REGISTERED NUMBER: 04627117 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LOADHOG LIMITED |
REGISTERED NUMBER: 04627117 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
LOADHOG LIMITED |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Profit and loss account | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
LOADHOG LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
2023 was a year of continued success, coupled with significant investments in new products focussing on long term growth. |
Despite challenges it was pleasing to report sales growth of 7% and annual pre-tax profits of £3.04m. |
It was pleasing to note increased sales in Smartpads as well as UK and International markets. |
We secured a site in Obernai, France to build our new 5000sqm factory to help us continue our growth in Europe. This has been fast-tracked due to our tremendous success in the intralogistics market. We continue our journey to net zero focussing on reprocessed material to reduce our carbon footprint. |
It is pleasing to note continued investment in new product ranges of Omnimax, Autototes and Stack & Nest 86 helped significantly to achieve 51% of sales coming from new products vs our target of 25%. We continue to invest for growth particularly in the intralogistics and retail market. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's bankers, Barclays, continue to support the business and provide adequate banking facilities. |
The group's principal foreign currency exposure arises from significant trading in Euros and Dollars. A natural hedge is created by significant purchases being made in Euros and Dollars, in addition, forward contracts for the sale of foreign currencies are entered into. |
The company is exposed to interest rate risks on its bank borrowings. |
All major customers are covered by credit insurance. |
THE FUTURE |
2024 began successfully, sales for the 1st quarter are at £9.1m, this is our second-best start to a financial year. It is through the previous significant investments in tooling and machines that we have been able to achieve this. |
With our continued growth in the USA, we have decided to move into a larger 2500sqm facility in Chicago. |
Our new factory in Obernai will be operational from May 2025 allowing us to increase our footprint in Europe achieving significant future growth. |
The Board would like to record its appreciation to all the staff who, as shareholders, continue to make a significant contribution to the success of the business. |
ON BEHALF OF THE BOARD: |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the manufacture, distribution and hire of re-useable packaging systems. |
DIVIDENDS |
Interim dividends per share on the Ordinary £1 shares and Non Tradeable Ordinary £1 shares were paid as follows: |
6.0p | - 28 April 2023 |
3.5p | - 28 July 2023 |
7.0p | - 27 October 2023 |
3.5p | - 20 December 2023 |
20.0p |
The directors recommend that no final dividend be paid on the company's Ordinary £1 shares or on the Non-Tradeable Ordinary £1 shares. |
The Golden £1 shares are not entitled to receive dividends. |
The total distribution of dividends for the year ended 31 December 2023 will be £1,550,788. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
DONATIONS AND EXPENDITURE |
The group pledged donations to charity's during the year totalling £104,671, no political donations were made. |
QUALIFYING THIRD PARTY INDEMNITY PROVISION |
During the financial year and at the time the directors report is approved, a qualifying third party indemnity provision for the benefit of the directors is in force. |
DISCLOSURE IN THE STRATEGIC REPORT |
Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with S414C(11) Companies Act 2006. |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOADHOG LIMITED |
Opinion |
We have audited the financial statements of Loadhog Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit and loss account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOADHOG LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management, those charged with governance and in-house legal team around actual and potential litigation and claims; |
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- Reviewing minutes of meetings of those charged with governance |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOADHOG LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
CONSOLIDATED PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 32,701,255 | 30,467,735 |
