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Registered number: 05759393










LINDNER PRATER LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LINDNER PRATER LIMITED
 
 
COMPANY INFORMATION


Directors
K M Smith 
A J Fegbeutel 
G D Hamblett 
C Roberts 
M Schmidhuber 




Company secretary
A J Fegbeutel



Registered number
05759393



Registered office
Unit 14
Perrywood Business Park

Honeycrock Lane

Redhill

Surrey

RH1 5JQ




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place


London


EC2Y 5AU





 
LINDNER PRATER LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 5
Directors' report
 
6 - 10
Independent auditors' report
 
11 - 14
Statement of comprehensive income
 
15
Statement of financial position
 
16
Statement of changes in equity
 
17
Notes to the financial statements
 
18 - 35


 
LINDNER PRATER LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The company continues to work with blue chip main contractors and clients providing specialist building envelope solutions involving roofing, cladding and curtain walling activities.  The company has maintained a high level of investment in developing solutions which provide first class processes from design through to installation. This has created a scalable business model which gives Lindner Prater the confidence that it will continue to deliver profitable business and cash generation on a sustainable basis.  The key market sectors include, infrastructure, stadia, health, commercial, defence, residential, transport, education and power. 
Business review
Turnover for the year decreased by 2.3% to £60,411,432. In 2023, the gross margin was £6,119,241 compared to £9,117,687 in the previous year. The company experienced a loss before tax of £2,990,145, primarily due to increased completion costs on Middle East projects and a write-down of £1.5 million from the sale of the investment in Prater Limited. Excluding these exceptional items, the company achieved an underlying profit before tax of £1.4 million.
Despite these challenges, the company maintains a robust balance sheet and remains self-financed without any external borrowing. The cash balance decreased from the prior year to £2,684,866, primarily due to delayed receipts from clients, with £3.5 million of expected December receipts deferred to January 2024.
Looking ahead, the company's order book for 2024 and beyond shows good prospects across various sectors including, stadia, commercial, and infrastructure projects. This positions the company well to capitalise on future opportunities in the construction market, maintaining a geographical spread across the UK.

 
Operational review
The safety and quality performance achieved during 2023 remained strong and continues to be a key area of focus and investment which is embedded within the Lindner Prater culture.
Furthermore, we have strengthened our in-house design and engineering teams and fostered collaborative relationships with our extensive network of specialist consultancies and suppliers.
Lindner Prater has many repeat business clients and continues to be involved in landmark projects. The company also continues to work on a number of major infrastructure projects across the core transportation markets. Together with our partners and supply chain, Lindner Prater continues to deliver innovative, efficient and highly complex infrastructure projects bringing the highest levels of quality, safety and technical expertise.
During the year, the company consolidated its Crowborough and Thurrock factory facilities to optimise efficiency and productivity, consolidating operations within the Thurrock facility. 
Lindner Prater continues to monitor potential risks and uncertainties posed by the UK construction market. Following a thorough review there has been no change to Lindner Prater’s work winning strategy, or any significant material impact on current live projects or staff retention.
 

