REGISTERED NUMBER:
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FLUOROCARBON LIMITED |
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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REGISTERED NUMBER:
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FLUOROCARBON LIMITED |
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REPORT OF THE DIRECTORS AND |
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AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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FLUOROCARBON LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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REVIEW OF BUSINESS |
The turnover for the year was £252,420 (2019 : £Nil) with gross profit of £96,283 (2019: £Nil). |
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The profit before tax in 2020 was £19,069 (2019 : £Nil). |
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The Company has, in 2020, taken the opportunity to develop a new line of revenue in providing consultancy and testing services for clients requiring quick turnaround feasibility studies in the field of polymer science. This forms part of a long-term strategic plan for the Company to maximise the available and extensive application knowledge towards becoming one of the global innovation leaders in the specialist field of high performance plastics. |
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The Company retains its investment in Fluorocarbon Polymers SRL, a manufacturer of Fluoropolymer semi-finished and finished products located in Alexandria, Romania. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2020 is £Nil (2019: £1,540,000). |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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Other changes in directors holding office are as follows: |
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COVID-19 |
As at the date of signing, the Directors' have performed a thorough review of Going Concern in respect of the impact on the Company and its subsidiary of the Coronavirus outbreak and the ongoing disruption. Fundamentally, our industrial niche and broad product range means we have not been one of the industries that are hit the hardest. |
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The Company has not accessed any government support to date, and continues to monitor closely how the cashflow of the business and its subsidiary is impacted by the Coronavirus disruption. Goods have continued to move internationally despite the restrictions of movement of people. |
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As the Company has little external trading exposure there is minimal impact of COVID-19, however the Directors' have worked with associated Group companies to assess the impact on the Group, and consequently the Company, of the Coronavirus outbreak and the ongoing disruption. |
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FUTURE DEVELOPMENTS |
The Directors will constantly review the risks the business faces on an on-going basis, and put additional measures in place if required. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FLUOROCARBON LIMITED |
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Opinion |
We have audited the financial statements of Fluorocarbon Limited (the 'company') for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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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. |
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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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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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 Report of the Directors. |
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We have nothing to report in respect of the following matters where 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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FLUOROCARBON LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
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We obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Company. The key laws and relations we considered in this context included the UK Companies Act and Health & Safety regulations. |
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Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue and liabilities. Audit procedures were designed to ensure all of the risks were addressed. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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- Enquiring of management as to actual and potential litigation and claims; and |
- Reviewing any correspondence with regulators and the company's legal advisors. |
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To address the risk of fraud through management bias and override of controls, we: |
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- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; and |
- Assessed whether judgements and assumptions contained any indication of potential bias. |
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
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Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FLUOROCARBON LIMITED |
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Use of our 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 a Report of the Auditors 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. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
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CURRENT ASSETS |
Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
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Balance at 1 January 2019 |
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Changes in equity |
Dividends | - | ( |
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Balance at 31 December 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | COMPANY INFORMATION |
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Fluorocarbon Limited was incorporated on 19 May 1961 under the Companies Act 1948, as a private limited company and is registered in England and Wales. The principal activity of Fluorocarbon Limited is providing consultancy and testing services. The address of its head office and registered office is Fluorocarbon House, Caxton Hill, Hertford, Hertfordshire, SG13 7NH. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency is £ sterling. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about Fluorocarbon Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Fluorocarbon Group Limited, Fluorocarbon House, Caxton Hill, Hertford, Hertfordshire, SG13 7NH. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents net amounts invoiced during the year (excluding value added tax) adjusted for accrued and deferred income where applicable. Sales are recognised on the provision of the service. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
The charge for taxation is based on the profit for the year and takes into account taxation deferred. |
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Current tax is measured at amounts expected to be paid using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. |
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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, including exchange differences on loans to subsidiaries, are taken into account in arriving at the operating result. |
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Financial instruments |
Basic financial instruments are measured at amortised cost. |
FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
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The directors do not consider there to be any significant judgements or estimates used in the preparation of the accounts. |
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Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
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3. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Management | 3 | - |
Administrative staff | 2 | - |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Auditors' remuneration |
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Foreign exchange differences |
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5. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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5. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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2020 | 2 |
£ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Group relief | (3,623 | ) |
Total tax charge | - |
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6. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Final |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Strada Dunarii, Nr 277, Block C10, 140103 Alexandria, Romania |
Nature of business:
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Class of shares: | holding |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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VAT |
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Prepayments and accrued income |
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FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 78,493 | - |
Accruals and deferred income |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Following the transfer of assets to Fluorocarbon Company Limited in 2017 all the above lease obligations are being covered by Fluorocarbon Company Limited. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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All shares rank equally in respect of voting rights, rights to dividend and rights to assets on winding up. |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 |
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Profit for the year |
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At 31 December 2020 |
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Retained earnings includes all current and prior period profits and losses. |
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13. | ULTIMATE PARENT COMPANY |
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Fluorocarbon Group Limited is the ultimate parent company. |
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The largest and smallest group in which the results of the company are consolidated is that headed by Fluorocarbon Group Limited. The consolidated accounts are available to the public and may be obtained from the Registrar of Companies. The registered office of Fluorocarbon Group Limited is Fluorocarbon House, Caxton Hill, Hertford, Hertfordshire, SG13 7NH. |
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14. | CONTINGENT LIABILITIES |
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The company has provided an unlimited guarantee supported by a debenture over the assets of the company to secure the bank borrowings of certain group companies. |
FLUOROCARBON LIMITED (REGISTERED NUMBER: 00693240) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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15. | RELATED PARTY DISCLOSURES |
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During the year transactions occurred between Fluorocarbon Limited and other group companies, the balances at the year end were: |
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2020 | 2019 |
£ | £ |
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Amount owed from Fluorocarbon Inc. | 32,164 | 32,164 |
Amount owed from Fluorocarbon Polymers SRL | 897,588 | 760,502 |
Amount owed from Fluorocarbon Company Limited | 92,062 | 183,732 |
Amount owed from Fluorocarbon Surface Technologies Ltd | 247,239 | - |
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Amount owed to Fluorocarbon Group Limited | (1,493,506 | ) | (1,338,468 | ) |
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During the year the following transactions occurred between Fluorocarbon Limited and Cent Serve Limited, a company controlled by Mr F J Wells, a director and Susa International Ltd, a company controlled by Mr M J Roudsari, a director. A majority of these costs were recharged and did not remain as an expense in the accounts. |
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2020 | 2019 |
£ | £ |
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Interim Operations support (Cent Serve) | 109,025 | - |
Business Development (Susa) | 5,114 | - |
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The amount outstanding at the year end for both is £Nil (2019: £Nil). |
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16. | POST BALANCE SHEET EVENTS |
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Post year end, the cross guarantee provided to Fluorocarbon Group Limited ceased and was replaced with a cross guarantee to Fluorocarbon Surface Technologies Ltd. |
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17. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Mr T J Wells by virtue of his controlling interest in the ultimate parent company. |