Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truetruetruetruetrue1452024-01-01falsethe provision of textile and laundry services138truefalsefalse 04191274 2024-01-01 2024-12-31 04191274 2023-01-01 2023-12-31 04191274 2024-12-31 04191274 2023-12-31 04191274 2023-01-01 04191274 c:Director1 2024-01-01 2024-12-31 04191274 c:Director3 2024-01-01 2024-12-31 04191274 c:Director4 2024-01-01 2024-12-31 04191274 c:RegisteredOffice 2024-01-01 2024-12-31 04191274 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 04191274 d:Buildings d:LongLeaseholdAssets 2024-12-31 04191274 d:Buildings d:LongLeaseholdAssets 2023-12-31 04191274 d:PlantMachinery 2024-01-01 2024-12-31 04191274 d:PlantMachinery 2024-12-31 04191274 d:PlantMachinery 2023-12-31 04191274 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:MotorVehicles 2024-01-01 2024-12-31 04191274 d:MotorVehicles 2024-12-31 04191274 d:MotorVehicles 2023-12-31 04191274 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:FurnitureFittings 2024-01-01 2024-12-31 04191274 d:FurnitureFittings 2024-12-31 04191274 d:FurnitureFittings 2023-12-31 04191274 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:OfficeEquipment 2024-01-01 2024-12-31 04191274 d:OfficeEquipment 2024-12-31 04191274 d:OfficeEquipment 2023-12-31 04191274 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:ComputerEquipment 2024-01-01 2024-12-31 04191274 d:ComputerEquipment 2024-12-31 04191274 d:ComputerEquipment 2023-12-31 04191274 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 04191274 d:OtherPropertyPlantEquipment 2024-12-31 04191274 d:OtherPropertyPlantEquipment 2023-12-31 04191274 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04191274 d:Goodwill 2024-01-01 2024-12-31 04191274 d:Goodwill 2024-12-31 04191274 d:Goodwill 2023-12-31 04191274 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 04191274 d:ComputerSoftware 2024-12-31 04191274 d:ComputerSoftware 2023-12-31 04191274 d:CurrentFinancialInstruments 2024-12-31 04191274 d:CurrentFinancialInstruments 2023-12-31 04191274 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04191274 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04191274 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 04191274 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 04191274 d:UKTax 2024-01-01 2024-12-31 04191274 d:UKTax 2023-01-01 2023-12-31 04191274 d:ShareCapital 2024-12-31 04191274 d:ShareCapital 2023-12-31 04191274 d:ShareCapital 2023-01-01 04191274 d:SharePremium 2024-01-01 2024-12-31 04191274 d:SharePremium 2024-12-31 04191274 d:SharePremium 2023-12-31 04191274 d:SharePremium 2023-01-01 04191274 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04191274 d:RetainedEarningsAccumulatedLosses 2024-12-31 04191274 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04191274 d:RetainedEarningsAccumulatedLosses 2023-12-31 04191274 d:RetainedEarningsAccumulatedLosses 2023-01-01 04191274 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04191274 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04191274 d:RetirementBenefitObligationsDeferredTax 2024-12-31 04191274 d:RetirementBenefitObligationsDeferredTax 2023-12-31 04191274 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 04191274 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 04191274 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04191274 c:OrdinaryShareClass1 2024-01-01 2024-12-31 04191274 c:OrdinaryShareClass1 2024-12-31 04191274 c:OrdinaryShareClass1 2023-12-31 04191274 c:FRS102 2024-01-01 2024-12-31 04191274 c:Audited 2024-01-01 2024-12-31 04191274 c:FullAccounts 2024-01-01 2024-12-31 04191274 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04191274 d:WithinOneYear 2024-12-31 04191274 d:WithinOneYear 2023-12-31 04191274 d:BetweenOneFiveYears 2024-12-31 04191274 d:BetweenOneFiveYears 2023-12-31 04191274 d:MoreThanFiveYears 2024-12-31 04191274 d:MoreThanFiveYears 2023-12-31 04191274 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04191274 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04191274 2 2024-01-01 2024-12-31 04191274 d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04191274 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 04191274 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 04191274 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04191274










