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REGISTERED NUMBER: 07646794 (England and Wales)














Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

DOOSAN BOBCAT UK NORTHAMPTON LTD.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Statement of Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


DOOSAN BOBCAT UK NORTHAMPTON LTD.

Company Information
for the Year Ended 31 December 2024







Directors: D H Kim
J W Park





Registered office: Unit 12 Kilvey Road
Brackmills Industrial Estate
Northampton
Northamptonshire
NN4 7BQ





Registered number: 07646794 (England and Wales)





Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

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.

Who We Are
Doosan Bobcat UK Northampton Ltd (DBUN) is a 100% owned subsidiary of Doosan Bobcat EMEA s.r.o., with an ultimate parent company being Doosan Corporation ('Doosan'). To help create more prosperity for humanity, Doosan has focused on providing what people need the most. In 1896, founding Chairman Seung-Jik Park opened Korea's first modern store, the original entity of Doosan, which later earned a reputation as a trendsetter for developing the first modern cosmetic products in Korea. In the 1950s, Doosan started to diversify its business as a corporate group by setting foot in international trading.

Since the production of the first forklift in Korea in 1968, the Doosan Forklifts Division has been determined to meet customers' needs for quality material handling supplies and services. Doosan design its machines to offer simple and powerful performance in addition to operator comfort and environmental friendliness.

Doosan, the name behind one of the UK's leading forklift brands, is a major force in materials handling. Established following the acquisition of Daewoo Heavy Industries in 2005 by the Doosan Group. DBUN imports a product range that covers over 100 models of forklift truck and warehouse equipment, spanning from 1 ton to 25, which are then sold to customers in the UK market along with any accompanying spare parts. Our products come in electric, gas and diesel powered options.

The company made a profit before tax for the financial year of £3,489,000 (2023: £574,000) as shown in the Statement of Comprehensive Income.

Business review and principal activities
Trading performance
The Company continued to develop its product range to meet customer demand and delivery excellence in engineering, aftermarket and upgrade solutions.

Revenue for 2024 was £25,595,000 (2023: £24,316,000). The gross profit percentage of revenue for 2024 was 11.41%, (2023: 13.34%) a decrease of 1.93%. Operating profit percentage of revenue for 2024 was 10.70%, (2023: 3.44%) a decrease of 7.26%.

At the end of the financial year DBUN has net assets of £15,339,000 (2023: £22,658,000).

Key performance indicators
The Directors consider that the following key performance indicators are the most effective measures of the performance of the business. These measures are reviewed each month by senior management.

Key financial performance indicators and performance:

DBUN has two financial KPI's and these are revenue & operating profit. Revenue for 2024 was £25,595,000 (2023: £24,316,000) and operating profit for 2024 was £2,738,000 (2023: £838,000)

Key Non-financial performance indicators and performance:

2024 2023
Order Intake 714 808
Truck Deliveries 1,024 1,049
Market Share (Deliveries) 3.40% 2.40%

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Strategic Report
for the Year Ended 31 December 2024

Going concern
When preparing the financial statements, the directors of the entity have assessed whether there are significant doubts about the entity's ability to continue as a going concern. As highlighted in future developments, the company is expected to close within 12 months of signing, as such the directors have prepared the accounts on a break-up basis.

Future developments
The company has ceased operations and is due to close within financial year 2025. The trade has been sold to another company within the Doosan Corporation on 4th December 2024.

Financial risk management objectives and policies
The Company’s activities expose it to certain financial risks. The Company’s overall risk management approach is to identify the risk exposures and implement safeguards which seek to manage these exposures and minimise potential adverse effects on the financial performance of the company. The Directors are responsible for monitoring and managing the financial risks of the company. The Directors monitor these risks through meetings and ad hoc discussions with senior management, should the need arise.

Foreign currency risk
Interest rate risk arises from the potential change in interest rate that may have an adverse effect on the company in the current reporting year and in future years.

DBUN has limited exposure to foreign currency risk, most of our overseas purchases are sourced from Doosan Industrial Vehicle, South Korea as intercompany purchases where the currency risk is held, all our purchases are made in base currency of GBP. DBUN can experience adverse or beneficial effects arising from foreign exchange rate movements from its purchases from Europe.

