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Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors hereby present their strategic report together with the audited financial statements for the year ended 31 December 2024.
Our success lies in our strategic framework, business model, strategy, sustainability and our people.
In 2024, Loesche Energy Systems continued to implement its strategy of targeting the UK market for the supply of grinding terminals for various customer products. Loesche grinding terminals provide a complete grinding system, catering to specific fineness requirements while offering efficiency and flexibility that benefit our customers' operations. A key driver behind the demand for this technology is the sustainability and CO2 reduction targets set by our customers across multiple industries, with the cement sector being a notable example. The cement industry’s increasing reliance on substitute materials in the manufacturing process has fueled this demand. In 2023, the company secured a contract for the supply of a grinding terminal in the UK, focusing on aggregate grinding, which commenced in February 2024. This market is expected to be a key focus in the coming years, as the demand for grinding terminals continues to grow. Loesche also operates an in-house test facility, enabling customers to test the grinding of various materials. Many customers actively utilize this facility, with the test results forming the foundation for the guarantees provided regarding the quality of their final products, including product throughput, fineness, power cosumption and mosture gurantees. Regarding the power market, the company is concentrating on the Polish sector, specifically focusing on the conversion of outdated coal-fired power plants to biomass. Loesche provides specially designed biomass mills as retrofits to replace the existing coal mills, delivering the optimal technical solution for our customers during the transition from coal to biomass fuel. The Company's strategy in the waste market shows a large potential in the coming years. The Company was awarded a significant contract of $36m in Q4 FY 2020 in waste for this market with the project site located in the Caribbean which has been re-negotiated to $48M in 2022. This contract now sits close to $54M in 2024 after further variations. The notice to proceed is expected in Q2 2025. Furthermore, additional orders are expected to be realized during FY 2025 detailed in our business planning and forecasting. The company continues to experience long-term success in its after-sales segment. While spare parts sales reached £400K in 2024, we secured orders totalling approximately £3M, which will be delivered and invoiced in 2025. We expect continued growth, driven by substantial inquiries from returning clients in Botswana and Poland. This segment will remain a strategic focus in 2025 and 2026, with a projected turnover of over £5.6M across the two years. Our customer base remains geographically diverse, a trend we expect to persist in the coming years. A summary of the current financial position of the Company shows the Company has ended the year with a net current liabilities position of £1,410,664 (2023 - £323,948). The Company has overall net liabilities of £9,139,963 (2023 - £8,465,577), principally due to amounts owed to group undertakings. Although the Company is reliant upon group undertakings, the amounts owed in the form of loans are not due until 31 December 2025 with an option to extend. The Company expects to be in a position to reduce amounts owed to group undertakings during 2025 once the project in the Caribbean commences. The Company increased turnover to £5.2m (2023 - £2.3m) due tothe commencement of a UK Project and made a net loss of £1.1m (2023 – £1.6M). Unfortunately the loss made in the financial year was mostly attributable to the write off of a significant large amount owed due to a clients bankruptcy proceedings. The Company made foreign exchange gains during the year of £327K (2023 £142K). The focus is now to sustainably increase profitability through our diversification into the waste market as well as further development of other markets. Subsidiary investment The company took the strategic decision to set up a subsidiary company in India mamed Loesche Energy Systems India Private limited (LESI); the company effectively moved the Power market business to LESI as the Power market opportunities are today mostly around the far East and Asia markets. LESI continues to perform very well and for the year ended 31.03.2024, the company reported Sales Revenues of £7.2M. LESI has proven to be a profitable venture for us, delivering a pre-tax profit of £627K for the year ended 31.03.2024 (y.e. 31.03.23 – £359K). The Loesche Group Turnover for 2024 was €394M (€276M in 2022) with currently approximately 850 employees worldwide.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
A management review of the principal risks facing the Company is undertaken at each board meeting. Company strategies are then developed to either mitigate or take advantage of the opportunity or uncertainty.
