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Company registration number: 04187920







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023


LOFBERGS LIMITED






































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LOFBERGS LIMITED
 


 
COMPANY INFORMATION


Directors
A. G. Fredriksson 
S. F. Hallgren 




Company secretary
D. J.Clarke



Registered number
04187920



Registered office
5 Green Mews
Bevenden Street

London

N1 6AS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


LOFBERGS LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 8


 


LOFBERGS LIMITED
REGISTERED NUMBER:04187920



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

31 December
30 June
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
180,844
212,113

  
180,844
212,113

Current assets
  

Stocks
  
1,109,741
2,124,890

Debtors: amounts falling due within one year
 7 
2,769,054
3,059,232

Cash at bank and in hand
  
48,108
706,541

  
3,926,903
5,890,663

Creditors: amounts falling due within one year
 8 
(6,959,195)
(7,096,020)

Net current liabilities
  
 
 
(3,032,292)
 
 
(1,205,357)

Total assets less current liabilities
  
(2,851,448)
(993,244)

Creditors: amounts falling due after more than one year
 9 
-
(5,984)

  

Net liabilities
  
(2,851,448)
(999,228)


Capital and reserves
  

Allotted, called up and fully paid share capital
  
3,400,000
3,400,000

Share premium account
  
99,952
99,952

Profit and loss account
  
(6,351,400)
(4,499,180)

  
(2,851,448)
(999,228)


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: 




S. F. Hallgren
Director
Date: 13 March 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Lofbergs Limited is a private company limited by shares incorporated in England and Wales. The address of the
registered office is disclosed on the company information page.
The accounting period has been extended to 31 December in line with fellow group companies. The period is therefore not directly comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

At the balance sheet date the Company had net current liabilities of £3,032,292 (2022 - £1,205,357). The directors have received confirmation from the parent company that they will continue to support the Company for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

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 income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents the wholesale of coffee and 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,
sales taxes and customer promotional rebates. Customer promotional rebates are agreed with customers from
time to time and the customer is credited with the agreed amount, which reduces turnover accordingly, and the
recognition of such rebate credits is congruent to the period of delivery of the goods delivery to the customer.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

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.

 
2.7

Pensions

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.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 3

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

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:

Long-term leasehold property
-
10%
Motor vehicles
-
20%
Office equipment
-
25%
Computer equipment
-
25%

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.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.


3.


Employees

The average monthly number of employees, including directors, during the period was 25 (2022 - 27).

Page 4

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Exceptional items

1 July 2022 to
31 December
30 June
2023
2022
£
£


Sale of a brand
550,000
-

550,000
-

During the period, the Company sold the Percol brand IP and goodwill for consideration of £550,000. This has been included in the accounts as exceptional other income.


5.


Intangible assets






Patents

£



Cost


At 1 July 2022
115,050



At 31 December 2023

115,050



Amortisation


At 1 July 2022
115,050



At 31 December 2023

115,050



Net book value



At 31 December 2023
-



At 30 June 2022
-



Page 5

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Tangible fixed assets







Long-term leasehold property
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
258,246
270,656
188,538
81,634
799,074


Additions
133,600
-
31,013
9,794
174,407


Disposals
(258,246)
(221,956)
(181,943)
(63,386)
(725,531)



At 31 December 2023

133,600
48,700
37,608
28,042
247,950



Depreciation


At 1 July 2022
101,404
231,203
181,077
73,277
586,961


Charge for the period on owned assets
33,112
26,730
8,170
7,210
75,222


Disposals
(130,394)
(219,379)
(181,877)
(63,427)
(595,077)



At 31 December 2023

4,122
38,554
7,370
17,060
67,106



Net book value



At 31 December 2023
129,478
10,146
30,238
10,982
180,844



At 30 June 2022
156,842
39,453
7,461
8,357
212,113

Finance leases

Included within the amounts above for motor vehicles are assets held under finance leases with a net book value of
£Nil (2022 - £11,045). Depreciation of £Nil (2022 - £8,836) has been charged in the period on these assets.

Page 6

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Debtors

31 December
30 June
2023
2022
£
£


Trade debtors
2,306,451
2,315,266

Amounts owed by group undertakings
112,589
-

Other debtors
209,079
526,179

Prepayments and accrued income
140,935
217,787

2,769,054
3,059,232



8.


Creditors: Amounts falling due within one year

31 December
30 June
2023
2022
£
£

Bank overdrafts
124,390
-

Trade creditors
1,458,738
1,738,147

Amounts owed to group undertakings
4,861,019
4,715,570

Other taxation and social security
64,211
50,384

Obligations under finance lease and hire purchase contracts
-
8,876

Other creditors
69,095
4,527

Accruals and deferred income
381,742
578,516

6,959,195
7,096,020


Amounts due to group companies are payable within 90 days except AB Anders Lofbergs shareholder loan of £415,000 (2022 - £415,000) which is repayable on demand and is interest bearing at a rate of 4% per annum.


9.


Creditors: Amounts falling due after more than one year

31 December
30 June
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
5,984

-
5,984


Page 7

 


LOFBERGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

10.


Share capital

31 December
30 June
2023
2022
£
£
Allotted, called up and fully paid



3,400,000 (2022 - 3,400,000) Ordinary shares of £1.00 each
3,400,000
3,400,000



11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
30 June
2023
2022
£
£


Not later than 1 year
78,750
-

Later than 1 year and not later than 5 years
472,500
-

551,250
-


12.


Controlling party

The Company is a subsidiary undertaking of AB Anders Lofberg, (Hamntorget, Box 1501, 651 21 Karlstad, Sweden). The ultimate controlling party is Broderna Lofberg AB, a company registered in Sweden, by virtue of its shareholding in the Company's immediate parent.
The smallest group in which the results of the Company are consolidated is that headed by AB Anders Lofberg, a Swedish registered company. The consolidated financial statements of this group are available to the public at Hamntorget, Box 1501, 651 21 Karlstad, Sweden.


13.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 13 March 2025 by Andrew Hookway FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8