Cost of sales | 17,627,015 | 16,678,455 |
GROSS PROFIT | 15,074,240 | 13,789,280 |
Distribution costs | 4,807,166 | 4,557,862 |
Administrative expenses | 6,401,617 | 5,798,963 |
11,208,783 | 10,356,825 |
3,865,457 | 3,432,455 |
Other operating income | 4 | 50,678 | 131,128 |
GROUP OPERATING PROFIT | 6 | 3,916,135 | 3,563,583 |
Share of operating profit in |
Joint ventures | 26,931 | 45,591 |
Amortisation of Goodwill | 7 | 218,072 | 218,072 |
3,724,994 | 3,391,102 |
Income from fixed asset investments | 4,950 | - |
Interest receivable and similar income | 2,595 | 121 |
7,545 | 121 |
3,732,539 | 3,391,223 |
Interest payable and similar expenses | 8 | 691,013 | 315,534 |
PROFIT BEFORE TAXATION | 3,041,526 | 3,075,689 |
Tax on profit | 9 | 295,236 | 297,469 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,746,290 | 2,778,220 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,746,290 | 2,778,220 |
OTHER COMPREHENSIVE INCOME |
Foreign exchange gains - Joint Venture | (5,310 | ) | 6,753 |
Foreign exchange gains - Subsidiaries | (7,167 | ) | 1,793 |
Transfer to tax reserve | 3,900 | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(8,577 |
) |
8,546 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,737,713 |
2,786,766 |
Total comprehensive income attributable to: |
Owners of the parent | 2,737,713 | 2,786,766 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 2,540,519 | 2,641,396 |
Tangible assets | 13 | 19,528,614 | 16,269,961 |
Investments | 14 |
Interest in joint venture |
Share of gross assets | 432,266 | 376,615 |
Share of gross liabilities | (343,108 | ) | (306,733 | ) |
89,158 | 69,882 |
Other investments | 1,030,442 | 228,053 |
23,188,733 | 19,209,292 |
CURRENT ASSETS |
Stocks | 15 | 2,734,800 | 3,077,276 |
Debtors | 16 | 7,616,345 | 7,783,031 |
Cash at bank and in hand | 2,994,669 | 594,396 |
13,345,814 | 11,454,703 |
CREDITORS |
Amounts falling due within one year | 17 | 12,638,083 | 8,102,838 |
NET CURRENT ASSETS | 707,731 | 3,351,865 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
23,896,464 |
22,561,157 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(6,903,504 |
) |
(6,846,722 |
) |
PROVISIONS FOR LIABILITIES | 22 | (1,539,000 | ) | (1,447,400 | ) |
NET ASSETS | 15,453,960 | 14,267,035 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 7,753,933 | 7,753,933 |
Share premium | 4,432 | 4,432 |
Tax reserve | 4,350 | 450 |
Retained earnings | 7,691,245 | 6,508,220 |
SHAREHOLDERS' FUNDS | 15,453,960 | 14,267,035 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by: |
H D Facey - Director |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,346,109 | 2,615,061 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Tax | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 7,753,933 | 5,272,240 | 4,432 | 450 | 13,031,055 |
Changes in equity |
Dividends | - | (1,550,786 | ) | - | - | (1,550,786 | ) |
Total comprehensive income | - | 2,786,766 | - | - | 2,786,766 |
Balance at 31 December 2022 | 7,753,933 | 6,508,220 | 4,432 | 450 | 14,267,035 |
Changes in equity |
Dividends | - | (1,550,788 | ) | - | - | (1,550,788 | ) |
Total comprehensive income | - | 2,733,813 | - | 3,900 | 2,737,713 |
Balance at 31 December 2023 | 7,753,933 | 7,691,245 | 4,432 | 4,350 | 15,453,960 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 8,169,157 | 1,863,430 |
Interest paid | (454,701 | ) | (245,582 | ) |
Interest element of hire purchase payments paid |
(236,312 |
) |
(87,910 |
) |
Tax paid | (166,871 | ) | (25,959 | ) |
Net cash from operating activities | 7,311,273 | 1,503,979 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (167,970 | ) | (165,942 | ) |
Purchase of tangible fixed assets | (5,304,810 | ) | (3,568,756 | ) |
Purchase of fixed asset investments | (829,950 | ) | - |
Sale of tangible fixed assets | 1,292,018 | 10,645 |
Interest received | 2,595 | 121 |
Dividends received | 4,950 | - |
Loan repayment - joint venture | 27,561 | - |
Net cash from investing activities | (4,975,606 | ) | (3,723,932 | ) |
Cash flows from financing activities |
New loans in year | 2,535,000 | 600,000 |
Loan repayments in year | (3,599,365 | ) | (1,075,336 | ) |
New hire purchase contacts in the year | 3,840,858 | 1,956,085 |
Capital repayments in year | (1,885,526 | ) | (1,255,444 | ) |
Equity dividends paid | (1,550,788 | ) | (1,559,536 | ) |
Loan Repayment from Gripple Limited | 770,553 | 719,865 |
Net cash from financing activities | 110,732 | (614,366 | ) |
Increase/(decrease) in cash and cash equivalents | 2,446,399 | (2,834,319 | ) |
