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REGISTERED NUMBER:
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LEKTRACHEM LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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LEKTRACHEM LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2019 |
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LEKTRACHEM LIMITED (REGISTERED NUMBER: 01485996) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LEKTRACHEM LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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(Statutory Auditor) |
Sovereign House |
12 Warwick Street |
Coventry |
CV5 6ET |
LEKTRACHEM LIMITED (REGISTERED NUMBER: 01485996) |
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ABRIDGED BALANCE SHEET |
31 DECEMBER 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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ACCRUALS AND DEFERRED INCOME | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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LEKTRACHEM LIMITED (REGISTERED NUMBER: 01485996) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Lektrachem Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The principal activity of the company in the year continued to be the manufacture of speciality chemicals and |
supplier of electroplating chemistry. |
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The financial statements are rounded to the nearest £1. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. The policies adopted for the recognition of revenue are as follows: |
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Sale of goods |
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Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic |
benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in |
respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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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 are taken into account in arriving at the operating result. |
LEKTRACHEM LIMITED (REGISTERED NUMBER: 01485996) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2019 |
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Additions |
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Disposals | ( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
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Between one and five years |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary shares | £1 | 2 | 2 |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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LEKTRACHEM LIMITED (REGISTERED NUMBER: 01485996) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | PENSION COMMITMENTS |
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The pension cost charge represents contributions payable by the company regarding the pension amounting to |
£14,135 (2018 - £1,460). Contributions totalling £nil (2018 - £nil) were payable to the fund at the balance sheet |
date and included in other creditors. |
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The pension contribution limit (under auto enrolment) is initially 2% of which at least 1% must be paid by the |
employer. In April 2018 this increases to 5% of earnings of which at least 2% must be paid by the employer. In |
April 2019, this rises again to 8% of earnings of which at least 3% must be paid by the employer. |
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These contributions are set on earnings over £118 per week up to an upper limit of £961 per week. |
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9. | CAPITAL COMMITMENTS |
31.12.19 | 31.12.18 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company made purchases of £18,154 (2018 - £23,289) from Technic France, a fellow group |
company. At the balance sheet date, Lektrachem Limited owed the company £nil (2018- £nil). |
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During the year the company made sales of £90,203 (2018 - £85,263) to Technic (China-HK) Limited, a fellow |
group company. At the balance sheet date, Lektrachem was owed by the company £nil (2018 - £nil). |
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During the year the company made sales of £nil (2018 - £6,849) to Technic Canada, a fellow group company. At |
the balance sheet date, Lektrachem was owed by the company £nil (2018 - £nil). |
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At the balance sheet date, £804,737 (2018 - £836,172) was due to Technic Asia-Pacific Pte Limited, on a |
working capital loan. During the year interest amounting to £16,455 (2018 - £17,563) was charged on the loan. |
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During the year the company made sales of £17,048 (2018 - £13,738) to Technic Inc., the ultimate parent |
company, and made purchases of £52,301 (2018 - £66,516). At the balance sheet date, Lektrachem was owed |
by the company £nil (2018 - £13,163) and owed Technic Inc. £nil (2018 - £65,946). |
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During the year the company made sales of £16,384 (2018 - £12,065) to Italgalvano S.P.A., a fellow group |
company, and made purchases of £64,986 (2018 - £66,508). At the balance sheet date, Lektrachem was owed |
by the company £6,261 (2018 - £3,625) and owed the company £5,499 (2018 - £225). |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is a wholly owned subsidiary of Precimet Inc., a company incorporated in the United States of |
America. |
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The ultimate parent company, and smallest and largest group company in which the company's results are |
consolidated is Technic Inc., a company incorporated in the United States of America. The registered address of |
Technic Inc. is 47 Molter Street, Cranston, Rhode Island, 02910. |