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Registered number: 07579925










LINDNER EXTERIORS HOLDING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
COMPANY INFORMATION


Director
S G Buchan 




Registered number
07579925



Registered office
317 Putney Bridge Road

London

SW15 2PG




Independent auditor
MHA

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
LINDNER EXTERIORS HOLDING LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 8
Independent Auditor's Report
 
9 - 12
Consolidated Statement of Comprehensive Income
 
13 - 14
Consolidated Statement of Financial Position
 
15
Company Statement of Financial Position
 
16
Consolidated Statement of Changes in Equity
 
17
Company Statement of Changes in Equity
 
18
Consolidated Statement of Cash Flows
 
19
Consolidated Analysis of Net Debt
 
20
Notes to the Financial Statements
 
21 - 36


 
LINDNER EXTERIORS HOLDING LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
In the aftermath of the Covid-19 pandemic, the decision was made to merge the activities of Prater Limited and Lindner Prater Limited (formerly Lindner Facades Limited) on 19 April 2021. The decision to bring the two businesses together was the next step in the evolution of the business strategy. Both companies have been part of the Lindner Group for more than a decade. All new contracts are now carried out by Lindner Prater Limited.  
On 23 December 2021, as part of a group restructure, the company’s shareholding in Lindner Interiors was transferred to Lindner GmbH in Baden Austria, generating a loss on disposal.
 
On 7 March 2022, the Company disposed of its 100% holding in Lindner Prater Limited to Lindner Building Envelope GmbH. As part of this transaction the Lindner Exterior Holding Limited Group of companies disposed of its subsidiaries, Prater Limited and Lindner Facades Asia Pte Limited.
On 16 March 2022, the Company acquired 100% of the shares in Prater Limited from Lindner Prater Limited. Subsequent to this transaction the company held a subsidiary interest in Prater Limited and an associate interest in Lindner Facades Asia Pte Limited.
Finally, on 12 April 2022, the Company transferred its associate interest in Lindner Facades Asia Pte to Lindner Building Envelope GmbH. The result of this restructure was that the Company’s only remaining fixed asset investment after 12 April 2022 was that of Prater Limited.
 
Therefore, the Lindner Exteriors Holding Limited Group of companies, as at the balance sheet date of 31 December 2023, is made up of Lindner Exteriors Holdings Limited and Prater Limited, hereafter referred to as the Group. 

Business review
 
Financial review
Group turnover for the year ending 31 December 2023 was £63,895,635. The year ended with a Group loss before tax of £2,611,925. 

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 Group 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 Group have been reviewed, audited and have successfully been awarded certification for ISO9001, 14001 and 18001 by TÜV SUD. The Group’s uncompromising approach to the health and safety of every employee, client and supplier is a key cornerstone of the Group’s systems. The Directors and management teams comprehensively review safety performance as a priority at all management meetings. The Group has credit insurance provided by TMHCC on all of its customers to minimise exposure to bad debts. 

Page 1

 
LINDNER EXTERIORS HOLDING LIMITED
 

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

Environmental

The Group 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 Group 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 Group is totally committed to complying with legal and other requirements through formalised review and updating procedures.
The Group 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 Group carbon footprint

Financial key performance indicators
 
The Directors have monitored the progress of the Group's strategic elements by reference to certain financial key performance indicators:
                                               2023          2022
Gross margin %                     6.69%     -45.89%
Net margin %                        -4.11%     -64.44% 
Current ratio                             1.92           1.34

The net margin % excludes the impairment of goodwill and the loss on disposal of investment. 

Page 2

 
LINDNER EXTERIORS HOLDING LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Group
 
This statement explains how the Directors have engaged with suppliers, customers and other stakeholders; and the need to foster the Group’s business relationships with suppliers, customers and others, and the impact of the Group’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 Group’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 Group is totally focussed on meeting the needs of the market operated within. To this end, the Group 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 at other separate meetings during the year, when the consequences of decisions and future plans are considered. 
The need to foster the Group’s business relationships with suppliers, customers and others
Delivering the Group's strategy requires strong mutually beneficial relationships with suppliers, subcontractors, customers, and joint-venture partners. The Group 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 Group'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 Group 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 stakeholders have been engaged. 
The impact of the Group’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 Group 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 Group’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 Group maintaining a reputation for high standards of business conduct
The directors aim to meet the highest standards for the Group's reputation and business conduct. Within the markets that the Group works, its reputation is key and all standards have to be maintained throughout the business to achieve this. 
 