Revenue recognition Uncertainties may arise from potential delays in the dates some orders are realised as observed in previous years. This in turn affects the year in which revenues are recognised. The Company operates in markets worldwide and therefore order intake timings are to some extent not subject to regional fluctuations. Foreign exchange The Company operates on a global basis and is subject to foreign exchange fluctuations. Due to the nature of long-term construction contracts the Company monitors closely foreign exchange rates and applies instruments to help mitigate these risks when required, however this is not always possible where the timing and amount of cash flows are not known.
Credit risk
Credit risk remains a key area for most businesses. The Company operates credit checks on both suppliers and customers. The recoverability of debt is a potential major risk when retention payments are held on long term construction contracts. These debts are closely reviewed and reported. Wherever possible the Company will require financial protection in the form of letters of credit from our customers. Inflation The Company continue to monitor price increases from suppliers. Whilst these increases are in line with our forecasts, we do not see any other alternative other than passing on the price increases to our customers. Our processes ensure current supplier prices are included in our costings and are continuously reviewed as well as ensuring price validity periods are utilised on both cost and revenue contracts.
Turnover and pre-tax profitability remains as the focal point of the Company's KPI's. Measuring these KPI's across each revenue stream allows the Company to measure and achieve better efficiencies.
Moving forward, our strategic focus will be on driving growth in the cement and aggregates market, while simultaneously securing opportunities in the thermal and waste energy sectors. This will support the continued development of the mineral markets in collaboration with our parent company. The successful execution of this diversification strategy will lead to a stronger order pipeline, reduced dependence on individual customers, and better positioning of the Company in a low-carbon economy.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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.
The Company made a loss before tax of £1,052,530 (2023 - £1,529,673) in the year and has net current liabilities of £1,410,664 (2023 - £323,948) at the year end and net liabilities of £9,139,963 (2023 - £8,465,577). Within short term creditors due in less than one year is a balance of £5,087,707 (2023 - £5,259,418) which Loesche Energy Systems Limited owes to the ultimate parent undertaking, Loesche GmbH.
The ultimate parent undertaking, Loesche GmbH, has confirmed that they will not recall the short term creditor due and will provide additional support of up to €3m should the Company require it to ensure it is able to meet its liabilities as they fall due. The directors have performed an assessment of going concern, giving due consideration to the Company's historical and current trading, together with its forward-looking projections. Given this, the directors consider that the financial statements should be prepared on a going concern basis.
The loss for the year, after taxation, amounted to £1,110,372 (2023 -loss £1,590,006).
During the year no dividend was paid to the parent Company Loesche GmbH (2023 - £Nil).
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
Future and on-going developments at Loesche Energy Systems Limited include:
Development of waste to energy business After recent success in this field, the Company has on hand a significant order. This project incorporates further technology which is critical to the business model in a drive to substitute fossil fuels. Development of joint development agreement with key partners including the gasification process of fuels to produce renewable liquid fuels. Developments have progressed to establish a joint development platform with our key technology partners which will give us a platform to develop projects jointly on a global level. The know-how and experience gained through projects already executed together will ensure the approach will be unique in the market. Co firing of waste fuels and other alternative fuels Looking ahead a key segment for Loesche Energy Systems will be plants with the capability of co firing waste fuels/biomass.
As permitted by Paragraph 1A of Schedule 7 to the large and medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on page 1. These matters relate to the review and analysis of the business during the year.
Under section 487 (2) of the Companies House act of 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the register, whichever is earlier.
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DIRECTORS' 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOESCHE ENERGY SYSTEMS LIMITED
We have audited the financial statements of Loesche Energy Systems Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOESCHE ENERGY SYSTEMS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOESCHE ENERGY SYSTEMS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK employment legislation;
−UK health and safety legislation;
−General Data Protection Regulations; and
−UK tax legislation
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance consdiered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process
−Challenging assumptions and judgements mad by management in its significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
−The application of inappropriate judgements or estimation to manipulate the Company's financial position;
−Posting of unusual journals and complex transactions;
−The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
−Increased detection rsit due to turnover of staff within the Company's finance team
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOESCHE ENERGY SYSTEMS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
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 13 to 28 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Loesche Energy Systems Limited is a private Company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company information page and the nature of the Company's operations and its principal activity are set out in the directors' report.
