Registered number: 11882821
LUCHT PROBST ASSOCIATES LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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LUCHT PROBST ASSOCIATES LTD
REGISTERED NUMBER: 11882821
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Lucht Probst Associates Ltd is a private company, limited by shares, registered in England and Wales, registration number 11882821. The registered office is 10 Queen Street Place, London, United Kingdom, EC4R 1AG and the principal place of business is Frankfurt am Main 60311, Hessen, DE.
The principal activity was providing business and domestic software development.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
As the director intends to wind down the Company it is not appropriate to prepare the financial statements on a going concern basis. As such, the financial statements have been prepared on a basis other than going concern. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the balance sheet date. All assets and liabilities have been disclosed as due within one year.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The average monthly number of employees, including directors, during the year was 1 (2022 - 10).
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Charge for the year on owned assets
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured and repayable on demand with annual interest of 2.00% charged on the amounts owed.
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Allotted, called up and fully paid
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750,668 (2022 - 750,668) Ordinary shares of £1.00 each
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company contributes to the employee's personal pension plans. The assets of these plans are held separately from those of the Company in independently administered funds. The pension cost represents amounts contributed to these personal pension plans by the Company and amounted to £9,583 (2022: £56,771). At 31 December 2023 contributions totalling £Nil (2021: £3,465) were payable to these pension plans and are included in creditors.
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Related party transactions
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At 31 December 2023 a balance of £1,570,627 (2022: £1,557,772) remained outstanding from its parent entity, LPA Holding Germany GmbH, and is included in creditors. This balance is unsecured and repayable on demand with annual interest of 2.00%. Interest in the year totalled £31,156 (2022: £30,545), all of which remains unpaid at the year end and included in the above balance. Additionally, the Company incurred management fee charges totalling £6,114 (2022: £44,067). The movements in the balance year on year relate to the interest charged in the year, less £18,300 relating to a credit per the intra-group corporate services agreement in place. There were no other payments or receipts relating to this balance in the year.
Income in the form of management fees of £219,815 (2022: £1,323,484) was received from a fellow subsidiary, Lucht Probst Associates GmbH, an entity based in Germany and the Company incurred recharged costs of £Nil (2022: £36,223). Payments settling these management fees were made in the year totalling £231,947. At 31 December 2023 £113,899 (2022: £126,031) was due to Lucht Probst Associates GmbH and is included in creditors. This balance is unsecured and repayable on demand.
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Post balance sheet events
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In January of 2024, the director and management team of Lucht Probst Associates Limited made the decision to wind down the Company. As a result, these are the final set of accounts as the company has not traded since 31 December 2023.
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Parent undertaking and controlling party
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The Company's immediate parent undertaking is LPA Holding Germany GmbH.
The ultimate parent undertaking is Dumbo Luxco 2 S.a.r.l.
The controlling party is Robert Hayvaert.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the directors intend to wind the company down and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.
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The audit report was signed on 29 October 2024 by Edward Parkes (Senior Statutory Auditor) on behalf of HaysMac LLP.
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