,113

Social security and other taxes

 

293,460

324,142

7,500

7,500

Outstanding defined contribution pension costs

 

2,472

2,811

-

-

Other creditors

 

86,913

64,344

-

-

Accrued expenses

 

216,680

143,680

-

-

Corporation tax liability

 

-

225,755

25,106

22,400

 

2,397,509

2,544,082

247,037

201,825

Due after one year

 

Loans and borrowings

18

1,184,136

1,865,510

1,184,136

1,279,442

 

Lapwing Holdco Ltd

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

 

18

Loans and borrowings

 

Group

Company

31 December
2023
£

31 December
2022
£

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

95,318

143,045

95,318

52,812

Other borrowings

13,461

197,215

-

-

108,779

340,260

95,318

52,812

 

Group

Company

31 December
2023
£

31 December
2022
£

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Bank borrowings

1,184,136

1,505,023

1,184,136

1,279,442

Other borrowings

-

360,487

-

-

1,184,136

1,865,510

1,184,136

1,279,442


Bank borrowings
Bank borrowings comprises the following:

1) A Coronavirus Business Interruption Loan ('CBILS') of £nil (2022 - £315,814). The loan was repayable in 59 equal instalments of £8,333 that commenced in July 2021. Following a £35,000 repayment in November 2022, it was repayable in 42 equal instalments of £7,519 as at 31 December 2022. The outstanding loan balance of £249,620 was repaid in full in October 2023. Interest was payable monthly from July 2021 at a rate of 3.99% per annum over the Bank of England base rate.

2) A mortgage with a carrying value of £1,279,454 (2022 - £1,332,254). The loan is repayable in monthly instalments of £7,943 over 20 years, with the balance repayable at the end of the loan term. Interest accrues at a fixed rate of 3.25% for the first 10 years. Amounts due in more than five years amount to £802,860 (2022 - £988,238). The loan is secured against property held by the group.

Other borrowings
Other borrowings comprise directors' loan accounts with a carrying amount of £13,461 (2022 - £557,702).

In January 2022, a director advanced the company £575,000 under a specific loan agreement. The loan carried a nominal interest rate of 3.5%. The loan was repayable in monthly instalments of £10,915 with the final instalment due in February 2027. The loan has been voluntarily repaid in full during the year. At the balance sheet date the carrying amount of the loan is £nil (2022 - £486,007).

Director loans of £13,461 (2022 - £71,695) are repayable on demand and carry no interest.

 

19

Provisions for liabilities

Group

Deferred tax
£

At 1 January 2023

192,384

Increase in existing provisions

100,827

At 31 December 2023

293,211

 

Lapwing Holdco Ltd

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

 

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £29,569 (2022 - £27,076).

Contributions totalling £2,472 (2022 - £2,811) were payable to the scheme at the end of the year and are included in creditors.

 

21

Share capital

Allotted, called up and fully paid shares

 

31 December 2023

31 December 2022

 

No.

£

No.

£

Ordinary A of £1 each

125

125

125

125

Ordinary B of £1 each

25

25

25

25

Ordinary C of £1 each

125

125

125

125

Ordinary D of £1 each

25

25

25

25

W shares of £1 each

25

25

-

-

 

325

325

300

300

Ordinary shares rank pari passu and carry full voting and equity rights.

The W shares are each a different class of share and carry no right to vote. The shares are entitled to capital on winding up only to the extent paid up for the share and to dividends equal to an amount determined by the directors of the company.

 

22

Reserves

Called up share capital
This represents the nominal value of the issued share capital.

Profit and loss account
This distributable reserve represents the cumulative profits or losses, net of dividends and other adjustments.

Non-controlling interest (group only)
This represents the cumulative profits or losses, net of dividends and other adjustments, attributable to minority interests.

 

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

31 December
2022
£

Not later than one year

93,729

7,796

Later than one year and not later than five years

341,022

3,898

434,751

11,694

 

Lapwing Holdco Ltd

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

The amount of non-cancellable operating lease payments recognised as an expense during the year was £19,782 (2022 - £16,093).

 

24

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

Other non-cash changes
£

At 31 December 2023
£

Cash and cash equivalents

Cash

557,590

1,240,408

-

1,797,998

Borrowings

Bank borrowings

(1,332,254)

95,319

(42,519)

(1,279,454)

Other borrowings

(873,516)

860,055

-

(13,461)

(2,205,770)

955,374

(42,519)

(1,292,915)

 

(1,648,180)

2,195,782

(42,519)

505,083

 

25

Dividends

31 December 2023
 £

31 December 2022
 £

Dividends paid

55,425

210,000

 

26

Related party transactions

Transactions with directors
At the balance sheet date the directors were owed £13,461 (2022 - £557,702) by the group.

Transactions with related parties
During the period sales of £724,401 (2022 - £1,811,606), management and interest charges of £12,169 (2022 - £67,127) were made to and purchases of £413,054 (2022 - £591,592) were made from companies under common ownership. Advances of £nil (2022 - £430,000) and repayments of £1,490,114 (2022 - £260,000) were also made during the year. At the balance sheet date the amount due from these companies was £nil (2022 - £1,490,072).

Transactions with shareholders
During the year, payments of £120,000 have been made to the Ball Family Trust of which certain shareholders are trustees.

 

27

Financial instruments

Group

Items of income, expense, gains or losses

31 December
2023

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

27,164

71,875

-

-

31 December
2022

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

68,692

102,890

-

-

 

Lapwing Holdco Ltd

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

The total interest expense for financial liabilities not measured at fair value through profit or loss is £71,875 (2022 - £102,890).

 

28

Parent and ultimate parent undertaking

No one person has overall control.