ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
COMPANY INFORMATION
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PRATER LIMITED
CONTENTS
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PRATER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The company continues to work with blue chip main contractors and clients providing specialist building envelope solutions involving roofing, cladding and curtain walling activities. The company has maintained a high level of investment in developing solutions which provide first class processes from design through to installation. This has created a scalable business model which gives Prater the confidence that it will continue to deliver profitable business and cash generation on a sustainable basis. The key market sectors include stadia, health, commercial, defence, residential, transport, social and power.
In the aftermath of the Covid-19 pandemic, the decision was made to merge the activities of Prater Limited and Lindner Prater Limited (formerly Lindner Facades Limited) on 19 April 2021. The decision to bring the two businesses together was the next step in the evolution of the business strategy. Both companies have been part of the Lindner Group for more than a decade and have worked together in that time, including collaborations on a number of major projects. Combining the knowledge, capabilities and resources of both businesses will provide a better and more comprehensive offer to our customers in the future notwithstanding the cost synergies that flow from the merger of activities.
Turnover decreased by 30.6% from the prior year as a result of the merger of the businesses compounded by the continued impact of the Covid-19 pandemic. As part of the merger of the activities, Prater Ltd sold its goodwill and operating assets to Lindner Prater Ltd. All new contracts are now carried out by Lindner Prater Ltd. The company made a profit before tax of £2.05m, retains a balance sheet value of £2.25m and continues to be an integral part of the Lindner Group. The company remains self-financing with no external borrowing and a cash position of £3.25m.
The safety and quality performance achieved remained strong and continues to be a key area of focus and investment which is embedded within the Prater culture.
The commitment to developing defect-free building envelopes continues. This is underpinned by Prater’s façade engineering team and strong network of specialist consultancies and suppliers. Prater has many repeat business clients and continues to be involved in landmark projects. The company also continues to work on a number of major infrastructure projects across core transportation and energy markets. Together with our partners and supply chain, Prater continues to deliver innovative, efficient and highly complex infrastructure projects bringing the highest levels of quality, safety and technical expertise. Prater continues to monitor potential risks and uncertainties posed by the market uncertainty following Covid and Brexit. Following a detailed review there has been no change to Prater’s work winning strategy, or any significant material impact on current live projects.
A principal risk facing specialist contractors is ensuring that contracts are completed to a first class quality, on time and within budget. Close management review and monitoring of projects ensures that this is achieved. The management systems of the company have been reviewed, audited and have successfully been awarded certification for ISO9001, 14001 and 18001 by TÜV SUD. The company’s uncompromising approach to the health and safety of every employee, client and supplier is a key cornerstone of the company’s belief system. The Directors and management teams comprehensively review safety performance as a priority at all management meetings. The company has credit insurance provided by TMHCC on all of its customers to minimise exposure to bad debts.
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PRATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The fallout from Covid-19 carries significant economic implications for the UK. A key success during the year was the company’s continued ability to work effectively in a remote environment and the strength of its IT infrastructure has facilitated this without any disruption being encountered.
The UK’s exit from the EU following Brexit, has not led to any significant impact on our work winning strategy, nor has it had any material impact on current live projects or staff retention.
As a leading building envelope contractor, the company recognises that its activity on construction sites and at offices, impacts upon the environment and it is the intention to reduce this impact in every part of the business working in harmony with our clients and supply chain partners.
To assist in reducing its impacts, the company has installed video conferencing facilities at each of its offices and factories and continues to explore construction methods and materials which align with improvements to our environment. The company is totally committed to complying with legal and other requirements through formalised review and updating procedures. The company is committed to continual improvement in its environmental performance and has a number of objectives and targets which at this time revolve around the carbon footprint: • understanding the supply chain carbon footprint • reducing staff travel between offices • reducing the company carbon footprint.
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PRATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The merger of the activities of Prater Limited and Lindner Prater Limited resulted in all Prater employees being transferred to Lindner Prater Limited under a Transfer of Undertakings (Protection of Employment) process.
Both businesses remain proud of our Investors in People silver status - recognising endeavours to build capability, recognise, involve and engage the team to create sustainable success. The challenge during 2021 has been the change in working practices brought about by the pandemic and the adherence to government guidelines. The success of remote working has been testament to the investment into our IT infrastructure and to the dedication and loyalty of our staff who have risen to the challenges imposed. Our factory and site based employees have been exemplary in both their approach and resolve and the Directors are very proud and appreciative of the manner in which everyone has responded. In addition our office based staff adapted quickly to new ways of working adapting to Covid-19 restrictions. Our apprenticeship intake increased during 2021, demonstrating our continued commitment to our apprenticeship programme. The Prater wellbeing programme has been at the forefront of internal communications to ensure that we support our employees during these unprecedented times in whatever manner required especially as the world recovers from the Covid-19 pandemic. All such initiatives contribute to ensuring that Prater is a great place to work and enables all teams to develop and engage in a rewarding career with the business.
