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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: H D Facey
E J P Stubbs
S N Khan
R A Davies
P Taylor
D Routledge
M Hodgson
Mrs D J Oxley





SECRETARY: Mrs G Rosson





REGISTERED OFFICE: The Hog Works
Hawke Street
Sheffield
South Yorkshire
S9 2SU





REGISTERED NUMBER: 04627117 (England and Wales)





AUDITORS: Hollis and Co Limited
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:





H D Facey - Director


29 April 2024

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.

H D Facey
E J P Stubbs
S N Khan
R A Davies
P Taylor
D Routledge
M Hodgson
Mrs D J Oxley

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:





H D Facey - Director


29 April 2024

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.




Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

30 April 2024

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 2,746,290 2,778,220
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 2,540,519 2,641,396
Tangible assets 13 19,475,910 16,243,962
Investments 14 1,581,786 476,077
23,598,215 19,361,435

CURRENT ASSETS
Stocks 15 2,667,232 3,016,792
Debtors 16 6,655,491 7,745,035
Cash at bank and in hand 2,525,989 594,396
11,848,712 11,356,223
CREDITORS
Amounts falling due within one year 17 11,923,528 8,137,962
NET CURRENT (LIABILITIES)/ASSETS (74,816 ) 3,218,261
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,523,399

22,579,696

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 15,080,895 14,285,574

CAPITAL AND RESERVES
Called up share capital 23 7,753,933 7,753,933
Share premium 4,432 4,432
Retained earnings 7,322,530 6,527,209
SHAREHOLDERS' FUNDS 15,080,895 14,285,574

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 29 April 2024 and were signed on its behalf by:





H D Facey - Director


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 7,753,933 5,462,934 4,432 13,221,299

Changes in equity
Dividends - (1,550,786 ) - (1,550,786 )
Total comprehensive income - 2,615,061 - 2,615,061
Balance at 31 December 2022 7,753,933 6,527,209 4,432 14,285,574

Changes in equity
Dividends - (1,550,788 ) - (1,550,788 )
Total comprehensive income - 2,346,109 - 2,346,109
Balance at 31 December 2023 7,753,933 7,322,530 4,432 15,080,895

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 40 years
Hire fleet - 20% on cost, 6.66% on cost and Straight line based on usage
Plant and machinery - 10% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 33% on cost, 25% on cost and 20% on cost
Tooling - 20% on cost and Straight line based on usage

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
189 173

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 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

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 5,499,381 7,132,687 9,422,364
Additions 477,346 423,210 1,520,697
Disposals - (2,018,035 ) -
At 31 December 2023 5,976,727 5,537,862 10,943,061
DEPRECIATION
At 1 January 2023 175,980 5,511,073 3,710,628
Charge for year 92,657 397,734 695,548
Eliminated on disposal - (1,949,853 ) -
At 31 December 2023 268,637 3,958,954 4,406,176
NET BOOK VALUE
At 31 December 2023 5,708,090 1,578,908 6,536,885
At 31 December 2022 5,323,401 1,621,614 5,711,736

Fixtures
and Motor
fittings vehicles Tooling Totals
£    £    £    £   
COST
At 1 January 2023 1,316,698 574,383 7,849,065 31,794,578
Additions 88,191 205,423 2,550,450 5,265,317
Disposals - (68,100 ) - (2,086,135 )
At 31 December 2023 1,404,889 711,706 10,399,515 34,973,760
DEPRECIATION
At 1 January 2023 1,018,672 353,073 4,781,190 15,550,616
Charge for year 107,944 125,499 523,718 1,943,100
Eliminated on disposal - (46,013 ) - (1,995,866 )
At 31 December 2023 1,126,616 432,559 5,304,908 15,497,850
NET BOOK VALUE
At 31 December 2023 278,273 279,147 5,094,607 19,475,910
At 31 December 2022 298,026 221,310 3,067,875 16,243,962

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 - 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

14. FIXED ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Shares in group undertakings - - 355,351 52,031
Participating interests 89,158 69,882 195,993 195,993
Loans to undertakings in which the company
has a participating interest

200,492

228,053

200,492

228,053
Other investments not loans 829,950 - 829,950 -
1,119,600 297,935 1,581,786 476,077

