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Registered number: 02107097


PRATER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
PRATER LIMITED
 
 
COMPANY INFORMATION


Directors
G D Hamblett 
K M Smith 
S J Whiting (resigned 23 July 2024)
C Roberts 
A Fegbeutel 




Company secretary
A Fegbeutel



Registered number
02107097



Registered office
Perrywood Business Park
Honeycrock Lane

Salfords

Surrey

RH1 5JQ




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
PRATER LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 6
Independent Auditors' Report
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 24


 
PRATER LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
Turnover in the year increased to £63,895,635. The year ended with a loss before tax of £127,280.
The company's cash position at the year end was £1,443,360 (2022 - £3,398,763).
 

Operational Review
The safety and quality performance achieved in the remaining projects remained strong and continues to be a key area of focus which continues to be embedded within the Prater culture. The commitment to developing defect-free building envelopes continues. 

Principal risks and uncertainties
 
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 18001 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 belief system. 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
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 installed 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.

Page 1

 
PRATER LIMITED
 

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

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
Gross profit / (loss) %                6.69                  (71.00)
Net loss %                                 (0.1)                    (88.42)
Cash and cash equivalents        £1.44 m             £3.93 m

Page 2

 
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 suppliers, customers and other stakeholders; and  the need to foster the company's business relationships with suppliers, customers and other, and the impact of the company's operations on the community and the environment.
General confirmation of Directors' duties
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 it operates. Prater is totally focussed on meeting the needs of the UK Market. To this end, Prater continually invests in developing solutions which provide first class processes from design through to installation. 
Long term planning is reviewed at Board meetings as well as other separate meetings during the year, when the consequences of decisions and future plans are considered.
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, CHAS Premium Plus, Costructiononline Gold, and RISQS.
In addition to these standards, we set annual improvement programmes which incudes building upon our very successful behavioural safety scheme and mental first aid that is available to our staff, operatives and the contractors that work for us.
The Directors consider the implications of decisions on the company's employees whenever relevant and feasible.
The need to foster the company's business relationships with suppliers, customers and others
Delivering our strategy requires strong mutually beneficial relationships with suppliers, sub-contractors, customers, and joint-venture partners. These relationships have built up over many years 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 our customers and sub-contactors 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 Prater uses to help foster relationships with these stakeholders.
The Directors regularly receive information updates on a variety of topics that include and inform how these stakeholders have been engaged.
The impact of the company's operations on the community and environment
Prater considers carefully the impact of the company's 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 acheived. The company has developed an environmental management system in accordance with ISO14002:2004. This system is central to minimising the impact of the company activities on the environment.
 
Page 3

 
PRATER LIMITED
 

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


Prater's commitment and focus on Health and Safety is described above. 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
Prater aims to meet the highest standards for it's reputation and business conduct. Within the market we work, our 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 our working culture and this extends across our company's health and safety responsibilities, community activities and environmental systems.
We recognise that fulfilling our moral, financial and legal obligations to both our internal and external stakeholders will bring significant and tangible benefits to the business.
The company operates within the Lindner Group framework of values:
I am honest, 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 our 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 our stakeholders, however although the Directors will act fairly regarding the company's 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 4

 
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 judgments 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 £99,773 (2022 - loss £26,739,805).


Directors

The directors who served during the year were:

G D Hamblett 
K M Smith 
S J Whiting (resigned 23 July 2024)
C Roberts 
A Fegbeutel 

Future developments

The activities of Prater Limited and Lindner Prater Limited were merged in April 2021. As part of this merger of activities, Prater Limited would not take on any new contracts and all new projects would be delivered by Lindner Prater Limited. Prater Limited continues to complete projects that were active at April 2021.

Page 5

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

Engagement with suppliers, customers and others

We have continued to keep all of our stakeholders, which includes our clients and supply chain regularly informed of our progress and see this as key to our future success.

Matters covered in the Strategic Report

In accordance with section 414C(11) of the Companies Act 2006, the company has chosen to include information in relation to the company's business relationships with suppliers, customers and others in the Strategic Report.

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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 6

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

Opinion


We have audited the financial statements of Prater Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 7

 
PRATER LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 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 Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


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 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 8

 
PRATER LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
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, 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.


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.