The Directors have monitored the progress of the company’s strategic elements by reference to certain financial key performance indicators:
2021 2020 Gross margin % 12.81 1.90 Net margin % 4.55 -14.50 Current ratio 1.01 1.54 Cash and cash equivalents £3.25m £9.07m Further information regarding the directors’ duty to promote the success of the company is included in the Section 172 statement below.
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PRATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This statement explains how the Directors have engaged with employees, suppliers, customers and other stakeholders; and have had regard to employee interests, the need to foster the company’s business relationships with suppliers, customers and other, and the impact of the company’s operations on the community and the environment.
General confirmation of Directors’ duties The Prater Board’s focus is on activities that enable it to promote shareholders’ interests. This includes the development of strategy, the monitoring of executive action and the consideration of ongoing board and management succession. When making decisions, each Director ensures that he acts in good faith in a way which promotes the company’s success, for the benefit of its members as a whole. In doing so each Director has regard to the following (but not limited to) matters: The likely consequences of any decision in the long term The Directors understand the construction business and also the evolving market in which it operates. Prater is totally focussed on meeting the needs of the UK Market. To this end, Prater continually invests in developing solutions which provide first class processes from design through to installation. This investment aims to keep Prater as the preferred envelope provider of choice for its customers and will enable the company to provide a sustainable level of turnover and return for its shareholders. More details on this are included earlier in the Strategic Report. Long term planning is reviewed at Board meetings as well as at other separate meetings during the year, when the consequences of decisions and future plans are considered. The interests of the company’s employees The Directors recognise that Prater employees are fundamental and core to the business and the delivery of the company's goals and ambitions. The success of the business depends upon our attracting, retaining and motivating employees. We need to ensure that we remain a responsible employer, from the pay as well as benefits to the company's health, safety and workplace environment. Prater's first Core value is uncompromising safety which is paramount to everything we do. To this end we go beyond legal compliance and this is demonstrated by the numerous certifications held. These include: the international standards ISO 45001 (H&S), ISO 9001 (quality) and ISO 14001 (Environment), Achilles Building Confidence, CHAS Premium Plus, Constructionline Gold, and RISQS. In addition to these standards, we set annual improvement programmes which includes building upon our very successful behavioural safety scheme and mental health first aid that is available to our staff, operatives and the contractors that work for us. The Directors consider the implications of decisions on the company's employees whenever relevant and feasible. The need to foster the company’s business relationships with suppliers, customers and others Delivering our strategy requires strong mutually beneficial relationships with suppliers, sub-contractors, customers, and joint-venture partners. These relationships have built up over many years through industry events, charity fund raising, supplier workshops, close collaboration on projects and other reasons designed to engage with these stakeholders.
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PRATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Particular emphasis is placed upon health, safety and quality. The culture and performance of our customers and sub-contractors is monitored continually using detailed statistics and reporting to ensure standards are maintained at the highest level. If issues arise they are dealt with immediately at the appropriate level internally or with the customer, supplier or contractor. This is one of many measures Prater uses to help foster relationships with these stakeholders.
The Directors regularly receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged. The impact of the company’s operations on the community and the environment Prater considers carefully the impact of the company's operations on the community and the environment. We work closely with our customers and supply chain to enable us to use the most environmentally friendly products. We have strong quality systems and controls to ensure this is achieved. The company has developed an environmental management system in accordance with ISO14002:2004. This system is central to minimising the impact of the company activities on the environment. Prater's commitment and focus on Health and Safety is described above pursuant to ‘the interests of the company’s employees’. This is also relevant to the impact of the company’s operations on the community and environment. The desirability of the company maintaining a reputation for high standards of business conduct Prater aims to meet the highest standards for it's reputation and business conduct. Within the market we work, our reputation is key and all standards have to be maintained throughout the business to achieve this. Being part of the Lindner Group Corporate social responsibility programme is central to our working culture and this extends across our company's health and safety responsibilities, community activities and environmental systems. We recognise that fulfilling our moral, financial and legal obligations to both our internal and external stakeholders will bring significant and tangible benefits to the business. The company operates within the Lindner Group framework of values: I am honest, I am open, I say what I expect, I am disciplined, I pursue common aims, I respect my colleagues, I trust my colleagues, I share success with my colleagues. The company aligns its Core Values, Vision, Mission and business strategy with the social and economic needs of its stakeholders, whilst embedding responsible and ethical business policies and practices into everything it does. The need to act fairly as between members of the company The company only has one shareholder and so will always act fairly between members. The Directors consider which course of action best enables delivery of our strategy with regard to the long-term, taking into consideration the impact on stakeholders. This will normally be in the best long term interests of most of our stakeholders, however although the Directors will act fairly regarding the company's shareholder, they are not required to balance the Company’s interest with those of other external stakeholders.
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PRATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the board and signed on its behalf.
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PRATER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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 £2,844,098 (2020 - loss £8,135,898).
Dividends of £17,989,000 were approved by the shareholders during the year.