Page 3

 
LINDNER EXTERIORS HOLDING LIMITED
 

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

Being part of the Lindner Group Corporate social responsibility programme is central to the working culture and this extends across the Group's health and safety responsibilities, community activities and environmental systems.
The directors recognise that fulfilling the Group's moral, financial and legal obligations to both its internal and external stakeholders will bring significant and tangible benefits to the business. 
The Group 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 Group 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 Group
The Group only has one shareholder and so will always act fairly between members. The Directors consider which course of action best enables delivery of the Group'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 Group's stakeholders, however although our Directors will act fairly regarding the sole shareholder, they are not required to balance the Group’s interest with those of other external stakeholders. 


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



................................................
S G Buchan
Director
Date: 4 November 2024

Page 4

 
LINDNER EXTERIORS HOLDING 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group is providing specialist building envelope solutions.

Results and dividends

The loss for the year, after taxation, amounted to £2,584,418 (2022 - loss £29,437,800).

The Directors have not recommended or paid a final dividend during the year (2022 - £NIL).

Directors

The Directors who served during the year were:

S G Buchan 

Future developments

As part of the merger of the activities of Prater and Lindner Prater in April 2021, Prater Limited is not taking on any new contracts and all new contracts are delivered by Lindner Prater Limited.

Page 5

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

Research and development activities

The Group 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.

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. 

Page 6

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

Greenhouse gas emissions, energy consumption and energy efficiency action

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

Calculation Methodology
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 Prater Limited’s UK operations for the specified reporting period. Only primary energy consumption data was available, so no estimations or extrapolations were made.

Organisational boundary
We have used the operational control approach. 

Results
Reporting Period                                        1st January 2023  -
                                                    31st December 2023        
       
 Area                    Metric                            UK & Offshore                                                                                                                                                
Emissions from
combustion of           Energy (kWh)            128,916.5                                                 
onsite fuel                Emissions (tCO2e)                   27.63                                                        
(Scope 1)
Intensity Ratio          (tCO2e / £m Turnover)               0.43                                                 
                                              
Total Energy            (kWh)                               128,916.50                                      
Consumption
Total Emissions       (tCO2e)                             27.63    
Outside of scopes             Metric                           UK & Offshore
Outside of Scopes     Emissions (tCO2e)                 0.24
emissions from 
combustion of HVO                                                 

 
Page 7

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

Intensity Metrics
The chosen intensity ratio is emissions (tCO2e) per unit turnover (£million). This was chosen as an appropriate activity metric considering the nature of our operations.
Energy Efficiency Measures
Prater Limited implemented no energy efficiency measures during the reporting period, due to having no permanent sites, fleet or employees.

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
S G Buchan
Director
Date: 4 November 2024

Page 8

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDNER EXTERIORS HOLDING LIMITED
 

Opinion


We have audited the financial statements of Lindner Exteriors Holding Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 9

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDNER EXTERIORS HOLDING LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 10

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDNER EXTERIORS HOLDING LIMITED (CONTINUED)


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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 Auditor's 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 Group 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, those charged with governance and the Group’s in-house legal team around                 actual and potential litigation and claims;
 - Enquiry of 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 busines rationale of significant transactions outside the normal course of business and revieweing accounting estimates for bias; 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 Auditor's Report.


Page 11

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDNER EXTERIORS HOLDING LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Coverdale BSc FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
London
United Kingdom

Date:
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales
(registered number OC312313).
6 November 2024
Page 12

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2023
2023
2023
2022
2022
2022
Note
£
£
£
£
£
£

  

Turnover
 4 
63,895,635
-
63,895,635
30,639,871
12,685,038
43,324,909

Cost of sales
  
(59,619,542)
-
(59,619,542)
(52,959,843)
(10,813,876)
(63,773,719)

Gross (loss) / profit
  
4,276,093
-
4,276,093
(22,319,972)
1,871,162
(20,448,810)