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.
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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Loesche GmbH as at 31 December 2024 and these financial statements may be obtained from Loesche GmbH, Hansaallee 243, 40543
Dusseldorf, Germany.
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of a non-UK state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006. The consolidated financial statements of the immediate parent undertaking have been submitted to Companies House in accordance with the Companies Act 2006 and are filed alongside these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company made a loss before tax of £1,052,530 (2023 - £1,529,673) in the year and has net current liabilities of £1,410,664 (2023 - £323,948) at the year end and net liabilities of £9,139,963 (2023 - £8,465,577). Within short term creditors due in less than one year is a balance of £5,087,707 (2023 - £5,259,418) which Loesche Energy Systems Limited owes to the ultimate parent undertaking, Loesche GmbH.
The ultimate parent undertaking, Loesche GmbH, has confirmed that they will not recall the short term creditor due and will provide additional support of up to €3m should the Company require it to ensure it is able to meet its liabilities as they fall due. The directors have performed an assessment of going concern, giving due consideration to the Company's historical and current trading, together with its forward-looking projections. Given this, the directors consider that the financial statements should be prepared on a going concern basis.
Long-term contracts are assessed on a contract by contract basis and are reflected in the statement of income and retained earnings by recording turnover and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the statement of comprehensive income as the difference between the reported turnover and related costs for that contract. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
Sales of spare parts are recognised when the delivery conditions are satisfied such that the risks and rewards of ownership have passed to the customer. The point of recognition is determined on a case by case basis for each transaction based on the shipping terms as agreed with the customer. Other turnover is recognised on an accruals basis according to the period in which the services are rendered.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed and unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at cost less impairment. If a reliable measure of fair value is no longer available for an asset measured at fair value its carrying amount at the last date the asset was reliably measurable becomes its new cost.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small Company, or a public benefit entity concessionary loan.
Financial assets that are 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 Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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 made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
The Company provides a warranty on all equipment supplied for a defined period. Provision is made for expected rectification work according to the value of the equipment supplied on completion of the contract. Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of an obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
In preparing these financial statements, the directors have made the following judgements:
∙Determine whether leases entered into by the Company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
∙Determine whether there are indicators of impairment of the Company's investment in subsidiaries. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance.
∙Determine whether a reliable estimate of market value is ascertainable in respect of other fixed asset investments. Where a reliable market value is not ascertainable, these investments will be held at cost less impairment.
∙Determine whether there are indicators of impairment of the Company's other fixed asset investments which are recorded at cost less impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance.
Other key sources of estimation uncertainty:
∙Contract recognition
Ascertaining the progress of the contracts in place involved estimation of forecasting the projected future expenditure on each contract and using this to calculate a percentage of completion. The percentage of completion is calculated by taking the total costs to date and dividing the estimated total costs for the projects.
∙Provision for impairment of trade and other receivables
Impairment of trade and other receivables is made based on an assessment of the recoverability of the receivables, requiring management's judgement and estimates if there are indicators of impairment.
∙Recognition of deferred tax asset
The directors are required to estimate the appropriate amount of deferred tax assets to be recognised on carry forward assessed tax losses. The estimate is based on the expected level and timing of future taxable profits against which the losses can be offset.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's capital and reserves are as follows:
Allotted, called up and fully paid share capital Allotted, called up and fully paid share capital represents the nominal value of the shares issued. Profit and loss account The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments. Other reserves Other reserves represent capital contributions from the parent company.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,191 (2023 - £34,333). At year end contributions payable of £8,414 (2023 - £5,357) were outstanding and are included in other creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's controlling party is Loesche GmbH, a Company which is incorporated in Germany. The ultimate controlling party is T Loesche.
The largest and smallest group in which the results of the Company are consolidated is that headed by Loesche GmbH, incorporated in Germany. The consolidated accounts of this Company are available to the public and may be obtained from Loesche GmbH, Hansaallee 243, 40543 Dusseldorf, Germany.
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