Registered number:
For the Year Ended
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Interiors Newco Limited
Company Information
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Interiors Newco Limited
Contents
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Interiors Newco Limited
Strategic Report
For the Year Ended 31 December 2024
The directors present the strategic report for the period ended 31 December 2024.
The business has been part of the Lantal Group of Companies since February 2018 and continues to trade as Airline Services Interiors; a recognisable brand in the marketplace.
From facilities in Manchester, occupying circa 57,000 sqft of space, the business operates in three main product areas – Managed Solutions, Through Life Support and Engineered Products offering a range of services and products from manufactured component parts to soft furnishings. With an extensive scope of approvals – CAA/UK Part 145, Part 21G & Part 21J, UAE GCAA, FAA and TCCA CAR 573 – the business is recognised as a “One Stop Solution” provider.
The business has seen a significant increase for the order intake in the year (FY2023: £10.3m | FY2024: £16.1m). This has been driven by both airlines returning to their pre-Covid purchasing behaviours with regular momentum orders placed for stock items combined with the design & development phase of aircraft cabin projects progressing with production orders being placed for newly certified component parts. Projects were successfully awarded in the year for delivery in the first half of 2025 and have supported the order intake for the new year (£2.1m). Turnover of £12.2m was delivered with an EBITDA of £1.5m and EBIT of £1.7m. Of the total turnover, component manufacturing & repair represents 46% (£5.6m), soft furnishings production at 27% (£3.3m), Project & Design at 15% (£1.8m), seat repairs at 11% (£1.3m) and a further 2% from Buy/Sell & Inventory Sales (£0.2m). Inter-company sales of £1.9m revenue were recognised in the year predominantly in respect of curtain manufacture for Lantal Textiles AG. In the year, curtain volumes increased above pre-Covid levels (FY2019: 7,039 curtains) and significantly above the prior year curtain volume which has resulted in a contractual curtain volume rebate of £0.5m in the year (FY2023: 5,205 curtains | FY2024: 8,807 curtains). In 2021 the business commenced a review to exit one of the three properties with the intention of consolidating the Estate to two buildings at lease expiry in June 2024. Due to the increased business activity, it was determined that the third property should be retained and the lease was renewed through to January 2031. The decision to remain in the property has resulted in the release of the dilapidations provision in year at £0.2m.
Throughout 2023 the business undertook a salary benchmarking review to ensure salaries are similar to businesses within the region which has supported both staff retention and the successful recruitment of new positions in the year. However, as a consequence of the Labour government budget in late 2024, payroll costs will be adversely impacted due to both the increased national living wage and employer’s national insurance costs in future years. As the business is unable to support a pay award of 6.7% to all staff to align to that of the national living wage this may impact both staff retention and recruitment going forward.
Two of the three properties have a five-year market-rate rent review due in January 2026 per the terms of the lease. Commercial rents have increased in the region since the lease renewal in January 2021 and there is an expectation there will be an increase at review date. The business has engaged with property advisors to collate accurate data to ensure any increase agreed is in line with the commercial market rates.
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Interiors Newco Limited
Strategic Report (continued)
For the Year Ended 31 December 2024
Throughout the reporting period, the average material mix was 36.7% which is the marginally higher than the material mix of last year (FY2023: 35.8%) and is indicative of the type of work delivered in the year.
Cash in the year has increased by 53.5% (FY2023: £2.1m; FY2024: £3.2m). In the year, the business settled the remaining Group loan of £0.3m and is fully self-financed (FY2023: £0.3m; FY2024: £nil).
In the year, the average employed headcount has increased (FY2023: 83; FY2024: 101) and further positions are to be recruited throughout 2025 to support the increased business activity.
This report was approved by the board and signed on its behalf.
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Interiors Newco Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The profit for the year, after taxation, amounted to £1,313,044 (2023 - £820,990).
Dividends paid during the year amount to £nil.
The directors who served during the year were:
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Interiors Newco Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
The current orders in hand provide a strong start to the year and, as at 31st December 2024, the business had orders of £6.8m for delivery in the new year.
In 2021 the business was approached by a start-up company to support the design of a premium class coach seat to allow for an eco-friendly and convenient city-to-city executive class of travel across mainland Europe. In the year, prototype coach seats were manufactured and, following a successful test outcome, production seats for the first three coaches were ordered at £1.2m for delivery in the first half of 2025. The company has ambitious plans to extend their operational network across mainland Europe which will result in further demand for seats as additional coaches are added to their fleet. The company continues to invest in new tooling to increase the manufacturing capability for component parts for newer seat types and are focusing on seat parts where airlines have identified issues and a solution is required beyond the OEM warranty period. There is an expectation that there will be a high demand for these low cost, non-OEM parts with both existing and new customers. The business will continue to identify new products for development ensuring they will support the changing needs of the airline and their current cabin interior requirements.
