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Registered number: 00492005












AL-KO KOBER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

AL-KO KOBER LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 4
Directors' report
 
5 - 8
Directors' responsibilities statement
 
9
Independent auditor's report
 
10 - 13
Profit and loss account
 
14
Statement of comprehensive income
 
15
Balance sheet
 
16
Statement of changes in equity
 
17
Notes to the financial statements
 
18 - 40


 

AL-KO KOBER LIMITED
 
COMPANY INFORMATION


Directors
P J Eustace 
H Hiller 




Registered number
00492005



Registered office
South Warwickshire Business Park
Kineton Road

Southam

Warwickshire

CV47 0AL




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1 -

 

AL-KO KOBER LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.
The principal activity of the company is the manufacture and distribution of leisure vehicle assemblies and components.

Business review
 
During the year, turnover decreased to £60.1m (2023 - £91.5m) and gross profit margin has decreased to 24.9% (2023 - 26.1%).
The Directors acknowledge the reduction of turnover in 2024, following the extraordinary increase in turnover for the years following the pandemic. Relevant recent factors include over production by the OEM’s in 2023 & a market slowdown in 2024 resulting in lower production volumes in 2024.  However, the company started to see market recovery towards the end of 2024, and this has continued into 2025.  We expect 2025 turnover to increase over 2024 levels.
As at the year end, the company continues to hold a healthy level of net assets of £25.1m (2023 - £23.0m).

Principal risks and uncertainties
 
Financial liabilities
The company’s transaction currency exposure arises from purchases in currencies other than Sterling, principally Euros. The company’s Euro currency requirements are no longer “hedged” as our ledgers are revalued on a monthly basis. Buying at the current market rate, is the preferred method of acquiring the currency.
Credit risk
In the normal course of business, the company sells its products on standard terms to its customers. The majority of its customers are leisure/automotive/commercial manufacturers and as such, all customers are covered under the company’s credit insurance policy, which is continually monitored.
Market risk
The company depends to a large extent on the market trends in the UK leisure market, in particular, the touring caravan and the static caravan production volumes of its key customers. Brexit and the COVID-19 pandemic have both had an impact on the business, although the impact of Brexit has had less of an impact as first thought, goods continue to flow into the business, without delay, although carriage & import duties have increased.
During 2024, the business has seen the cost of raw materials stabilise.  
Supply chain risk
During the year the cost of transportation and exchange rates have continued to be volatile. The directors have taken steps to mitigate this impact on the company in their commercial relationships with customers. 

Financial key performance indicators
 
The key performance indicators for the company are provided in the table below. There are no non-financial key performance indicators for the company.

Page 2 -

 

AL-KO KOBER LIMITED

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

2024
£'000
2023
£'000
Change
£'000
Change
%
Operating Profit
3,292
8,529
(5,237)
(61.4)
Profit for the financial year
2,160
6,213
(4,053)
(65.2)
Shareholders' equity
25,148
23,007
2,141
9.3


Other key performance indicators
 
The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment. This has resulted in carbon intensity reducing to 14.935 (2023 - 8.955). Further details regarding carbon intensity can be found in the Streamlined Energy and Carbon Reporting (SECR) section in the directors' report.

Future developments

In 2025, the company will open a standalone “Customer Centre” in the UK, typically to service the aftermarket, and to promote the products of AL-KO Kober Hydraulic levelling systems, E&P Hydraulics systems & aftersales products.
The board are always considering acquisition opportunities within the UK & Ireland.

Directors' statement of compliance with duty to promote the success of the company
 
In accordance with section 172 of the Companies Act 2006, each of our directors acts in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole.  Our directors have regard, amongst other matters, to be:
• Likely consequences of any decisions in the long term;
• Interests of the company’s employees;
• Need to foster the company’s business relationships with suppliers, customers and others;
• Impact of the company’s operations on the community and environment;
• Desirability of the company maintaining a reputation for high standards of business conduct; and
• Need to act fairly as between members of the company.