Page 9

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




John Coverdale BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
6th Floor
2 London Wall Place
London
EC2Y 5AU

 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
 
Date:
26 September 2024
Page 10

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

2023
2022
Note
£
£

  

Turnover
 4 
63,895,635
31,502,966

Cost of sales
  
(59,619,542)
(53,869,090)

Gross profit/(loss)
  
4,276,093
(22,366,124)

Administrative expenses
  
(4,403,373)
(5,517,144)

Operating loss
 5 
(127,280)
(27,883,268)

Interest receivable and similar income
 7 
-
28,297

Loss before tax
  
(127,280)
(27,854,971)

Tax on loss
 8 
27,507
1,115,166

Loss for the financial year
  
(99,773)
(26,739,805)

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

The notes on pages 14 to 24 form part of these financial statements.

Page 11

 
PRATER LIMITED
REGISTERED NUMBER:02107097

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 9 
1,325,969
3,064,009

Debtors: amounts falling due within one year
 9 
33,267,999
10,868,077

Cash and cash equivalents
  
1,443,360
3,928,763

  
36,037,328
17,860,849

Creditors: amounts falling due within one year
 10 
(20,745,398)
(22,265,283)

Net current assets/(liabilities)
  
 
 
15,291,930
 
 
(4,404,434)

Creditors: amounts falling due after more than one year
 11 
(3,500,000)
-

Provisions for liabilities
  

Other provisions
 12 
(28,880,987)
(16,884,850)

  
 
 
(28,880,987)
 
 
(16,884,850)

Net liabilities
  
(17,089,057)
(21,289,284)


Capital and reserves
  

Called up share capital 
 13 
7,607,000
3,307,000

Share premium account
  
129,989
129,989

Profit and loss account
  
(24,826,046)
(24,726,273)

  
(17,089,057)
(21,289,284)


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 14 to 24 form part of these financial statements.

Page 12

 
PRATER LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
107,000
129,989
2,013,532
2,250,521


Comprehensive income for the year

Loss for the year
-
-
(26,739,805)
(26,739,805)
Total comprehensive income for the year
-
-
(26,739,805)
(26,739,805)

Shares issued during the year
3,200,000
-
-
3,200,000



At 1 January 2023
3,307,000
129,989
(24,726,273)
(21,289,284)


Comprehensive income for the year

Loss for the year
-
-
(99,773)
(99,773)
Total comprehensive income for the year
-
-
(99,773)
(99,773)

Shares issued during the year
4,300,000
-
-
4,300,000


At 31 December 2023
7,607,000
129,989
(24,826,046)
(17,089,057)


The notes on pages 14 to 24 form part of these financial statements.

Page 13

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

1.


General information

Prater Limited is a private company limited by shares, incorporated in England and Wales within the UK. The address of the registered office and the registration number are given in the company information page of these financial statements.

2.Accounting policies

 
2.1

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

The following principal accounting policies have been applied:

 
2.2

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 Exteriors Holding Limited as at 31 December 2023 and these financial statements may be obtained from 317 Putney Bridge Road, London, SW15 2PG.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget and forecast future cash flows in making their assessment. 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

Page 14

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

2.Accounting policies (continued)

  
2.4

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 and value added tax. 
The value attributable for the services rendered under construction contracts is measured based upon the works performed at the year end as agreed by the customer's surveyor.
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.

  
2.5

Construction contracts

The company performs contract activity in the construction sector. When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on construction contracts by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the work performed and attributable value confirmed by the customer's surveyor as a proportion of the anticipated total contract value.

 
2.6

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 Statement of financial position 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 the Statement of comprehensive income. 

 
2.7

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.

 
2.8

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 15

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

2.Accounting policies (continued)

 
2.9

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Statement of Comprehensive Income.

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.

 
2.10

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 16

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

2.Accounting policies (continued)

 
2.11

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'.

 
2.12

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.

  
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

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.

 
2.15

Interest income

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

Page 17

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

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.17

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Significant judgements made by management in applying the accounting policies of the company relate to the measurment of long term contracts during the year including the assessment of contract provisions and contingent liabilities as discosed in notes 11 and 13 of the financial statements.
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 the future performance of those contracts in determining its current year performance. The carrying amount at the year-end of assets and liabilities relating to long term contracts are disclosed in notes 9 and 10 of the financial statements.

Page 18

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

4.


Turnover

2023
2022
£
£

Revenue from construction contracts
63,895,635
31,502,966

63,895,635
31,502,966


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
63,895,635
31,502,966

63,895,635
31,502,966



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Auditors' remuneration
17,850
22,000

Auditors' remuneration - tax services
1,840
4,000

Auditors' remuneration - other services
3,310
6,000

Page 19

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

6.


