IRIS Accounts Production v24.2.0.383 03620292 Board of Directors 1.1.23 31.12.23 31.12.23 JLG is a manufacturer of aerial work platforms and telehandlers used in a wide variety of construction, agricultural, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JLG's customers include equipment rental companies, construction contract manufacturing companies and home improvement centers. JLG's competitors range from some of the worlds' largest multi-national construction equipment manufacturers to small single product niche manufacturers. true false true true false false true true true false Defined benefit pension plans Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036202922022-12-31036202922023-12-31036202922023-01-012023-12-31036202922021-09-30036202922021-10-012022-12-31036202922022-12-3103620292ns15:EnglandWales2023-01-012023-12-3103620292ns14:PoundSterling2023-01-012023-12-3103620292ns10:Director12023-01-012023-12-3103620292ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103620292ns10:FRS1022023-01-012023-12-3103620292ns10:Audited2023-01-012023-12-3103620292ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103620292ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103620292ns10:FullAccounts2023-01-012023-12-3103620292ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-01-012023-12-3103620292ns10:OrdinaryShareClass12023-01-012023-12-3103620292ns10:Director32023-01-012023-12-3103620292ns10:Director52023-01-012023-12-3103620292ns10:RegisteredOffice2023-01-012023-12-3103620292ns10:Director22023-01-012023-12-3103620292ns10:Director42023-01-012023-12-310362029222023-01-012023-12-310362029222021-10-012022-12-310362029232023-01-012023-12-310362029232021-10-012022-12-3103620292ns5:CurrentFinancialInstruments2023-12-3103620292ns5:CurrentFinancialInstruments2022-12-3103620292ns5:ShareCapital2023-12-3103620292ns5:ShareCapital2022-12-3103620292ns5:RetainedEarningsAccumulatedLosses2023-12-3103620292ns5:RetainedEarningsAccumulatedLosses2022-12-3103620292ns5:ShareCapital2021-09-3003620292ns5:RetainedEarningsAccumulatedLosses2021-09-300362029212023-01-012023-12-3103620292ns5:PlantMachinery2023-01-012023-12-3103620292ns5:ReportableOperatingSegment12023-01-012023-12-3103620292ns5:ReportableOperatingSegment12021-10-012022-12-3103620292ns5:ReportableOperatingSegment22023-01-012023-12-3103620292ns5:ReportableOperatingSegment22021-10-012022-12-3103620292ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3103620292ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2021-10-012022-12-3103620292ns5:OwnedAssets2023-01-012023-12-3103620292ns5:OwnedAssets2021-10-012022-12-3103620292ns5:FinanceLeases2023-01-012023-12-3103620292ns5:FinanceLeases2021-10-012022-12-3103620292132023-01-012023-12-3103620292132021-10-012022-12-3103620292ns5:PlantMachinery2022-12-3103620292ns5:PlantMachinery2023-12-3103620292ns5:PlantMachinery2022-12-3103620292ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103620292ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103620292ns5:DeferredTaxation2022-12-3103620292ns5:OtherProvisionsContingentLiabilities2022-12-3103620292ns5:DeferredTaxation2023-12-3103620292ns5:OtherProvisionsContingentLiabilities2023-12-3103620292ns10:OrdinaryShareClass12023-12-3103620292ns5:RetainedEarningsAccumulatedLosses2022-12-3103620292ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103620292ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-12-3103620292ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-3103620292ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2021-10-012022-12-3103620292ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2022-12-3103620292ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2021-09-30
REGISTERED NUMBER: 03620292 (England and Wales)
























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

JLG INDUSTRIES (UNITED KINGDOM) LIMITED

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Directors' Responsibilities Statement 7

Report of the Independent Auditors 8

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


JLG INDUSTRIES (UNITED KINGDOM) LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: L K Wallin
J S Verich
M B Witwer



REGISTERED OFFICE: Units 4&5
Bentley Avenue
Middleton
Manchester
M24 2GP



REGISTERED NUMBER: 03620292 (England and Wales)



AUDITORS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ



BANKERS: ING Bank N.V.
8-10 Moorgate
London
EC2R 6DA

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

STRATEGIC REPORT
For The Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

Principal activity

JLG is a manufacturer of aerial work platforms and telehandlers used in a wide variety of construction, agricultural, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JLG's customers include equipment rental companies, construction contract manufacturing companies and home improvement centers. JLG's competitors range from some of the worlds' largest multi-national construction equipment manufacturers to small single product niche manufacturers.