A small proportion of its intercompany purchases are sourced from Germany in Euros; however, the company seeks to reduce its foreign exchange exposure arising from transactions through a policy of matching. Currency is held in EUR and USD to cover near term purchases. Fluctuations in the sterling-euro exchange rate in 2024 have not had a significant impact on the financial results of the company.

Interest rate sensitivity analysis
The sensitivity analyses below have been determined based on exposure to interest rate. For floating rate liabilities, analysis is prepared assuming the amount of liability outstanding at the end of reporting year was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest risk internally to key management personnel and represents management's assessment of reasonably possible change in interest rates.

Liquidity risk
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due.

The company operates a range of policies to ensure that there is sufficient liquidity and cash to meet its liabilities as they fall due. Regular cash flow forecasts are prepared by management over a 5 year period, and updated regularly to monitor the cash position of the company.

Credit risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.

The company is exposed to credit risk to the extent of non-performance by its appointed dealers. Credit risk is minimised by only offering credit terms on truck sales to National Partners and affiliates. Parts accounts are managed strictly net 30 days.

The risk is further minimised with some dealers now enlisting to DBUN stocking plan agreement. This allows DBUN to recover cash immediately from a third party finance company and provides the dealer with up to 6 months payment terms.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Strategic Report
for the Year Ended 31 December 2024

The company manages its credit risk through the implementation of tight credit terms, and through its internal credit control function. Customers who are issued credit will be subject to stringent credit checks in advance, and customer credit will be postponed where overdue debtors meet a certain point. In addition, Directors will monitor this credit risk as part of its KPIs published in monthly packs.

The company has exposure to credit risk through its receivables balance. The maximum exposure to credit risk is its receivable balance (see note 13).

Market risk
The company’s activities expose it primarily to the financial risks of changes in interest rates. There has been no change to the company’s exposure to market risks or the manner in which these risks are managed and measured.

Decision making
DBUN is led by an Executive Leadership Team, comprising of the CEO, CFO and a number of directors, to provide strategic and operational leadership for the DBUN.

Doosan Bobcat EMEA s.r.o. is the only shareholder of DBUN. The purpose of DBUN is to pro-actively sell trucks and parts in the UK market as an extension of the wider division, therefore its purpose is by default to act in the interest of its member. DBUN actively worked with the Doosan Bobcat Inc. management team to execute their strategy in the UK market.

Strategy
Stakeholders are at the core of the DBUNs’ business which is focused on building trusted and long-lasting relationships.

Throughout the year, there are quarterly strategic and operational business reviews initiated by the Board of Directors in order to assist business planning. In addition to this, a programme of Executive level engagement with respective customer counterparts is planned, to manage the strategic agenda and maintain relationships from Board level through to operational delivery.

DBUN is a people-based organisation and the Board of Directors place people strategy high on their agenda. On an annual basis, the Board of Directors appraises the people strategy to ensure critical talent and key skills are maintained and developed within the organisation to meet the short and long-term business goals. By having this people strategy implemented ensures that the Directors acts fairly among the members of the company.

Our key stakeholders
Customers
Ensuring Customer satisfaction is central to the values of the Board of Directors. Through its customers the company generates and maintains a reputation that will extend across its markets and assist in the growth of the business. To maintain this harmonious relationship between our customers it is essential for DBUN to remain fair and transparent with our customers.

Key customers are engaged at many levels across the business, starting with the Directors and cascading down. Customer relationship plans are developed to ensure that engagement with clients is at the appropriate level within each organization. DBUN has collaborative relationships with many of its key customers, promoting open communication and discussion at all levels, leading to joint development of projects and speedy resolution of any challenges encountered.

The Board discusses the interactions with the customers of the organisation at all levels. Through this the Directors gain an understanding of the customer’s problems, requirements and drivers. This allows the Directors to guide the tailoring of company products and offerings to meet the aspects that customers deem most important to their businesses. During the year DBUN continued to develop the services of the business in order to meet the needs of its customers.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Strategic Report
for the Year Ended 31 December 2024

Suppliers
DBUN has more than 100 active supply stakeholders that it works with throughout the year. The vast majority of these are within the UK, though some are local subsidiaries of larger international companies. The Board has initiated and approved processes that mean the Company treats these stakeholders fairly and ensures appropriate competition within its supply markets to help drive improving standards, service, specifications, environmental performance and overall cost.