The Company's principal financial instruments comprise bank balances, trade debtors, trade creditors and inter-company balances. Due to the nature of the financial instruments used by the Company, there is not considered to be significant exposure to price risk.
Credit risk - credit checks are carried out where appropriate for new and existing customers and for suppliers to whom payments on account are made. Liquidity risk - the Company manages this risk by maintaining a balance between the various elements of working capital and monitoring cash flow requirements. Cash flow risk - the Company monitors the level of funds held within the business to ensure that there are sufficient funds available for working capital requirements, capital expenditure and the payment of tax. Consideration is also given to the impact of potential downturns in the level of business.
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Interiors Newco Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
There have been no significant events affecting the Company since the year end.
The company has a strong customer base with contractual work secured plus continues to receive orders for manufactured component parts. The business has strong relationships with trusted suppliers who support the business with the critical supply of raw materials and component parts which ensures customer orders can be forward planned into production schedules and delivered within the expected lead-times. The year ended with a strong cash position and this enables the business to focus attention on both securing additional work and further improving operational efficiencies. The Directors consider that these measures support the future going concern of the business.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Interiors Newco Limited
Independent Auditors' Report to the Members of Interiors Newco Limited
We have audited the financial statements of Interiors Newco Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Interiors Newco Limited
Independent Auditors' Report to the Members of Interiors Newco Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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 Auditors' 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.
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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
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Interiors Newco Limited
Independent Auditors' Report to the Members of Interiors Newco Limited (continued)
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙Enquiring of local management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud;
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and corruption policy, and the extensive scope of approvals that the company has - CAA/UK Part 145, Part 21G & Part 21J, UAE GCAA, FAA and TCCA CAR 573.
Audit response to risks identified Our procedures to respond to risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Evaluation of management’s controls designed to prevent and detect irregularities;
∙Enquiring of management concerning actual and potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
∙Reading minutes of meetings of those charged with governance, reviewing internal audit reports and correspondence with regulators; and
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
∙Testing the appropriateness of journal entries and other adjustments;
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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Interiors Newco Limited
Independent Auditors' Report to the Members of Interiors Newco Limited (continued)
There are inherent limitations in the audit procedures described above, 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Railway Road
Cheshire
SK1 3GG
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Interiors Newco Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Interiors Newco Limited
Registered number: 10909125
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
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Interiors Newco Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
Statement of Changes in Equity
For the Year Ended 31 December 2023
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Interiors Newco Limited
Statement of Cash Flows
For the Year Ended 31 December 2024
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Interiors Newco Limited
Analysis of Net Debt
For the Year Ended 31 December 2024
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Interiors Newco Limited is a private company limited by share capital incorporated in England and Wales, company number 10909125. The address of the registered office and principal place of business is Canberra House, Robeson Way, Sharston Green Business Park, Manchester, M22 4SX.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
Industry Specific Approvals The company approvals ensure that products and services can be certified for supply to our customer base with audits in the year being successful. Customer Contracts The business has existing orders in hand and contracted work for the coming year and beyond. The business has a reputation for a high-quality product at a cost-effective price and receives regular orders from airlines, leasing companies, OEMs and MROs and we are the preferred supplier with many customers for a range of products / services. Operational Costs The business procures from quality assured companies and regularly reviews supplier quality standards, on-going compliance and obtains comparative quotations to ensure the best price is obtained. Measures are also in place to ensure overhead costs are controlled and monitored. Cash Maintaining cash enables the directors to focus attention on securing additional business. The directors believe it is appropriate, therefore, to prepare the financial statements to 31 December 2024 on a going concern basis.
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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.
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Provision for obsolete and slow moving stocks The company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit and loss account, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the available economic information specific to each aircraft fleet and anticipated projects. At the year end, the company has stock with a carrying value of £2,109,337 (2023: £1,673,511). Recoverability of trade debtors The company has recognised trade debtors with a carrying value of £1,219,579 (2023: £731,990). The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. Tangible fixed assets The management of the company exercise judgement in estimating the useful economic life of fixed assets.
Analysis of turnover by country of destination:
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 21
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 22
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
10.Taxation (continued)
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 24
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Interiors Newco Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £83,751 (2023: £66,215). Contributions totalling £36 (2023: £nil) were receivable from the fund at the balance sheet date.
The company's immediate parent undertaking is Lantal Textiles AG, a company registered in Switzerland.
Lantal Textiles AG is a wholly owned subsidiary of Lantal Superco AG. The company's ultimate parent undertaking is therefore Lantal Superco AG, a company registered in Switzerland.
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