Page 1

 
LINDNER PRATER LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Lindner Prater Limited is managed in accordance with the risk principles adopted by the Lindner Group. The company strives through rigorous management review of its key performance indicators, to increase and improve its capability and competence through constant innovation and continuous improvement.
A principal risk facing specialist contractors is ensuring that contracts are completed to a first class quality, on time and within budget. Close management review and monitoring of projects ensures that this is achieved. The management systems of the company have been reviewed, audited and have successfully been awarded certification for ISO9001, 14001 and 45001 by TÜV SUD. The company’s uncompromising approach to the health and safety of every employee, client and supplier is a key cornerstone of the company’s systems. The Directors and management teams comprehensively review safety performance as a priority at all management meetings. The company has credit insurance provided by TMHCC on all of its customers to minimise exposure to bad debts. 
Environmental
As a leading building envelope contractor, the company recognises that its activity on construction sites and at offices, impacts upon the environment and it is the intention to reduce this impact in every part of the business working in harmony with our clients and supply chain partners.
To assist in reducing its impacts, the company has video conferencing facilities at each of its offices and factories and continues to explore construction methods and materials which align with improvements to our environment.
The company is totally committed to complying with legal and other requirements through formalised review and updating procedures.
The company is committed to continual improvement in its environmental performance and has a number of objectives and targets which at this time revolve around the carbon footprint:
• understanding the supply chain carbon footprint
• reducing staff travel between offices
• reducing the company carbon footprint
Employees
The company is proud to have retained its Investors in People (‘IIP’) silver status in 2023 - recognising endeavours to build capability, recognise, involve and engage the team to create sustainable success. During this process, the IIP made particular note of our employees enjoying their work, demonstration of strong culture and values, our people focused approach, openness to change and improvement, and the continued investment in leadership. We are regularly monitoring our progress against our IIP targets and will meet again with the IIP in 2024 to review progress and we will again be seeking employee feedback through the bi-annual Employee questionnaire in 2024.
In 2023 we developed and implemented a UK-wide Lindner Managers training programme in partnership with the CITB (Construction Industry Training Board). All of our managers were enrolled in the course, with 65 employees completing the training in 2023. The programme is comprised of three days including one day of internal training delivered by the HR team, focusing on consistent implementation of company policies and the role of a people manager in Lindner. The other two days were delivered by Dale Carnegie, an internationally renowned leadership training provider, who delivered a bespoke course to all the UK managers. The course focused on communication, self-confidence, company values, and what it takes to lead highly effective and successful teams. The programme also provided our managers with an opportunity to provide feedback. A result of this feedback was the business committing to produce an interactive online Lindner Managers booklet, which will contain tips and concise instructions regarding key people tasks and policies to assist them in their roles. In addition to this, to further improve access to information, in 2023 the HR team created independent HR policies
Page 2

 
LINDNER PRATER LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

making the company employee handbook redundant. These policies are available to all employees via the company’s intranet, this change has improved ease of access to key HR information for all employees.
We are delighted to have continued to develop our apprenticeship programme. We now employ 15 apprentices across the UK. These apprentices span each department and all benefit from a fully funded apprenticeship, whilst benefiting further from our quarterly "Lindner Enrichment Programme" allowing the business to develop both the person and the professional. During 2023 we have seen two apprentices graduate from the scheme and commence their further professional development with the business. The programme provides a network for our apprentices, gathering quarterly to attend the enrichment days which are comprised of additional support, training on key products, communication skills, time management, and additional areas such as mental health and financial wellbeing. Lindner Prater is committed to providing social value to local areas and our apprenticeship scheme is a great example of the business supporting local councils, projects, and initiatives to provide local jobs to local people.   
The development of our employees is key to our long-term success, to support this we are happy to have developed a digital appraisal system which will be implemented in 2024. The system enables appraisals to be conducted efficiently, utilising detailed competency profiles and direct live reporting improving the business's ability to react quickly to employee feedback, develop progression plans, and swiftly arrange training to support our employee's career ambitions.
We have reviewed our level of reward and were pleased to introduce a new bonus scheme in June 2023. The scheme allows the business to pay a monthly bonus to our employees, the level of the bonus is directly based on the financial performance of our projects. The scheme allows our employees to share in the company’s success through financial rewards which we believe has improved engagement and fostered a feeling of ownership from our employees.
Lindner is a family business and one that wishes to both attract a diverse pool of candidates and improve the lives of those that we currently employ. To this effect, we were pleased to introduce a new enhanced family-friendly pay benefit. The new benefit provides 16 weeks of full pay for maternity/adoption leave followed by 23 weeks of statutory pay and two weeks of full pay for paternity leave.
Our wellbeing programme continues to be at the forefront of internal communications to ensure that we support our employees to maintain Lindner Prater as a great place to work providing rewarding careers within our business. We have committed to reviewing our wellbeing strategy again in 2024 to see what opportunities we have to enhance this further.

Financial key performance indicators
 
The directors have monitored the progress of the company's strategic elements by reference to certain financial
key performance indicators:
      2023   2022
Turnover     £60.4 million  £61.8 million   
Cash and Cash equivalents  £2.7 million  £5.7 million
Net Assets                                             £7.6 million    £10.6 million