LINDSTROM LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LINDSTROM LIMITED
 
 
COMPANY INFORMATION


Directors
Mr M M Kujala 
Mr P E Vapola 
Mr I Muir 




Registered number
04191274



Registered office
6 Caxton Park
Caxton Road

Bedford

Bedfordshire

MK41 0TY




Independent auditor
MHA
Chartered Accountants & Statutory Auditors

1 The Forum

Minerva Business Park

Peterborough

PE2 6FT

United Kingdom





 
LINDSTROM LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 31


 
LINDSTROM LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their Strategic Report of Lindström Limited (the "Company") for the year ended 31 December 2024.
Principal activity
Lindström Limited principal activity is the provision of textile rental service, offering workwear, industrial wipers and absorbent mats. The Company is part of Lindström Group Oy, one of the leading textile service companies, headquartered in Helsinki and operating in 24 countries across Europe and Asia. At the core of our business is our commitment to care for the people and our planet, based on the sustainable, circular-economy business model. Our conceptualised operations ensure that we offer the same reliable and sustainable textile rental services to all our customers, while meeting the specific hygiene and safety requirements of different industries. By 2025, our quest is to become a forerunner enabling our customers to become more sustainable with easy-to-use textile services, offered with passion and a human touch.

Business review
 
Greater success in selling our services to new customers has led to an increased revenue and an enlarged pipeline of revenue for the coming year. Furthermore, in November we acquired the industrial workwear contracts and associated textiles from Micronclean Ltd.

Principal risks and uncertainties
 
Although business activity is normal.
The Company uses financial instruments such as a cash pool, debtors and creditors in order to raise finance. These instruments expose the Company to financial risks which are detailed below:
i)  
Price risk
 Wherever possible we look to pass on any increases in costs, when an increase can be seen,     consideration to bulk buying at favourable prices is considered.  
ii) 
Credit risk
 The principal credit risk for the Company arises from its trade debtors. To ensure this risk is managed    effectively the company set limits for customers based on a combination of payment history and third-party  credit reference. Credit limits are reviewed by the company on a regular basis in conjunction with debt    aging and collection history.
iii)
 Liquidity risk
 The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its    foreseeable needs.
iv) Foreign exchange risk 
 The Company's risk to foreign exchange fluctuations arises from various purchases. Where appropriate    the Company will enter into foreign exchange currency contracts to mitigate this risk or bulk buy when    rates are favourable.

Page 1

 
LINDSTROM LIMITED
 

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

Financial key performance indicators
 
The Directors monitor the Company’s progress against strategic objectives and the financial performance of the Company’s operations on a regular basis. We consider that our key financial performance indicators are those that demonstrate the financial strength of the Company, these being organic growth in turnover and operating profit:

2024
2023
Organic growth in turnover (%)
10.6%
16.7%
Operating profit (£)
£647,210
£776,144


Future developments
 
By 2030, our vision is to become a forerunner in enabling our customers to become more sustainable with easy-to-use textile services, offered with passion and a human touch. We seek to deepen our understanding of the industries we serve. A strong focus on our customers’ industries also enables us to share our extensive industry knowledge of global and local markets with our customers. Our customers will become more sustainable as we work towards carbon-neutral textile services and recycle 100% of our textile waste. The ease of use relies on us digitalising our services for improved transparency, optimised textile volumes, and self-service for our customers. 


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



................................................
Mr I Muir
Director

Date: 30 July 2025

Page 2

 
LINDSTROM LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £224,655 (2023 - £557,895).

No dividends have been declared in the year. 

Directors

The directors who served during the year were:

Mr M M Kujala 
Mr P E Vapola 
Mr I Muir 

Matters covered in the Strategic report

Details covering principal risks and uncertainties (including financial instruments), future developments and financial key performance indicators (KPIs) are included in the Strategic report. 

