REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 December 2020 |
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Von Roll UK Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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Von Roll UK Limited |
Von Roll UK Limited (Registered number: 01032395) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 10 |
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Other Comprehensive Income | 11 |
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Statement of Financial Position | 12 |
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Statement of Changes in Equity | 14 |
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Notes to the Financial Statements | 15 |
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Von Roll UK Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTOR: |
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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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Chartered Accountants |
Statutory Auditors |
Russell Chambers |
61a North Street |
Keighley |
West Yorkshire |
BD21 3DS |
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SOLICITORS: |
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35-37 East Parade |
Harrogate |
North Yorkshire |
HG1 5LQ |
Von Roll UK Limited (Registered number: 01032395) |
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Strategic Report |
for the Year Ended 31 December 2020 |
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The director presents his strategic report for the year ended 31 December 2020. |
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The company is a wholly owned subsidiary of Von Roll Insulation & Composites Holding AG and operate servicing the Von Roll Groups' activities primarily within the UK. |
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The company's principal activities are the manufacture and sale of electrical insulation materials for high and low voltage application in addition to rigid glass fibre laminates for a variety of industrial, marine and ballistic applications. The majority of sales are within the UK and Ireland however sales are also made to the rest of the world. |
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The company operates from Bradford incorporating manufacturing and distribution activities. |
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There have not been any changes in the company's principal activities in the year under review. The director is not aware, at the date of this report, of any likely major changes in the company's activities in the next year. The UK operations benefit from research and development facilities provided by other companies within the Von Roll Group. This has resulted in a number of updates to existing products during the year. The director regards R&D investment as necessary for continuing success in the medium to long-term future. |
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REVIEW OF BUSINESS |
As shown in the profit and loss account on page 8, sales have decreased by 19% on the prior year. This has resulted in an operating profit of £171k for the year (2019: £532k). |
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The Von Roll Group manages its operations on a divisional basis. For this reason, the company's director believe that further key performance indicators for the company are not necessary or appropriate for an understanding of the development, performance or position of the business. The performance of the UK operations of Von Roll Group, which includes the company, is discussed in the group's Annual Report, which does not form part of this Report. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Competitive pressure in the UK is a continuing risk for the company, which could result in it losing sales to its key competitors. The company manages this risk by providing added value services to its customers including training, sharing technical improvements and having fast response times not only in supplying products but in handling all customer queries, and by maintaining strong relationships with customers. |
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The company buys and sells in currencies other than sterling. However the majority of non - Group transactions are made in sterling thus ensuring minimum exposure to currency fluctuations. The UK operations are also exposed to the movements in commodity prices especially copper but ensure exposure is kept to a minimum with stringent stock control and customer pricing arrangements. |
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Brexit uncertainty could cause complications with trading within the EU. The company has been reassured by group that they will try and minimize the impact if any and will continue to trade. |
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The company remains to have a strong cash position |
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Contingency plan short term is to increase stock levels which should reduce down the potential for slower trade. |
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GOING CONCERN |
The director has reviewed the financial position of the company, including consideration of the uncertainties arising from the current difficult economic environment and the consequential impact of this upon trading and financing, and the principal risks and uncertainties of the company. |
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The financial statements have been prepared on the going concern basis as there is reasonable expectation, based on current financial projections and resources available, that the company has adequate resources to continue in operational existence for the foreseeable future. |
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Von Roll UK Limited (Registered number: 01032395) |
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Strategic Report |
for the Year Ended 31 December 2020 |
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ENVIRONMENT |
The Von Roll Group recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Group's activities. The company operates in accordance with group policies, which are described in the group's Annual Report, which does not form part of this Report. Initiatives designed to minimise the company's impact on the environment include safe disposal of manufacturing waste, recycling and reducing energy consumption. |
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EMPLOYEES |
Details of the number of employees and related costs can be found in note 3 to the financial statements on page 13. |
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The company participates in the group's policies and practices to keep employees informed on matters relevant to them as employees through, regular meetings and newsletters. Employee representatives are consulted regularly on a wide range of matters affecting their interests. |
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DIVIDENDS AND TRANSFERS TO RESERVES |
The director is unable to recommend the payment of a dividend in respect of the year ended 31 December 2020 (2019: £nil). The profit for the year of £136k has been transferred to reserves (2019: £432k transferred to reserves). |
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ON BEHALF OF THE BOARD: |
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Von Roll UK Limited (Registered number: 01032395) |
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Report of the Director |
for the Year Ended 31 December 2020 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Manufacture of other non-metallic mineral products. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2020. |
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DIRECTOR |
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The director holding office at 31 December 2020 did not hold any beneficial interest in the issued share capital of the company at 1 January 2020 or 31 December 2020. |
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DISCLOSURE IN THE STRATEGIC REPORT |
Information related to the review of the business, risks faced by the company and other key performance indicators are disclosed within the strategic report. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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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The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
Von Roll UK Limited (Registered number: 01032395) |
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Report of the Director |
for the Year Ended 31 December 2020 |
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AUDITORS |
The auditors, Stirk Lambert & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Von Roll UK Limited |
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Opinion |
We have audited the financial statements of Von Roll UK Limited (the 'company') for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Von Roll UK Limited |
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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 Strategic Report or the Report of the Director. |
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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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Von Roll UK Limited |
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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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Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
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- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
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- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; |
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- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
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- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and |
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- considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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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; |
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- tested journal entries to identify unusual transactions; |
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- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |
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- investigated the rationale behind significant or unusual transactions. |
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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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- agreeing financial statement disclosures to underlying supporting documentation; |
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- reading the minutes of meetings of those charged with governance; |
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- enquiring of management as to actual and potential litigation and claims and |
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- reviewing correspondence with HMRC and relevant regulators |