Administrative expenses
  
(4,402,513)
-
(4,402,513)
(3,866,245)
(3,849,202)
(7,715,447)

Exceptional items
 13 
(2,500,000)
-
(2,500,000)
-
-
-

Other operating income
 5 
-
-
-
-
128,094
128,094

Operating loss
 6 
(2,626,420)
-
(2,626,420)
(26,186,217)
(1,849,946)
(28,036,163)

Share of profit of associates
  
-
-
-
-
13,218
13,218

Total operating loss
  
(2,626,420)
-
(2,626,420)
(26,186,217)
(1,836,728)
(28,022,945)

Impairment of goodwill
  
-
-
-
(5,492,223)
-
(5,492,223)

Profit on disposal of operations
  
-
-
-
-
2,887,693
2,887,693

Interest receivable and similar income
 10 
14,495
-
14,495
129,685
13,804
143,489

Interest payable and similar expenses
 11 
-
-
-
-
(37,567)
(37,567)

Loss before taxation
  
(2,611,925)
-
(2,611,925)
(31,548,755)
1,027,202
(30,521,553)

Tax on loss
 12 
27,507
-
27,507
1,083,753
-
1,083,753

Loss for the financial year
  
(2,584,418)
-
(2,584,418)
(30,465,002)
1,027,202
(29,437,800)

  

Currency translation differences
  
-
(18,737)

Total comprehensive income for the year
  
(2,584,418)
(29,456,537)
Page 13

 
LINDNER EXTERIORS HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


(Loss) for the year attributable to:
  

Owners of the parent Company
  
(2,584,418)
-
(2,584,418)
(16,879,300)
(12,558,500)
(29,437,800)

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(2,584,418)
(29,456,537)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 21 to 36 form part of these financial statements.

Page 14

 
LINDNER EXTERIORS HOLDING LIMITED
REGISTERED NUMBER: 07579925

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Debtors
 15 
38,511,364
34,876,807

Cash at bank and in hand
 16 
1,645,321
4,106,448

  
40,156,685
38,983,255

Creditors: amounts falling due within one year
 17 
(20,839,451)
(29,077,740)

Net current assets
  
 
 
19,317,234
 
 
9,905,515

Total assets less current liabilities
  
19,317,234
9,905,515

Other provisions
 19 
(28,880,987)
(16,884,850)

  
 
 
(28,880,987)
 
 
(16,884,850)

Net liabilities
  
(9,563,753)
(6,979,335)


Capital and reserves
  

Called up share capital 
 20 
28,935,000
28,935,000

Profit and loss account
 21 
(38,498,753)
(35,914,335)

Equity attributable to owners of the parent Company
  
(9,563,753)
(6,979,335)


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


................................................
S G Buchan
Director
Date: 4 November 2024

The notes on pages 21 to 36 form part of these financial statements.

Page 15

 
LINDNER EXTERIORS HOLDING LIMITED
REGISTERED NUMBER: 07579925

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Debtors
 15 
3,917,396
20,935,777

Cash at bank and in hand
 16 
201,961
177,685

  
4,119,357
21,113,462

Creditors: amounts falling due within one year
 17 
(94,053)
(6,803,513)

Net current assets
  
 
 
4,025,304
 
 
14,309,949

Net assets
  
4,025,304
14,309,949


Capital and reserves
  

Called up share capital 
 20 
28,935,000
28,935,000

Profit and loss account carried forward
  
(24,909,696)
(14,625,051)

  
4,025,304
14,309,949


The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The Company's loss for the year ended 31 December 2023 was £10,284,645 (2022 loss of £6,558,827).
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




................................................
S G Buchan
Director
Date: 4 November 2024

The notes on pages 21 to 36 form part of these financial statements.