The directors also take into account the views and interests of a wider set of stakeholders when making decisions. During the year the Board receives information to enable to consider the impact of the company’s decisions on its key stakeholders. This information was distributed in a range of different formats, including walkthrough reports and presentations on our financial and operational performance, non-financial KPIs, etc. We acknowledge that every decision we make will not necessarily result in a positive outcome and the Board frequently has to make difficult decisions based on competing priorities. By considering the company’s purpose and values, together with its strategic priorities and having a process in place for decision making, we do however, aim to balance those different perspectives. 
During the year, we reviewed the company’s financial and operational performance; key transactions. The Board receives papers on these matters which were then reviewed, discussed and approved as necessary. The impact of the company’s activities on our stakeholders, including our colleagues, customers and suppliers, is an important consideration when making decisions. 
The Board will sometimes engage directly with stakeholders on certain issues, but the size and geographical distribution of our stakeholders means that stakeholder engagement often takes place at group level. We find that as well as being a more efficient and effective approach. This also helps us achieve a greater positive impact on environment, social and other issues than by working alone as an individual company.

Page 3 -

 

AL-KO KOBER LIMITED

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


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



P J Eustace
Director

Date: 14 July 2025

Page 4 -

 

AL-KO KOBER 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,160,000 (2023 - £6,213,000).

The directors do not propose a final dividend (2023 - £Nil).

Directors

The directors who served during the year were:

P J Eustace 
H Hiller 

Political contributions

There were no political contributions made during the year (2023 - £nil).

Charitable donations

No charitable donations were made during the year (2023 - £3,000).

Going concern

The company has a history of generating profits and a strong balance sheet. The directors have prepared cashflow forecasts covering this period which demonstrate that the company has appropriate resources for the foreseeable future. These forecasts reflect cautious assumptions and the profit and cash generative nature of the business. They also reflect the lack of external debt and indicate that no support from the wider group will be required.
The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date these financial statements were approved. The directors consider if appropriate for the going concern basis to be adopted in preparing these financial statements.

Financial risk management

The issues of foreign currency risk, credit risk and market risk are considered within the strategic report.

Research and development activities

The company’s research and development is carried out in Germany at the group’s research and development facilities. In the UK, the company works with current and prospective customers to provide bespoke ideas and innovations.

Employee involvement

The company gives great importance to providing its employees with information on matters concerning them as employees. When making decisions that affect the interests of its employees, it provides regular opportunities for those employees to be consulted about such decisions, ensuring their views are given full and due consideration. In addition, employees are encouraged to continuously improve the performance of the company. This can be through the continuous improvement projects (CIP) or during their day-to-day work. Finally, regular communications throughout the company ensure that all employees are made aware of the financial and economic performance of the company.

Page 5 -

 

AL-KO KOBER LIMITED

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

Statement of engagement with suppliers, customers and others in a business relationship with the Company

Engagement with the company’s stakeholders is a key component in the directors' aim to bring sustained long-termed growth to the business and shareholder value.  This is achieved by:
Employees
Efficient and open communication throughout the business by holding regular staff, management team, committee and departmental meetings, by issuing regular briefing bulletins, undertaking detailed job chats and the identification and provision of training to enhance skills and career development.
Customers
Maintaining close contact throughout the purchase, build and after sales processes. The provision of transparent sales details. This is even more important with the current material price increases.
Suppliers
Engaging closely with suppliers via a detailed and transparent tender process, monthly progress meetings, using fair contract terms, paying promptly and providing safe working conditions.

Disabled employees

It is the policy of the company to give full and fair consideration to applications for employment made by disabled persons. This also includes promotion or a move to a different department/role. Should a person become disabled during their employment with the company, the company will, wherever it can, provide alternative employment and additional training to help mitigate any effect the disability might have on the individual's career development. Reasonable adjustments to the role would be considered and made to accommodate any such disability where necessary.

Directors' indemnities

The immediate parent company, AL-KO Kober Holdings Limited, indemnifies the directors of the company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision was in force during the year.

Existence of branches outside of the UK

The company has branches, as defined in section 1046(3) of the Companies Act 2006, outside of the UK in the Republic of Ireland.