JLG Industries (United Kingdom) Ltd is mainly engaged in the sale, distribution and service in the United Kingdom. The machines are purchased from the parent company JLG EMEA B.V. in the Netherlands.

JLG Industries (United Kingdom) Limited belongs to the group of companies owned directly or indirectly by JLG Industries Inc., a corporation organised under the laws of the Commonwealth of Pennsylvania, United States of America (The JLG Group). The JLG Group is involved in the manufacturing, rental, selling and distribution of aerial work platforms and telehandlers.

The ultimate parent of JLG Industries Inc. is Oshkosh Corporation (located in 1917 Four Wheel Drive, Oshkosh Wisconsin 54902, United States of America).

Strategy

Our focus is to expand our market share in all business areas and focus on process improvements. The sales and service teams are well positioned. The aim is an optimized area coverage, improved coordination of the dealer business and the development of new sales channels. These measures will have a positive effect in the medium term.

REVIEW OF BUSINESS
Management was originally anticipating an upturn in the economy and expecting an increase on revenues for 2023 by 5-10%. However, revenues in 2023 have experienced a downturn due to several factors. Firstly, supply chain issues that started in 2022, led to delays in shipments in 2023. Furthermore, highly competitive market, contributed severely to the downturn in sales, namely pressure/influx of Chinese products with cheaper price, higher specification, quicker delivery and extended payment terms. As a result, the turnover went down by 36% from £53,178,235 in 2022 to £33,828,226 in 2023. The decrease in revenues is mainly attributable to the drop in sales of Booms, Scissors and Verticals.

Net Assets have increased from £9,983,686 in 2022 to £10,704,565 in 2023 due to the above mentioned reasons and as a result of pension movements.

The key financial and other performance indicators during the year were as follows:

12 months 15 months
2023 2022 Movement
Turnover 33,828,226 53,178,232 -36%
Operating profit 808,208 1,154,281 -30%
Profit for the financial year 921,129 854,738 8%

Current assets as % of current liabilities
('quick ratio')

395%

292%

35%
Average number of employees 67 66 2%

Turnover
Turnover went down by 36%. This is the result of the change of market conditions (20%) and returning to a 12 month financial year (16%).

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

STRATEGIC REPORT
For The Year Ended 31 December 2023

Operating profit
The Operating profit decreased during 2023 due to two main factors. First the fiscal year 2022 was an extended financial year of 15 months and 2023 is a 12 month financial year. Secondly, the difficult market conditions reduced revenue and impacted margins.

Profit for the financial year
Profits declined financial year 2023 as a result of the decrease in revenues and difficult market conditions on a 12 month basis.

Current assets as % of current liabilities ('quick ratio')
The current assets as % of current liabilities ('quick ratio') increased by 35 percent mainly due to the negative cashpool with the parent company as per December 2023. This is classified as amount owed to group undertakings.

Average number of employees
The average number of employees remained relatively stable with a total of 67 during 2023.

Because the company is a division of a larger Group, the directors believe that no further key performance indicators are required to assess the company’s performance. Discussion of KPIs of the division is made in the financial statements of Oshkosh Corporation which are publicly available and it may be obtained from www.oshkoshcorp.com

PRINCIPAL RISKS AND UNCERTAINTIES
The Company’s financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company’s control, which may cause actual performance to differ materially from historical or projected future performance. We aim to carefully balance our objectives and our risk appetite. To control the most significant risks we embedded various risk assessment and evaluations in our processes to identify and mitigate these risks.

Our markets are highly cyclical
The access equipment market is highly cyclical and impacted (i) by the strength of economies in general, (ii) by residential and non-residential construction spending, (iii) by the ability of rental companies to obtain third-party financing to purchase revenue generating assets, (iv) by capital expenditures of rental companies in general, including the rate at which they replace aged rental equipment, which is impacted in part by historical purchase levels, (v) by the timing of engine emissions standards changes, and (vi) by other factors, including oil and gas related activity.

The Company mitigates these risks by diversifying the customer base. Furthermore, the Company stays in close contact with its customers to enable a robust and flexible sales, inventory and operations planning.

A disruption or termination of the supply of parts, materials, components and final assemblies from third-party suppliers could delay sales of our equipment.