Page 3

 
LINDNER PRATER LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Company
 
This statement explains how the Directors have engaged with employees, suppliers, customers and other stakeholders; and have had regard to employee interests, the need to foster the company’s business relationships with suppliers, customers and others, and the impact of the company’s operations on the community and the environment.
General confirmation of Directors’ duties
The Board’s focus is on activities that enable it to promote shareholders’ interests. This includes the development of strategy, the monitoring of executive action and the consideration of ongoing board and management succession.
When making decisions, each Director ensures that he acts in good faith in a way which promotes the company’s success, for the benefit of its members as a whole. In doing so each director has regard to the following (but not limited to) matters:
The likely consequences of any decision in the long term
The Directors understand the construction business and also the evolving market in which we operate. The company is totally focussed on meeting the needs of the market operated within. To this end, the company continually invests in developing solutions which provide first class processes from design through to installation. This investment aims to keep the company as the preferred building envelope provider of choice for its customers and will enable the company to provide a sustainable level of turnover and return for its shareholders.  
Long term planning is reviewed at Board meetings as well as at other separate meetings during the year, when the consequences of decisions and future plans are considered. 
The interests of the company’s employees
The Directors recognise that the company's employees are fundamental and core to our business and the delivery of our goals and ambitions. The success of our business depends upon our attracting, retaining and motivating employees. We need to ensure that we remain a responsible employer, from our pay as well as benefits to our health, safety and workplace environment.
Uncompromising safety is paramount to everything we do. To this end we go beyond legal compliance and this is demonstrated by the numerous certifications held. These include: the international standards ISO 45001 (H&S), ISO 9001 (quality) and ISO 14001 (Environment), Achilles Building Confidence and CHAS Elite, Constructionline Gold, SafeContractor, FORS Silver, Acclaim SSIP, and Achilles LinkUp.
In addition to these standards, we set annual improvement programmes which includes building upon our very successful behavioural safety scheme and mental health first aid that is available to our staff, operatives and the contractors that work for us.
The Directors consider the implications of decisions on our employees whenever relevant and feasible. 
The need to foster the company’s business relationships with suppliers, customers and others
Delivering the company's strategy requires strong mutually beneficial relationships with suppliers, subcontractors, customers, and joint-venture partners. The company and its Lindner Group partners have built relationships with their stakeholders through industry events, charity fund raising, supplier workshops, close collaboration on projects and other reasons designed to engage with these stakeholders.
Particular emphasis is placed upon health, safety and quality. The culture and performance of the company's customers and sub-contractors is monitored continually using detailed statistics and reporting to ensure standards are maintained at the highest level. If issues arise they are dealt with immediately at the appropriate level internally or with the customer, supplier or contractor. This is one of many measures which the company uses to help foster relationships with these stakeholders.  
The Directors regularly receive information updates on a variety of topics that indicate and inform how these
Page 4

 
LINDNER PRATER LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

stakeholders have been engaged. 
The impact of the company’s operations on the community and the environment
The directors consider carefully the impact of their operations on the community and the environment. We work closely with our customers and supply chain to enable us to use the most environmentally friendly products. We have strong quality systems and controls to ensure this is achieved. The company has developed an environmental management system in accordance with ISO14002:2004. This system is central to minimising the impact of our activities on the environment.
The directors' commitment and focus on health and safety is described above pursuant to ‘the interests of the company’s employees’. This is also relevant to the impact of the company’s operations on the community and environment.
The desirability of the company maintaining a reputation for high standards of business conduct
The directors aim to meet the highest standards for the company's reputation and business conduct. Within the market the company works, its reputation is key and all standards have to be maintained throughout the business to achieve this. 
Being part of the Lindner Group Corporate social responsibility programme is central to the working culture and this extends across the company's health and safety responsibilities, community activities and environmental systems.
The directors recognise that fulfilling the company's moral, financial and legal obligations to both its internal and external stakeholders will bring significant and tangible benefits to the business.
The company operates within the Lindner framework of values:
I am honest, I am open, I say what I expect, I am disciplined, I pursue common aims, I respect my colleagues, I trust my colleagues, I share success with my colleagues.
The company aligns its Core Values, Vision, Mission and business strategy with the social and economic needs of its stakeholders, whilst embedding responsible and ethical business policies and practices into everything it does.
The need to act fairly as between members of the company
The company only has one shareholder and so will always act fairly between members. The Directors consider which course of action best enables delivery of the company's strategy with regard to the long-term, taking into consideration the impact on stakeholders. This will normally be in the best long term interests of most of the company's stakeholders, however although our Directors will act fairly regarding the sole shareholder, they are not required to balance the company’s interest with those of other external stakeholders.


This report was approved by the board and signed on its behalf.



................................................
G D Hamblett
Director

Date: 24 September 2024

Page 5

 
LINDNER PRATER LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £2,990,145 (2022 - loss £9,105,703).

