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Company registration number: 00572338
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FOR THE YEAR ENDED
31 DECEMBER 2019
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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COMPANY INFORMATION
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P Harding (appointed 2 January 2019)
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J Felsinger (appointed 24 March 2020)
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Chartered Accountants and Statutory Auditor
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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CONTENTS
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their strategic report for the business for the year ended 31 December 2019.
In 2019, the Company pivoted from a pulp trading business to one that is engaged in brokering paper, print and/or distribution services for its clients with commercial activity transacted in Europe, Asia and Australia. The financial results were consistent with expectations. Given the nature of the commercial activity, paper inventory levels grew and relate to specific customer transactions. Over the course of 2019, the size of the team grew modestly in the UK and other parts of Europe to support current and future business activity levels and the team successfully implemented an ERP system.
As at 31 December 2019, the company had net assets of £537,426 (2018: £1,083,781). During 2019, the company generated revenue of £15,444,576 (2018: nil) from continuing operations, with £5,702,556 (2018: £36,748,713) generated from discontinued operations. The company generated a loss for the year of £120,535 (2018: £348,894 profit).
Principal risks and uncertainties
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The supply of and demand for print, paper and distribution services are impacted by economic conditions, electronic substitution, the financial health of customers and suppliers, competitive pricing pressures, commodity prices and currency exchange rates. The Company closely monitors information related to the aforementioned items reacts accordingly.
Financial key performance indicators
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Amounts are reported in millions (000,000.00)
2019 Turnover = £21.147 (2018: £36.949)
2019 Gross Profit = £1.646 (2018: £1.705)
2019 Net Loss = -£0.121 (2018: £0.349 - Profit)
Net Asset Value at December 31, 2019 = £0.537 (2018: £1.084)
Other key performance indicators
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Client retention rate (2019 into 2020) = 100%.
Company plans include profitable growth. Uncertainty regarding Brexit and the economic recovery from COVID-19 may be factors that impact the industry and commercial activity. In 2020, the Company changed its name to Lindenmeyr International Ltd. and its registered address to Priory House, Suite A, 45-51A High Street, Reigate, Surrey, UK, RH2 9AE.
This report was approved by the board and signed on its behalf.
Peter M. Harding
Director
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
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 judgments and accounting estimates that are reasonable and prudent;
∙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 loss for the year, after taxation, amounted to £120,535 (2018 -profit £348,894).
Dividends of £431,680 (2018: £nil) were voted and paid during the year.
The directors who served during the year were:
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P Harding (appointed 2 January 2019)
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors have a reasonable expectation that the company has adequate resources, including the operational support provided by the parent company, to enable it to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this. The directors are working to ensure the safety of the employees and maintaining the continuity of operations as far as they are able, whilst adhering to government advice. Whilst the pandemic will have a financial impact on the Company, at this stage, it is not possible to reliably forecast what this may be. However, the directors have taken all relevant measures to ensure the Company is able to safeguard cash flow, jobs, customers and suppliers to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. Given the uncertainties that exist, this may cast doubt on the Company’s ability to continue as a going concern, however, the directors believe that the actions they have taken should enable it to continue in operational existence for the for the foreseeable future.
The impact of uncertainties due to United Kingdom exiting the European Union
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Since the conditions, including timing, of the United Kingdom leaving the European Union are uncertain, it is not possible for us, as a company and Group, to consider its impact on our trading.
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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The impact of COVID-19 coronavirus outbreak is not yet clear and it is therefore not currently possible to evaluate all potential implications to the company's trade, customers, suppliers and the wider economy.
Under section 487(2) of the Companies Act 2006, Mazars LLP will be deemed to have been reappointed as auditor 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.
Peter M. Harding
Director
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
We have audited the financial statements of Lindenmeyr International Ltd (formerly Central National (UK) Limited) (the ‘company’) for the year ended 31 December 2019 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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 2019 and of its loss 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.
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.
Emphasis of matter – Impact of the outbreak of COVID-19 on the financial statements
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In forming our opinion on the company financial statements, which is not modified in relation to going concern, we draw your attention to the directors’ view on the impact of the COVID-19 as disclosed on page 3, and the consideration in the going concern basis of preparation on page 12 and non-adjusting post balance sheet events on page 21.
Since the balance sheet date there has been a global pandemic from the outbreak of COVID-19. The potential impact of COVID-19 became significant in March 2020 and is causing widespread disruption to normal patterns of business activity across the world, including the UK.
The full impact following the recent emergence of the COVID-19 is still unknown. It is therefore not currently possible to evaluate all the potential implications to the company’s trade, customers, suppliers and the wider economy.