We have experienced, and may in the future experience, significant disruptions or termination of the supply of some of our parts, materials, components and final assemblies that we obtain from sole source suppliers or subcontractors. We may also incur a significant increase in the cost of these parts, materials, component or final assemblies. These risks are increased in a weak economic environment and when demand increases coming out of an economic downturn.

We continuously monitor and mitigate the supply chain risk by continuously evaluating and developing our supplier base. By diversifying our supplier portfolio in several areas we aim to minimise heavy dependence and disruptions in our processes.


JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

STRATEGIC REPORT
For The Year Ended 31 December 2023

Changes in regulations could adversely affect our business
Our products are subject to statutory and regulatory requirements. These include environmental requirements applicable to manufacturing and vehicle emission, government contracting regulations and domestic and international trade regulations. A significant change to these regulatory requirements could substantially increase manufacturing costs or impact the size or timing of demand for our products, all of which could make our business results more variable.

The Company continuously monitors the regulatory landscape. Doing the right thing is critically important to us and is one of the core values of the Company. We follow strict processes and procedures. This enables us to meet or exceed our own internal standards, as well as the requirements set by laws, government regulations and industry standards. We are constantly looking for ways to innovate without sacrificing quality or safety.

Ukraine war and Covid-19 - Please see the Going Concern section of the Director's Report for a detailed discussion on the effects of the Covid-19 and Ukraine war and the mitigating steps being taken by the Company and Oshkosh Corporation.

ON BEHALF OF THE BOARD:





L K Wallin - Director


27 November 2024

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The profit for the year amounted to £720,879 (2022 profit £1,225,762). The impact of total comprehensive income related to the year is a profit of £200,250 which has been added from reserves (2022 profit of £2,080,500). The directors do not recommend the payment of a dividend (2022 - £nil).

FUTURE DEVELOPMENTS
The directors do not envisage a change in the operations of the business going forwards.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

L K Wallin
J S Verich

Other changes in directors holding office are as follows:

M J Griffing - resigned 20 April 2023
B M Abrahams - appointed 20 April 2023
M B Witwer - appointed 20 April 2023

B M Abrahams ceased to be a director after 31 December 2023 but prior to the date of this report.

POST BALANCE SHEET EVENTS
Since the balance sheet date, no significant balance sheet events have taken place.

GOING CONCERN
As Part of Oshkosh, the company has considerable financial resources together with a number of customer contracts across different geographic areas and industries. The company has an organisational and cost structure that is suited to operating in a cyclical market. Service levels and service revenues have remained stable during this challenging period which has positioned JLG Industries (United Kingdom) Limited well from a competitive perspective. JLG Industries (United Kingdom) Limited has continued to grow relationships with traditional major purchasers of equipment whilst developing Industrial Equipment Distribution Channels.

In considering the forecasted performance of the Company, the directors have considered the impact of the Russia invasion. The assessment made recognizes the inherent uncertainty associated with any forecasting at the present time, and, whilst the directors believe that the trading performance will remain robust, the scenarios prepared have included consideration of the impact of the following risks on results.

1. Demand - JLG was originally anticipating an upturn in the economy and expecting an increase on revenues for 2023 by 5-10%. The market has become increasingly competitive due to pressure/influx of Chinese products with cheaper price, higher specification, quicker delivery and extended payment terms. This has had a negative effect on demand.

2. Supply - Coordination is being undertaken every day with internal suppliers of equipment, as well as layers down in the organization to ensure that customer orders are met.

3. Liquidity - Customer payment patterns have held steady to date. Oshkosh Corporation (ultimate parent) has available lines of credit and access to markets to assist JLG Industries (United Kingdom) Limited if liquidity support is needed.

4. Asset impairment - We have updated our long range plan and while the supply chain issues resulting from the Russia invasion certainly have an effect on near term results the long term outlook for the market has not changed and no assets/identifiable cash flow streams were evaluated as requiring impairment.


JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023

The supply chain issues created by COVID19 and Russia/Ukraine war that started in 2022 also led to delays in shipments in 2023. In addition the company is facing a highy competitive market created by an influx of Chinese products. These competitors offere lower prices quick delivery and very favourable financing terms. On the other hand, we notice that freight costs have returned to pre-COVID levels since mid-2022 and we are continuously focused on increasing our production levels and securing our supply chain. Customer payment patterns have held steady to date. The company has considerable financial resources together with an organisational and cost structure that is suited to operating in a cyclical market. The demand for our products is very strong and the distribution agreements that are in place with JLG EMEA B.V. will ensure a steady operating margin. Service levels and revenues have increased more than anticipated and the long term market prospects have not changed which has positioned JLG Industries (United Kingdom) Ltd well from a competitive perspective.