Page 16

 

 
LINDNER EXTERIORS HOLDING LIMITED


 

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



Called up share capital
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 January 2022
28,935,000
(34,214)
58,300,000
(64,723,584)
22,477,202
22,477,202



Comprehensive income for the year


Loss for the year
-
-
-
(29,437,800)
(29,437,800)
(29,437,800)


Currency translation differences arising from foreign operations
-
(18,737)
-
-
(18,737)
(18,737)

Total comprehensive income for the year
-
(18,737)
-
(29,437,800)
(29,456,537)
(29,456,537)


Transfer of merger reserve on disposal of subsidiary
-
-
(58,300,000)
58,300,000
-
-


Transfer of foreign exchange reserve on disposal of subsidiary
-
52,951
-
(52,951)
-
-





At 1 January 2023
28,935,000
-
-
(35,914,335)
(6,979,335)
(6,979,335)



Comprehensive income for the year


Loss for the year
-
-
-
(2,584,418)
(2,584,418)
(2,584,418)

Total comprehensive income for the year
-
-
-
(2,584,418)
(2,584,418)
(2,584,418)



At 31 December 2023
28,935,000
-
-
(38,498,753)
(9,563,753)
(9,563,753)



Page 17

 
LINDNER EXTERIORS HOLDING LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
28,935,000
(8,066,224)
20,868,776


Comprehensive income for the year

Loss for the year
-
(6,558,827)
(6,558,827)



At 1 January 2023
28,935,000
(14,625,051)
14,309,949


Comprehensive income for the year

Loss for the year
-
(10,284,645)
(10,284,645)


At 31 December 2023
28,935,000
(24,909,696)
4,025,304


The notes on pages 21 to 36 form part of these financial statements.

Page 18

 
LINDNER EXTERIORS HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Cash flows from operating activities
  

Loss for the financial year
  
(2,584,418)
(29,437,800)

Adjustments for:
  

Amortisation of intangible assets
  
-
1,041,876

Impairment of goodwill
  
-
5,492,223

Interest payable
  
-
37,657

Interest receivable
  
(14,495)
143,849

Taxation charge
  
-
1,083,753

(Increase)/decrease in debtors
  
(4,461,889)
15,646,542

(Decrease) in creditors
  
(7,410,957)
(8,874,415)

Increase in provisions
  
11,996,137
16,884,850

(Profit)/loss on disposal of foreign operations
  
-
(2,887,693)

Loss on disposal of associate
  
-
(13,218)

Net cash generated from operating activities

  

(2,475,622)
(882,376)

Cash flows from investing activities
  

Purchase of subsidiary
  
-
(3,291,000)

Interest received
  
14,495
9,747

Net cash inflow/(outflow) on disposal of operations
  
-
(2,385,201)

Net cash from investing activities

  

14,495
(5,666,454)

Cash flows from financing activities
  

Interest paid
  
-
(37,657)

Net cash used in financing activities
  
-
(37,657)

Net (decrease) in cash and cash equivalents
  
(2,461,127)
(6,586,487)

Cash and cash equivalents at beginning of year
  
4,106,448
10,711,672

Foreign exchange gains and losses
  
-
(18,737)

Cash and cash equivalents at the end of year
  
1,645,321
4,106,448


Cash and cash equivalents at the end of year comprise:
  

Cash at bank and in hand
  
1,645,321
4,106,448

  
1,645,321
4,106,448


The notes on pages 21 to 36 form part of these financial statements.

Page 19

 
LINDNER EXTERIORS HOLDING LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

4,106,448

(2,461,127)

1,645,321


4,106,448
(2,461,127)
1,645,321

The notes on pages 21 to 36 form part of these financial statements.

Page 20

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

1.


General information

Lindner Exteriors Holding Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. 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 financial statements are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see Note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Directors consider that the Group has sufficient liquid resources and support to enable the Group to cover its costs and pay its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements.
Consequently, the Directors have concluded that there are no material uncertainties that may cast significant doubt about the Group’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 21

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

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling.

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Pound Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Turnover

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

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Group 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.

Page 22

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

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

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

  
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.11

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 and the Group operate and generate income.

Page 23

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

2.Accounting policies (continued)

  
2.12

Construction contracts

The Group 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 group 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.

 
2.13

Exceptional items

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

 
2.14

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.

 
2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24

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

2.Accounting policies (continued)

  
2.18

Financial Instruments

The Group 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.
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 Consolidated 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 Group 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The significant judgements made by management in applying the accounting policies of the Group related to the impairment reviews of goodwill and investment in subsidiaries.
The key estimation uncertainty impacting the group'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 15 and 17 of the financial statements.

Page 25

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

4.