Cash and cash equivalents at beginning of year |
2 |
548,270 |
3,382,589 |
Cash and cash equivalents at end of year | 2 | 2,994,669 | 548,270 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 3,041,526 | 3,075,689 |
Depreciation charges | 1,955,566 | 1,660,834 |
Profit on disposal of fixed assets | (1,201,749 | ) | (9,406 | ) |
Amortisation charges | 268,847 | 261,714 |
Share of Joint Venture profit | (26,931 | ) | (45,591 | ) |
Exchange differences on consolidation | (6,845 | ) | 639 |
Transfer to tax reserve | 3,900 | - |
Fair value derivatives gain | 105,298 | (105,298 | ) |
Finance costs | 691,013 | 315,534 |
Finance income | (7,545 | ) | (121 | ) |
4,823,080 | 5,153,994 |
Decrease/(increase) in stocks | 342,476 | (762,004 | ) |
Increase in trade and other debtors | (491,433 | ) | (2,062,925 | ) |
Increase/(decrease) in trade and other creditors | 3,495,034 | (465,635 | ) |
Cash generated from operations | 8,169,157 | 1,863,430 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 2,994,669 | 594,396 |
Bank overdrafts | - | (46,126 | ) |
2,994,669 | 548,270 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 594,396 | 3,382,589 |
Bank overdrafts | (46,126 | ) | - |
548,270 | 3,382,589 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 594,396 | 2,400,273 | 2,994,669 |
Bank overdrafts | (46,126 | ) | 46,126 | - |
548,270 | 2,446,399 | 2,994,669 |
Debt |
Finance leases | (2,882,394 | ) | (1,955,332 | ) | (4,837,726 | ) |
Debts falling due within 1 year | (1,115,354 | ) | (621,973 | ) | (1,737,327 | ) |
Debts falling due after 1 year | (5,564,844 | ) | 1,468,606 | (4,096,238 | ) |
(9,562,592 | ) | (1,108,699 | ) | (10,671,291 | ) |
Total | (9,014,322 | ) | 1,337,700 | (7,676,622 | ) |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Loadhog Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group financial statements consolidate the financial statements of Loadhog Limited and all its subsidiary undertakings. The Group profit and loss account includes the results of Loadhog Limited and all its subsidiaries after intra group trading and profits have been eliminated. |
The Group financial statements consolidate the following Dormant subsidiaries:- |
Loadhog 2011 Limited, Pally Pool Limited and Ideas & Innovation Incubator Limited. |
These companies are exempt from the requirement to prepare individual accounts by virtue of Section 394A Companies Act 2006 |
Joint ventures |
The groups investment in Joint ventures are accounted for using the Equity method. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Patents and trade marks |
Expenditure on the grants of patents and trade marks are amortised evenly over their estimated useful life of twenty years from the date of expenditure is incurred. Renewal of patents and trade marks are written off in the period in which they are renewed. |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Hire fleet | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tooling | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses |
Tooling is depreciated on a utilization basis. This is based on the number of units produced over the estimated lifespan of the tooling. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
- Financial Assets |
The company's loans receivable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
- Financial Liabilities |
The company's bank and other loans payable meet the definition of a basic financial instrument, so they are originally recognised at the transaction price. |
- Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
Where debt instruments are classified as assets due after more than one year or long term liabilities, then the company measures these at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Where debt instruments are classified as current assets or current liabilities, then there is no present value adjustment to the initial measurement based on amortised cost. |
- Derivative financial instruments |
The Company’s activities expose it to the financial risks of changes in foreign exchange rates. |
Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each year end. |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
The amounts in the balance sheets of overseas subsidiary undertakings are translated into sterling at the rates of exchange ruling at the balance sheet date, whilst the amounts in the profit and loss account are translated into sterling at the average rate of exchange for the year. The exchange difference arising on the re-translation of opening net assets is taken directly to reserves. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Other investments |