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Page 6 -

 

AL-KO KOBER LIMITED

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

Streamlined Energy and Carbon Reporting (SECR)

As required by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, the company's energy use and greenhouse gas (GHG) emissions are set out below.
The data relates to the 12-month period from 1 January 2024 to 31 December 2024.
 
Sources of Greenhouse Gas Emissions
2024 consumption
(kWh)
2024 emissions
(tCO2e)
Scope 1
Natural Gas
2,928,421
535.608
Transport
204,204.88
45.856
Scope 2
Electricity
1,336,510.00
276.724
Scope 3
Transmission and Distribution
-
24.458
Total
4,469,135.88
882.646
Carbon intensity: All Scope’s emissions of
tCO2e / £ sales revenue:
-
14.935

Comparison to the previous financial year

The data relates to the 12-month period from 1 January 2023 to 31 December 2023.
 
Sources of Greenhouse Gas Emissions
2023 consumption
(kWh)
2023 emissions
(tCO2e)
Scope 1
Natural Gas
1,822,921
333.465
Transport
201,146.50
46.634
Scope 2
Electricity
1,923,093.00
398.223
Scope 3
Transmission and Distribution
-
34.452
Total
3,947,160.50
812.774
Carbon intensity: All Scope’s emissions of
tCO2e / £ sales revenue:
-
8.955

Qualifying information on the above data:

This statement has been prepared in line with the requirements of the SECR regulations and the relevant areas of the GHG Protocol Corporate Accounting and Reporting Standard.
tCO2e is the tonnage of equivalent carbon emissions generated by the various greenhouse gasses (carbon dioxide, methane, nitrous oxide etc.) each of which has a ‘Global Warming Potential’ factor that is included in the above emission figure.
An operational control approach has been applied to consolidate the above data.
Total sales revenue for use as the Metric are £59.1m (2023 - £90.8m).

Methodology

A ‘location based’ method of emission calculation for electricity using the UK Government Emissions Conversion Factors dated 2024 has been used.
Carbon intensity includes all Scope emissions in the calculation.



 
Page 7 -

 

AL-KO KOBER LIMITED

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

Primary energy efficiency measures implemented
 
Installation of LED lighting across a number of offices, replacing tube lamping;
Installation of sensors to reduce energy consumption where possible; and
Purchasing renewable energy backed by Renewable Electricity Guarantees of Origin (REGO) certificates.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, Blick Rothenberg Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





P J Eustace
Director

Date: 14 July 2025

Page 8 -

 

AL-KO KOBER LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgements 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.

Page 9 -

 

AL-KO KOBER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion


We have audited the financial statements of AL-KO Kober Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 Auditor's 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 auditor's 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 10 -

 

AL-KO KOBER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 9, 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 11 -

 

AL-KO KOBER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's 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 auditor's 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 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 company; 
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 and taxation 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.

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; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
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; and
reviewing correspondence with HMRC.


 
Page 12 -

 

AL-KO KOBER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards require that we identify non-compliance with laws and regulations through enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any, as well as any additional procedures deemed necessary. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Use of our report
 

This report is made solely to the company's member 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 member those matters we are required to state to them in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.





Mahmood Ramji (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
14 July 2025
Page 13 -

 

AL-KO KOBER LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
60,067
91,498

Cost of sales
  
(45,107)
(67,614)

Gross profit
  
14,960
23,884

Administrative expenses
  
(11,668)
(15,355)

Operating profit
 5 
3,292
8,529

Interest receivable and similar income
 8 
102
9

Profit before taxation
  
3,394
8,538

Tax on profit
 9 
(1,234)
(2,325)

Profit for the financial year
  
2,160
6,213

The notes on pages 18 to 40 form part of these financial statements.

Page 14 -

 

AL-KO KOBER LIMITED

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000


Profit for the financial year

2,160
6,213

Other comprehensive income


Actuarial loss on defined benefit schemes
(19)
(19)

Other comprehensive income for the year
(19)
(19)

Total comprehensive income for the year
2,141
6,194

The notes on pages 18 to 40 form part of these financial statements.