The directors recommend no final dividend for the year ended 31 December 2023.

Directors

The directors who served during the year were:

K M Smith 
A J Fegbeutel 
G D Hamblett 
C Roberts 
S J Whiting (resigned 23 July 2024)
M Schmidhuber 
R J Morton (resigned 31 December 2023)

Page 6

 
LINDNER PRATER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Environmental matters

The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.

Future developments

The directors are aware of the competitive pressures in the market place and the impact of the wider economy on the construction industry. However, the directors feel the company is well placed to benefit from the order back log at 31 December 2023.

Research and development activities

The company continues to look for improved methods of working and new products to enhance its portfolio and reputation. Investment and training within our BIM ability and 3D/4D modelling continues to be a key development.

Employee involvement

As stated previously the company is proud to be accredited to Investors in People and encouraged employees involvement and contribution through its staff committee, operative committee and company intranet. 
Dissemination of company information and discussions are held through regular departmental meetings and staff briefings as well as individual performance reviews. Wherever possible, vacancies are filled from within the company and the Lindner UK Group and adequate opportunities for internal promotion are created. The Board is committed to a systematic training policy as stated previously and the Company has a comprehensive training and development programme creating the opportunity for employees to maintain and improve their performance and to develop their potential to a maximum level of attainment. In this way employees will make their best possible contribution to the success of the Lindner Group. 
The Company treats all people equally, fairly, with respect and without prejudice. Decisions about people’s employment with the Company are based on ability, performance and qualifications. This principle also applies when the Company makes decisions about development, promotion, pay and benefits. The Company does not tolerate unfair treatment or discrimination at work based on ethnicity, gender, age, religion, disability or sexual orientation.

Page 7

 
LINDNER PRATER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

Streamlined Energy & Carbon Reporting (SECR)
Under the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon) Regulations 2018, we are mandated to disclose our UK energy use and associated greenhouse gas (GHG) emissions. As a minimum, we are required to report the GHG emissions from fuel combustion, purchased energy and transport vehicles, under Streamlined Energy and Carbon Reporting (SECR). Additionally, the use of an intensity ratio and an outline of implemented efficiency measures are required under the Streamlined Energy and Carbon Reporting (SECR) Regulations.
To ensure a high level of transparency is achieved, robust and recognised reporting methods are implemented. The reporting methodology involves usage of the 2023 DEFRA (Department for Environment, Food and Rural Affairs) emissions factors to calculate and assess our UK operational emissions.
The SECR reporting period covers Lindner Prater Limited’s operations from the 1st January 2023 to the 31st December 2023 and our calculations are for the following scopes:

Building-related energy – Natural gas consumption (Scope 1), onsite fuel combustion (Scope 1), and purchased electricity consumption (Scope 2).

Transportation – Fuel combustion for business travel in company vehicles (Scope 1) and business travel in expensed vehicles (Scope 3)
 
Outside of Scopes – Outside of Scopes calculation for HVO.

Calculation Methodology
Lindner Prater Limited’s emissions have been assessed in accordance with the ‘GHG Protocol Corporate Accounting and Reporting Standard’ and in line with DEFRA’s ‘Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting Requirements’. The DEFRA 2023 emissions conversion factors were used to quantify the emissions associated with Lindner Prater’s UK operations for the specified reporting period. Where first hand energy consumption data was unavailable, pro-rata extrapolation and data benchmarking has been used.
Organisational Boundary
We have used the operational control approach.

                                                                                    1st January 2023-               1st January 2022 -
                           Reporting Period                               31st December 2023            31st December 2022
                                                                                 
                Area                             Metric                         UK & Offshore                       UK & Offshore
Emissions from combustion        Energy (kWh)                        465,766                             301,462
of fuel in company                     Emissions (tCO2e)                     118                                      73
vehicles (Scope 1)
Emissions from combustion        Energy (kWh)                         534,981                             209,313
of natural gas at site                  Emissions (tCO2e)                      98                                       38
(Scope 1)
Emissions from combustion        Energy (kWh)                         572,397                              956,120              
of fuel at site (Scope 1)              Emissions (tCO2e)                    124                                     211
 
Page 8

 
LINDNER PRATER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Emissions from purchased               Energy (kWh)                   524,220                               572,272
electricity (Scope 2)                 Emissions (tCO2e)                     108                                      111