Other investments where a fair value can be reliably measured are recognised at fair value with changes in fair value recognised in profit and loss. If fair value cannot be reliably measured, then the investment is carried at cost less impairment. |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Product sales | 30,322,416 | 27,865,946 |
Rental income | 1,109,122 | 1,255,525 |
Wash Plant Income | 1,269,717 | 1,346,264 |
32,701,255 | 30,467,735 |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 6,307,654 | 7,093,374 |
Europe | 13,976,748 | 14,708,155 |
United States of America | 10,702,386 | 6,434,005 |
Rest of world | 1,714,467 | 2,232,201 |
32,701,255 | 30,467,735 |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Government grants | 19,576 | 10,414 |
Management charge | 31,102 | 15,416 |
Fair value profit on derivatives | - | 105,298 |
50,678 | 131,128 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 7,413,191 | 6,177,700 |
Social security costs | 816,514 | 729,783 |
Other pension costs | 918,114 | 727,163 |
9,147,819 | 7,634,646 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production and transport | 125 | 114 |
Sales and administration | 56 | 51 |
Research and development | 8 | 8 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration | 186,500 | 161,200 |
Directors' pension contributions to money purchase schemes | 29,572 | 35,597 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 3,583 | 3,460 |
Depreciation - owned assets | 1,206,106 | 1,082,846 |
Depreciation - assets on hire purchase contracts | 749,460 | 577,987 |
Profit on disposal of fixed assets | (1,201,749 | ) | (9,406 | ) |
Goodwill amortisation | 218,072 | 218,072 |
Patents & trademarks amortisation | 50,775 | 43,642 |
Auditors' remuneration | 22,000 | 20,000 |
Auditors' remuneration for non audit work | 34,754 | 20,709 |
Foreign exchange differences | 98,807 | (95,491 | ) |
Research and development expenditure | 1,650,000 | 1,552,118 |
The profit on disposal of fixed assets includes an amount of £1,167,836 which is included in cost of sales. |
This relates to disposal of some of the hire fleet to the customer who was previously hiring the reusable packaging system. |
7. | AMORTISATION OF GOODWILL |
Goodwill is shown separately on the Consolidated Income Statement due to it's materiality. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 2,688 | 3,881 |
Bank loan interest | 223,390 | 112,748 |
Mortgage | 227,943 | 110,995 |
Other loan interest | 680 | - |
Hire purchase | 236,312 | 87,910 |
691,013 | 315,534 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
Prior year adjustment | 66,835 | - |
Overseas Tax | 134,456 | 60,857 |
Joint ventures corporation tax | 2,345 | 3,556 |
Total current tax | 203,636 | 64,413 |
Deferred tax | 91,600 | 233,056 |
Tax on profit | 295,236 | 297,469 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 3,041,526 | 3,075,689 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
760,382 |
584,381 |
Effects of: |
Expenses not deductible for tax purposes | 136,248 | 59,083 |
Income not taxable for tax purposes | (1,238 | ) | - |
Adjustments to tax charge in respect of previous periods | 66,835 | - |
Enhanced tax relief on research and development expenditure | (415,000 | ) | (247,000 | ) |
Overseas tax rates difference | 2,555 | 21,174 |
Super deduction capital allowances | (31,548 | ) | (175,917 | ) |
Prior year enhanced relief | (222,998 | ) | - |
Increase in deferred tax rates | - | 55,748 |
Total tax charge | 295,236 | 297,469 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange gains - Joint Venture | (5,310 | ) | - | (5,310 | ) |
Foreign exchange gains - Subsidiaries | (7,167 | ) | - | (7,167 | ) |
Transfer to tax reserve | 3,900 | - | 3,900 |
(8,577 | ) | - | (8,577 | ) |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TAXATION - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange gains - Joint Venture | 6,753 | - | 6,753 |
Foreign exchange gains - Subsidiaries | 1,793 | - | 1,793 |
8,546 | - | 8,546 |
10. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements. |
11. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,550,788 | 1,550,786 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Patents & |
Goodwill | trademarks | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 4,361,486 | 940,849 | 5,302,335 |