Page 3

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

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, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA 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.
 



................................................
Mr I Muir
Director

Date: 30 July 2025

6 Caxton Park
Caxton Road
Bedford
Bedfordshire
MK41 0TY

Page 4

 
LINDSTROM LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED
 

Opinion


We have audited the financial statements of Lindstrom Limited (the 'Company') for the year ended 31 December 2024, which comprise 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.


Page 5

 
LINDSTROM LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED (CONTINUED)


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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


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


Responsibilities of directors
 

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


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


Page 6

 
LINDSTROM LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED (CONTINUED)


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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
·Enquiry of management and those charged with governance around actual and potential litigation and    claims;
·  Enquiry of entity staff in tax and compliance functions to identify any instance of non-compliance with    laws and regulations;
· Performing audit work over the risk of management override of controls, including testing of journal    entries and other adjustment for appropriateness and reviewing accounting estimates for bias.
·  Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 7

 
LINDSTROM LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDSTROM LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.





Ian Jacobs BA FCA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
Peterborough, United Kingdom
 Date:

7 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
Page 8

 
LINDSTROM LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
21,756,314
19,663,352

Cost of sales
  
(10,047,502)
(8,115,263)

Gross profit
  
11,708,812
11,548,089

Administrative expenses
  
(11,799,325)
(10,891,689)

Other operating income
 5 
737,723
119,744

Operating profit
 6 
647,210
776,144

Interest receivable and similar income
 10 
1,884
1,812

Interest payable and similar expenses
 11 
(180,865)
(65,708)

Profit before tax
  
468,229
712,248

Tax on profit
 12 
(243,574)
(154,353)

Profit for the financial year
  
224,655
557,895

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 31 form part of these financial statements.

Page 9

 
LINDSTROM LIMITED
REGISTERED NUMBER: 04191274

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
3,413,935
39,440

Tangible assets
 14 
7,948,613
8,982,362

  
11,362,548
9,021,802

Current assets
  

Stocks
 15 
149,477
213,829

Debtors: amounts falling due within one year
 16 
6,989,637
5,035,882

  
7,139,114
5,249,711

Creditors: amounts falling due within one year
 17 
(10,790,876)
(6,832,957)

Net current liabilities
  
 
 
(3,651,762)
 
 
(1,583,246)

Total assets less current liabilities
  
7,710,786
7,438,556

Provisions for liabilities
  

Deferred tax
 18 
(298,523)
(384,607)

Other provision
 19 
(410,180)
(276,521)

Net assets
  
7,002,083
6,777,428


Capital and reserves
  

Called up share capital 
 20 
112,610
112,610

Share premium account
 21 
12,651,411
12,651,411

Profit and loss account
 21 
(5,761,938)
(5,986,593)

  
7,002,083
6,777,428


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




................................................
Mr I Muir
Director

Date: 30 July 2025

The notes on pages 12 to 31 form part of these financial statements.

Page 10

 
LINDSTROM LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
112,610
12,651,411
(6,544,488)
6,219,533



Profit for the year
-
-
557,895
557,895



At 1 January 2024
112,610
12,651,411
(5,986,593)
6,777,428



Profit for the year
-
-
224,655
224,655


At 31 December 2024
112,610
12,651,411
(5,761,938)
7,002,083


The notes on pages 12 to 31 form part of these financial statements.

Page 11

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

1.


General information

Lindstrom Limited ("the Company") is a private limited company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office are given in the Company information.
The functional and presentational currency of the Group and Company is pounds sterling (£) and rounded to the nearest whole pound.

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 judgment 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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lindstrom Oy as at 31 December 2024 and these financial statements may be obtained from the Trade Register kept by the National Board of Patents and Registration, Arkadiankatu, 6A, Helsinki, Finland.

