Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
COMPANY INFORMATION
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LEYBOLD UK LIMITED
CONTENTS
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LEYBOLD UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report and the financial statements for the year ended 31 December 2024.
Leybold UK Limited is a part of the Atlas Copco Group ('Group' or 'The Group'), which is a world-leading provider of sustainable productivity solutions. The Group serves customers in· more than 180 countries with products and service focused on productivity, energy efficiency, safety and ergonomics. Its vision is to become and remain 'First in Mind-First in Choice' for all of its stakeholders. This principle also drives the Group's strategy which is to create positive value for customers, shareholders and employees in an increasingly resource-constrained world. The Leybold brand is part of the.Vacuum Technique Business Area (VTBA) and operations in the UK are based in Chessington, Surrey and the company reports into three business lines, Scientific Vacuum, Industrial Vacuum and Vacuum Technique Service. Our portfolio of products consists of vacuum pumps, pumping systems, leak detection equipment and components along with associated service offerings on these products. Markets served are wide ranging, from universities and government laboratories, automotive and aerospace, and food and packaging.
The year 2024 was influenced by a general global economic slowdown yet still the company managed to increase the Turnover by 12.0% Year on Year – thanks to new customers and increased sales to uranium business. That especially demanded our nickel coated spare parts and industrial vacuum pumps. Such product mix had a positive effect on profitability on GP level.
Having positive Adjustments to Cost of Sales and Functional Cost under control, resulting Operating Profit also increased to 7.9% (from 5.0% in 2023). Cash position remained strong and strengthened again allowing solid dividends to be paid out from 2024 results. The outlook to 2025 is positive in European region context, we expect growth in region of 10 – 15% on 2024 top line.
The focus for the company going forward is to continue supporting its customer base with innovative, world class solutions and increase its market share through the product range and geographical expansion.
The directors are of the opinion that the principal risk that the company faces is the overall economic uncertainty because of recent, and potential new, general global geo-political risks which might lead to increased challenges in trading conditions later, however yet unknown. At present, the directors feel that good trading relationships exist with the customers and suppliers and remain optimistic about the future being confident that the overall strategy will yield profitable growth. Whilst the material cost and employee cost inflation has rapidly increased in recent years, the company has managed to compensate that with both active price management, new markets capture and adjustments to the cost base to further improve the operational efficiency.
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LEYBOLD UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Key performance indicators used by the directors include sales growth and profit attainment. Details are shown below:
2024 2023 £ £ Turnover 14,984,451 13,381,365 Operating profit 1,190,503 673,120 Operating profit margin 7.9% 5.0%
This report was approved by the board on 29 April 2025 and signed on its behalf.
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LEYBOLD UK 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.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £838,312 (2023 - £527,742).
A dividend of £400,000 has been paid during the year (2023: £300,000).
The directors who served during the year were:
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LEYBOLD UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is exposed to financial risk through its financial assets and liabilities, the most important elements being currency risk and credit risk.
The Company is exposed to currency risk through its purchasing activities, most significantly in relation to the Euro. The Company seeks to mitigate this risk by carefully monitoring the level of currency exposure on a regular basis. The Company's credit risk relates primarily to trade receivables. The Company has a broad customer base and issues credit ratings and credit limits in accordance with the Credit Policy. Exposure assessment on a customer by-customer basis are made on a regular basis and when new orders are placed.
The focus for the Company going forward remains unchanged in creating customer value through innovation while staying agile and keeping a close eye on efficiency. The installation of a new repair-line in the facility has added in additional profitable business. The Directors remain optimistic about the future and are confident that the overall Leybold UK Limited strategy will yield profitable growth.
Leybold UK Ltd is committed to building a diverse and talented team where people of all backgrounds can thrive. We want to build a diverse talent pipeline for early careers recruitment and create an environment where all existing employees feel included, valued and engaged.
There have been no significant events affecting the Company since the year end.
The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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LEYBOLD UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK LIMITED
We have audited the financial statements of Leybold UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and loss account, the Statement of financial position, 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 101 ‘Reduced Disclosure Framework’ (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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LEYBOLD UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK 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.
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LEYBOLD UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK LIMITED (CONTINUED)
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:
The objectives of our audit, in respect to fraud, are: • to identify and assess the risks of material misstatement of the financial statements due to fraud; • to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and • to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 101 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). • We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up. • Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business. • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
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LEYBOLD UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK LIMITED (CONTINUED)
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
The Plaza
100 Old Hall Street
L3 9QJ
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LEYBOLD UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
REGISTERED NUMBER: 00668677
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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LEYBOLD UK LIMITED
REGISTERED NUMBER: 00668677
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 30 form part of these financial statements.
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LEYBOLD UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Leybold UK Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Unit 9 Silverglade Business Park, Leatherhead Road, Chessington, KT9 2QL.
The principal activities of the company are the sale and service of vacuum pumps, pumping systems and leak detection equipment. Leybold UK Limited is a private company limited by shares.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Atlas Copco AB as at 31 December 2024 and these financial statements may be obtained from Patent and Registration Office, Bolagsavdelningen, Storgatan 13, 885181, Sundsvall, Sweden.
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
In accordance with their responsibilities, the directors of the company have considered the appropriateness of the going concern basis, which has been used in the preparation of these financial statements.
The company continues to manage its liquidity needs through a group bank pooling facility managed by the ultimate parent company, Atlas Copco AB. The company has no external debt and uses internal group loans, which have a repayment date of less than one year, with the bank pooling facility to ensure sufficient resources are available for continuing operations. The going concern of Leybold UK Limited is linked to that of the overall group. The Directors made enquiries of the group to ascertain the group position on going concern. Following these enquiries, the Directors are satisfied the group's strategy is robust and that they will continue as a going concern. In addition, the company has received assurances, in the form of a letter of support, sufficient cash resources will be available as required to enable the company to meet its liabilities as they fall due for the period to 30th September 2026. The company therefore continues to adopt the going concern basis in preparing its financial statements which has been applied consistently throughout the year. Revenue relating to the maintenance services is recognised over time. The transaction price allocated to these services is recognised as a contract liability at the time of the initial sales transaction and is released on a straight-line basis over the period of service.
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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LEYBOLD UK 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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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Debt instruments at amortised cost
Impairment of financial assets
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities
Fair value through profit or loss
At amortised cost
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. For maintenance contracts the company recognises costs based on an assessment of the percentage of completion. The foundations of the estimate are the figures produced at quotation stage of each contract. The estimation includes the cost to date, projected future known costs and also the judgement of the people directly involved with the contracts.·
Analysis of turnover by country of destination:
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LEYBOLD UK 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.
The ultimate parent undertaking and ultimate controlling party is Atlas Copco AB, SE-10523 Stockholm; Sweden, which prepares consolidated group accounts. The company is incorporated in Sweden, and copies of its financial statements are available from the Patent and Registration Office, Bolagsavdelningen, Storgatan 13, 885181, Sundsvall, Sweden. This is the largest and smallest company which prepared group accounts.
The immediate parent undertaking of the company is Leybold GMBH, Germany.
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