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PRATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors who served during the year were:
R D Unwin (resigned 7 July 2022) G D Hamblett K M Smith S J Whiting S J Foster (resigned 1 June 2021) C Roberts A Fegbeutel FUTURE DEVELOPMENTS With the merger of the activities of Prater and Lindner Prater the outlook for 2022 is looking positive. The companies are well placed to manage their business risks and meet its financial targets successfully. Brexit and Covid-19 were significant events for the UK however the Directors believe that the steps taken in 2021 have positioned both companies in a strong position. As part of the merger Prater Limited is not taking on any new contracts and all new contracts are administered by Lindner Prater Ltd.
The company continues to look for improved methods of working and new products to enhance its portfolio and reputation. Investment and training within our BIM ability and 3D/4D modelling continues to be a key development.
As stated previously the company is proud to be accredited to Investors in People and encouraged employees involvement and contribution through its staff committee, operative committee and company intranet.
Dissemination of company information and discussions are held through regular departmental meetings and staff briefings which have taken on a virtual platform but have been well received and successful. Effective communication has been a key focus during 2021 exploring various ways in which to engage and promote. The Company treats all people equally, fairly, with respect and without prejudice. Decisions about people’s employment with the Company are based on ability, performance and qualifications. This principle also applies when the Company makes decisions about development, promotion, pay and benefits. The Company does not tolerate unfair treatment or discrimination at work based on ethnicity, gender, age, religion, disability or sexual orientation.
We have continued to keep all of our stakeholders, which includes our clients and supply chain regularly informed of our progress and see this as key to our future success.
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PRATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with section 487(2) of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PRATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRATER LIMITED
We have audited the financial statements of Prater Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PRATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRATER LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PRATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRATER LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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PRATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRATER LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditor
6th Floor
2 London Wall Place
EC2Y 5AU
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PRATER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
REGISTERED NUMBER: 02107097
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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PRATER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Prater Limited is a private company limited by shares, incorporated in England and Wales within the UK. The address of the registered office and the registration number are given in the company information page of these financial statements.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's Statement of Financial Position has been adapted and prepared in accordance with Section 4.2A of Financial Reporting Standard 102.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Lindner Exteriors Holding Limited as at 31 December 2021 and these financial statements may be obtained from 317 Putney Bridge Road, London, SW15 2PG.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows, impact of the subsequent events and the current intention of the parent company to provide financial support where required in making their assessment.
The COVID-19 pandemic and the ensuing economic shutdown had a significant impact on the company’s operations. In response to the post pandemic economic environment, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios. This analysis also considers the effectiveness of available measures to assist in mitigating any adverse impacts. Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements. The value attributable for the services rendered under construction contracts is measured based upon the works performed at the year end as agreed by the customer's surveyor. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably, and; - the costs incurred and the costs to complete the contract can be measured reliably.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
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 profit or loss 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:
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.
Assets that are subject to depreciation are assessed at each reporting 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 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 fair value less cost to sell and value in use. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
The company performs contract activity in the construction sector. When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on construction contracts by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the work performed and attributable value confirmed by the customer's surveyor as a proportion of the anticipated total contract value.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
At each Statement of financial position 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.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Functional and presentation currency
Transactions and balances
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.ACCOUNTING POLICIES (CONTINUED)
Rentals paid under operating leases are charged to the Statement of compehensive income on a straight line basis over the lease term.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of turnover by country of destination:
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
10.TAXATION (CONTINUED)
There are no factors that may affect future tax charges.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 30
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
During the year it has been identified that the company may have an exposure to costs on its long term contracts. The potential level of the company's exposure to costs on the relevant contacts is uncertain as various assessments by specialists and insurers are required to determine which party is liable for any defective works. The process of reviewing the contracts remains ongoing so it is uncertain as to the amounts and timings of any future settlement. For these reasons there is no provision for these costs included as a liability in the financial statements for the year ended 31 December 2021 as it is not practicable to be able to reliably estimate the future costs to settle. The company's insurers have been put on notice and it is envisaged that any agreed liability will be capped up to the level of the excess totalling £2M. No reimbursement provision from the insurers is currently provided for in the finanical statements.
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PRATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Additionally, on 12 April 2022 the company disposed of its 49% holding in its associate Lindner Facades Asia Limited to a fellow group entity for consideration of £2,081,834.
The ultimate parent company and parent undertaking of the largest group for which consolidated financial statements are drawn up, and of which the company is a member, is Lindner Group KG, its registered office is Bahnhofstrasse 29, 94424 Arnstorf, Germany. Copies of the consolidated financial statements are available from the registered office.
The smallest group for which consolidated financial statements are drawn up, and of which the company is a member and included in the consolidation, is Lindner Exteriors Holding Limited. Copies of the consolidated financial statements are available from 317 Putney Bridge Road, London, SW15 2PG. In the opinion of the directors the immediate parent company is Lindner Prater Limited. In the opinion of the directors the ultimate controlling party is Lindner Group KG, a company incorporated in Germany.
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