Registration number:
for the period from 18 April 2023 to 31 December 2023
Redler Limited
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Redler Limited
Company Information
Directors |
Simon Nicholls Dirk Axel Scholz |
Company secretary |
Jonathan Iball |
Registered office |
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Auditors |
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Redler Limited
Directors' Report for the Period from 18 April 2023 to 31 December 2023
The directors present their report and the financial statements for the period from 18 April 2023 to 31 December 2023.
Incorporation
The company was incorporated on
Directors' of the company
The director, who held office during the period, was as follows:
The following director was appointed after the period end:
Principal activity
The principal activity of the company during the financial period is the owner of trademarks required for future trade. The company has not traded during the period. From January 2024, the principal activity is to provide a range of mechanical handling equipment able to compliment any bulk materials handling system.
Future developments
The company was incorporated in April 2023 and during the financial period acquired trademarks from a fellow group company. In January 2024, the trade and assets that are associated with the trademarks acquired was transferred to the company by a fellow group company and the company commenced trading.
Going concern
The company has received a letter of support from its immediate parent company Qlar Pneumatic Conveying UK Ltd, indicating that it will receive the financial and other support necessary for the company to meet its liabilities as and when they become due for a period of twelve months from the date of signing these financial statements. The company has therefore adopted the going concern basis in preparing these financial statements.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
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Redler Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 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.
Redler Limited
Independent Auditor's Report to the Members of Redler Limited
Opinion
We have audited the financial statements of Redler Limited (the 'company') for the period from 18 April 2023 to 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework'.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period 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 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
Redler Limited
Independent Auditor's Report to the Members of Redler Limited
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; and |
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations. |
Redler Limited
Independent Auditor's Report to the Members of Redler Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 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.
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For and on behalf of
Staverton Court
Staverton
Gloucestershire
GL51 0UX
Redler Limited
Profit and Loss Account for the Period from 18 April 2023 to 31 December 2023
Note |
2023 |
|
Revenue |
- |
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Administrative expenses |
( |
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Operating loss |
( |
|
Interest payable and similar expenses |
( |
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(25,913) |
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Loss before tax |
( |
|
Loss for the period |
( |
The above results were derived from continuing operations.
The company has no other comprehensive income for the period.
Redler Limited
(Registration number: 14810921)
Balance Sheet as at 31 December 2023
Note |
31 December |
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Fixed assets |
||
Intangible assets |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
2 |
|
Profit and loss account |
(39,625) |
|
Shareholders' deficit |
(39,623) |
Approved by the
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Redler Limited
Statement of Changes in Equity for the Period from 18 April 2023 to 31 December 2023
Share capital |
Profit and loss account |
Total |
|
Loss for the period |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 December 2023 |
|
( |
( |
Redler Limited
Notes to the Financial Statements for the Period from 18 April 2023 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below.
Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.
In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Reporting Standards, but makes amendments, where necessary in order to comply with Companies Act 2006 and has set out below where disclosure exemptions have been taken.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
In these financial statements, the company has taken advantage of the exemptions available under FRS 101 in respect of the following disclosures:
• |
IFRS 7 - ‘Financial instruments: Disclosures’. |
• |
Paragraphs 91 to 99 of IFRS 13 - ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). |
• |
IAS 7 - ‘Statement of cash flows’. |
• |
Paragraph 17 of IAS 24 - ‘Related party disclosures’ (key management compensation). |
• |
The requirements in IAS 24, ‘Related party disclosures’ (to disclose related party transactions entered into between two or more members of a group). |
Going concern
The financial statements have been prepared on a going concern basis.The company has received a letter of support from its immediate parent company Qlar Pneumatic Conveying UK Ltd, indicating that it will receive the financial and other support necessary for the company to meet its liabilities as and when they become due for a period of twelve months from the date of signing these financial statements. The company has therefore adopted the going concern basis in preparing these financial statements.
Intangible assets
Separately acquired trademarks are shown at historical cost.
Trademarks acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks are considered to have a infinite useful life and are reviewed for impairment each financial period.
Redler Limited
Notes to the Financial Statements for the Period from 18 April 2023 to 31 December 2023
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Interest payable and similar expenses |
2023 |
|
Interest paid to group undertakings |
25,913 |
Staff costs |
The average number of persons employed by the company (including directors) during the period, was
The directors are remunerated by another group company and no recharge is made.
Intangible assets |
Trademarks, patents and licenses |
|
Cost or valuation |
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Additions |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Creditors: amounts falling due within one year |
31 December |
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Amounts due from group undertakings |
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The amounts due from group undertakings are repayable on demand and attracts interest at a rate of 3.5% plus 3-month Euribor base rate.
Redler Limited
Notes to the Financial Statements for the Period from 18 April 2023 to 31 December 2023
Share capital |
Allotted, called up and fully paid shares
31 December |
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No. |
£ |
|
|
|
2 |
The company was incorporated on the 18th April 2023 with 2 shares issued with a nominal value of £1.
Reserves |
Called up share capital
This represents the nominal value of the issued share capital.
Profit and loss account
This represents the cumulative profit or losses, net of dividends and other adjustments.
Non adjusting events after the financial period |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent and controlling party is
The smallest group in which these financial statements are consolidated are those of Qlar Europe GmbH (formerly Schenck Process Europe GmbH). The largest group in which the results are consolidated is that headed by Qlar Group GmbH (formerly Schenck Process Management GmbH), incorporated in Germany. Copies of the parent companies consolidated financial statements may be obtained from Qlar Group GmbH, Pallaswiesenstrasse 100, 64293 Darmstadt, Germany.