Page 12

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

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered all relevant information, including the annual budget, forecast future cash flows, availability of Group support and the impact of subsequent events in making their assessment. 
Although all considerations have an impact on the assessment, the Directors consider that the continuance of Group support bears the most significance. This is due to Lindstrom Limited relying on its parent company for financial support, in the form of an operating bank account and operational support. The directors have received a signed confirmation from Lindstrom Oy that they will continue to support the company for at least the period of twelve months from the date of approval of the financial statements. 
On the basis that the directors have received this signed commitment to ongoing support, and having given due regard to the financial resources available to the parent company to provide such support, the directors consider that the going concern basis of preparation is appropriate. 

  
2.4

Revenue

The Company provides an industrial laundry service that includes regular collection and delivery, along with the subsequent rental of workwear and wipers. Revenue is recognised over time, as customers simultaneously receive the benefits of the goods and services provided.
Revenue is recognised on a straight-line basis over the contract period, provided all of the following conditions are met:
- The Company has fulfilled its defined performance obligations as outlined in the contract;
- The goods are made available for use by the customer;
- The amount of consideration is measurable.
Revenue is recorded exclusive of VAT.

 
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.

Page 13

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

2.Accounting policies (continued)

  
2.6

Royalty income

Royalty revenue is recognised on an accruals basis in accordance with the substance of the relevant agreement, provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Royalties determined on a time basis are recognised on a straight-line basis over the period of the agreement. Royalty arrangements that are based on production, sales and other measures are recognised by reference to the underlying arrangement. This is included in other operating income.

  
2.7

Treatment of workwear and wiper purchases

Items purchased for rental are expensed directly to the Statement of Comprehensive income. The goods are purchased with an intent to rent to the customer for a period of time and have minimal individual value.

 
2.8

Interest income

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

  
2.9

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 other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

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

2.Accounting policies (continued)

 
2.10

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.

Page 15

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

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination or asset purchase agreement 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 Statement of comprehensive income 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Goodwill
-
5
years
Computer Software
-
6
years

 
2.12

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

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

2.Accounting policies (continued)


2.12
Tangible fixed assets (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:

Leasehold improvements
-
Over the period of the lease
Plant and machinery (laundry machinery)
-
10%
Straight-line
Plant and machinery (other equipment)
-
20%
Straight-line
Motor vehicles
-
20%
Straight-line
Fixtures and fittings
-
20%
Straight-line
Computer equipment
-
33%
Straight-line
Wiper containers
-
33%
Straight-line

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.

The Company holds assets under construction which are not depreciated until brought into use. 

  
2.13

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.

 
2.14

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.

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.

 
2.15

Debtors

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

Page 17

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

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

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.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 18

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

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, bank overdrafts, amounts owed to and by group undertakings. 

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 19

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in accordance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying accounting policies
i) Treatment of workwear and wipers
The Company has evaluated the accounting treatment of workwear and wipers used in the rental business and determined that these items are expensed directly to the statement of comprehensive income rather than capitalised. This judgement is based on the following considerations:
• The provision of workwear under rental arrangements is considered ancillary to the principal service  offering—namely, the professional laundry and delivery service—rather than constituting a     standalone revenue-generating activity. 
• The workwear is typically of low individual value and subject to frequent replacement due to wear,    hygiene considerations, and customer-specific branding requirements, which collectively limit its    useful life and recoverability.
Accordingly, the cost of workwear and wipers is recognised as an cost of sale in the period incurred..
b) Key accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows:
i) Useful economic lives of tangible fixed assets
The useful economic lives used by the Company in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31 December 2024 was £7,948,613 (2023: £8,982,362) after a depreciation charge in the period of £1,324,003 (2023: £1,371,525).
 
Page 20

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

3.Judgments in applying accounting policies (continued)

ii) Useful economic life of Goodwill
The useful economic life used by the Company in respect of Goodwill is set out in the accounting policies. This estimation is the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of Goodwill as at 31 December 2024 was £3,845,976 (2023: £39,440) after a amortisation charge in the period of £134,598 (2023: £87,467). 
iii) Goodwill Impairment
The Company tests goodwill for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. The impairment assessment requires significant management judgement and estimation.
iv) Dilapidation provision
A provision is recognised for the present value of likely dilapidation costs arising at the end of lease terms, for restoring leased premises back to its original condition. Management determine this provision by reference to historic experience, management experts and other indicators. At 31 December 2024, a provision of £410,180 (2023: £276,521) is recognised in the financial statements. 