Conclusions relating to going concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED) (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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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 has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED) (CONTINUED)
Responsibilities of directors
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As explained more fully in the directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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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.
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.
Mike Bailey (Senior statutory auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
2nd Floor
6 Sutton Plaza
Sutton Court Road
Sutton
Surrey
10 August 2020
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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Restated
Continuing operations
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Restated
Discontinued operations
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Interest receivable and similar income
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Interest payable and expenses
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(Loss)/profit for the financial year
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Other comprehensive income for the year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 11 to 22 form part of these financial statements.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
REGISTERED NUMBER:00572338
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 11 to 22 form part of these financial statements.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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Comprehensive income for the year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 11 to 22 form part of these financial statements.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
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Restated
Called up share capital
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Restated
Profit and loss account
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Comprehensive income for the year
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Currency translation differences
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 11 to 22 form part of these financial statements.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The company is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office and principal place of business is given is given in the company information page of these financial statements.
The financial statements are presented in GBP which is the functional and presentation currency of the company and rounded to the nearest £. Due to a change to the primary economic environment in which the company operates, the company's functional and presentation currency has changed from EUR to GBP. Comparative information has been restated to GBP on the following basis:
∙Statement of Comprehensive Income at average rate.
∙Assets and liabilities at prevailing rate at 31 December 2018.
∙Equity at historical rate.
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 judgment 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.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
The directors have a reasonable expectation that the company has adequate resources, including the operational support provided by the parent company, to enable it to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this. The directors are working to ensure the safety of the employees and maintaining the continuity of operations as far as they are able, whilst adhering to government advice. Whilst the pandemic will have a financial impact on the Company, at this stage, it is not possible to reliably forecast what this may be. However, the directors have taken all relevant measures to ensure the Company is able to safeguard cash flow, jobs, customers and suppliers to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. Given the uncertainties that exist, this may cast doubt on the Company’s ability to continue as a going concern, however, the directors believe that the actions they have taken should enable it to continue in operational existence for the for the foreseeable future.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover 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 turnover 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.
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.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
At each reporting date, the company assesses whether there is objective evidence that any financial asset amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the financial assets. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows. The amount of the provision is recognised immediately in profit or loss.
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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.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income within administrative expenses.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within administrative expenses. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Short term creditors are measured at the transaction price.
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.
Dividends are recognised when they are paid.
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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.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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 reporting 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 Statement of Financial Position 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 reporting date.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The critical judgments that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are discussed below:
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors consider both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.
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Sources of estimation uncertainty
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The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Recoverability of debtors
The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.
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Continuing operations 2019
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Discontinued operations 2019
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Restated
Continuing operations 2018
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Restated
Discontinued operations 2018
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
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Cost of defined contribution scheme
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The average monthly number of employees, including directors, during the year was 6 (2018 -2).
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Other interest receivable
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Interest payable and similar expenses
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Interest payable to group undertakings
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Current tax on profits for the year
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Taxation on profit on ordinary activities
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
9.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2018 -the same as) the standard rate of corporation tax in the UK of 19% (2018 -19%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2018 -19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Utilisation of tax losses
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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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There were no factors that may affect future tax charges.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trade debtors are stated after provisions for impairment of £nil (2018: £21,816).
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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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 £11,620 (2018: £nil) . Contributions totalling £2,413 (2018: £nil) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 December 2019 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
15.Other financial commitments
At the year end the banks have provided guarantees in favour of certain foreign suppliers through letter of credits amounting to £nil (2018: £6,663,632).
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Allotted, called up and fully paid
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500,000 (2018 -500,000) Ordinary shares of €1.00 each
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25,000 (2018 -25,000) Ordinary shares of £1.00 each
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Other reserves
This account records capital contributions.
Profit and loss account
This account records retained earnings and losses.
The immediate parent undertaking of the company is Central National Europe GmbH, a company which is registered in Austria. The smallest group in which the results of the company are consolidated is that headed by Central National Gottesman Europe GmbH. The principal place of business of Central National Gottesman Europe GmbH is Altmannsdorfer St. 74, 1120 Vienna, Austria.
The ultimate parent undertaking of the company is Central National Gottesman Inc., a company which is registered in the United States of America. The largest group in which the results of the company are consolidated is that headed by Central National Gottesman Inc..
The trade of the company in pulp ceased in the year due to local market conditions.
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Post balance sheet events
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The impact of COVID-19 coronavirus outbreak is not yet clear and it is therefore not currently possible to evaluate all potential implications to the company's trade, customers, suppliers and the wider economy.
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LINDENMEYR INTERNATIONAL LTD (FORMERLY CENTRAL NATIONAL (UK) LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The company's ultimate controlling entity is Central National Gottesman Inc., a company which is registered in the United States of America.
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