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 52,031 195,993 - 248,024
Additions 303,320 - 829,950 1,133,270
At 31 December 2023 355,351 195,993 829,950 1,381,294
NET BOOK VALUE
At 31 December 2023 355,351 195,993 829,950 1,381,294
At 31 December 2022 52,031 195,993 - 248,024

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

Subsidiaries

Loadhog Sarl
Registered office: 4 rue du Thal, 67210, Obernai, France
Nature of business: Sale of re-useable packaging systems
%
Class of shares: holding
Ordinary 100.00

Pally Pool Limited
Registered office: The Hog Works, Hawke Street, Sheffield S9 2SU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

LOADHOG LIMITED (REGISTERED NUMBER: 04627117)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. FIXED ASSET INVESTMENTS - continued

Ideas & Innovation Incubator Ltd
Registered office: The Hog Works, Hawke Street, Sheffield S9 2SU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Loadhog 2011 Limited
Registered office: The Hog Works, Hawke Street, Sheffield S9 2SU
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Loadhog Incorporated
Registered office: 1611 Emily Lane, Aurora, Ilinois, IL 60502, USA
Nature of business: Supply & repair of re-useable packaging
%
Class of shares: holding
Capital stock 100.00

Joint venture

Smartstak Iberia Lda.
Registered office: Estrada Nacional 4 - Km 46,5,Pontal, 2985-210 Pegões, Portugal
Nature of business: Hire of re-useable packaging systems
%
Class of shares: holding
Capital 50.00
2023 2022
£    £   
Aggregate capital and reserves 178,316 139,765
Profit for the year 49,172 84,069

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 228,053
Repayment in year (35,087 )
Other movement 7,526
At 31 December 2023 200,492

15. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials 1,675,079 1,862,775 1,675,079 1,862,775
Work-in-progress 333,528 368,762 333,528 368,762
Finished goods 726,193 845,739 658,625 785,255
2,734,800 3,077,276 2,667,232 3,016,792

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 4,416,538 4,392,736
Amounts owed by group undertakings - - 920,851 1,394,746
Other debtors 172,443 37,096 15,661 26,139
Gripple Limited - 552,821 - 552,821
Joint Venture 194,292 107,140 194,292 107,140
Derivative asset - 105,298 - 105,298
VAT 182,844 339,855 223,857 422,380
Prepayments and accrued income 948,798 773,497 884,292 743,775
7,616,345 7,783,031 6,655,491 7,745,035

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 1,519,595 1,416,401
Other loans - Gripple Limited (see note 19) 217,732 - 217,732 -
Hire purchase contracts (see note 20) 2,030,460 1,600,516 2,030,460 1,600,516
Trade creditors 7,111,853 4,408,325 6,662,250 4,345,618
Tax 78,261 43,841 - -
Social security and other taxes 221,974 215,235 166,630 156,758
Other creditors 380,472 347,608 336,016 315,814
Accruals and deferred income 1,077,736 325,833 990,845 302,855
12,638,083 8,102,838 11,923,528 8,137,962

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 4,096,238 5,564,844
Hire purchase contracts (see note 20) 2,807,266 1,281,878 2,807,266 1,281,878
6,903,504 6,846,722 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 - 301,047
Bank loans 1,519,595 1,115,354 1,519,595 1,115,354
Other loans - Gripple Limited 217,732 - 217,732 -
1,737,327 1,161,480 1,737,327 1,416,401
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,566,262 1,115,336 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 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 2,030,460 1,600,516
Between one and five years 2,807,266 1,281,878
4,837,726 2,882,394

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 122,772 27,468
Between one and five years 460,395 87,874
583,167 115,342

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 - 301,047
Bank loans 5,615,833 6,680,198 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 10,671,291 9,863,639

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 3,075,000 1,880,000
Tax losses carried forward (1,536,000 ) (432,600 ) (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 1,447,400
Provided during year 91,600
Balance at 31 December 2023 1,539,000

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: £    £   
6,771,431 Ordinary £1 6,771,431 6,772,431
982,500 Non-Tradeable Ordinary share £1 982,500 981,500
2 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.