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Registered number: 00668677










LEYBOLD UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LEYBOLD UK LIMITED
 
 
COMPANY INFORMATION


Directors
A. Bongaerts 
I. K. Dorman 




Company secretary
J. Vytlacil



Registered number
00668677



Registered office
Unit 9 Silverglade Business Park
Leatherhead Road

Chessington

KT9 2QL




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
LEYBOLD UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Profit and loss account
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 30


 
LEYBOLD UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
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.

Business review
 
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.

Principal risks and uncertainties
 
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.

Page 1

 
LEYBOLD UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
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.



I. K. Dorman
Director

Page 2

 
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.

Directors' responsibilities statement

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 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 2006They 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.

Results and dividends

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). 

Directors

The directors who served during the year were:

A. Bongaerts 
I. K. Dorman 

Page 3

 
LEYBOLD UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

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.

Future developments

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.

Diversity in the workplace

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 April 2025 and signed on its behalf.
 





I. K. Dorman
Director

Page 4

 
LEYBOLD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK LIMITED
 

Opinion

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 policiesThe 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).

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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.

Conclusions relating to going concern

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.

Other information

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 ReportOur 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.

Page 5

 
LEYBOLD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
LEYBOLD UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEYBOLD UK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements

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.
 
Page 7

 
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.

Use of our 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 2006Our 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.






Simon Whalley (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

29 April 2025
Page 8

 
LEYBOLD UK LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,984,451
13,381,365

Cost of sales
  
(8,641,516)
(8,249,211)

Gross profit
  
6,342,935
5,132,154

Administrative expenses
  
(5,152,432)
(4,459,034)

Operating profit
 5 
1,190,503
673,120

Interest receivable and similar income
 8 
121,290
35,669

Interest payable and similar expenses
 9 
(189,638)
(15,886)

Profit before tax
  
1,122,155
692,903

Tax on profit
 10 
(283,843)
(165,161)

Profit for the financial year
  
838,312
527,742

The notes on pages 13 to 30 form part of these financial statements.

Page 9

 
LEYBOLD UK LIMITED
REGISTERED NUMBER: 00668677

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Fixed assets
  

Tangible assets
 13 
649,587
787,892

  
649,587
787,892

Current assets
  

Stocks
 14 
489,934
459,452

Debtors: amounts falling due after more than one year
 15 
-
9,452

Debtors: amounts falling due within one year
 15 
2,698,139
2,810,378

Cash at bank and in hand
 16 
2,946,964
1,385,708

  
6,135,037
4,664,990

Creditors: amounts falling due within one year
 17 
(4,717,052)
(3,684,801)

Net current assets
  
 
 
1,417,985
 
 
980,189

Total assets less current liabilities
  
2,067,572
1,768,081

  

Creditors: amounts falling due after more than one year
 18 
(372,429)
(520,426)

  
1,695,143
1,247,655

Provisions for liabilities
  

Deferred taxation
 20 
(9,176)
-

  
 
 
(9,176)
 
 
-

  

Net assets
  
1,685,967
1,247,655


Capital and reserves
  

Called up share capital 
 21 
300,000
300,000

Profit and loss account
 22 
1,385,967
947,655

  
1,685,967
1,247,655


Page 10

 
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 29 April 2025.






I. K. Dorman
Director

The notes on pages 13 to 30 form part of these financial statements.

Page 11

 
LEYBOLD UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
300,000
719,913
1,019,913


Comprehensive income for the year

Profit for the year

-
527,742
527,742


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
527,742
527,742


Contributions by and distributions to owners

Dividends: Equity capital
-
(300,000)
(300,000)


Total transactions with owners
-
(300,000)
(300,000)



At 1 January 2024
300,000
947,655
1,247,655


Comprehensive income for the year

Profit for the year

-
838,312
838,312


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
838,312
838,312


Contributions by and distributions to owners

Dividends: Equity capital
-
(400,000)
(400,000)


Total transactions with owners
-
(400,000)
(400,000)


At 31 December 2024
300,000
1,385,967
1,685,967


The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

 
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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

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:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

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.

Page 13

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

Revenue

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. The following criteria must also be met before revenue is recognised:

The Company has contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Company adjusts the transaction prices of these contracts for the time value of money.

Sale of goods

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

Sale of services
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.

 
2.5

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The
Page 14

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.5
Leases (continued)

Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Statement of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in the 'Intangible Assets', 'Tangible Fixed Assets' and 'Investment Property' lines, as applicable, in the Statement of financial position.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.11.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

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.

Page 16

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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:

Short-term leasehold property
-
Over the period of the lease
Plant and machinery
-
10% to 33%
Motor vehicles
-
Over the period of the lease
Fixtures and fittings
-
14% to 25%
Office equipment
-
25% to 33%

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.

 
2.12

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 first in, first out 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 17

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.16

Financial instruments

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

All of the Company's financial assets other than those which meet the criteria to be measured at amortised cost are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Debt instruments at amortised cost

Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance.

