Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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.
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
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.
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.
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 2006. They 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.
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.
The directors who served during the year were:
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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.
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
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.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Under section 487(2) of the Companies Act 2006, MHA 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.
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LIMITED
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).
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.
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)
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.
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.
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.
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINDNER PRATER LIMITED (CONTINUED)
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)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
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:
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
REGISTERED NUMBER: 05759393
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 35 form part of these financial statements.
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies
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:
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)
Goodwill
Statement of Comprehensive Income over its useful economic life of ten years.
Other intangible assets
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.
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)
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:
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.
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.
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)
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
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.
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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
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.
Analysis of turnover by country of destination:
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
Page 29
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 30
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 31
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 32
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
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).
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
Page 34
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINDNER PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
|