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Registered number: 00500574
LANDER AUTOMOTIVE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LANDER AUTOMOTIVE LIMITED
COMPANY INFORMATION
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M C G Melvin (resigned 31 March 2024)
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J P Mason (resigned 28 March 2025)
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N Preston (appointed 3 April 2024, resigned 28 February 2025)
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M Blythe (appointed 20 March 2025)
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B I Russell (appointed 17 February 2025)
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Chartered Accountants & Statutory Auditor
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LANDER AUTOMOTIVE LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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LANDER AUTOMOTIVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their strategic report together with the audited financial statements for the year ended 31 December 2024.
Turnover and other operating income was £19.9m (2023: £19.4m)
EBITDA has increased to £2.2m (2023: £1.2m)
Net assets at the end of the year have increased to £2.6m (2023: £2.1m)
Principal risks and uncertainties
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The main risks to the business arise from material, currency markets and transport from Asia. These are managed internally through a process of regular commercial reviews.
The main customer base is in the automotive sector, but the Company has continued its diversification strategy by acquiring new customers and focusing on other sectors.
The Company can respond to fluctuations in demand via the utilisation of contract labour.
Financial key performance indicators
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The Directors manage Lander Automotive Ltd as part of the Ensco 1359 Limited Group. All Financial and non-financial KPI’s are managed at Group level and reported under Ensco 1359 Limited’s consolidated accounts.
Customer Focus
Customer focus is one of the Company’s core values. To achieve this, there is regular tracking and monitoring of customer satisfaction. This promotes a first class experience and builds client loyalty from new product implementation stage, design for manufacturing right the way through to serial production.
The Ensco Group has built up generational experience in delivering quality parts on time and on budget.
Health & Safety
The Group has a comprehensive Health & Safety Policy, including internal policy manuals and guidance packs for all employees.
Suppliers, Society & Environment
The Company is continually working to ensure its supply chain is diverse, ethical and sustainable. It is committed to providing clear guidance to suppliers, paying on time and within agreed terms.
The Company’s environmental management system is certified to ISO 14001:2015.
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LANDER AUTOMOTIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is an equal opportunities employer and its policies for the recruitment, training, career development and promotion of employees are based on the relevant merits and abilities of the individuals concerned. It recognizes its responsibilities to the disabled and gives full and fair consideration to applications for employment from them. So far as particular disabilities permit, it will give continued employment to any existing employee who becomes disabled. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
The Company informs and consults regularly through elective works council on matters affecting them or the Company. The views expressed by the employees, where appropriate, have been considered when making decisions.
This report was approved by the board and signed on its behalf.
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LANDER AUTOMOTIVE 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
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The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙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 £430k (2023 - loss £560k).
No dividends were paid during the year (2023: £Nil). The Directors do not recommend payment of a final dividend.
The Directors who served during the year were:
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M C G Melvin (resigned 31 March 2024)
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J P Mason (resigned 28 March 2025)
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N Preston (appointed 3 April 2024, resigned 28 February 2025)
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LANDER AUTOMOTIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have prepared detailed financial forecasts that cover 12 months from the date of authorising these financial statements (“the forecasts”) which reflect their plans and expectations of cash flows for this period. As is inherent in all forecasts, there is no certainty over the timing or quantum of the projected cashflows. These forecasts demonstrate the business can settle its liabilities as and when they fall due for a period of at least 12 months from the date of authorising these financial statements.
The business is financed through the provision of facilities from shareholders and external funding providers (“the funders”). The forecasts prepared by the Directors assume, and are dependent upon, the continued support of the shareholders and funders to provide additional resources to the Company and Group throughout the forecast period (“the facilities”).
The Company's and Group’s key funding facility was successfully renewed in Summer 2025 providing long term stability.
Economic impact of global events
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UK businesses are currently facing many uncertainties including environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the Group, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Engagement with employees
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The Company provides information to employees via the elective Works Council and the MD Communication Briefings and includes information on matters of concern to them as employees, including the financial and economic factors affecting the performance of the Company. These communication methods enable employees to express views on matters that affect them anonymously and the Company also undertakes a biennial staff survey to canvas views on significant matters.
Disclosure of information to auditor
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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.
Post balance sheet events
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In Summer 2025, the Company and Group's key funding facility was successfully renovated.
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LANDER AUTOMOTIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LANDER AUTOMOTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANDER AUTOMOTIVE LIMITED
Opinion
We have audited the financial statements of Lander Automotive 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 notes to the financial statements, 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 FRS 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 UK, including the FRC’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 related 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.
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LANDER AUTOMOTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANDER AUTOMOTIVE LIMITED
Other information
The other information comprises the information included in the Annual Report and financial statements, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within Strategic Report and the Directors' 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.