Impairment of financial assets

The Company recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised or at FVOCI. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL
Page 18

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.·


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of products
8,605,843
7,511,363

Sale of services
6,378,608
5,870,002

14,984,451
13,381,365


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,984,451
13,381,365

14,984,451
13,381,365


Timing of revenue recognition:

2024
2023
£
£


Goods and services transferred at a point in time
13,769,130
12,221,845

Goods and services transferred over time
1,215,321
1,159,520

14,984,451
13,381,365

Page 20

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
269,938
210,549

Defined contribution pension cost
258,770
251,216


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,680,002
1,615,333

Social security costs
189,900
185,014

Cost of defined contribution scheme
258,770
251,216

2,128,672
2,051,563


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Service
13
13



Sales and administration
18
18

31
31


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
125,240
112,481

Company contributions to defined contribution pension schemes
61,125
41,726

186,365
154,207


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 21

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
121,290
18,181

Other interest receivable
-
17,488

121,290
35,669


9.


Interest payable and similar expenses

2024
2023
£
£


Interest on lease liabilities
20,460
6,645

Other interest payable and exchange differences
169,178
9,241

189,638
15,886


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
271,110
165,973

Adjustments in respect of previous periods
(5,895)
(718)


265,215
165,255


Total current tax
265,215
165,255

Deferred tax


Origination and reversal of timing differences
11,954
(1,685)

Adjustments in respect of previous periods
6,674
1,591

Total deferred tax
18,628
(94)


283,843
165,161
Page 22

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,122,155
692,902


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
280,539
162,832

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,525
1,528

Adjustments to tax charge in respect of prior periods
(5,895)
(689)

Adjustments to tax charge in respect of prior periods - deferred tax
6,674
1,591

Rate difference on current year deferred tax movement
-
(101)

Total tax charge for the year
283,843
165,161


11.


Dividends

2024
2023
£
£

Ordinary


Dividends paid
400,000
300,000

400,000
300,000

Page 23

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Develop- ment expenditure

£



Cost


At 1 January 2024
808



At 31 December 2024

808



Amortisation


At 1 January 2024
808



At 31 December 2024

808



Net book value



At 31 December 2024
-



At 31 December 2023
-




Page 24

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,034,034
247,902
36,482
286,426
1,604,844


Additions
19,589
61,429
40,380
26,387
147,785


Disposals
-
(19,290)
(244)
-
(19,534)



At 31 December 2024

1,053,623
290,041
76,618
312,813
1,733,095



Depreciation


At 1 January 2024
535,523
163,229
36,112
82,088
816,952


Charge for the year on owned assets
-
64,507
3,871
-
68,378


Charge for the year on right-of-use assets
116,733
-
-
84,826
201,559


Disposals
-
(3,137)
(244)
-
(3,381)



At 31 December 2024

652,256
224,599
39,739
166,914
1,083,508



Net book value



At 31 December 2024
401,367
65,442
36,879
145,899
649,587



At 31 December 2023
498,511
84,673
370
204,338
787,892


The net book value of owned and leased assets included as "Tangible fixed assets" in the Statement of financial position is as follows:

2024
2023
£
£


Tangible fixed assets owned
102,320
86,581

Right-of-use tangible fixed assets
547,267
701,311

649,587
787,892

Page 25

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)

Information about right-of-use assets is summarised below:

Net book value

2024
2023
£
£

Property
401,367
498,511

Office and computer equipment
145,900
202,800

547,267
701,311

Depreciation charge for the year ended

2024
2023
£
£

Property
116,733
111,644

Office and computer equipment
84,826
63,642

201,559
175,286


Additions to right-of-use assets

2024
2023
£
£

Additions to right-of-use assets
45,976
767,085


14.


Stocks

2024
2023
£
£

Raw materials and consumables
7,052
-

Work in progress
72,483
57,860

Finished goods and goods for resale
410,399
401,592

489,934
459,452



Page 26

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset
-
9,452

-
9,452


2024
2023
£
£

Due within one year

Trade debtors
2,556,568
2,537,531

Amounts owed by group undertakings
36,798
108,939

Other debtors
8,878
60,498

Prepayments and accrued income
66,420
103,410

Corporation tax
29,475
-

2,698,139
2,810,378



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,946,964
1,385,708

2,946,964
1,385,708


Page 27

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
71,392
75,835

Amounts owed to group undertakings
2,298,616
2,531,164

Corporation tax
-
10,311

Other taxation and social security
417,897
343,169

Lease liabilities
176,727
175,128

Other creditors
42,879
16,110

Accruals and deferred income
1,709,541
533,084

4,717,052
3,684,801



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Lease liabilities
372,429
520,426

372,429
520,426


Page 28

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.

Leases

Company as a lessee



Lease liabilities are due as follows:

2024
2023
£
£

Not later than one year
176,727
175,128

Between one year and five years
372,429
520,425

549,156
695,553


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2024
2023
£
£

Interest expense on lease liabilities
20,460
6,645

Depreciaton of right of use assets
201,559
175,286


20.


Deferred taxation




2024


£






At beginning of year
9,452


Charged to profit or loss
(18,628)



At end of year
(9,176)

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(9,176)
9,452

(9,176)
9,452

Page 29

 
LEYBOLD UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000 (2023 - 300,000) Ordinary shares of £1.00 each
300,000
300,000



22.


Reserves

Profit and loss account

The profit & loss account is a sum of all retained earnings less dividends paid.


23.


Pension commitments

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.


24.


Controlling party

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.

Page 30