Management has noted the risks the company faces in relation to Russia invasion of the Ukraine and has appropriate contingency plans in place and does currently not see a direct significant impact to the long-term health of the Company and its activities or on the market. Management continues to monitor the situation closely. Considering this, management applies the going concern assumption in the financial statements.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The directors have considered and reviewed the provisions included within Schedule 7 (5A) of the Companies Act 2006, relating to the financial risk management objectives and policies of the company, including any associated use of financial instruments. As part of the review, the directors have also considered the exposure of the company to the credit risk, liquidity risk and cash flow risk, in order that an overall assessment can be made of the company's assets, liabilities, its financial position and its result for the year.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterpart is subject to a limit, which is reassessed continuously by the Executive Management team and Credit Control department. The credit risk for the company is borne by JLG EMEA BV in The Netherlands.

Liquidity risk
The company aims to mitigate liquidity risk by managing cash generation by its operations, applying cash collection targets and through treasury support by the parent company.

Cash flow risk
The company does not have long-term borrowings and the short-term debts do not bear any interest. The company maintains sufficient cash to cover any unexpected warranty claims. Any borrowings of the company are intercompany.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment as the company auditors, in the absence of an AGM.

ON BEHALF OF THE BOARD:





L K Wallin - Director


27 November 2024

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

DIRECTORS' RESPONSIBILITIES STATEMENT
For The Year Ended 31 December 2023


The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JLG INDUSTRIES (UNITED KINGDOM) LIMITED


Opinion
We have audited the financial statements of Jlg Industries (United Kingdom) Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JLG INDUSTRIES (UNITED KINGDOM) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 Directors' Responsibilities Statement set out on page seven, 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 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.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed 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.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JLG INDUSTRIES (UNITED KINGDOM) LIMITED


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 a Report of the Auditors 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.




Dilun Mistry FCA (Senior Statutory Auditor)
for and on behalf of TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

28 November 2024

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 December 2023

Year ended Period
31.12.23 1.10.21 to 31.12.22
Notes £    £    £    £   

TURNOVER 3 33,828,226 53,178,232

Cost of sales 27,637,244 46,077,008
GROSS PROFIT 6,190,982 7,101,224

Distribution costs 384,858 747,988
Administrative expenses 4,997,916 5,198,955
5,382,774 5,946,943
OPERATING PROFIT 5 808,208 1,154,281

Interest receivable and similar income 6 118,031 11,541
Other finance income 16 267,000 53,000
385,031 64,541
1,193,239 1,218,822

Interest payable and similar expenses 7 57,138 29,786
PROFIT BEFORE TAXATION 1,136,101 1,189,036

Tax on profit 8 214,972 334,298
PROFIT FOR THE FINANCIAL YEAR 921,129 854,738

OTHER COMPREHENSIVE INCOME
Actuarial loss on defined benefit
pension plan (267,000 ) (2,774,000 )
Deferred tax relating to actuarial loss 66,750 693,500
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

(200,250

)

(2,080,500

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

720,879

(1,225,762

)

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 16,915 35,565

CURRENT ASSETS
Debtors 10 5,530,452 15,791,949
Cash at bank 9,195,689 117,384
14,726,141 15,909,333
CREDITORS
Amounts falling due within one year 11 3,732,740 5,451,598
NET CURRENT ASSETS 10,993,401 10,457,735
TOTAL ASSETS LESS CURRENT LIABILITIES 11,010,316 10,493,300

PROVISIONS FOR LIABILITIES 14 305,751 509,614
NET ASSETS 10,704,565 9,983,686

CAPITAL AND RESERVES
Called up share capital 15 2 2
Retained earnings 16 10,704,563 9,983,684
SHAREHOLDERS' FUNDS 10,704,565 9,983,686

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





L K Wallin - Director


JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 2 11,209,446 11,209,448

Changes in equity
Profit for the period - 854,738 854,738
Total comprehensive income - 854,738 854,738
Actuarial gain/(loss) on
defined benefit pension scheme - (2,774,000 ) (2,774,000 )
Deferred tax movement relating
to actuarial loss - 693,500 693,500
Balance at 31 December 2022 2 9,983,684 9,983,686