Turnover

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


2023
2022
£
£

Revenue from construction contracts
63,895,635
43,324,909

63,895,635
43,324,909


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
63,895,635
41,652,828

Rest of the World
-
1,672,081

63,895,635
43,324,909



5.


Other operating income

2023
2022
£
£

Sundry income
-
128,094

-
128,094



6.


Operating loss

The operating loss is stated after charging/(crediting):

2023
2022
£
£

Amortisation of intangible fixed assets
-
1,130,337

Exchange differences
(97,013)
184,988

Page 26

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

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
10,700
10,000

Fees payable to the Company's auditor and its associates in respect of:

The auditing of accounts of subsidiaries of the Group
17,850
83,000

Taxation compliance services
2,890
7,750

All non-audit services not included above
7,560
15,500


8.


Employees

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
-
3,388,052
-
-

Social security costs
-
56,164
-
-

Cost of defined contribution scheme
4,347
31,716
-
-

4,347
3,475,932
-
-


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


        2023
        2022
            No.
            No.







Directors
1
1



Administration
-
9



Other employees
-
47

1
57

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL)
Page 27

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
-
363,056

Group contributions to defined contribution pension schemes
-
19,910

-
382,966


During the year retirement benefits were accruing to no Directors (2022 - 3) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
14,495
102,163

Bank and other interest receivable
-
41,326

14,495
143,489


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
-
3,776

Bank interest payable to group undertakings
-
33,791

-
37,567

Page 28

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

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(859,644)


-
(859,644)


Amount receivable from group companies in respect of surrender of group loss relief
(27,507)
(224,109)


Total current tax
(27,507)
(1,083,753)

Factors affecting tax charge for the year

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

2023
2022
£
£


Loss on ordinary activities before tax
(2,611,925)
(30,521,553)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(613,802)
(5,799,095)

Effects of:


Amortisation of goodwill
-
197,956

Disallowed expenditure
615,420
1,538

Timing differences between capital allowances and depreciation
(523)
12,315

Impairment of goodwill
-
1,043,522

Research and development tax credit
-
(860,127)

Trading losses brought forward
-
(5,879)

Trading losses carried forward
2,514
4,759,865

Loss on disposal of subsidiary
-
(548,662)

Loss on disposal of associate
-
(2,511)

Group loss relief
(31,116)
(15,668)

Group loss relief prior year
-
145,333

Other differences leading to an increase (decrease) in the tax charge
-
(12,340)

Total tax credit for the year
(27,507)
(1,083,753)

Page 29

 
LINDNER EXTERIORS HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

At 31 December 2023 there is a potential deferred tax asset of £6,266,481 representing trading losses of
£25,065,923 at the enacted rate of 25% (2022: £6,470,629 representing trading losses of £25,882,516 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. 


13.


Exceptional items

2023
2022
£
£


Partial refund of sale consideration from disposal of subsidiary in prior year
4,000,000
-

Partial reimbursement of purchase consideration paid on disposal of subsidiary in prior year
(1,500,000)
-

2,500,000
-

Page 30

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

14.


Fixed asset investments

Company





Investments in subsidiary company

£



Cost


Additions
4,300,000



At 31 December 2023
4,300,000



Impairment


Charge for the period
4,300,000



At 31 December 2023

4,300,000



Net book value



At 31 December 2023
-



At 31 December 2022
-

Page 31

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

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Trade debtors
1,325,969
982,175
-
-

Amounts owed by group undertakings
-
18,903,595
-
18,903,595

1,325,969
19,885,770
-
18,903,595

Due within one year

Trade debtors
3,640,038
2,234,796
-
-

Amounts owed by group undertakings
3,936,660
4,229,755
3,909,153
2,028,689

Other debtors
25,289,652
1,445,723
8,243
3,493

Prepayments and accrued income
-
750
-
-

Amounts recoverable on long-term contracts
4,319,045
7,080,013
-
-

38,511,364
34,876,807
3,917,396
20,935,777



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,645,321
4,106,448
201,961
177,685