Opinions 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 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 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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LANDER AUTOMOTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANDER AUTOMOTIVE LIMITED
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK tax legislation, pensions legislation, employment regulations and health and safety regulations.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates in particular capitalisation of development costs, revenue recognition (which we pinpointed to the cut-off of assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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LANDER AUTOMOTIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANDER AUTOMOTIVE LIMITED
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Edith Yagoh (Senior statutory auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
Two Chamberlain Square
Birmingham
B3 3AX
12 December 2025
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LANDER AUTOMOTIVE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit/(loss) for the financial year
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There was no other comprehensive income for 2024 (2023: £Nil).
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The notes on pages 13 to 34 form part of these financial statements.
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LANDER AUTOMOTIVE LIMITED
REGISTERED NUMBER: 00500574
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 34 form part of these financial statements.
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LANDER AUTOMOTIVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lander Automotive Limited is a private company limited by shares, incorporated in England and Wales and domiciled in England. The address of the registered office is given on the Company Information page. The nature of the group's operations and its principal activities are the manufacture of parts for the automotive industry.
The financial statements are prepared in Sterling, which is considered to be the functional currency of the company, and are rounded to the nearest £000.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 Ensco 1359 Limited as at 31 December 2024 and these financial statements may be obtained from Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Directors have prepared detailed financial forecasts that cover 12 months from the date of authorising these financial statements (“the forecasts”) which reflect their plans and expectations of cash flows for this period. As is inherent in all forecasts, there is no certainty over the timing or quantum of the projected cashflows. These forecasts demonstrate the business can settle its liabilities as and when they fall due for a period of at least 12 months from the date of authorising these financial statements.
The business is financed through the provision of facilities from shareholders and external funding providers (“the funders”). The forecasts prepared by the Directors assume, and are dependent upon, the continued support of the shareholders and funders to provide additional resources to the Company and Group throughout the forecast period (“the facilities”).
The Company's and Group’s key funding facility was successfully renewed in Summer 2025 providing long term stability.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tax is recognised in the Statement of Comprehensive Income 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.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the 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.
All intangible assets are considered to have a finite useful life which is ordinarily over three years. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Research and development
Development costs are charged to the Statement of Comprehensive Income in the year of expenditure, unless individual projects satisfy all of the following criteria:
- the project is clearly defined and related expenditure is separately identifiable;
- the project is technically feasible and commercially viable;
- current and future costs are expected to be exceeded by future sales; and
- adequate resources exist for the project to be completed.
In such circumstances the costs are carried forward and amortised over the expected period of the project commencing in the year after the company starts to benefit from the expenditure.
The assets' residual values, useful lives and amortisation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.
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:
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10-33% straight line basis
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10-33% straight line basis
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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 the Statement of Comprehensive Income.
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Impairment of fixed assets and intangible fixed assets
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
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.
Debt financing
Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables. Where the company has retained significant receipts and risks relating to the financed debts, separate presentation is adopted whereby the gross debts and a corresponding liability in respect of the advance received are shown separately on the Statement of Financial Position. The interest element of the finance's charges is recognised as it accrues and is included in the Statement of Comprehensive Income within other interest charges.
Project costs
Frequently customers decide to own the tooling associated with manufacturing vehicle parts they order. Where this happens, the costs of acquiring and fitting such tooling are incurred by the Company and held of the Company's Balance Sheet as 'Project Costs' until prototypes are approved by the customer and billed on to them. At each year end, such costs are included in debtors under the heading of 'prepayments and accrued income'. These costs are separate from the development costs capitalised within intangible assets as referred to in section 2.8.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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LANDER AUTOMOTIVE LIMITED
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.
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 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.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
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 Statement of Comprehensive Income.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic 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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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing these financial statements, the directors have had to make the following judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historic experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of making the judgments about the carrying value of assets and liabilities which are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgments, estimates and assumptions are:
Development costs
Development costs are capitalised when the conditions as noted in accounting policy 2.12 are met, and the directors amortise these over the expected project life. Useful lives are based on management's estimates of the period that the assets will generate revenue, based on customer information, which are reviewed annually for continued appropriateness. The capitalisation of development costs is also subject to a degree of judgment in respect of the viability of new products and the allocation of internal resources.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Inventory valuation
Inventories are valued at the lower of cost and net realisable value. Determining the net realisable value of inventories requires management to make certain estimates and judgments. Inventories are reviewed for slow-moving or obsolete items and a provision has been made based on management's assessment of future demand.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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The operating profit is stated after charging/(crediting):
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Inventory recognised as an expense
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Payments under operating lease rentals
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Amortisation of intangible fixed assets
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Depreciation of tangible fixed assets
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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During the year, the Company obtained the following services from the Company's auditor and its associates:
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Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
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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.
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Administration and management
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £154k (2023 - £108k).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £10k (2023 - £28k).
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The total accrued pension provision of the highest paid Director at 31 December 2024 amounted to £Nil (2023 - £Nil).
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The amount of the accrued lump sum in respect of the highest paid Director at 31 December 2024 amounted to £Nil (2023 - £Nil).
