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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Turnover in the year decreased to £10,721,361. The year ended with a profit before tax of £620,592.
The company's cash position at the year end was £1,650,680 (2023 - £1,443,360).
Operational Review
The safety and quality performance achieved in the remaining projects remained strong and continues to be a key area of focus embedded within the Prater culture. The commitment to developing defect-free building envelopes continues.
The company strives through rigorous management review of its key performance indicators, to increase and improve its capability and competence through constant innovation and continuous improvement.
A principal risk facing specialist contractors is ensuring that contracts are completed to a first class quality, on time and within budget. Close management review and monitoring of projects ensures that this is achieved. The management systems of the company have been reviewed, audited and have successfully been awarded certification for ISO9001, 14001 and 18001 by TÜV SUD. The company’s uncompromising approach to the health and safety of every employee, client and supplier is a key cornerstone of the company’s belief system. The Directors and management teams comprehensively review safety performance as a priority at all management meetings. The company has credit insurance provided by TMHCC on all of its customers to minimise exposure to bad debts.
Environmental
The company recognises that its activity on construction sites and at offices, impacts upon the environment and it is the intention to reduce this impact in every part of the business working in harmony with our clients and supply chain partners. To assist in reducing its impacts, the company continues to explore construction methods and materials which align with improvements to our environment. The company is totally committed to complying with legal and other requirements through formalised review and updating procedures. The company is committed to continual improvement in its environmental performance and has a number of objectives and targets which at this time revolve around the carbon footprint: • understanding the supply chain carbon footprint • reducing staff travel between offices • reducing the company carbon footprint.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have monitored the progress of the company’s strategic elements by reference to certain financial key performance indicators:
2024 2023 Gross profit % 54.24 6.69 Net Profit (loss) % 5.8 (0.1) Cash and cash equivalents £1.65 m £1.44 m
This statement explains how the Directors have engaged with suppliers, customers and other stakeholders; and the need to foster the company's business relationships with suppliers, customers and other, and the impact of the company's operations on the community and the environment.
General confirmation of Directors' duties When making decisions, each Director ensures that he acts in good faith in a way which promotes the company's success, for the benefit of its members as a whole. In doing so each Director has regard to the following (but not limited to) matters: The likely consequences of any decision in the long term The Directors understand the construction business and also the evolving market in which it operates. Prater is totally focussed on meeting the needs of the UK Market. To this end, Prater continually invests in developing solutions which provide first class processes from design through to installation. Long term planning is reviewed at Board meetings as well as other separate meetings during the year, when the consequences of decisions and future plans are considered. Uncompromising safety is paramount to everything we do. To this end we go beyond legal compliance and this is demonstrated by the numerous certifications held. These include: the international standards ISO 45001 (H&S), ISO 9001 (quality) and ISO 14001 (Environment), Achilles Building Confidence, CHAS Premium Plus, Costructiononline Gold, and RISQS. In addition to these standards, we set annual improvement programmes which incudes building upon our very successful behavioural safety scheme and mental first aid that is available to our staff, operatives and the contractors that work for us. The Directors consider the implications of decisions on the company's employees whenever relevant and feasible. The need to foster the company's business relationships with suppliers, customers and others Delivering our strategy requires strong mutually beneficial relationships with suppliers, sub-contractors, customers, and joint-venture partners. These relationships have built up over many years through industry events, charity fund raising, supplier workshops, close collaboration on projects and other reasons designed to engage with these stakeholders. Particular emphasis is placed upon health, safety and quality. The culture and performance of our customers and sub-contactors is monitored continually using detailed statistics and reporting to ensure standards are maintained at the highest level. If issues arise they are dealt with immediately at the appropriate level internally or with the customer, supplier or contractor. This is one of many measures Prater uses to help foster relationships with these stakeholders.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors regularly receive information updates on a variety of topics that include and inform how these stakeholders have been engaged.