1,645,321
4,106,448
201,961
177,685



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
3,658,547
7,506,090
-
-

Amounts owed to group undertakings
12,295,220
17,342,306
63,998
6,779,969

Other taxation and social security
64,744
51,834
-
-

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

Other creditors
30,070
13,523
-
-

Accruals and deferred income
343,239
227,658
30,055
23,544

20,839,451
29,077,740
94,053
6,803,513


Page 32

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

18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at amortised cost
13,554,637
33,470,840
3,909,153
20,932,284


Financial liabilities

Financial liabilities measured at amortised cost
(20,774,707)
(28,847,542)
(94,053)
(6,803,513)


Financial assets that are equity instruments are measured at cost less impairment and relates to the Company's investment in subsidiaries.
Financial assets measured at amortised cost comprises trade debtors, other debtors, intra-group debtors and recoverable amounts from long term contracts.


Financial liabilities measured at fair value through profit and loss relates to forward currency contracts.
Financial liabilities measured at amortised cost comprises bank loans, trade creditors, other creditors, intra group liabilities, payments on account, lease liabilities, amounts due on long term contracts and accruals.


19.


Provisions


Group






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 33

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

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



28,935,000 (2022 - 28,935,000) Ordinary shares of £1.00 each
28,935,000
28,935,000

All ordinary shares rank equally with regard to the Company's residual assets. Holders of these shares
are entitled to dividends as declared and are entitled to one vote per share at general meetings of the
Company.



21.


Reserves

Profit and loss account

The profit and loss account represents accumulation of retained profits, net of dividends, which are in the form of distributable reserves.


22.
 

Business combinations

In the prior year, on 16 March 2022, the Group repurchased 100% equity in Prater Limited.

Acquisition of Prater Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value
£

Current Assets

Net liabilities
(3,243,099)

Total Identifiable net liabilities
(3,243,099)


Goodwill
6,534,099

Total purchase consideration
3,291,000

Consideration

£


Cash
3,291,000



Page 34

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

23.


Discontinued operations

In the prior year, on 7 March 2022, the Company disposed 100% equity in Lindner Prater Limited which included Prater Limited and Lindner Facades Asia Pte Limited.

£


Disposal consideration
15,150,000

Net assets disposed of:


Net assets
(9,371,667)

Goodwill disposed
(2,890,640)

 
 
12,262,307

Gain on disposal before tax
2,887,693



24.


Contingent liabilities

During the year it has been identified that the group may have an exposure to costs on its long term contracts. The potential level of the group'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. 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.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £4,347 (2022 - £31,716). Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the reporting date and are included in creditors.

Page 35

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

26.


Related party transactions

During the year the group charged £nil (2022: £nil) to Lindner Finanz GmbH, a fellow group company in relation to loan interest. At the end of the year the group owed Lindner Finanz GmbH £1,661,315 (2022: £3,604,254).
At the end of the year the group owed £10,612,635 (2022: £13,715,489) to Lindner Prater Limited, a fellow group company. During the year the group was charged £12,481,988 (2022: £12,969,652) in respect of management fees and project labour costs by Lindner Prater Limited. The group charged Lindner Prater Limited £nil (2022: £2,227,855) in respect of recharged costs.
At the year end the group was owed £nil (2022: £3,629,490) from Lindner GmbH, a fellow group company.
At the year end the group was owed £3,909,153 (2022: £19,384,628) from Lindner Building Envelope GmbH, a fellow group company.
During the year the group surrendered tax losses for consideration value of £27,507 (2022: £nil) to Lindner MK Hotels UK Limited. At the end of the year the group was owed £27,507 (2022: £nil) by Lindner MK Hotels UK Limited.
At the end of the year the group owed £20,652 (2022: £nil) to Lindner AG, a fellow group company. 
Net interest receivable on certain group loans was £nil (2022: £70,780).
All the above loan balances other than with Lindner GmbH is interest free and payable on demand. Interest is charged at commercial rates where interest is levied on the loan. 


27.


Controlling party

The ultimate parent undertaking of the largest group 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, is Lindner Fassaden GmbH, its registered office is Bahnhofstrasse 29, 94424 Arnstorf, Germany. Copies of the consolidated financial statements are available the registered office.
In the opinion of the Directors the parent company is Lindner Fassaden GmbH.
In the opinion of the Directors the ultimate controlling party is Lindner Group KG.

Page 36