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LEKTRACHEM LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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LEKTRACHEM LIMITED (REGISTERED NUMBER: 01485996) |
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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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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 2020 |
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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 2020 |
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31.12.20 | 31.12.19 |
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 and authorised for issue 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 2020 |
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1. | STATUTORY INFORMATION |
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Lektrachem Limited is a
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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 2020 |
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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 |
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COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 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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5. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£ | £ |
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 | 31.12.20 | 31.12.19 |
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 2020 |
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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 £10,038 (2019 - £14,135). Contributions totalling £nil (2019 - £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) From April 2019 the rates are 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 £120 per week up to an upper limit of £962 per week. |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company made purchases of £12,508 (2019 - £18,154) from Technic France, a fellow group company. At the balance sheet date, Lektrachem Limited owed the company £nil (2019- £nil). |
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During the year the company made sales of £81,210 (2019 - £90,203) to Technic (China-HK) Limited, a fellow group company. At the balance sheet date, Lektrachem was owed by the company £nil (2019 - £nil). |
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During the year the company made sales of £1,135 (2019 - £nil) to, and purchases of £nil (2019-£nil) from Technic Asia-Pacific Pte Limited, a fellow group company. At the balance sheet date, £781,241 (2019 - £804,737) was due to Technic Asia-Pacific Pte Limited, on a working capital loan and £300 (2019 £nil) was due as a debtor balance from trading. During the year interest amounting to £16,237 (2019 - £16,455) was charged on the loan. |
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During the year the company made sales of £37,533 (2019 - £17,048) to Technic Inc., the ultimate parent company, and made purchases of £96,281 (2019 - £52,301). At the balance sheet date, Lektrachem was owed by the company £73 (2019 - £nil). |
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During the year the company made sales of £10,016 (2019 - £16,384) to Italgalvano S.P.A., a fellow group company, and made purchases of £87,671 (2019 - £64,986). At the balance sheet date, Lektrachem was owed by the company £nil (2019 - £6,261) and owed the company £15,464 (2019 - £5,499). |
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10. | 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. |