The Board policy is to focus its strategic procurement activities and reduce suppliers in major supply categories. Using these suppliers, activities are limited to a small circle of partners that the organisation works with on a recurrent basis, using framework agreements, including agreed terms and conditions of trade, cost and rebate structures. Close contact is maintained with these suppliers giving them the opportunity to exchange information to help drive further performance (on both sides).

Community and environment
The Directors’ goal is to develop and grow alongside society, as a trusted and trustworthy partner and make sure wherever the company operates, it does so transparently and lawfully. The Directors aim to contribute to the development of talent in society and our community service activities promote both corporate and social development.

DBUN is committed to tackling the challenge to lower its carbon footprint. DBUN has installed electric charging bays to promote our stakeholders with environmentally friendly vehicle options. In addition to this, employees are no longer provided options on company car policies where CO2 emission is deemed to be high.

Regulators
The Board recognises the importance of open and continuous dialogue with its regulatory stakeholders to ensure legal and regulatory compliance. This includes Companies House, Information Commissioner’s Office and the Fork Lift Truck Association. The company has relevant policies and procedures in place, and these are reviewed on a regular basis. Individual directors engage with the key stakeholders of the Company, carry out various assessments to ensure compliance and mitigate potential regulatory issues.

When regulation requires compliance through employees, processes are in place to cascade these requirements through the company in order to make sure they are adhered to and meet regulatory requirements and deadlines.

Employees
The Directors of DBUN regards its employees as its most important resource. Its customers work with the company because of the skills, competence and standards that its people bring to delivering their projects.

The Board recognises that its workforce must be fully aligned to their individual and the company success measures. To support this the Directors drive and encourage Inhwa. At Doosan, Inhwa means harmonious teamwork in the truest sense of the word, enshrined in our definition of fairness and camaraderie. Our idea of Inhwa inspires every colleague to behave and communicate with freedom, transparency and dignity, under a common set of fair rules.

Business Conduct
Doosan’s reputation lies not only in the quality of its products, but also in the value of its warranty. Doosan offers through its authorised dealers one of the strongest warranties in the industry, providing the customers not only a peace of mind but also an added value to the product.


DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Strategic Report
for the Year Ended 31 December 2024

Post balance sheet events
On 17th February 2025 the company cancelled and extinguished 10,000,000 ordinary shares of £1.00 each in the capital of the company.

On behalf of the board:





D H Kim - Director


30 May 2025

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their annual report, together with the audited financial statements and auditor's report, for the year ended 31st December 2024.

Principal activity
The principal activity of the company in the year under review was that of the sale of powered mechanical equipment.

Dividends
The profit for the year, after taxation, amount to £2,681,000 (2023: profit of £460,000).
No dividends have been paid in 2024 (2023: £Nil).

All the following items can be found within the Strategic Report: Post balance sheet events, future developments, going concern and details of the principal risks and uncertainties.

Directors
The directors who held office during the financial year and to date of this report were as follows:
Paulo Cesar Azevedo Da Silva Florindo held office from 1 January 2024 to 2 October 2024;
Sangyoung Park held office from 1 January 2024 to 1 June 2024;
Dong Hyuk Kim was appointed as a director 1 June 2024;
Jeong Won Park was appointed as a director 2 October 2024.

Employee involvement
The company’s employment policies are designed to meet local conditions and requirements. The Board acknowledges the need to encourage employee engagement in the improvement of the company’s performance by supplying information on matters of concern through consultation with employees.

Information is provided by various means including emails, audio/visual presentations, the company’s intranet and other publications. There is further information in the Strategic Report.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Report of the Directors
for the Year Ended 31 December 2024


Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





D H Kim - Director


30 May 2025

Report of the Independent Auditors to the Members of
Doosan Bobcat UK Northampton Ltd.

Qualified opinion
We have audited the financial statements of Doosan Bobcat UK Northampton Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

As part of the trade of the company being transferred, management had agreed that the leases should be transferred to another group company. As a result, in the financial statements, the company has disposed of the relevant right of use assets and are no longer recognising a liability for amounts due on the lease. However, at the balance sheet date and at the date of signing the audit report, the formal legal documentation had not been approved and therefore Doosan Bobcat UK Northampton Ltd remain contractually obligated to continue making the lease payments. The company therefore still has a right to use the relevant asset.

