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Registered number: 11882821
LUCHT PROBST ASSOCIATES LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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LUCHT PROBST ASSOCIATES LTD
REGISTERED NUMBER: 11882821
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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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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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 July 2022.
The notes on pages 2 to 6 form part of these financial statements.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Lucht Probst Associates Ltd is a private company, limited by shares, registered in England and Wales, registration number 11882821. The principal and registered place of business is 15 Appold Street, London, United Kingdom, EC2A 2HB.
The principal activity is providing business and domestic software development.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
In connection with the audit of the financial statements of Lucht Probst Associates Ltd. at 31 December 2021, the directors of LPA Holding Germany GmbH confirm that it is their present intention to continue to support the Company financially to enable it to meet its liabilities as and when they fall due for a period of not less than 12 months from the date of the audit, and carry out its business as usual.
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Foreign currency translation
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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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Finance costs are charged to profit or loss 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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in 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.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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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.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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.
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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 7 (2020 - 6).
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Prepayments and accrued income
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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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Amounts owed to group undertakings are unsecured and repayable on demand with annual interest of 2.00% charged on the amounts owed.
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The Company contributes to the employee's personal pension plans. The assets of these plans are held separately from those of the Company in independently administered funds. The pension cost represents amounts contributed to these personal pension plans by the Company and amounted to £42,030 (2020: £28,892. At 31 December 2021 contributions totalling £5,306 (2020: £4,808) were payable to these pension plans and are included in creditors.
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LUCHT PROBST ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Related party transactions
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During the year ended 31 December 2021, the Company received working capital funding totalling £182,153 (2020: £1,300,000) from its parent entity LPA Holding Germany GmbH. At 31 December 2021 a balance of £1,527,227 (2020: £1,317,847) remained outstanding and is included in creditors. This balance is unsecured and repayable on demand with annual interest of 2.00%. Interest in the year totalled £27,227 (2020: £17,847), all of which remains unpaid at the year end and included in the above balance.
Income in the form of management fees of £746,538 (2020: £56,700) was received from a fellow subsidiary, Lucht Probst Associates GmbH, an entity based in Germany and the Company incurred recharged costs of £3,975 (2020: £nil). At 31 December 2021 £3,975 (2020: £nil) was due to Lucht Probst Associates GmbH and is included in creditors. This balance is unsecured and repayable on demand.
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Post balance sheet events
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Since the year end, the company has increased its share capital by 500,000 £1 ordinary shares.
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Parent undertaking and controlling party
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The Company's immediate parent undertaking is LPA Holding Germany GmbH.
The ultimate parent undertaking is Dumbo Luxco 2 S.a.r.l.
The controlling party is Robert Hayvaert.
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 14 July 2022 by Melanie Pittas (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.
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