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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
CONTENTS
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AL-KO KOBER LIMITED
COMPANY INFORMATION
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AL-KO KOBER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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).
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.
The key performance indicators for the company are provided in the table below. There are no non-financial key performance indicators for the company.
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AL-KO KOBER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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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.
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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.
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).
The directors who served during the year were:
No charitable donations were made during the year (2023 - £3,000).
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.
The issues of foreign currency risk, credit risk and market risk are considered within the strategic report.
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.
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.
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AL-KO KOBER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
The company has branches, as defined in section 1046(3) of the Companies Act 2006, outside of the UK in the Republic of Ireland.
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.
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AL-KO KOBER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Comparison to the previous financial year
The data relates to the 12-month period from 1 January 2023 to 31 December 2023. 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.
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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.
The auditor, Blick Rothenberg Audit LLP, will 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.
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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 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.
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AL-KO KOBER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
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 policies. The 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).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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AL-KO KOBER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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AL-KO KOBER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF AL-KO KOBER LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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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.
This report is made solely to the company's member 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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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AL-KO KOBER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
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AL-KO KOBER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Functional and presentation currency
Transactions and balances
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Ordinary shares are classified as equity.
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.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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).
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.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AL-KO KOBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
In the opinion of the directors, the company’s ultimate parent company and controlling party at the time of approving the financial statements is
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
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