Based on the contracts, we believe that the liabilities and non-current assets are understated by £396k and £361k respectively. As a result, profits after taxation and shareholders equity are overstated by £35k. In addition, the cost and accumulated depreciation in note 10 is understated by £2,084k and £1,723k respectively.

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 UK, including the FRC'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 presentation of the accounts under the break-up basis is appropriate as disclosed in note 2. The break-up basis has been adopted because the directors' have decided that the company will be wound up. The assets and liabilities of the company have been transferred to Doosan Bobcat Belgium B.V. Adjustments have been made in these financial statements to reduce assets to their realisable values and to provide for any additional liabilities as a result of this decision.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Doosan Bobcat UK Northampton Ltd.


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page seven, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.
These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

Report of the Independent Auditors to the Members of
Doosan Bobcat UK Northampton Ltd.


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Mr Lee Harris BSc (Hons) FCCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

30 May 2025

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

31/12/24 31/12/23
Notes £'000 £'000

Turnover 4 25,595 24,316

Cost of sales 22,673 21,072
Gross profit 2,922 3,244

Administrative expenses 188 2,410
2,734 834

Other operating income 4 4
Operating profit 2,738 838

Interest receivable and similar income 793 501
3,531 1,339

Interest payable and similar expenses 6 42 765
Profit before taxation 7 3,489 574

Tax on profit 9 808 114
Profit for the financial year 2,681 460


Other comprehensive income - -
Total comprehensive income for the year 2,681 460

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Balance Sheet
31 December 2024

31/12/24 31/12/23
Notes £'000 £'000 £'000
Assets

Fixed assets
Tangible assets 10 - 719
Investments 11 - 200
- 919

Current assets
Stocks 12 - 12,838
Debtors 13 17,509 24,615
Cash at bank 3 -
17,512 37,453
17,512 38,372

Capital, reserves and liabilities

Capital and reserves
Called up share capital 14 37,114 47,114
Retained earnings (21,775 ) (24,456 )
15,339 22,658

Creditors 15 2,173 15,714
17,512 38,372

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:





D H Kim - Director


DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2023 47,114 (24,916 ) 22,198

Changes in equity
Total comprehensive income - 460 460
Balance at 31 December 2023 47,114 (24,456 ) 22,658

Changes in equity
Reduction in share capital (10,000 ) - (10,000 )
Total comprehensive income - 2,681 2,681
Balance at 31 December 2024 37,114 (21,775 ) 15,339

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

The company is a private company limited by share capital, incorporated in England & Wales and domiciled in the United Kingdom.

The address of its registered office is:
Unit 12 Kilvey Road
Brackmills Industrial Estate
Northampton
Northamptonshire
NN4 7 BQ

2. ACCOUNTING POLICIES

Basis of preparation
Preparation of consolidated financial statements
In accordance with the provisions of Section 401 of The Companies Act 2006, and paragraph 4 of IFRS 10 (Consolidated Financial Statements) the company is exempt from the obligation to prepare and deliver group financial statements as the company is included in the audited consolidated financial statements of its ultimate parent undertaking. Accordingly these financial statements present information about the company as an individual undertaking and not as a group.

Going concern
As part of preparation of the financial statements, the directors have carried out a review with respect to going concern. The financial statements have been prepared on a break-up basis as the company sold the trade and assets to Doosan Bobcat Belgium B.V. on 4th December 2024.

Doosan Bobcat Belgium B.V. is a company limited by shares, incorporated in Belgium, its registration number is 0836.669.342.

The financial statements include adjustments that are to reflect the break-up basis of preparation, which includes impairing assets to their recoverable amount and recognition of liabilities based on the probable outflow of economic benefit.
Doosan Bobcat UK Northampton Ltd - Financial Statements for the year end 31 December 2024, have been prepared in accordance with Financial Reporting Standards 101, "Reduced Disclosure Framework" (FRS 101) and with the Companies Act 2006. The financial statements have been prepared in functional currency of GBP as it represents the currency in the primary economic environment that the company operates in.

The financial statements have been prepared under the historical cost convention.