Additions | - | 167,970 | 167,970 |
At 31 December 2023 | 4,361,486 | 1,108,819 | 5,470,305 |
AMORTISATION |
At 1 January 2023 | 2,398,793 | 262,146 | 2,660,939 |
Amortisation for year | 218,072 | 50,775 | 268,847 |
At 31 December 2023 | 2,616,865 | 312,921 | 2,929,786 |
NET BOOK VALUE |
At 31 December 2023 | 1,744,621 | 795,898 | 2,540,519 |
At 31 December 2022 | 1,962,693 | 678,703 | 2,641,396 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | INTANGIBLE FIXED ASSETS - continued |
Company |
Patents & |
Goodwill | trademarks | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Hire | Plant and |
property | fleet | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 5,499,381 | 7,132,687 | 9,434,218 |
Additions | 477,346 | 423,210 | 1,542,213 |
Disposals | - | (2,018,035 | ) | - |
Exchange differences | - | - | (269 | ) |
At 31 December 2023 | 5,976,727 | 5,537,862 | 10,976,162 |
DEPRECIATION |
At 1 January 2023 | 175,980 | 5,511,073 | 3,712,769 |
Charge for year | 92,657 | 397,734 | 697,974 |
Eliminated on disposal | - | (1,949,853 | ) | - |
Exchange differences | - | - | (77 | ) |
At 31 December 2023 | 268,637 | 3,958,954 | 4,410,666 |
NET BOOK VALUE |
At 31 December 2023 | 5,708,090 | 1,578,908 | 6,565,496 |
At 31 December 2022 | 5,323,401 | 1,621,614 | 5,721,449 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Tooling | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 1,363,024 | 574,383 | 7,849,065 | 31,852,758 |
Additions | 106,168 | 205,423 | 2,550,450 | 5,304,810 |
Disposals | - | (68,100 | ) | - | (2,086,135 | ) |
Exchange differences | (1,052 | ) | - | - | (1,321 | ) |
At 31 December 2023 | 1,468,140 | 711,706 | 10,399,515 | 35,070,112 |
DEPRECIATION |
At 1 January 2023 | 1,048,712 | 353,073 | 4,781,190 | 15,582,797 |
Charge for year | 117,984 | 125,499 | 523,718 | 1,955,566 |
Eliminated on disposal | - | (46,013 | ) | - | (1,995,866 | ) |
Exchange differences | (922 | ) | - | - | (999 | ) |
At 31 December 2023 | 1,165,774 | 432,559 | 5,304,908 | 15,541,498 |
NET BOOK VALUE |
At 31 December 2023 | 302,366 | 279,147 | 5,094,607 | 19,528,614 |
At 31 December 2022 | 314,312 | 221,310 | 3,067,875 | 16,269,961 |
Tangible fixed assets with a carrying value of £11,809,663 (2021 £10,961,715) are pledged as security for the group's borrowings. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Tooling | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | - | 3,998,868 | 52,448 | 1,428,190 | 5,479,506 |
Additions | 375,949 | 1,390,471 | 205,423 | 2,189,420 | 4,161,263 |
Transfer to ownership | - | (64,457 | ) | - | (554,907 | ) | (619,364 | ) |
At 31 December 2023 | 375,949 | 5,324,882 | 257,871 | 3,062,703 | 9,021,405 |
DEPRECIATION |
At 1 January 2023 | - | 849,206 | 17,020 | 199,696 | 1,065,922 |
Charge for year | 3,760 | 464,721 | 48,780 | 232,199 | 749,460 |
Eliminated on disposal | - | - | (17,020 | ) | - | (17,020 | ) |
Transfer to ownership | - | (23,366 | ) | - | (180,930 | ) | (204,296 | ) |
At 31 December 2023 | 3,760 | 1,290,561 | 48,780 | 250,965 | 1,594,066 |
NET BOOK VALUE |
At 31 December 2023 | 372,189 | 4,034,321 | 209,091 | 2,811,738 | 7,427,339 |
At 31 December 2022 | - | 3,149,662 | 35,428 | 1,228,494 | 4,413,584 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Hire | Plant and |
property | fleet | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Motor |
fittings | vehicles | Tooling | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Tangible fixed assets with a carrying value of £11,809,663 (2021 £10,961,715) are pledged as security for the company's borrowings. |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Tooling | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Transfer to ownership | - | (64,457 | ) | - | (554,907 | ) | (619,364 | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | - | (23,366 | ) | - | (180,930 | ) | (204,296 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
14. | FIXED ASSET INVESTMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Participating interests | 89,158 | 69,882 |
Loans to undertakings in which the company has a participating interest |
200,492 |
228,053 |
Other investments not loans | 829,950 | - |
1,119,600 | 297,935 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Group |
Interest |
in joint | Unlisted |
venture | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 69,882 | - | 69,882 |
Additions | - | 829,950 | 829,950 |
Share of profit/(loss) | 24,586 | - | 24,586 |
Exchange differences | (5,310 | ) | - | (5,310 | ) |