4.


Turnover

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


2024
2023
£
£

Provision of services
21,756,314
19,663,352


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
-
2,403

Royalties receivable
737,723
117,341

737,723
119,744


Royalties receivable relate to amounts charged to other group entities under a Franchise agreement. 

Page 21

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

6.


Operating profit

The operating profit is stated after charging / (crediting):

2024
2023
£
£

Profit on disposal of tangible assets
(14,719)
-

Exchange differences
(1,673)
1,121

Operating lease rentals
1,763,164
1,865,834

Impairment of trade debtors
(46,410)
88,683

1,733,146
1,953,396


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
35,000
32,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 22

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

8.


Employees

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


2024
2023
£
£

Wages and salaries
5,232,034
4,732,891

Social security costs
559,948
513,884

Cost of defined contribution scheme
102,043
97,508

5,894,025
5,344,283


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


        2024
        2023
            No.
            No.







Employees
139
134



Directors
3
1



Regional
3
3

145
138


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
85,274
123,014

Company contributions to defined contribution pension schemes
-
2,307

85,274
125,321


During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.

The Company considers key management personnel to comprise the Directors only. Compensation paid to key management personnel totalled £98,152 (2023: £139,828).


10.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
1,884
1,812

Page 23

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

11.


Interest payable and similar expenses

2024
2023
£
£


Interest paid to group undertakings
180,865
65,708


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
228,964
187,872

Adjustments in respect of previous periods
100,694
(51,995)

Total current tax
329,658
135,877

Deferred tax


Origination and reversal of timing differences
(86,084)
18,476


Tax on profit
243,574
154,353
Page 24

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


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
468,229
712,248


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
117,057
178,062

Effects of:


Non-tax deductible amortisation of goodwill
36,573
22,597

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
566
2,000

Capital allowances for year in excess of depreciation
(984,441)
(349,703)

Profit on disposal of assets
(2,742)
-

Adjustments to tax charge in respect of prior periods
100,694
(51,995)

Increase or decrease in pension fund prepayment leading to an decrease in tax
-
500

Capital items expensed
1,015,169
378,630

Other differences leading to a increase/(decrease) in the tax charge
46,782
(44,214)

Deferred tax movement
(86,084)
18,476

Total tax charge for the year
243,574
154,353

Page 25

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

13.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2024
51,796
7,200,298
7,252,094


Additions
-
3,520,785
3,520,785



At 31 December 2024

51,796
10,721,083
10,772,879



Amortisation


At 1 January 2024
19,644
7,193,010
7,212,654


Charge for the year on owned assets
11,692
134,598
146,290



At 31 December 2024

31,336
7,327,608
7,358,944



Net book value



At 31 December 2024
20,460
3,393,475
3,413,935



At 31 December 2023
32,152
7,288
39,440



Page 26
 


 
LINDSTROM LIMITED


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


14.


Tangible fixed assets






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Wiper containers
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£
£



Cost


At 1 January 2024
3,181,218
10,918,389
34,796
81,564
186,779
242,587
25,927
14,671,260


Additions
-
333,590
-
-
-
25,695
-
359,285


Disposals
(152,542)
(11,795)
-
-
-
-
-
(164,337)



At 31 December 2024

3,028,676
11,240,184
34,796
81,564
186,779
268,282
25,927
14,866,208



Depreciation


At 1 January 2024
1,213,420
3,976,672
28,531
75,651
186,779
207,845
-
5,688,898


Charge for the year on owned assets
245,660
1,054,231
-
3,591
-
20,521
-
1,324,003


Disposals
(85,084)
(10,222)
-
-
-
-
-
(95,306)



At 31 December 2024

1,373,996
5,020,681
28,531
79,242
186,779
228,366
-
6,917,595



Net book value



At 31 December 2024
1,654,680
6,219,503
6,265
2,322
-
39,916
25,927
7,948,613



At 31 December 2023
1,967,798
6,941,717
6,265
5,913
-
34,742
25,927
8,982,362

Page 27
 
LINDSTROM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Stocks

2024
2023
£
£

Consumables and detergents
149,477
213,829


There is no material difference between the replacement cost of the inventory and its carrying amount.