The company prepares its Financial Statements under IAS 27 Separate Financial Statements within the UK - Consolidated Financial Statements are prepared by the ultimate parent, Doosan Corporation.

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. The accounting policies have been applied consistently, other than where new accounting policies have been adopted as explained below. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within note 2.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Operating leases are recognised as a right-of-use assets and a corresponding liability using the modified retrospective approach due to the adoption of IFRS 16 (‘leases’). Assets and liabilities arising from a lease are initially measured on a present value basis. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term.

Standard or interpretation
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:

101p8(e) - Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities)
101p8(f) - Paragraph 38 of IAS 1, ‘Presentation of financial statements’ comparative information requirements in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, plant and equipment;
- paragraph 118(e) of IAS 38 Intangible assets (reconciliations between the carrying amount at the beginning and end of the period)
101p8(g) - The following paragraphs of IAS 1, ‘Presentation of financial statements’:
- 10(d), (statement of cash flows)
- 10(f) (a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements),
- 16 (statement of compliance with all IFRS),
- 38A (requirement for minimum of two primary statements, including cash flow statements)
- 38B-D (additional comparative information),
- 40A-D (requirements for a third statement of financial position)
- 111 (cash flow statement information), and
- 134-136 (capital management disclosures)
101p8(h) - IAS 7, ‘Statement of cash flows’
101p8(i) - Paragraph 30 and 31 of IAS 8 ‘Accounting policies, changes in accounting estimates and errors (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective)
101p8(j) - Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation)
- IFRS7 - Financial Instruments Disclosures
The requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairment of Assets, provided that equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. However, the nature of estimation means that actual outcomes could differ from those estimates. The following are the key source of estimation uncertainty and judgement that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of investments (judgement)
Investments are held at historical cost, less provisions for impairment, and are only tested for impairment if an impairment indicator exists in accordance with IAS 36, which can require management judgement. If an impairment indicator is identified, then an impairment review is performed to assess the recoverable amount of the Investment. Investments were disposed of within the financial year, and impairments were identified during the year. The carrying amount of Investments at 31 December 2024 were £Nil (2023: £200,000)

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised when control of goods provided by the company is transferred to the customer. Control has been transferred to the customer when goods are collected by the customer or when the goods have been dispatched, depending on the specific terms agreed with the customer.

There are no significant judgements required in either determining the company’s performance obligations, because the majority of the company’s revenue is recognised when goods are provided to the customer, or in the timing of revenue recognition. As revenue is typically recognised at amounts agreed in advance with customers, no significant estimates are required in determining transaction prices. Revenue is recognised at the agreed prices net of rebates.

There is a small proportion of revenue that is deferred and recognised over an extended period. This revenue relates to an extended warranty on goods.

Property, plant and equipment
Property, plant and equipment are stated at cost, which includes the purchase cost plus costs directly associated with bringing the asset into use including interest, where required, less accumulated depreciation and impairment losses.

Each item of property, plant and equipment is depreciated using their useful lives determined when acquired.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The estimated useful lives are as follows:

Buildings: Straight Line over term of the lease
Motor Vehicles: 33.3%
Fixture & Fittings: 15% - 33.3%

Right-of -use assets are depreciated over the remaining term of the lease.

Assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Financial instruments
a) Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

b) Financial assets
The company classifies its financial assets as those measured at amortised cost. The company's accounting policy is as follows:

These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (trade receivables), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
c) Financial liabilities
The company classifies its financial liabilities into categories, depending on the purpose for which the asset was acquired. The company's accounting policy for each category is as follows:

Other financial liabilities include trade payables, amounts due to group undertakings and other short-term monetary liabilities. Group undertakings include all companies owned or controlled by Doosan Corporation, the parent undertaking of the company. They are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.

The company does not hold or issue derivative instruments for speculative purposes or for hedging purposes.

d) Impairment
IFRS 9 requires the company to record expected credit losses on its debt securities, loans and trade receivables, either on a 12-month or lifetime basis. The company has applied the simplified approach and record lifetime expected losses on all loans and receivables, trade receivables, amounts due from customers and bank balances.

Inventories
Inventories are stated at the lower of cost and net realisable value (being the estimated selling price in the ordinary course of business less estimated costs of completion and selling expenses). Cost comprises the cost to acquire the goods, shipping costs and costs to assemble inventory. Inventory is recognised when goods have been received by UK suppliers and when goods are dispatched from parent company from Korea.

