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Lotek UK Ltd

Annual Report and Financial Statements
Year Ended 31 August 2024

Registration number: 02895873

 

Lotek UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Lotek UK Ltd

Company Information

Directors

B Cresswell

D Lotimer

Registered office

The Old Courts
Worgret Road
Wareham
Dorset
BH20 4PL

Auditors

PKF Francis Clark
Chartered Accountants & Registered Auditors
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

Lotek UK Ltd

Balance Sheet

31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

981,605

983,048

Current assets

 

Stocks

5

795,521

953,743

Debtors

6

195,224

306,950

Cash at bank and in hand

 

2,473,178

2,180,849

 

3,463,923

3,441,542

Creditors: Amounts falling due within one year

7

(1,289,694)

(1,322,940)

Net current assets

 

2,174,229

2,118,602

Total assets less current liabilities

 

3,155,834

3,101,650

Creditors: Amounts falling due after more than one year

7

(74,597)

(90,718)

Provisions for liabilities

10

(19,905)

(41,193)

Net assets

 

3,061,332

2,969,739

Capital and reserves

 

Called up share capital

132

132

Profit and loss account

3,061,200

2,969,607

Shareholders' funds

 

3,061,332

2,969,739

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................
B Cresswell
Director

Company Registration Number: 02895873

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Courts
Worgret Road
Wareham
Dorset
BH20 4PL

These financial statements were authorised for issue by the Board on 3 March 2025.

2

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. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared using £ Sterling and have been rounded to the nearest whole pound.

Going concern

The directors have reviewed the company’s forecasts and projections, and have a reasonable expectation that the company has adequate resources to continue to meet its working capital requirements for a period of at least twelve months from the date of approval of these financial statements. Accordingly the directors continue to adopt the going concern basis of presentation.

Key sources of estimation uncertainty

A key accounting estimate made by the directors is with regards to determining a stock provision estimate. The directors review all stock lines with regards to the last date of sale, the value of these sales and the liklihood of future sales proceeds to determine an overall stock provision figure. The stock provision as at 31 August 2024 was £82,622.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, and discounts. Turnover is recognised at the point of despatch of goods.

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% p.a on a straight line basis

Fixture and fittings

15% p.a on a straight line basis

Motor vehicles

25% p.a on a reducing balance basis

Computer equipment

Over 3 years on a straight line basis

Bicycles

25% p.a on a reducing balance basis

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 


Provisions
Provisions for warranties are recognised when the company has a legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2023 - 34).

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

4

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Computer equipment
 £

Bicycles
 £

Total
£

Cost or valuation

At 1 September 2023

1,120,666

87,793

21,955

6,533

15,732

1,252,679

Additions

22,509

6,792

-

1,385

-

30,686

Disposals

-

-

-

(5,252)

(1,560)

(6,812)

At 31 August 2024

1,143,175

94,585

21,955

2,666

14,172

1,276,553

Depreciation

At 1 September 2023

165,169

68,574

21,851

5,404

8,633

269,631

Charge for the year

22,792

7,406

26

-

1,764

31,988

Eliminated on disposal

-

-

-

(5,252)

(1,419)

(6,671)

At 31 August 2024

187,961

75,980

21,877

152

8,978

294,948

Carrying amount

At 31 August 2024

955,214

18,605

78

2,514

5,194

981,605

At 31 August 2023

955,497

19,219

104

1,129

7,099

983,048

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

5

Stocks

2024
£

2023
£

Stock and work in progress

795,521

953,743

6

Debtors

2024
£

2023
£

Trade debtors

171,856

300,069

Prepayments

9,871

6,881

Other debtors

13,497

-

195,224

306,950

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

18,617

19,142

Trade creditors

 

35,697

71,636

Amounts owed to group undertakings

742,951

733,969

Taxation and social security

 

33,793

86,292

Accruals and deferred income

 

458,636

411,901

 

1,289,694

1,322,940

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

74,597

90,718


Secured creditors
The bank loan of £18,617 (2023 - £19,142) due under one year and £74,597 (2023 - £90,718) due after one year is secured by a fixed charge over the company's freehold property.

 

Lotek UK Ltd

Notes to the Financial Statements

Year Ended 31 August 2024

8

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

74,597

90,718

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,617

19,142

9

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Chloe Mills FCA, who signed for and on behalf of PKF Francis Clark on 3 March 2025.

10

Provisions for liabilities

Warranty provision

Deferred tax

Total

£

£

£

At 1 September 2023

34,674

6,519

41,193

Movement in the year

(20,488)

(800)

(21,288)

At 31 August 2024

14,186

5,719

19,905