Emissions from expensed      Energy (kWh)                             830,607                                885,417
business travel in employee    Emissions (tCO2e)                        203                                      218
vehicles (Scope 3)
Intensity Ratio          tCO2e / £m Turnover)                                   7                                          6
Intensity Ratio          (tCO2e / FTE Employee)                                      2                                          2
Total Energy            (kWh)                                                    2,927,970                            2,924,584            
Consumption
Total Emissions       (tCO2e)                                                        652                                    651
Outside of Scopes - HVO   (tCO2e)                                                1                                         0
Intensity Metrics
The chosen intensity ratios are tCO2e per £million turnover and tCO2e per FTE Employee. These were chosen as appropriate activity metrics considering the nature of our operations, whilst facilitating comparisons to previous reporting years.
Energy Efficiency Measures
To improve energy efficiency within this reporting period, we have implemented the following: 
• LED lighting installed at Huntingdon: Replacing the traditional lighting with LED bulbs should significantly      
  reduce our energy consumption, as LEDs are more energy-efficient and have a longer lifespan. 
• Merging of Crowborough and Thurrock: Merging two factories will lead to improved energy efficiency by   
  consolidating operations and resources, which reduces our overall energy expenditure.
• Continued with our Electric Vehicle (EV) scheme.  
Post balance sheet events
There have been no significant events affecting the Company since the year end.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 9

 
LINDNER PRATER LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Auditors

Under section 487(2) of the Companies Act 2006MHA will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
G D Hamblett
Director

Date: 24 September 2024

Page 10

 
LINDNER PRATER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LIMITED
 

Opinion


We have audited the financial statements of Lindner Prater Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 December 2023 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 11

 
LINDNER PRATER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 12

 
LINDNER PRATER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LIMITED (CONTINUED)


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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations.  design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of entity staff in compliance functions to identify any instances of non-compliance with 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;
Reviewing minutes of meetings of those charged with governance and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


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 more 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 Auditors' report.


Page 13

 
LINDNER PRATER LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Coverdale BSc FCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditor

2 London Wall Place
London
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Date: 26/09/2024
Page 14

 
LINDNER PRATER LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
60,411,432
61,841,989

Cost of sales
  
(54,292,191)
(52,724,302)

Gross profit
  
6,119,241
9,117,687

Administrative expenses
  
(19,979,968)
(20,503,246)

Other operating income
 5 
12,481,988
12,656,471

Exceptional items
 13 
(1,500,000)
(10,000,000)

Operating loss
 6 
(2,878,739)
(8,729,088)

Interest receivable and similar income
 10 
18,509
77,513

Interest payable and similar expenses
 11 
(129,915)
(189,749)

Loss before tax
  
(2,990,145)
(8,841,324)

Tax on loss
 12 
-
(264,379)

Loss for the financial year
  
(2,990,145)
(9,105,703)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 18 to 35 form part of these financial statements.

Page 15

 
LINDNER PRATER LIMITED
REGISTERED NUMBER: 05759393

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 14 
2,925,269
3,324,169

Tangible fixed assets
 15 
1,161,784
1,274,845

  
4,087,053
4,599,014

Current assets
  

Stocks
 16 
41,944
2,016,928

Debtors
 17 
18,355,465
19,802,806

Cash and cash equivalents
 18 
2,684,866
5,652,798

  
21,082,275
27,472,532

Creditors: amounts falling due within one year
 19 
(17,582,375)
(21,494,448)

Net current assets
  
 
 
3,499,900
 
 
5,978,084

Total assets less current liabilities
  
7,586,953
10,577,098

  

Net assets
  
7,586,953
10,577,098


Capital and reserves
  

Called up share capital 
 20 
90,380,000
90,380,000

Profit and loss account
 21 
(82,793,047)
(79,802,902)

  
7,586,953
10,577,098


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G D Hamblett
Director

Date: 24 September 2024

The notes on pages 18 to 35 form part of these financial statements.

Page 16

 

 
LINDNER PRATER LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2022
90,380,000
(70,697,199)
19,682,801



Comprehensive income for the year


Loss for the year
-
(9,105,703)
(9,105,703)

Total comprehensive income for the year
-
(9,105,703)
(9,105,703)





At 1 January 2023
90,380,000
(79,802,902)
10,577,098



Comprehensive income for the year


Loss for the year
-
(2,990,145)
(2,990,145)

Total comprehensive income for the year
-
(2,990,145)
(2,990,145)



At 31 December 2023
90,380,000
(82,793,047)
7,586,953



The notes on pages 18 to 35 form part of these financial statements.