Changes in equity
Profit for the year - 921,129 921,129
Total comprehensive income - 921,129 921,129
Actuarial gain/(loss) on
defined benefit pension scheme - (267,000 ) (267,000 )
Deferred tax movement relating
to actuarial loss - 66,750 66,750
Balance at 31 December 2023 2 10,704,563 10,704,565

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

JLG Industries (United Kingdom) Limited is a limited liability company incorporated in England and Wales. The registered office is Units 4 and 5 Bentley Avenue, Middleton, Manchester, M24 2GP. The principal activity of the company is disclosed within the strategic report.

The ultimate parent of the company is Oshkosh Corporation (located in 1917 Four Wheel Drive Oshkosh Wisconsin USA).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of Section 4 Statement of Financial Position paragraph 4.;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Oshkosh Corporation as at 31 2021 December 2023 and these financial statements may be obtained from www.oshkoshcorp.com

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 amounts 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 directors believe the main critical accounting judgements are around the actuarial assumptions as noted below. A critical judgement is one that may have a material impact on the results of the company. Recovery of the deferred tax asset is a key uncertainty as significant funding has been needed to support a pension scheme shortfall. The company expects expenses running through the income statement would settle down and overall there should be future income.

Turnover
The company recognises revenue on equipment and part sales when contract terms are met, collectability is reasonably assured and a product is shipped or risk of ownership has been transferred to and accepted by the customer. Revenue from service agreements is recognized as earned when services have been rendered. Appropriate provisions are made for discounts, returns and sales allowances. Sales are recorded net of amounts invoiced for taxes imposed on the customer such as value-added taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 3 to 5 years

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of transaction.

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the statement of comprehensive income.

Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction.

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
For defined benefit schemes the amounts charged to operating profit are the current service costs and the gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period the vesting occurs. The interest cost and expected return on assets are shown as the net amount of other financial costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in the statement of total recognised gains and losses.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are received at least tri-annually and are updated at each balance sheet date. The resulting defined benefit asset or liability, net of related deferred tax, is presented separately on the face of the balance sheet.

Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sales of the relevant products, at the directors' best estimate of the expenditure required to settle the company's obligation.

Going concern
The strategic report includes the company's business activities, together with the factors likely to affect its future development, performance and position. Furthermore, the report includes the financial position of the company, and a description of its cash flows, liquidity and credit risk as described in the Strategic Report.

The company has considerable financial resources together with a number of customer contracts across different geographic areas and industries. The company has an organisational and cost structure that is suited to operating in a cyclical market. Service levels and service revenues have remained stable during this challenging period which has positioned JLG Industries (United Kingdom) Limited well from a competitive perspective. JLG Industries (United Kingdom) Limited has continued to grow relationships with traditional major purchasers of equipment whilst developing Industrial Equipment Distribution Channels.

In February 2020, the global ongoing outbreak of the coronavirus disease 2019 (COVID-19), a novel infectious pandemic disease, has led to worldwide economic turmoil with wide-ranging and severe impacts upon financial markets, including stock, bond and commodity markets. Management does currently not see direct significant impact to the long term health of the Company and its activities and currently estimates that the impact will be limited going forward. Management is monitoring the situation closely and risk mitigation actions are being taken.


JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
In considering the forecasted performance of the Company, the directors have considered the impact of the coronavirus pandemic. The assessment made recognizes the inherent uncertainty associated with any forecasting at the present time, and, whilst the directors believe that the trading performance will remain robust, the scenarios prepared have included consideration of the impact of the following risks on results.

1. Demand - Has declined with a reduction in the near term market outlook, however sales in 2021 have increased more than anticipated and the long term market prospects have not changed. Near term actions include reduced ordering from suppliers and continual updates with customers on order backlog and timing.

2. Supply - Coordination is being undertaken every day with internal suppliers of equipment, as well as layers down in the organization to ensure that customer orders are met.

3. Liquidity - Customer payment patterns have held steady to date. Oshkosh Corporation (ultimate parent) has available lines of credit and access to markets to assist JLG Industries (United Kingdom) Limited if liquidity support is needed.

4. Asset impairment - We have updated our long range plan and while the Covid-19 virus is certainly having an effect on near term demand the long term outlook for the market has not changed and no assets/identifiable cash flow streams were evaluated as requiring impairment.