Page 15 -


 
REGISTERED NUMBER:00492005
AL-KO KOBER LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 10 
7,218
8,789

Tangible assets
 11 
3,792
4,428

Investments
 12 
1,709
1,709

  
12,719
14,926

Current assets
  

Stocks
 13 
2,922
3,434

Debtors: amounts falling due within one year
 14 
36,210
36,696

Cash at bank and in hand
 2.14 
3,190
2,741

  
42,322
42,871

Creditors: amounts falling due within one year
 15 
(28,690)
(33,414)

Net current assets
  
 
 
13,632
 
 
9,457

Total assets less current liabilities
  
26,351
24,383

Provisions for liabilities
  

Deferred tax
 16 
(945)
(1,093)

Other provisions
 17 
(258)
(283)

  
 
 
(1,203)
 
 
(1,376)

Net assets
  
25,148
23,007


Capital and reserves
  

Called up share capital 
 18 
910
910

Profit and loss account
 19 
24,238
22,097

Total equity
  
25,148
23,007


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P J Eustace
Director

Date: 14 July 2025

The notes on pages 18 to 40 form part of these financial statements.

Page 16 -

 

AL-KO KOBER LIMITED

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


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2023
910
15,903
16,813


Comprehensive income for the year

Profit for the financial year
-
6,213
6,213

Actuarial losses on pension scheme
-
(19)
(19)
Total comprehensive income for the year
-
6,194
6,194



At 1 January 2024
910
22,097
23,007


Comprehensive income for the year

Profit for the financial year
-
2,160
2,160

Actuarial losses on pension scheme
-
(19)
(19)
Total comprehensive income for the year
-
2,141
2,141


At 31 December 2024
910
24,238
25,148


The notes on pages 18 to 40 form part of these financial statements.

Page 17 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

AL-KO Kober Limited manufactures and distributes vehicle components, also manufactures steel frames for the modular building industry.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is South Warwickshire Business Park, Kineton Road, Southam, Warwickshire, CV47 0AL.
The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £'000.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of DexKo Global Holdings Inc. as at 31 December 2024 and these financial statements may be obtained from 39555 Orchard Hill PI #525 Novi, Ml 48375, USA.

Page 18 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The company has a history of generating profits and has a strong balance sheet. The directors have prepared cashflow forecasts covering this period which demonstrate that the company has appropriate resources for the foreseeable future. These forecasts reflect cautious assumptions and the profit and cash generative nature of the business. They also reflect the lack of external debt and indicate that no support from the wider group will be required.
The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date these financial statements were approved. The directors consider if appropriate for the going concern basis to be adopted in preparing these financial statements.

 
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:

Sale of goods

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

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.


 
Page 19 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.5
Foreign currency translation (continued)

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.6

Operating leases: the company as lessee

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

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

 
2.7

Interest income

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

 
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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 20 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life.

Other intangible assets

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

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

 The estimated useful lives range as follows:

Customer relationships
-
7-10 years
Brand name and intellectual      
property
-
7-10 years
Goodwill
-
10 years

Page 21 -

 

AL-KO KOBER 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:

Freehold property
-
10 years and land is not depreciated
Plant and machinery
-
3-10 years
Motor vehicles
-
4 years

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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 balance sheet 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.

 
2.14

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 22 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 23 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.17

Share capital

Ordinary shares are classified as equity.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Retirement benefits
Accounting for a defined benefit scheme and the value of the liabilities is dependent on significant assumptions, including an assessment of the discount rate, price inflation and key demographic figures including life expectancy and mortality rates.
These accounting judgements are inherently complex and require a high level of management judgement and specialist input by an actuary in the calculation of the value of the liabilities. See note 21 for the carrying amount of the scheme asset and liabilities and the assumptions underpinning.
Determining the useful economic lives of intangible fixed assets
The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation. The remaining useful economic life of the goodwill, brand name and intellectual property is considered a source of significant estimation uncertainty. See note 10 for the carrying amount of the asset and note 2.10 for the useful economic life assumed.
Stock provision
The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgements and estimates that are made by management. The judgements relating to stock include an estimation of future expected average sales prices and volume of sales based on the ageing of stock. A provision is made to stock based on historical data and current market prices. Actual outcomes could be different to the assumptions used in determining the estimates.
Impairment of intangible fixed assets
The carrying value of intangible fixed assets are reviewed for impairment on an annual basis and also whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Where indicators of impairment exist the company performs a value in use calculation. The directors have made the judgement that no indicators of impairment existed as at the reporting date and therefore a value in use calculation has not been undertaken.