Page 17

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's Statement of Financial Position has been adapted and prepared in accordance with Section 4.2A of Financial Reporting Standard 102.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
1.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lindner Group KG as at 31 December 2023 and these financial statements may be obtained from Bahnhofstrasse 29, 94424 Arnstorf, Germany.

Page 18

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the
Statement of Comprehensive Income over its useful economic life of ten years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 19

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 and 15 years
Plant and machinery
-
5 years
Motor vehicles
-
4 years
Fixtures and fittings
-
4-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
1.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

  
1.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 20

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
1.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 21

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Investments in non-derivative instruments that are equity to the issuer are measured:
 
at fair value with changes recognised in the Profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably;
 
at cost less impairment for all other investments.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
1.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
1.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
1.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.17

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 23

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
1.19

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.20

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.21

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


2.


General information

Lindner Prater Limited is a private limited company incorporated in England and Wales within the United Kingdom.
The company's registered office is Unit 14, Perrywood Business Park, Honeycrock Lane, Redhill RH1 5JQ.

Page 24

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The significant judgement made by management in applying the accounting policies of the company was in relation to the recovery of intra group debt owed to the company by Prater Limited at the year end. Management have assessed that an amount of £10M should be provided for on the basis that the recovery of the intra group debt is highly unlikely.
The key estimation uncertainty impacting the company's activities relates to the measurement of the performance of long term contracts. All revenue in the year relates to long term contracts in the construction industry and management is required to make estimates regarding future performance of those contracts in determining current year performance. The carrying amount at the year end of assets and liabilities relating to long term contracts are disclosed in notes 17 and 19 of the financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Revenue from construction contracts
60,411,432
61,841,989

60,411,432
61,841,989


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
58,146,084
54,717,371

Rest of the world
2,265,348
7,124,618

60,411,432
61,841,989



5.


Other operating income

2023
2022
£
£

Management support fees
3,861,226
4,313,906

Project labour recharges
8,164,943
7,731,050

Sundry income
455,819
611,515

12,481,988
12,656,471




Page 25

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Research & development charged as an expense
-
1,129

Exchange differences
43,853
(889,112)


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
52,161
46,057


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
20,289,043
19,336,211

Social security costs
1,560,293
2,045,527

Redundancy costs
502,431
342,405

Cost of defined contribution scheme
785,913
920,209

23,137,680
22,644,352


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Direct
248
266



Administration
68
45

316
311

Page 26

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,196,873
1,394,574

Directors pension costs
94,218
81,976

1,291,091
1,476,550


During the year retirement benefits were accruing to 6 directors (2022 - 7) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £235,069 (2022 - £249,825).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,085 (2022 - £16,906).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
18,509
77,513

18,509
77,513


11.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
129,915
189,749

129,915
189,749

Page 27

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Group taxation relief
-
264,379


-
264,379


Total current tax
-
264,379


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(2,990,145)
(8,841,324)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(702,684)
(1,679,852)

Effects of:


Depreciation for year in excess of capital allowances
114,953
71,955

Disallowed expenditure
361,555
5,291

Provision for irrecoverable intra group loan
-
1,900,000

Unrelieved tax losses brought forward
226,176
(33,015)

Total tax charge for the year
-
264,379


Factors that may affect future tax charges

At 31 December 2023 there is a potential deferred tax asset of £11,020,298 representing trading tax losses of £44,081,192 at the enacted rate of 25% (2022: £10,779,685 representing trading losses of £43,118,739 at the enacted rate of 25%). The deferred tax asset has not been recognised due to the uncertainty that future profits will arise against which the losses carried forward can be relieved.

Page 28

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Exceptional items

2023
2022
£
£


Reimbursement of purchase consideration received on disposal of subsidiary in prior year
1,500,000
-

Provision for irrecoverable intra group debt
-
10,000,000

1,500,000
10,000,000


14.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
3,989,003



At 31 December 2023

3,989,003



Amortisation


At 1 January 2023
664,834


Charge for the year on owned assets
398,900



At 31 December 2023

1,063,734



Net book value



At 31 December 2023
2,925,269



At 31 December 2022
3,324,169



Page 29

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
1,304,187
991,730
130,972
1,009,351
3,436,240


Additions
314,678
114,373
-
54,683
483,734


Disposals
(25,736)
(54,062)
(17,720)
(7,545)
(105,063)