5. Government Assistance and Staffing - The Company has applied for and received government support for personnel cost. The Company has also taken actions to reduce costs through furloughs and reduced hiring.

After making enquiries and taking into account the guarantee of support provided by the ultimate parent company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the value of money is material).

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Sale of access equipment 32,595,235 51,462,529
Sale of services 1,232,991 1,715,703
33,828,226 53,178,232

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


4. EMPLOYEES AND DIRECTORS
Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Wages and salaries 4,601,527 4,722,847
Social security costs 514,157 555,765
Other pension costs 294,107 371,138
5,409,791 5,649,750

The average number of employees during the year was as follows:
Period
1.10.21
Year ended to
31.12.23 31.12.22

Sales 15 10
Administration 42 45
Development 10 11
67 66

Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 89,267 -

There were no directors on the UK payroll for the period ended 31 December 2022. The directors' remuneration was paid by Oshkosh Corporation and JLG EMEA B.V.

5. OPERATING PROFIT

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

Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Other operating leases 341,414 122,194
Depreciation - owned assets 18,649 52,732
(Profit)/loss on disposal of fixed assets (10,629 ) 108,145
Auditors' remuneration 25,750 26,250
Foreign exchange differences 255 45,311

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


6. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Deposit account interest 118,031 11,327
Interest received from group - 214
118,031 11,541

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Leasing - 4,335
Interest paid to group 57,138 25,451
57,138 29,786

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 83,593 -
Prior year tax 61,121 (1,057 )
Total current tax 144,714 (1,057 )

Deferred tax:
Origination and reversal of
timing differences 69,635 329,890
Adjustments in respect of
previous period 623 5,465
Total deferred tax 70,258 335,355

Tax on profit 214,972 334,298

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.10.21
Year ended to
31.12.23 31.12.22
£    £   
Profit before tax 1,136,101 1,189,036
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

266,984

225,917

Effects of:
Expenses not deductible for tax purposes (47,010 ) 77,978
Income not taxable for tax purposes - 5,659
Utilisation of tax losses (53,922 ) (82,884 )
Adjustments to tax charge in respect of previous periods 61,744 4,408

Pension adjustments (62,798 ) (226,670 )
Other timing differences 49,974 329,890
Total tax charge 214,972 334,298

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Actuarial loss on defined benefit
pension plan (267,000 ) - (267,000 )
Deferred tax relating to actuarial loss 66,750 - 66,750
(200,250 ) - (200,250 )

1.10.21 to 31.12.22
Gross Tax Net
£    £    £   
Actuarial loss on defined benefit
pension plan (2,774,000 ) - (2,774,000 )
Deferred tax relating to actuarial loss 693,500 - 693,500
(2,080,500 ) - (2,080,500 )

The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023. This rate has been substantively enacted at the balance sheet date, as result deferred tax balances as at 31 December 2023 is measured at 25%.

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023 547,087
Disposals (69,493 )
At 31 December 2023 477,594
DEPRECIATION
At 1 January 2023 511,522
Charge for year 18,649
Eliminated on disposal (69,492 )
At 31 December 2023 460,679
NET BOOK VALUE
At 31 December 2023 16,915
At 31 December 2022 35,565

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,403,128 15,385,523
Amounts owed by group undertakings 861,700 -
Other debtors 1,957 7,883
Prepayments 91,179 62,124
VAT - 160,421
Deferred tax asset 172,488 175,998
5,530,452 15,791,949

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 12) - 2,957,974
Trade creditors 1,181,882 182,496
Amounts owed to group undertakings - 876,431
Corporation tax 144,714 -
Social security and other taxes 41,867 58,757
VAT 576,122 -
Other creditors 1,058,861 838,779
Accruals and deferred income 729,294 537,161
3,732,740 5,451,598

12. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 2,957,974

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


13. LEASING AGREEMENTS
2023 2022
Property Motor Other Property Motor Other
Within one year 207,501 - - 243,425 17,925 -
Between one and five years 162,999 - - 294,658 589 -
After five years - - - 0 - -
370,500 - - 538,083 18,514 -

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions
Holiday pay provision 110,364 98,750
Warranty provision 195,387 410,864
305,751 509,614

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 (175,998 ) 509,614
Bought forward correction 623 -
Fixed asset timing differences (561 ) -
Other timing differences 3,448 -
Balance at 31 December 2023 (172,488 ) 509,614