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Interest receivable from group companies
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Interest payable and similar expenses
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Interest payable to group companies
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Finance leases and hire purchase contracts
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 23.52%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Additional deduction for R&D expenditure
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Surrender of tax losses for R&D tax credit refund
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Adjustments to tax charge in respect of prior periods
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Deferred tax not provided
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Tax credits on R&D expenditure
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Movement in deferred tax not recognised
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Total tax charge for the year
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Factors that may affect future tax charges
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
The Company has £4.6m (2023: £6.1m) of taxable losses carried forward available for offset against future taxable profits. The exact release of these losses is uncertain and therefore no deferred tax has been provided.
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During the year, the Company reviewed the carrying amount of capitalised development expenditure. Indicators of impairment were identified due to a decline in expected cash flows in relation to certain development projects. An impairment loss of £598k has been recognised in administrative expenses.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Raw materials and consumables
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Finished goods and goods for resale
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There is no material difference between the replacement cost of stocks and the amounts stated above.
An impairment loss of £87,000 (2023: £91,000) was recognised in cost of sales in respect of slow moving and obsolete stock.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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For amounts owed by group undertakings the underlying agreements specify a rolling annual deferral, the directors have confirmed that there have been no changes to the agreements and no repayments will be called within twelve months of the year end date. The balances bear interest at 2.0% per annum.
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Cash and cash equivalents
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Advances under debt factoring balances of £623,000 (2023: £1,524,000) are secured by a fixed and floating charge over the debtors of the company.
The Bank loan of £407,000 (2023: £795,000) is repayable by instalments commencing January 2021, is secured via a debenture and a corporate guarantee, provided by all group companies, and pays interest at a normal commercial rate.
The Other loan balance of £1,816,000 (2023: £594,000) includes amounts which are secured by a fixed and floating charge over various assets of the company and pay interest at a normal commercial rate.
Obligations under finance lease and hire purchase contracts include amounts which are secured by a fixed and floating charge over various assets they relate to and pay interest at a normal commercial rate.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Net obligations under finance leases and hire purchase contracts
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Bank and other loans include £Nil (2023: £407,000) that is repayable by instalments commencing January 2021, is secured via a debenture and a corporate guarantee, provided by all group companies, and pays interest at a normal commercial rate.
The Other loans balance of £2,676,000 (2023: £3,042,000) includes loans of £Nil (2023: £36,000) which are secured by a fixed and floating charge over various assets of the company and pay interest at a normal commercial rate and a loan of £2,676,000 (2023: £3,006,000) which is unsecured, bears no interest and is based on the agreement in place at the year end. This loan was subsequently re-negotiated post year end, with the repayments deferred until 2028.
For amounts owed to group undertakings the underlying agreements specify a rolling annual deferral, the directors have confirmed that there have been no changes to the agreements and no repayments will be called within twelve months of the year end date. The balances bear interest at 2.0% per annum.
Obligations under finance lease and hire purchase contracts include amounts which are secured by a fixed and floating charge over various assets they relate to and pay interest at a normal commercial rate.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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29,940 (2023 - 29,940) Ordinary shares of £1.00 each
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29,940 (2023 - 29,940) Deferred shares of £1.00 each
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Profit and loss account
This reserve represents cumulative profits and losses.
The company has joined with other group companies in a Composite Accounting Agreement with the group's bankers. The group bank accounts are subject to a set off arrangement and at 31 December 2024 there was a contingent liability of £Nil (2023: £Nil) in respect of other companies not provided in these financial statements.
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. The pension cost charge represents contributions payable by the Company to the fund and amounted to £146,749 (2023: £145,000). Contributions totalling £3,032 (2023: £7,706) were payable to the fund at the balance sheet date and are included in creditors.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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The lease for the land and buildings is held by the immediate parent undertaking, Lander Holdings Limited, but ultimately paid for by Lander Automotive Limited.
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Related party transactions
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In accordance with section 33.1A of FRS 102, the Company has not disclosed transactions with other group companies as its results are consolidated into the financial statements of the ultimate parent company which are publicly available.
During the year, consultancy expenses of £36,000 (2023: £37,124) were paid to Mike Gillet Consultancy Limited, and at the year end, the company owed £12,000 (2023: £11,400) to Mike Gillet Consultancy Limited.
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Post balance sheet events
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In Summer 2025, the Company and Group's key funding facility was successfully renovated.
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LANDER AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a subsidiary of Lander Holdings Limited which is its immediate parent company and is incorporated in England and Wales.
The ultimate parent undertaking is Ensco 1359 Limited, a company incorporated in England and Wales. The largest and smallest group in which the results of the Company are consolidated is that headed by Ensco 1359 Limited. The consolidated accounts of this company are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ. No other group accounts include the results of the company.
The controlling party is L R Litwinowicz due to his majority shareholding in the ultimate parent undertaking.
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