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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. |
Report of the Independent Auditors to the Members of |
Von Roll UK Limited |
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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. |
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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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Chartered Accountants |
Statutory Auditors |
Russell Chambers |
61a North Street |
Keighley |
West Yorkshire |
BD21 3DS |
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Von Roll UK Limited (Registered number: 01032395) |
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Income Statement |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £'000 | £'000 |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Distribution costs | ( |
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Administrative expenses | ( |
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(62 | ) | 494 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Von Roll UK Limited (Registered number: 01032395) |
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Other Comprehensive Income |
for the Year Ended 31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £'000 | £'000 |
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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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Von Roll UK Limited (Registered number: 01032395) |
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Statement of Financial Position |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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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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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Capital redemption reserve | 14 |
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Retained earnings | 14 |
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SHAREHOLDERS' FUNDS |
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Von Roll UK Limited (Registered number: 01032395) |
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Statement of Financial Position - continued |
31 December 2020 |
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The financial statements were approved by the director and authorised for issue on
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Von Roll UK Limited (Registered number: 01032395) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2020 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£'000 | £'000 | £'000 | £'000 |
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Balance at 1 January 2019 |
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Changes in equity |
Total comprehensive income | - |
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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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Von Roll UK Limited (Registered number: 01032395) |
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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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Von Roll UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption 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. |
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Preparation of consolidated financial statements |
The financial statements contain information about Von Roll 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, Von Roll Holding AG, . |
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Turnover |
Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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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Work in progress are valued at the lower of cost and net realisable value. |
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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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Von Roll UK Limited (Registered number: 01032395) |
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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 |
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 |
Costs in respect of operating leases are charged on a straight-line basis over the lease term. |
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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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The directors have reviewed the financial position of the company, including consideration of the uncertainties arising from the current difficult economic environment and the consequential impact of this upon trading and financing, and the principal risks and uncertainties of the company. |
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The financial statements have been prepared on the going concern basis as there is reasonable expectation, based on current financial projections and resources available, that the company has adequate resources to continue in operational existence for the foreseeable future. |
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3. | EMPLOYEES AND DIRECTORS |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Wages and salaries |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.20 | 31.12.19 |
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Sales and distribution | 6 | 6 |
Production | 30 | 31 |
Administration | 3 | 3 |
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31.12.20 | 31.12.19 |
£ | £ |
Director's remuneration |
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Von Roll UK Limited (Registered number: 01032395) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.12.20 | 31.12.19 |
£'000 | £'000 |
Other operating leases |
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Depreciation - owned assets |
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Loss/(profit) on disposal of fixed assets |
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( |
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Foreign exchange differences | ( |
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Auditors Remuneration for audit |
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Auditors Remuneration for taxation |
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Inventories as an expense |
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5. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Current tax: |
UK corporation tax |
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Adjustment to prior year | (1 | ) | - |
Total current tax |
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Deferred tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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31.12.20 | 31.12.19 |
£'000 | £'000 |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Capital allowances in excess of depreciation | ( |
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Deferred Tax adjustment | 4 | 27 |
capitalised |
Total tax charge | 34 | 103 |
Von Roll UK Limited (Registered number: 01032395) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£'000 | £'000 | £'000 | £'000 | £'000 |
COST |
At 1 January 2020 |
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Additions |
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Disposals |
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( |
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( |
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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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( |
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( |
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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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7. | STOCKS |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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Von Roll UK Limited (Registered number: 01032395) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Within one year |
|
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Between one and five years |
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|
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11. | SECURED DEBTS |
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The company issued a Debenture in favour of Lloyds Bank Plc dated 10 March 1997 securing trading guarantees against the freehold property. |
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12. | PROVISIONS FOR LIABILITIES |
31.12.20 | 31.12.19 |
£'000 | £'000 |
Deferred tax | 54 | 50 |
|
Deferred |
tax |
£'000 |
Balance at 1 January 2020 |
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Provided during year |
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Balance at 31 December 2020 |
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13. | CALLED UP SHARE CAPITAL |
|
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £'000 | £'000 |
|
Ordinary | £1 | 3,750 | 3,750 |
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14. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£'000 | £'000 | £'000 |
|
At 1 January 2020 |
|
|
2,176 |
Profit for the year |
|
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At 31 December 2020 |
|
|
2,313 |
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15. | PENSION COMMITMENTS |
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The company operates a number of defined contribution pension schemes in respect of certain of its employees. The contributions paid to these schemes for the year were £101,123 (2019: £103,795). Prepaid contributions at the year-end were £Nil (2019: £Nil). |
Von Roll UK Limited (Registered number: 01032395) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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16. | RELATED PARTY DISCLOSURES |
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Throughout the current year and prior year the company has been a wholly owned subsidiary of Von Roll Insulation & Composites Holding AG, which is a wholly owned subsidiary of Von Roll Holding AG, whose consolidated financial statements are publicly available. Consequently, there are no disclosures required for transactions or balances with any entity in the Von Roll Insulation & Composites Holding AG group of companies. |
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17. | ULTIMATE CONTROLLING PARTY |
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The company's immediate parent company is Von Roll Insulation & Composites Holding AG, a company incorporated in Switzerland which is a wholly owned subsidiary of Von Roll Holding AG. The directors regard Von Roll Holding AG, a company incorporated in Switzerland, as the ultimate parent company and controlling party. The smallest and largest group of which this company is a member and for which group accounts are prepared is headed by Von Roll Holding AG. Copies of Von Roll Holding AG's consolidated financial statements may be obtained from the Company Secretary, Von Roll Holding AG, CH4226, Breitenbach, Switzerland. |