At 31 December 2023 | 89,158 | 829,950 | 919,108 |
NET BOOK VALUE |
At 31 December 2023 | 89,158 | 829,950 | 919,108 |
At 31 December 2022 | 69,882 | - | 69,882 |
Company |
Shares in | Interest |
group | in joint | Unlisted |
undertakings | venture | investments | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 248,024 |
Additions | 1,133,270 |
At 31 December 2023 | 1,381,294 |
NET BOOK VALUE |
At 31 December 2023 | 1,381,294 |
At 31 December 2022 | 248,024 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 4 rue du Thal, 67210, Obernai, France |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The Hog Works, Hawke Street, Sheffield S9 2SU |
Nature of business: |
% |
Class of shares: | holding |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Registered office: The Hog Works, Hawke Street, Sheffield S9 2SU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: The Hog Works, Hawke Street, Sheffield S9 2SU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1611 Emily Lane, Aurora, Ilinois, IL 60502, USA |
Nature of business: |
% |
Class of shares: | holding |
Joint venture |
Registered office: Estrada Nacional 4 - Km 46,5,Pontal, 2985-210 Pegões, Portugal |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Group |
Loans to |
joint |
ventures |
£ |
At 1 January 2023 | 228,053 |
Repayment in year | (35,087 | ) |
Other movement | 7,526 |
At 31 December 2023 | 200,492 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | FIXED ASSET INVESTMENTS - continued |
Company |
Loans to |
joint |
ventures |
£ |
At 1 January 2023 |
Repayment in year | ( |
) |
Other movement |
At 31 December 2023 |
15. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Raw materials | 1,675,079 | 1,862,775 |
Work-in-progress | 333,528 | 368,762 |
Finished goods | 726,193 | 845,739 |
2,734,800 | 3,077,276 |
The total carrying amount of stock is pledged as security for the company's bank borrowings. |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 6,117,968 | 5,867,324 |
Amounts owed by group undertakings | - | - |
Other debtors | 172,443 | 37,096 |
Gripple Limited | - | 552,821 | - | 552,821 |
Joint Venture | 194,292 | 107,140 | 194,292 | 107,140 |
Derivative asset | - | 105,298 | - | 105,298 |
VAT | 182,844 | 339,855 |
Prepayments and accrued income | 948,798 | 773,497 |
7,616,345 | 7,783,031 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 1,519,595 | 1,161,480 |
Other loans - Gripple Limited (see note 19) | 217,732 | - |
Hire purchase contracts (see note 20) | 2,030,460 | 1,600,516 |
Trade creditors | 7,111,853 | 4,408,325 |
Tax | 78,261 | 43,841 |
Social security and other taxes | 221,974 | 215,235 |
Other creditors | 380,472 | 347,608 |
Accruals and deferred income | 1,077,736 | 325,833 |
12,638,083 | 8,102,838 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 19) | 4,096,238 | 5,564,844 |
Hire purchase contracts (see note 20) | 2,807,266 | 1,281,878 |
6,903,504 | 6,846,722 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 46,126 |
Bank loans | 1,519,595 | 1,115,354 |
Other loans - Gripple Limited | 217,732 | - |
1,737,327 | 1,161,480 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 1,566,262 | 1,115,336 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,529,976 | 2,493,489 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 1,956,019 | - | 1,956,019 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 2,030,460 | 1,600,516 |
Between one and five years | 2,807,266 | 1,281,878 |
4,837,726 | 2,882,394 |
Company |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 274,250 | - |
Between one and five years | 558,309 | - |
832,559 | - |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank overdraft | - | 46,126 |
Bank loans | 5,615,833 | 6,680,198 |
Other loans - Gripple Limited | 217,732 | - | 217,732 | - |
Hire purchase contracts | 4,837,726 | 2,882,394 | 4,837,726 | 2,882,394 |
10,671,291 | 9,608,718 |
The group has a CBILS loan which has a balance of £2,087,500, this is secured by a limited guarantee given by the Department for Business, Energy and Industrial Strategy. |
The remaining bank borrowings are secured by first legal charges over the company's freehold property together with a debenture over the company's other unpledged assets and an unlimited guarantee given by Gripple Limited and Growth Led Innovation Driven Employee Company Limited.. |
The hire purchase and finance leases obligations are secured over the assets to which they relate, together with a blanket guarantee provided by the company and Gripple Limited and a charge over unencumbered assets. |
22. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 3,075,000 | 1,880,000 |
Tax losses carried forward | (1,536,000 | ) | (432,600 | ) | ( |
) | ( |
) |
1,539,000 | 1,447,400 | 1,539,000 | 1,447,400 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 1,447,400 |
Provided during year | 91,600 |
Balance at 31 December 2023 | 1,539,000 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 6,771,431 | 6,772,431 |
Non-Tradeable Ordinary share | £1 | 982,500 | 981,500 |
Golden | £1 | 2 | 2 |
7,753,933 | 7,753,933 |
During the year 1,000 Ordinary shares of £1 each were designated as 1,000 Non-Tradeable Ordinary Shares of £1 each. |
The rights attaching to each class of shares is as follows: |
ORDINARY:- |
Each Ordinary shares is entitled to one vote in any circumstance. |
The Ordinary shares are not redeemable. |
The Ordinary shares are entitled to a participating cumulative dividend equal at least to 1/3 of the net profit of the company. |
GOLDEN SHARES:- |
Each Golden shares is entitled to one vote in any circumstance and the Company may not do certain things without a 100% class consent of the holders. |
The Golden shares are not redeemable. |
The Golden shares are not entitled to dividend payments. |
NON-TRADEABLE ORDINARY:- |
15,000 of the Non-Tradeable Ordinary shares of £1 each are non-voting, |
The other 967,500 Non-Tradeable Ordinary shares of £1 is entitled to one vote in any circumstance. |
The shares are not redeemable. |
The shares are entitled to a participating cumulative dividend equal at least to 1/3 of the net profit of the company. |
No transfer of the the Non-Tradeable Ordinary shares may be made or validly registered other than pursuant to the distribution of assets following the death of the transferor or retirement of the transferor (or other than to GLIDE or the Loadhog Foundation). |
No transfer of the Non-Voting Non Tradeable Ordinary shares may be made or validly registered other than to GLIDE or to a transferee approved by the Share Transfer Committee. |
24. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 854,715 | 1,841,532 |
LOADHOG LIMITED (REGISTERED NUMBER: 04627117) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
25. | OTHER FINANCIAL COMMITMENTS |
The company is party to a cross guarantee with Gripple Limited, whereby it has agreed to secure certain bank liabilities of that entity. At the balance sheet date, the amount of the liability owing to the bank by Gripple Limited covered by the cross guarantee was £13,962,490 (2022 £10,397,257). The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee . |
The company is also party to a cross guarantee with Gripple Limited, whereby it has agreed to secure a joint lease purchase credit line facility. At the balance sheet date, the amount of the liability reflected in Gripple Limited's financial statements covered by the cross guarantee was £10,686,973 (2022: £11,052,735). The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
The company is also party to a cross guarantee with Growth Led Innovation Driven Employee Company Limited, whereby it has agreed to secure certain bank liabilities of that entity.At the balance sheet date, the amount of the liability on Growth Led Innovation Driven Employee Company Limited's bank facilities covered by the cross guarantee was £428,568 (2022: £169,776). The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
26. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £443,884 (2022 - £557,051) were paid to the directors . |
Gripple Limited and Loadhog Limited have a majority of common directors on each board. |
During the year Loadhog Limited has made sales to Gripple Limited and re-charged services of £258,439 (2022 £272,377) . It has acquired goods and services from Gripple Limited of £936,171 (2022 £1,610,814). All these transactions were undertaken on commercial terms. |
Cash flow funding loans are also made between the two entities. |
At the year end, Loadhog Limited owed £217,732 to Gripple Limited (2022 £552,821 owed by Gripple Limited) |
Interest is not chargeable on this intercompany balance. |
During the year, a total of key management personnel compensation of £ 216,072 (2022 - £ 196,797 ) was paid. |
The directors consider that only the board of directors have the authority and responsibility for planning, directing and controlling the activities of the company. |
27. | ULTIMATE CONTROLLING PARTY |
The Company has no controlling party. |