Any provision against the net book value of stock is made on a line-by-line basis.

Income tax
The income tax expense for the year is the tax payable on the current year’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the entities in the company operates and generates taxable income.

Deferred tax assets and liabilities are recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases, at the tax rates expected to apply when the assets are recovered or liabilities settled, based on those rates which are enacted or substantially enacted. Deferred tax is not recognised if it arises from the initial recognition of goodwill. Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax on items that are accounted for in other comprehensive income or equity are recognised in other comprehensive income and equity respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and the deferred taxes relate to the same taxable entity and the same taxing authority.

Impairment of non-financial assets
The carrying amounts of the company's assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Foreign currency translation
(a) Functional and presentation currency
Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates (‘the functional currency’). The financial statements are presented in ‘Pounds Sterling’ (£), which is also the company’s functional currency.

(b) Transactions and balances
In the financial statements, all assets and liabilities expressed in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or at the agreed contractual rate. Income and expenses have been translated the rate ruling at the date of the transaction. Exchange differences are charged or credited to profit or loss.

Non-monetary items are not retranslated at year-end and are measured at historical cost, translated using the exchange rates at the transaction date.

Employee benefits
The company operates a defined contribution pension scheme. Obligations for contributions to the pension scheme is recognised as an expense in the income statement as incurred.

Leases
The company leases various buildings and vehicles. Rental contracts are typically made for fixed periods of 2 to 10 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
- Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
- Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
- Amounts expected to be payable by the company under residual value guarantees.

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the company, the lessee’s incremental borrowing rate is used. This being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. DBUN have applied a rate of 3% for all of its leased assets.

The company is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are measured at cost comprising the following:
- The amount of the initial measurement of lease liability;
- Any lease payments made at or before the commencement date less any lease incentives received; Any initial direct costs; and Restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. The company has elected to carry right-of-use assets at cost.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term. The respective leased assets are included in the balance sheet based on their nature.

Payments associated with short-term leases of equipment and vehicle and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.

Finance income
Finance income is recognised as interest accrued using the effective interest method. The effective interest rate is the rate that exactly discounts future cash receipts through the expected life of the financial instrument to its net carrying amount.

Finance costs
All finance costs are recognised in profit or loss in the period in which they are incurred.

Operating expenses
Operating expenses are recognised in profit or loss upon utilisation of the service or as incurred. Expenditure for warranties on power plus packages is recognised when an obligation is incurred, which is typically when the goods are sold or services provided. Standard warranty costs are passed on to Doosan Korea.

Investments
Investments are stated at cost less any provisions for impairment. Investments are reviewed at each balance sheet date to determine whether there is an indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Any impairment losses are recognised in the income statement.

Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently at their amortised cost less impairment losses based on the directors' view of the collectability of those receivables. The amount of provision is the difference between the assets carrying amount and the present value of estimated future cash flows.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less.

Trade and other payables
Trade and other payables are recognised initially at fair value and subsequently stated at amortised cost.

Dividends
Dividends are recognised in the year in which they are approved by shareholders or, in the case of an interim dividend, when the dividend is paid.

Provisions
A provision is recognised in the statement of financial position if, as a result of a past event, there is a present legal or constructive obligation that can be measured reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. TURNOVER

Revenue from contracts with customers
All revenue is derived from the company's principal activity and arose in the United Kingdom and represents amounts receivable for goods sold in the normal course of business, net of discounts, VAT and other sales-related taxes.

31/12/24 31/12/23
£'000 £'000

Sale of Goods domestic 25,595 24,316

5. EMPLOYEES AND DIRECTORS
31/12/24 31/12/23
£'000 £'000
Wages and salaries 524 632
Other pension costs 20 69
544 701

The average number of employees during the year was as follows:
31/12/24 31/12/23

Sales and distribution 13 13
Administration 5 3
18 16

The directors remuneration for the year was as follows:

31/12/24 31/12/23
£'000 £'000

Emoluments 33 114
Pensions - defined contribution plans - -
33 114


There are three (2023: two) of the four Directors who served during the year who are remunerated by the ultimate parent company, Doosan Corporation, for services to the company for which no recharge has been made as it is not possible to determine an allocation for services rendered to the company.