Employees

Staff costs were as follows:


2023
2022
£
£

Cost of defined contribution scheme
4,347
4,493

4,347
4,493


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


        2023
        2022
            No.
            No.







Directors
5
5



Employees
1
1

6
6


7.


Interest receivable

2023
2022
£
£


Bank interest and other interest receivable
-
28,297

-
28,297

Page 20

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

8.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(891,057)


-
(891,057)


Amount receivable in respect of tax losses surrendered by group relief
(27,507)
(224,109)


(27,507)
(1,115,166)


Total current tax
(27,507)
(1,115,166)

Deferred tax


Factors affecting tax charge for the year

Profit for the year multiplied by the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(127,280)
(27,854,971)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(29,910)
(5,292,444)

Effects of:


Capital allowances for year in excess of depreciation
(524)
(517)

Disallowed expenditure
27,920
617

Trading tax loss carried forward
2,514
4,917,677

Research and development tax credits
-
(891,057)

Group loss relief surrender relating to prior years
-
150,558

Group loss relief surrender for the current year
(27,507)
-

Total tax charge for the year
(27,507)
(1,115,166)

Page 21

 
PRATER LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Taxation (continued)


Factors that may affect future tax charges

At 31 December 2023 there is a potential deferred tax asset of £6,060,856 representing trading losses of £24,243,423 at the enacted rate of 25% (2022: £6,082,562 representing trading losses of £24,330,248 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 against. 


9.


Debtors

2023
2022
£
£

Due after more than one year

Trade receivables
1,325,969
982,175

Amounts owed by group undertakings
-
2,081,834

1,325,969
3,064,009


2023
2022
£
£

Due within one year

Trade receivables
3,640,038
6,554,307

Amounts owed by group undertakings
27,507
110,288

Other receivables
25,281,409
1,442,230

Prepayments and accrued income
-
750

Amounts recoverable on long term contracts
4,319,045
2,760,502

33,267,999
10,868,077


Page 22

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

10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade payables
3,658,547
7,506,090

Amounts owed to group undertakings
12,231,222
10,553,393

Other taxation and social security
64,744
51,834

Amounts due on long term contracts
4,447,631
3,936,329

Other payables
30,070
13,523

Accruals and deferred income
313,184
204,114

20,745,398
22,265,283



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
3,500,000
-

3,500,000
-


Amounts due to group undertakings are unsecured, interest is charged at 1% above the base rate.


12.


Provisions





Contract provisions

£





At 1 January 2023
16,884,850


Charged to profit or loss
30,031,116


Utilised in year
(20,289,979)


Other movements
2,255,000



At 31 December 2023
28,880,987

Page 23

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

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,600,000 (2022 - 3,300,000) Ordinary A shares of £1 each
7,600,000
3,300,000
7,000 (2022 - 7,000) Ordinary B shares of £1 each
7,000
7,000

7,607,000

3,307,000


During the current year, company has issued 4,300,000 Ordinary A shares at a nominal value of £1 each.


14.


Contingent liabilities

During the year it has been identified that the company may have an exposure to costs on its long term contracts. The potential level of the company's exposure to costs on the relevant contacts is uncertain as various assessments by specialists and insurers are required to determine which party is liable for any defective works or breach of contract. The process of reviewing the contracts remains ongoing so it is uncertain as to the amounts and timings of any future settlement. For these reasons there is no provision for these costs included as a liability in the financial statements for the year ended 31 December 2023 as it is not practicable to be able to reliably estimate the future costs. 


15.


Related party transactions

At the year end the company owed £20,652 (2022: £nil) to Lindner SE, a fellow group company.
During the year the company surrendered tax losses to its fellow group subsidiary, Lindner MK Hotels Limited for compensation of £27,507 (2022: £nil). At the year end Lindner MK Hotels Limited owed the company £27,507 (2022: £nil).
 
At the year end the company owed £nil (2022: £150,558) to Lindner Interiors Limited, a fellow group company.
All loan balances are interest free and payable on demand.


16.


Controlling party

The ultimate parent undertaking for which consolidated financial statements are drawn up, and of which the company is a member, is Lindner Group KG, its registered office is Bahnhofstrasse 29, 94424 Arnstorf, Germany. Copies of the consolidated financial statements are available from the registered office.
The smallest group for which consolidated financial statements are drawn up, and of which the company is a member and included in the consolidation of the parent company, Lindner Exteriors Holding Limited. Copies of the consolidated financial statements are available from 317 Putney Bridge Road, London, SW15 2PG.

 
Page 24