Lodige (United Kingdom) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01998269 (England and Wales)

Financial Statements

for the Year Ended 31 December 2020

for

Lodige (United Kingdom) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M A Baul

P P De Backer

Mrs M J Wells

SECRETARY:

Mrs M J Wells

REGISTERED OFFICE:

Laxton House Crabtree Office Village

Eversley Way

Egham

Surrey

TW20 8RY

REGISTERED NUMBER:

01998269 (England and Wales)

AUDITORS:

PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

FIXED ASSETS

Tangible assets

4

691

2,502

Investments

5

10,000

10,000

10,691

12,502

CURRENT ASSETS

Debtors

6

7,080,015

4,299,008

Cash at bank and in hand

29

67,242

7,080,044

4,366,250

CREDITORS

Amounts falling due within one year

7

5,171,517

2,927,046

NET CURRENT ASSETS

1,908,527

1,439,204

TOTAL ASSETS LESS CURRENT LIABILITIES

1,919,218

1,451,706

CAPITAL AND RESERVES

Called up share capital

8

400,000

400,000

Retained earnings

9

1,519,218

1,051,706

SHAREHOLDERS' FUNDS

1,919,218

1,451,706

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2021 and were signed on its behalf by:

Mrs M J Wells - Director

1.	STATUTORY INFORMATION

Lodige (United Kingdom) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have not amortised the value of the rent deposit as required by FRS 102. The deposit is recoverable when the lease comes to an end on 19th December 2024 and the amount of amortisation is considered to be immaterial.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

50% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Investments

Investments comprise investments in unquoted equity instruments which are measured at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

1

4,814

4,815

Additions

-

711

711

At 31 December 2020

1

5,525

5,526

DEPRECIATION

At 1 January 2020

-

2,313

2,313

Charge for year

-

2,522

2,522

At 31 December 2020

-

4,835

4,835

NET BOOK VALUE

At 31 December 2020

1

690

691

At 31 December 2019

1

2,501

2,502

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

and 31 December 2020

10,000

NET BOOK VALUE

At 31 December 2020

10,000

At 31 December 2019

10,000

6.

DEBTORS

31.12.20

31.12.19

£

£

Amounts falling due within one year:

Trade debtors

1,271,468

1,804,971

Amounts owed by group undertakings

4,770,847

1,783,878

Other debtors

1,015,146

687,605

7,057,461

4,276,454

Amounts falling due after more than one year:

Other debtors

22,554

22,554

Aggregate amounts

7,080,015

4,299,008

As part of its treasury management activities the parent company Lodige Industries GmbH undertakes a cash pooling arrangement whereby a predetermined amount of cash remains in Lodigie (United Kingdom) Ltd with the surplus pooled within a bank account in the name of the parent company.

Within amounts due from group undertakings the cash balance held by Lodige Industries GmbH on behalf of Lodige (United Kingdom) Ltd was as at 31 December 2020 £4,728,362 (2019: £1,888,371)

Lodige Industries GmbH undertakes to repatriate pooled cash balances to Lodige (United Kingdom) Ltd on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

111,208

-

Trade creditors

459,273

241,786

Amounts owed to group undertakings

1,152,232

350,919

Taxation and social security

298,318

325,732

Other creditors

3,150,486

2,008,609

5,171,517

2,927,046

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

400,000

Ordinary

£1

400,000

400,000

9.

RESERVES

Retained

earnings

£

At 1 January 2020

1,051,706

Profit for the year

467,512

At 31 December 2020

1,519,218

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Ashfaq Sharif BA FCA CTA (Senior Statutory Auditor)

for and on behalf of PB Associates

11.	RELATED PARTY DISCLOSURES

During the period the company recorded transactions with the following associated companies that are under common control:

Overheads

Balance at

Sales

Recharged

Purchases

31.12.2020

£

£

£

£

Lodige Industries Gmbh

0

291,799

4,490,408

Lodige Ireland Limited

12,147

1,548

22,449

Lodige Systems LLC

122,744

0

0

Lodige Systems (UK) Limited

0

0

10,000 Cr

Lodige Fordertechnik GmbH

0

0

0

Lodige Machine Warburg Gmbh

10,072

3,309,152

726,666 Cr

Lodige Machine SRL

0

438,686

118,030 Cr

Lodige Systems Gmbh

0

198,955

139,569 Cr

Lodige USA Inc

116,267

0

9,688

LogIT

0

447,088

35,953 Cr

Lodige Systems Middle East Limited

151,182

0

15,078

Lodige Industries GmbH acts as a guarantor to the company's property lease.

In the previous period the transactions with associated companies were as follows:

Overheads

Balance at

Sales

Recharged

Purchases

31.12.2019

£

£

£

£

Lodige Industries Gmbh

331

367,765

1,673,452

Lodige Ireland Limited

29,467

2,063

670

Lodige Asia

115,180

0

0

Lodige Systems (UK) Limited

0

0

10,000 Cr

Lodige Fordertechnik GmbH

0

9,530

9,530 Cr

Lodige Machine Warburg Gmbh

15,457

2,810,844

170,752 Cr

Lodige Machine SRL

0

537,691

25,860 Cr

Lodige Systems Gmbh

51,521

799,655

9,603

Lodige USA Inc

109,731

0

30

LogIT

0

441,166

29,220 Cr

Lodige Systems Middle East Limited

43,706

0

205

12.	ULTIMATE CONTROLLING PARTY

There is no individual ultimate controlling party, however the Dr R Lodige family together have ultimate control.