At 31 December 2023

1,593,129
1,052,041
113,252
1,056,489
3,814,911



Depreciation


At 1 January 2023
847,587
488,421
100,795
724,592
2,161,395


Charge for the year on owned assets
99,073
262,766
14,503
183,408
559,750


Disposals
(7,776)
(39,930)
(15,014)
(5,298)
(68,018)



At 31 December 2023

938,884
711,257
100,284
902,702
2,653,127



Net book value



At 31 December 2023
654,245
340,784
12,968
153,787
1,161,784



At 31 December 2022
456,600
503,309
30,177
284,759
1,274,845




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
654,245
456,600

654,245
456,600


Page 30

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

2023
2022
£
£

Raw materials and consumables
27,427
114,983

Work in progress
14,517
1,901,945

41,944
2,016,928



17.


Debtors

2023
2022
£
£

Due after more than one year

Trade debtors
1,738,353
1,478,904

Other debtors
12,066
36,077

1,750,419
1,514,981

Due within one year

Trade debtors
8,799,900
8,503,949

Amounts owed by group undertakings
2,776,351
4,507,671

Other debtors
714,615
1,891,154

Prepayments and accrued income
532,912
490,760

Amounts recoverable on long-term contracts
3,781,268
2,894,291

18,355,465
19,802,806



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,684,866
5,652,798

2,684,866
5,652,798


Page 31

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
-
2,000,000

Trade creditors
4,864,261
8,647,068

Amounts owed to group undertakings
5,793,089
3,644,653

Other taxation and social security
620,466
782,795

Other creditors
268,178
1,034,611

Accruals and deferred income
2,374,162
1,998,816

Amounts payable on long term contracts
3,662,219
3,386,505

17,582,375
21,494,448


Page 32

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



90,380,000 (2022 - 90,380,000) Ordinary shares of £1 each
90,380,000
90,380,000



21.


Reserves

Profit and loss account

The profit and loss account represents the cumulative losses of the company.


22.


Contingent liabilities

In the ordinary course of business the company has given counter indemnities in respect of performance
bonds and guarantees totalling £37,229,381 (2022: £17,195,098).


23.


Pension commitments

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £785,913 (2022: £920,209). Contributions totalling £127,162 (2022:£174,015) were payable to the fund at the balance sheet date and are included in creditors.

Page 33

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
694,350
550,830

Later than 1 year and not later than 5 years
2,372,765
1,078,998

Later than 5 years
2,040,932
348,942

Land and buildings
5,108,047
1,978,770

2023
2022

£
£


Not later than 1 year
329,039
210,130

Later than 1 year and not later than 5 years
518,716
438,864

Other operating leases
847,755
648,994


25.


Related party transactions

At the end of the year Lindner Prater Limited was owed £138,949 (2022: £111,123) by Lindner Contracting LLC, a fellow group company.
 
At the end of the year Lindner Prater Limited was owed £190,133 (2022: £245,185) by Lindner Fassaden GmbH, a fellow group company.
At the end of the year Lindner Prater Limited was owed £138,949 (2022: £111,123) by Lindner Contracting LLC, a fellow group company.
At the end of the year Lindner Prater Limited owed Lindner Finanz GmbH £3,241,551 (2022: £2,083,218) and Lindner Finanz GmbH held balances in cash pooling of £nil (2022: £3,219,810) on behalf of Lindner Prater Limited. 
At the end of the year Lindner Prater Limited was owed £23,890 (2022: £33,451) by Lindner Interiors Limited, a fellow group company.
At the end of the year Lindner Prater Limited owed Lindner SE £64,057 (2022: £805,249).
At the end of the year Lindner Prater Limited owed £803 (2022: was owed £63,259) to Lindner Middle East LLC, a fellow group company.
All the above inter-company balances are interest free and payable on demand.
The directors are considered to be the key management personnel of the Company. Compensation for the directors is disclosed in note 9 of the financial statements.

Page 34

 
LINDNER PRATER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Controlling party

The immediate parent company is Lindner Buildings Envelope GmbH, a company incorporated in Germany.
The ultimate parent company and parent undertaking of the largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Lindner Group KG, a company incorporated in Germany. Copies of these group financial statements are available from Bahnhofstrasse 29, 94424, Arnstorf, Germany.
In the opinion of the directors the ultimate controlling party is Lindner Group KG.

 
Page 35