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 2

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/2431/12/23
£'000£'000

Finance income
Interest receivable from investment793501
Total finance income793501

Finance costs
Interest payable476
Foreign exchange(5)275
Total finance costs(5)281

Net finance costs(798)(220)

7. PROFIT BEFORE TAXATION

Operating profit for the year has been arrived at after (crediting) / charging:

31/12/2431/12/23
£'000£'000

Net foreign exchange losses(5)275
Cost of inventories recognised as expense17,63117,334
Depreciation charge1024
Depreciation charge (right of use asset)276311
Staff costs544701

8. AUDITORS' REMUNERATION

31/12/2431/12/23
£'000£'000
Fees payable to the company's auditors and their associates for:
The audit of the company's annual financial statements3030
Other services relating to taxation22
3032

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TAXATION

Tax charged in the Statement of Comprehensive Income:

31/12/24 31/12/23
£'000 £'000
Current taxation
United Kingdom Corporation tax at 25% (2023: 23.5%) 808 154
Overprovision in prior year - (26 )
Total current tax charge 808 128

Deferred Tax charge/(credit)
Current year charge/(credit) accelerated capital allowances - (14 )
Total deferred tax - (14 )

Total tax (credit)/charge for the year 808 114
Reconciliation of current tax charge
31/12/24 31/12/23
£'000 £'000

Profit/(Loss) before tax 3,489 574
Domestic tax rate 25% 23.5%
Expected tax charge 872 135

Movement in deferred tax charge - (14 )
Overprovision in prior year - (26 )
Adjustment for non-deductible expenses (10 ) 27
Depreciation in excess of capital allowances (11 ) (4 )
Capital gains 17 66
Tax losses brought forward - (70 )
Difference in management estimate (60 ) -
Tax charge 808 114

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. TANGIBLE FIXED ASSETS
Plant and Motor
Buildings machinery vehicles Totals
£'000 £'000 £'000 £'000
COST
At 1 January 2024 2,084 290 36 2,410
Disposals (2,084 ) (290 ) (36 ) (2,410 )
At 31 December 2024 - - - -
DEPRECIATION
At 1 January 2024 1,437 238 16 1,691
Charge for year 263 8 15 286
Eliminated on disposal (1,700 ) (246 ) (31 ) (1,977 )
At 31 December 2024 - - - -
NET BOOK VALUE
At 31 December 2024 - - - -
At 31 December 2023 647 52 20 719

As per IFRS16 the carry forward value of assets equate to £Nil (2023 £666,740, split as building of £646,800 and motor vehicles of £19,930.)

11. INVESTMENTS

31/12/24 31/12/23
£'000 £'000

Cost and net book value
As at 1 January 200 1,000
Disposal (200 ) (800 )
At 31 December - 200

Investments brought forward relate to a 6.28% holding (47 shares of nominal value £1 each) in Fork Truck Direct Limited - Riverside House, Lower South End Road, Wickford, Essex, SS11 8BB. The company bought back it's shares in the period.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. STOCKS

202420242024202320232023
£'000£'000£'000£'000£'000£'000

TruckPartTotal TruckPartTotal
Finished goods for resale---6,5551,0397,594
Goods in transit (8-12
Weeks)

-


-


-


5,382


216


5,598
Aging allowance---(223)(131)(354)
---11,7141,12412,83

Goods in Transit - all goods are manufactured in South Korea, shipping is based on the incoterm CIF (Cost, Insurance and Freight).

All Inventory is aged and an allowance calculated on a sliding scale from 0% to 80%. Truck Inventory is valued at purchase cost less aging reserve and Parts Inventory is valued at weighted average less ageing reserve.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/2431/12/23
£'000£'000

Trade receivables2011,608
Less: provision for impairment of trade receivables-(11)
Trade receivables - net2011,597
Amounts owed by group undertakings17,08922,011
17,29023,608
Prepayments195983
Taxation2424
17,50924,615

Amounts owed by group undertakings are broken down by:
31/12/2431/12/23
£'000£'000

Rushlift4,013195
Doosan Corporation3121,860
Doosan Bobcat Belgium B.V.13,0456
17,08922,011

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
Credit terms are 7 days for Trucks and 30 days for Parts. No interest is currently charged with the exception of Rushlift Limited on overdue accounts receivable and a 100% allowance is recognised against doubtful debts over 2 years. The companies accounts receivable allowance is reviewed each year and changed based on assessment of historical data. Amounts owed by group undertakings are unsecured and repayable on demand.

