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LACUS FELT UK LIMITED |
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Financial Statements for the Year Ended 31 December 2019 |
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LACUS FELT UK LIMITED |
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Financial Statements for the Year Ended 31 December 2019 |
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LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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LACUS FELT UK LIMITED |
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Company Information |
for the Year Ended 31 December 2019 |
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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 Auditor |
88 Hill Village Road |
Sutton Coldfield |
West Midlands |
B75 5BE |
LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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Statement of Financial Position |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT ASSETS |
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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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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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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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Lacus Felt UK Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Lacus Felt UK 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, Lacus Group S,A, 83 Ferran Puig, 08023 Barcelona, |
Spain. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Goodwill |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of |
the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated |
economic life. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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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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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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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Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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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 statement of financial position 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 statement of financial position 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 statement of financial position 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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AMORTISATION |
At 1 January 2019 |
and 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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LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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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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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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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2019 |
and 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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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1.00 | 2,382,000 | 2,382,000 |
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Ordinary B | £0.20 | 716,181 | 716,181 |
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Ordinary C | £1.00 | 1,242,060 | 1,242,060 |
4,340,241 | 4,340,241 |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2019 |
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13. | 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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LACUS FELT UK LIMITED (REGISTERED NUMBER: 02136627) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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14. | POST BALANCE SHEET EVENTS |
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On the 30 January 2020 a global pandemic was announced by the World Health Organisation which |
later became known as the Coronanvirus disease (COVID-19). In response to this and to reduce the |
spread of the virus, social distancing restrictions were put in place by Governments around the world. |
In United Kingdom these restrictions began on 23 March 2020 prohibiting all non essential services |
from operating. Following a reduction in the number of cases, it was announced that restrictions would |
be lifted on 10 May 2020. |
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The impact as a result of COVID-19 on the performance of the Group and the Company for the |
financial year 2020 was analysed against budget with outcome summarised as below; |
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Group |
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- The Group has been affected but remains profitable. |
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- The Group continues to operate within its existing financial arrangements. |
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- The updated budget for 2020/21 is forecasting profitability. |
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Company |
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- The results to date are a break even position for the period. |
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- The updated 2020/21 budget is forecasting a reduction in revenue but remains profitable. |
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- The Company continues to operate within its existing financial arrangements. The Company has |
benefitted from the Government Job Retention Scheme for furloughed employees. |
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15. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Lacus Group S,A, a company incorporated in Spain. |