Holiday
pay

Warranties

Total
At 1 October 202298,750410,865509,615
(Released) / Charged to statement of comprehensive
income

11,614

(215,478

)

(203,864

)
At 31 December 2023110,364195,387305,751

The other provision relates to the liability due to accrued vacation pay. Vacation benefits are accrued as liability as the benefits are earned if the employees' rights to receive compensation are attributable to services already rendered and it's probable that the employer will compensate the employees for the benefits through paid time off. The provision for warranties relates to expected warranty claims on products sold. The warranty reserve covers the standard warranty period of JLG Equipment which runs for a maximum of three years. Warranty costs are bared by JLG EMEA BV, the principal company.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


16. RESERVES
Retained
earnings
£   

At 1 January 2023 9,983,684
Profit for the year 921,129
Actuarial gain/(loss) on
defined benefit pension scheme (267,000 )
Deferred tax movement relating
to actuarial loss 66,750
At 31 December 2023 10,704,563

17. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension scheme with assets held in separate trustee administered funds. On 5th April 2019 the Defined Benefit Pension plan closed to future accrual.

Defined benefit scheme

A full actuarial valuation was carried out on 13 January 2023 by a qualified independent actuary.

The amounts in the financial statements for the period ending 31 December 2023, relating to pensions, are based on an actuarial valuation. The actuarial valuation calculated the fair value of plan assets to be in excess of the defined benefit obligation giving a plan surplus as at 31 December 2023 of £3,921,000. FRS102 28.22 states that a plan surplus shall be recognised only to the extent that the entity is able to recover the surplus through either reduced contributions in the future or through refunds from the plan. The directors believe there to be insufficient certainty over the ability to meet these conditions and therefore the plan surplus has not been recognised.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Present value of funded obligations (14,697,000 ) (14,176,000 )
Fair value of plan assets 14,697,000 14,176,000
- -
Present value of unfunded obligations - -
Deficit - -
Net liability - -

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


17. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(267,000

)

(53,000

)
Past service cost - -
(267,000 ) (53,000 )

Actual return on plan assets (328,000 ) (10,639,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 14,176,000 28,529,000
Interest cost 700,000 698,000
Actuarial losses/(gains) 172,000 (13,737,000 )
Benefits paid (351,000 ) (1,314,000 )
14,697,000 14,176,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 19,297,000 30,110,000
Contributions by employer - 1,140,000
Expected return 967,000 751,000
Actuarial gains/(losses) (1,295,000 ) (11,390,000 )
Benefits paid (351,000 ) (1,314,000 )
Restriction of actuarial gain (3,921,000 ) (5,121,000 )
14,697,000 14,176,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Actuarial gains/(losses) (1,467,000 ) 2,347,000
Restriction of plan surplus (net position) 1,200,000 (5,121,000 )
(267,000 ) (2,774,000 )

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


17. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
Debt instruments 97.16% 86.43%
Other 2.48% 13.14%
100.00% 100.00%

To develop the expected long-term rate of return on assets assumption, the company consider the current level of expected returns on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset classes. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on asset assumption for the portfolio. This resulted in the selection of the 4.3% assumption.

Contributions
The company expects to contribute £194,000 to its pension plan in the financial year ending 31 December 2024.

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 4.80% 5.00%
Future pension increases 3.00% 2.90%
Rate of price inflation 3.00% 3.20%

Weighted average life expectancy for mortality tables used to determine benefit obligation at:

31 December 2023
MaleFemale

Member age 65 (current life expectancy)20.923.3
Member aged 45 (life expectancy at age 65)22.625.1

18. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 68,261 -

19. RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption conferred by FRS 102 from disclosing details of those transactions with other wholly-owned subsidiaries of the group.

JLG INDUSTRIES (UNITED KINGDOM) LIMITED (REGISTERED NUMBER: 03620292)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


20. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is JLG EMEA BV. The company's ultimate parent undertaking and controlling party at 31 December 2023 is Oshkosh Corporation, which is incorporated in the United States of America. Copies of its group financial statements, which include the company, are available from 1917 Four Wheel Drive, Oshkosh, Wisconsin 54902, United States of America or the Oshkosh website (www.oshkoshcorporation.com).

The smallest and largest consolidation that the company is included in is Oshkosh Corporation consolidated annual report.