Page 25 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£000
£000

Sale of goods
60,067
91,498


Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
56,025
86,700

Rest of Europe
4,026
4,084

Rest of the world
16
714

60,067
91,498



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Operating lease charges
513
529

Impairment of debtors
13
4

Depreciation of owned tangible fixed assets
832
849

Amortisation of intangible assets, including goodwill
1,571
1,637

Audit fees payable to the Company's auditor
77
74

Exchange differences
93
76

Amortisation of intangible assets and part of depreciation of owned tangible fixed assets and exchange differences are included in cost of sales.

Page 26 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


2024
2023
£000
£000

Wages and salaries
5,938
7,829

Social security costs
544
729

Cost of defined contribution scheme
453
525

6,935
9,083


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


        2024
        2023
            No.
            No.







Production
107
148



Administration
10
28



Selling and distribution
24
28

141
204


7.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
198
197

Company contributions to defined contribution pension schemes
39
39

237
236


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


8.


Interest receivable

2024
2023
£000
£000


Interest receivable from group companies
102
9

102
9

Page 27 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
1,382
2,310


1,382
2,310


Total current tax
1,382
2,310

Deferred tax


Origination and reversal of timing differences
(148)
15

Total deferred tax
(148)
15


Taxation on profit on ordinary activities
1,234
2,325

Factors affecting tax charge for the year

The tax assessed for the year is higher 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
£000
£000


Profit on ordinary activities before tax
3,394
8,538


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
849
2,006

Effects of:


Non-tax deductible amortisation of goodwill and impairment
393
385

Expenses not deductible for tax purposes
38
-

Adjustments to tax charge in respect of prior periods
-
23

Short term timing difference leading to an increase (decrease) in taxation
-
(41)

Adjustment in research and development tax credit
-
(48)

Group relief
(46)
-

Total tax charge for the year
1,234
2,325

The substantively enacted corporation tax rate is 25%. Deferred taxes at balance sheet date have been measured at the corporation tax rate of 25% and are reflected as such in these financial statements.

Page 28 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Intangible assets




Customer relationships
Brand name and intellectual property
Goodwill
Total

£000
£000
£000
£000



Cost


At 1 January 2024
207
904
14,294
15,405



At 31 December 2024

207
904
14,294
15,405



Amortisation


At 1 January 2024
194
845
5,577
6,616


Charge for the year
13
59
1,499
1,571



At 31 December 2024

207
904
7,076
8,187



Net book value



At 31 December 2024
-
-
7,218
7,218



At 31 December 2023
13
59
8,717
8,789

Goodwill arose on the hive across of Bankside Patterson Limited trade and assets on 31 October 2019 and from the hive up of E&P Hydraulics Limited trade and assets on 30 June 2022.



Page 29 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£000
£000
£000
£000



Cost or valuation


At 1 January 2024
2,414
7,221
396
10,031


Additions
1
172
90
263


Disposals
-
(860)
(34)
(894)



At 31 December 2024

2,415
6,533
452
9,400



Depreciation


At 1 January 2024
1,142
4,281
180
5,603


Charge for the year
187
552
93
832


Disposals
-
(796)
(31)
(827)



At 31 December 2024

1,329
4,037
242
5,608



Net book value



At 31 December 2024
1,086
2,496
210
3,792



At 31 December 2023
1,272
2,940
216
4,428




The net book value of land and buildings may be further analysed as follows:


2024
2023
£000
£000

Freehold
1,086
1,272



12.


Investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2024
1,709



At 31 December 2024
1,709




Page 30 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

E&P Hydraulics UK Limited
30 Finsbury Square, London, EC2A 1AG
Ordinary
100%


13.


Stocks

2024
2023
£000
£000

Raw materials and consumables
1,113
1,306

Work in progress (goods to be sold)
286
458

Finished goods and goods for resale
1,523
1,670

2,922
3,434


There is no significant difference between the replacement cost of the stock and its carrying amount.