The impact of the company's operations on the community and environment Prater considers carefully the impact of the company's operations on the community and the environment. We work closely with our customers and supply chain to enable us to use the most environmentally friendly products. We have strong quality systems and controls to ensure this is acheived. The company has developed an environmental management system in accordance with ISO14002:2004. This system is central to minimising the impact of the company activities on the environment. Prater's commitment and focus on Health and Safety is described above. This is also relevant to the impact of the company's operations on the community and environment. The desirability of the company maintaining a reputation for high standards of business conduct Prater aims to meet the highest standards for it's reputation and business conduct. Within the market we work, our reputation is key and all standards have to be maintained throughout the business to achieve this. Being part of the Lindner Group Corporate social responsibility programme is central to our working culture and this extends across our company's health and safety responsibilities, community activities and environmental systems. We recognise that fulfilling our moral, financial and legal obligations to both our internal and external stakeholders will bring significant and tangible benefits to the business. The company operates within the Lindner Group framework of values: I am honest, I say what I expect, I am disciplined, I pursue common aims, I respect my colleagues, I trust my colleagues, I share success with my colleagues. The company aligns its Core Values, Vision, Mission and business strategy with the social and economic needs of its stakeholders, whilst embedding responsible and ethical business policies and practices into everything it does. The need to act fairly as between members of the company The company only has one shareholder and so will always act fairly between members. The Directors consider which course of action best enables delivery of our strategy with regard to the long-term, taking into consideration the impact on stakeholders. This will normally be in the best long term interests of most of our stakeholders, however although the Directors will act fairly regarding the company's shareholder, they are not required to balance the Company's interest with those of other external stakeholders.
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 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 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 profit for the year, after taxation, amounted to £600,017 (2023 - loss £99,773).
The directors who served during the year were:
The activities of Prater Limited and Lindner Prater Limited were merged in April 2021. As part of this merger of activities, Prater Limited would not take on any new contracts and all new projects would be delivered by Lindner Prater Limited. Prater Limited continues to complete projects that were active at April 2021.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We have continued to keep all of our stakeholders, which includes our clients and supply chain regularly informed of our progress and see this as key to our future success.
In accordance with section 414C(11) of the Companies Act 2006, the company has chosen to include information in relation to the company's business relationships with suppliers, customers and others in the Strategic Report.
There have been no significant events affecting the Company since the year end.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
Under section 487(2) of the Companies Act 2006, MHA 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 registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRATER LIMITED
We have audited the financial statements of Prater Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRATER LIMITED (CONTINUED)
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.
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 PRATER 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of entity staff in compliance functions to identify any instances 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 adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance and
∙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, 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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRATER LIMITED (CONTINUED)
for and on behalf of
Statutory Auditor
6th Floor
2 London Wall Place
EC2Y 5AU
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) Date:
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STATEMENT OF COMPREHENSIVE INCOME
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 24 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
Prater Limited is a private company limited by shares, incorporated in England and Wales within the UK. The address of the registered office and the registration number are given in the company information page of these financial statements.
The financial statements cover a period of twelve months ending 31 December 2024.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Lindner Exteriors Holding Limited as at 31 December 2024 and these financial statements may be obtained from 317 Putney Bridge Road, London, SW15 2PG.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget and forecast future cash flows in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
The value attributable for the services rendered under construction contracts is measured based upon the works performed at the year end as agreed by the customer's surveyor. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably, and; - the costs incurred and the costs to complete the contract can be measured reliably.
The company performs contract activity in the construction sector. When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on construction contracts by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the work performed and attributable value confirmed by the customer's surveyor as a proportion of the anticipated total contract value.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Key estimation uncertainty impacting the company’s activities relates to the measurement of the performance of long term contracts. All revenue in the year relates to long term contracts in the construction industry and management is required to make estimates regarding the future performance of those contracts in determining its current year performance. The carrying amount at the year-end of assets and liabilities relating to long term contracts are disclosed in notes 10 and 11 of the financial statements.
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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
9.Taxation (continued)
At 31 December 2024 there is a potential deferred tax asset of £5,762,177 representing trading losses of £23,048,709 at the enacted rate of 25% (2023: £6,060,856 representing trading losses of £24,243,423 at the enacted rate of 25%). The deferred tax asset has not been recognised due to the uncertainty that future profits will arise against which the losses carried forward can be relieved against.
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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
During the year it has been identified that the company may have an exposure to costs on its long term contracts. The potential level of the company's exposure to costs on the relevant contacts is uncertain as various assessments by specialists and insurers are required to determine which party is liable for any defective works or breach of contract. The process of reviewing the contracts remains ongoing so it is uncertain as to the amounts and timings of any future settlement. For these reasons there is no provision for these costs included as a liability in the financial statements for the year ended 31 December 2024 as it is not practicable to be able to reliably estimate the future costs.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate parent undertaking for which consolidated financial statements are drawn up, and of which the company is a member, is Lindner Group KG, its registered office is Bahnhofstrasse 29, 94424 Arnstorf, Germany. Copies of the consolidated financial statements are available from the registered office.
The smallest group for which consolidated financial statements are drawn up, and of which the company is a member and included in the consolidation of the parent company, Lindner Exteriors Holding Limited. Copies of the consolidated financial statements are available from 317 Putney Bridge Road, London, SW15 2PG.
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