16.


Debtors

2024
2023
£
£


Trade debtors
5,484,589
4,533,792

Amounts owed by group undertakings
708,812
29,575

Other debtors
112,924
99,894

Prepayments and accrued income
683,312
328,816

Tax recoverable
-
43,805

6,989,637
5,035,882


Trade debtors are stated after an impairment of £148,943 (2023: £196,353).
Amounts owed by group undertakings are unsecured, have no fixed date for repayment and are repayable on demand. Intragroup balances are subject to interest rates which are agreed by Group. In 2024, the borrowing interest rate totalled 5.02% (2023: 4.89%) and the lending interest rate was 4.99% (2023: 4.82%)

Page 28

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

17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
830,012
631,515

Amounts owed to group undertakings
6,843,749
4,610,005

Corporation tax
189,852
-

Other taxation and social security
926,219
835,842

Other creditors
1,298,033
17,644

Accruals and deferred income
703,011
737,951

10,790,876
6,832,957


Included in amounts owed to group undertakings is a balance of £6,843,412 (2023: £4,213,240) which relates to an offset arrangement with the Group by way of a cash pooling facility.
The remaining amounts owed to group undertakings, not in relation to the cash pooling facility, are unsecured, have no fixed date for repayment and are repayable on demand. Intragroup balances are subject to interest rates which are agreed by Group. In 2024, the borrowing interest rate totalled 5.02% (2023: 4.89%) and the lending interest rate was 4.99% (2023: 4.82%)


18.


Deferred taxation




2024
2023


£

£



At beginning of year
384,607
403,083


Charged to profit or loss
(86,084)
(18,476)



At end of year
298,523
384,607

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
298,648
384,548

Pension surplus
(125)
59

298,523
384,607

Page 29

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

19.


Provisions




Dilapidation

£





At 1 January 2024
276,521


Charged to profit or loss
133,659



At 31 December 2024
410,180

The provision relates to leased properties where the Company has a present obligation to restore the premises to their original condition at the end of the lease term. This obligation arises from the lease agreements and is based on management’s best estimate of the cost to settle the obligation at the reporting date. The provision is expected to be utilised between 2025 and 2033 as leases expire.
Due to the inherent difficulty in forecasting expenditure required many years in advance, the dilapidations provision is considered a source of significant estimation uncertainty. Further details are disclosed in Note 3.


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



160,000 (2023 - 160,000) Ordinary shares of 1.00 each
112,610
112,610



21.


Reserves

Share premium account

The share premium account represents the difference between the par value of the shares issued and the subscription or issue price.

Profit and loss account

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


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
There were £2,305 of outstanding employer pension contributions at 31 December 2024 (2023: £237). This balance was included within other creditors.

Page 30

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

23.


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
£
£


Not later than 1 year
847,297
808,075

Later than 1 year and not later than 5 years
2,017,667
1,865,695

Later than 5 years
3,267,633
2,194,768

6,132,597
4,868,538


24.


Related party transactions

The Company has taken advantage of exemptions, under s33 of Financial Reporting Standard 102, not to disclose related party transactions due to being a wholly owned subsidiary of Lindström Oy. This information is included in the consolidated financial statements which are publicly avaliable from the Trade Register kept by the National Board of Patents and Registration, Arkadiankatu, 6A, Helsinki, Finland.


25.


Controlling party

The Company's immediate and ultimate parent company is Lindström Oy, a company incorporated in Finland and owns 100% of the share capital of Lindstrom Limited.
 
Page 31