14.


Debtors

2024
2023
£000
£000


Trade debtors
10,853
16,477

Amounts owed by group undertakings
24,973
20,021

Other debtors
6
5

Prepayments and accrued income
378
193

36,210
36,696


Amounts owed by group undertakings include a loan of £5.1m which is interest-bearing at 6.678% p.a., unsecured and repayable within 6 months after the year end. The remaining amounts owed by group undertakings are interest-free, unsecured, have no fixed repayment date and are repayable on demand.

Page 31 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
4,069
5,353

Amounts owed to group undertakings
22,880
24,265

Corporation tax
953
1,033

Other taxation and social security
619
1,554

Other creditors
-
125

Accruals and deferred income
169
1,084

28,690
33,414


Amounts owed to group undertakings are interest-free, unsecured, have no fixed repayment date and are repayable on demand.


16.


Deferred taxation




2024


£000






At beginning of year
(1,093)


Charged to profit or loss
148



At end of year
(945)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(710)
(858)

Short term timing differences
10
10

Capital gains
(245)
(245)

(945)
(1,093)

Page 32 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Provisions




Product guarantees

£000





At 1 January 2024
283


Charged to profit or loss
18


Utilised in year
(43)



At 31 December 2024
258

A provision has been recognised for expected claims against product guarantees. It is expected that most of this expenditure will be incurred in the current financial year. This provision has not been discounted since the effect of discounting is not material.
The product guarantees represent the company's liability in respect of warranties granted on the sale of vehicle components. The amount provided represents management's best estimate of the future cash outflows in respect of those products still within the warranty period at the year end. It is based on past experience and costs incurred which are monitored on a regular basis.


18.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



910,000 (2023 - 910,000) Ordinary shares of £1.00 each
910
910

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



19.


Reserves

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends and other adjustments.

Page 33 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Retirement benefit schemes

Defined contirbution scheme
The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £414,000 (2023 - £525,000).


Defined benefit scheme

The company operates two defined benefit schemes.


2024
2023
£000
£000

The surplus/(liability) on each scheme is as follows:


AL-KO Kober Limited Pension and Assurance scheme
1,001
1,147

AL-KO Kober Retirement and Death Benefit Plan for hourly paid employees
102
87

Restriction of surplus
(1,103)
(1,234)

-
-


AL-KO Kober Limited Pension and Assurance Scheme

This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 30 June 2023 by a qualified actuary, independent of the scheme's sponsoring employer. The valuation was completed using the Projected Credit Unit Method.
The results of the latest funding valuation at 30 June 2023 have been adjusted to the balance sheet date taking account of experience over the periods since 30 June 2023, changes in market conditions and differences in the financial and demographic assumptions. The present value of the defined benefit obligation was measured using the Projected Unit Credit Method.
As accrual ceased with effect from 31 December 2015, contributions are not paid. In addition and in accordance with the actuarial valuation, the Company will meet the insurance premiums for death in service benefits and management and administration expenses of the scheme in addition as an when they are due. No contributions are required to be made by the Company as the scheme was in surplus at the valuation date. Nevertheless, the Company may pay additional contributions into the scheme at any time. 



2024
2023

%
%

Key assumptions

Discount rate
6
5

Inflation (RPI)
3
3

Inflation (CPI)
2
2

Page 34 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.

Retirement benefit schemes (continued)


Mortality assumptions
2024
2023

Assumed life expectation on retirement at age 65:
Years
Years

Retiring today

- Males
21
21

- Females
24
24

Retiring in 20 years

- Males
22
22

- Females
25
25

2024
2023
£000
£000
Amounts recognised in the income statement
Past service cost

-

-
 
Net interest on defined benefit liability/(asset)

-

-
 
The effect of any curtailment or settlement

-

-
 
Other costs and income

-

-
 
Total costs
-

-
 

2024
2023
£000
£000

Amounts take to other comprehensive income


Actual return on scheme assets
(463)
(24)

Less: calculated interest element
-
-

Return on scheme assets excluding interest income
(463)
(24)