The company currently only sells to dealers which are assessed prior to becoming a customer for geographical supply and credit worthiness.

Before1-3 mths4mths - 1 year1+ yearsTotal
£'000£'000£'000£'000£'000

3rd party73513443201
Intercompany13,097(843)3,149-17,089
Total13,1708943,1834317,290

14. CALLED UP SHARE CAPITAL

Allotted, authorised, issued and fully paid

31/12/24 31/1223
£'000 £'000

37,113,829 (2023: 47,113,829) Ordinary shares of £1 each 37,114 47,114

Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
Full voting, dividend and capital distribution (including on winding up) rights; they do not confer and rights of redemption.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/2431/12/23
£'000£'000

Trade payables454416
Amounts owed to group undertakings48312,687
Other tax and social security77451
Income tax liability46719
Lease liabilities-724
Accruals and deferred income6921,417
2,17315,714

The trade payables and accruals comprise amounts outstanding for trade purchases and on-going costs. The group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The directors consider that the carrying amount of trade payables approximates to their fair value. Amounts owed to group undertakings bears interest at a rate of 1.3% pa on overdue amounts only, however the amounts owed are unsecured and repayable on demand.

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
Pension commitments

The company’s current United Kingdom pension arrangements provide for contributions towards personal money purchase pension plans administered by Aviva on behalf of the employees. At the end of the period contributions of £Nil (2023: £79,191) were outstanding.

Warranty Provisions
31/12/2431/12/23
£'000£'000

Balance brought forward at 1 January225284
Decrease in provisions (225)(59)
Balance carried forward as at 31st December-225

The provision is relating to the warranty costs for Doosan Corporation that covers the first 2 years of a trucks life. The provision is based on historical trends. The provision for the first 2 years is the ultimate responsibility of Doosan Corporation and a corresponding asset has been recognised as part of trade receivables to account for the costs reimbursed.

16. FINANCIAL LIABILITIES - BORROWINGS

31/12/24 31/12/23
£'000 £'000
Current:
Leases (see note 17) - 326

Non-current:
Leases (see note 17) - 398

17. LEASING

The company has lease contracts for various buildings and vehicles used in the operations. The amounts recognised in the financial statements in relation to the leases are as follows:

(a) Amounts recognised in the Balance Sheet
The balance sheet shows the following amounts relating to leases:

31/12/24 31/12/23
Right-of-use Assets £'000s £'000s
Offices and Warehouses - 647
Vehicles - 20

Lease Liabilities
Current - 724
Non-Current - -

DOOSAN BOBCAT UK NORTHAMPTON LTD. (REGISTERED NUMBER: 07646794)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024
(b) Amounts recognised in the Income Statement
The income statement shows the following amounts relating to leases:

31/12/24 31/1223
Depreciation charge - Right-of-use assets £'000s £'000s
Offices and warehouses 262 287
Vehicles 15 23

Interest and other expenses
Interest expense (included in finance costs) 15 96

There is no contingent rent payable and there are no renewal options, purchase options, escalation clauses or other restrictions imposed. DBUN has termination options available for which it intends to utilise and has been factored in when considering the lease term.

18. POST BALANCE SHEET EVENTS

On 17th February 2025 the company cancelled and extinguished 10,000,000 ordinary shares of £1.00 each in the capital of the company.

19. RELATED PARTY TRANSACTIONS

Key management personnel

Key management personnel are considered to be the directors of the company. All transactions with them are included in note 4 of the financial statements.

20. ULTIMATE PARENT UNDERTAKING

The company's parent undertaking and ultimate controlling party is Doosan Corporation, a company incorporated in the Republic of Korea. This is the largest and smallest group of which the company is a member that prepares group accounts including the results of the company. Copies of the financial statements of Doosan Corporation may be obtained from the company at 275, Jangchungdan-ro, jung-gu- Seoul, Korea. Doosan Corporation is consolidated IFRS Financial Statements and a listed company on the Korean Stock Market.