Actuarial changes related to obligations
264
(31)

Change in effect of net asset ceiling
199
55

Total costs
-
-

Page 35 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Retirement benefit schemes (continued)

The amounts included in the statement of financial position arising from the Company's obligations in respect of defined benefit plans as follows:


2024
2023
£000
£000



Present value of defined benefit obligations
(4,544)
(4,842)

Fair value of plan assets
5,545
5,989

Surplus in scheme
1,001
1,147


Assets not recognised
(1,001)
(1,147)

Total liability recognised
-
-

Scheme assets do not include any of the AL-KO Kober Limited's financial instruments or any property occupied by AL-KO Kober Limited. 

2024
£000

Movements in the present value of the defined benefit obligations


Liabilities at 1 January 2024 (as previously reported)
4,842

Benefits paid
(249)

Actuarial gains
(264)

Interest cost
215

As at 31 December 2024
4,544

2024
£000

The defined benefit obligations arise from plans funded as follows:


Wholly unfunded obligations
4,544

Page 36 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Retirement benefit schemes (continued)

2024
£000

Movements in the fair value of plan assets


Fair value of the assets at 1 January 2024 (as previously reported)
5,989

Interest income
268

Return on plan assets (excluding amounts included in net interest)
(463)

Benefits paid
(249)

As at 31 December 2024
5,545

2024
2023
£000
£000

Analysis of scheme assets at the reporting date


Equity instruments
913
703

Bonds
4,495
4,352

Other
-
493

Cash
137
441

5,545
5,989


AL-KO Kober Limited Retirement and Death Benefit Plan for hourly paid workers
This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full valuation was carried out at 30 June 2021 by a qualified actuary, independent of the scheme's sponsoring employer.


2024
2023

%
%

Key assumptions

Discount rate
5
5

Inflation (RPI)
3
3

Inflation (CPI)
2
2

Allowance for revaluation of deferred lump sums of CPI of 5 p.a. if less
2
2

Page 37 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Retirement benefit schemes (continued)

2024
2023
£000
£000

Amounts taken to other comprehensive income


Actual return on scheme assets
2
(1)

Return on scheme assets excluding interest income
2
(1)


Actuarial gains on plan liabilities
9
(3)

Change in effect of net asset ceiling
(10)
(14)

Total costs
1
(18)

2024
2023
£000
£000



Present value of the defined benefit obligations
(142)
(148)

Fair value of plan assets
244
235

Surplus in scheme
102
87


Asset not recognised
(102)
(87)

Net asset
-
-

2024
£000

Movements in the present value of the defined benefit obligations


Liabilities at 1 January 2024
148

Benefits paid
(3)

Actuarial gains
(9)

Interest cost
6

As at 31 December 2024
142

Page 38 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Retirement benefit schemes (continued)

2024
£000

Movements in the fair value of plan assets


Fair value of assets at 1 January 2024
235

Interest income
10

Return on plan assets (excluding amounts included in net interest)
2

Benefits paid
(3)

Contributions by the Company
-

At 31 December 2024
244

2024
2023
£000
£000

Analysis of scheme assets at the reporting date


Cash
244
235


21.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
584
530

Later than 1 year and not later than 5 years
2,187
1,950

Later than 5 years
351
820

3,122
3,300


22.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are wholly owned part of the group. 

Page 39 -

 

AL-KO KOBER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Controlling party

In the opinion of the directors, the company’s ultimate parent company and controlling party at the time of approving the financial statements is DexKo Global Holdings Inc., a company incorporated in Delaware of the United States of America.
The parent undertaking of the largest and smallest group, which includes the company and for which group accounts are prepared is DexKo Global Holdings Inc., a company incorporated in the United States of America whose registered address is 39555 Orchard Hill PI #525 Novi, Ml 48375, USA. Copies of the group financial statements of DexKo Global Holdings Inc. are available from their registered office.
The company’s immediate parent is AL-KO Kober Holdings Limited, a company incorporated in England and Wales whose registered address is South Warwickshire Business Park, Kineton Road, Southam, Warwickshire, England, CV47 OAL.

 
Page 40 -