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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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CERACON LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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CERACON LTD |
CERACON LTD (REGISTERED NUMBER: 08316880) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CERACON LTD |
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COMPANY INFORMATION |
for the Year Ended 30 June 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Greville House |
10 Jury Street |
Warwick |
Warwickshire |
CV34 4EW |
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BANKERS: |
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73 The Parade |
Leamington Spa |
Leamington Spa |
Warwickshire |
CV32 4BB |
CERACON LTD (REGISTERED NUMBER: 08316880) |
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BALANCE SHEET |
30 June 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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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 Board of Directors and authorised for issue on
signed on its behalf by: |
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CERACON LTD (REGISTERED NUMBER: 08316880) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Ceracon Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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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, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Office equipment and furniture | - |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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. |
CERACON LTD (REGISTERED NUMBER: 08316880) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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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 |
Office |
equipment |
Plant and | and | Motor |
machinery | furniture | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2019 |
and 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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CERACON LTD (REGISTERED NUMBER: 08316880) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Other hire purchase contracts |
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Hire purchase contracts |
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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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VAT | 31,919 | 40,823 |
Other creditors |
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Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Bounce back loan |
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Mezzanine loan |
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Other hire purchase contracts | 68,981 | 97,884 |
Hire purchase contracts |
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Amounts owed to group undertakings |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 30.6.19 |
value: | £ | £ |
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Ordinary | £1 | 25,000 | 25,000 |
CERACON LTD (REGISTERED NUMBER: 08316880) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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9. | RELATED PARTY DISCLOSURES |
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The director Mr R I Jones, is a director and shareholder of R J Adhesive Solutions Limited. |
During the year, R J Adhesive Solutions Limited were paid £104,450 (2019 £97,427) for service charges and |
management fees. |
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CeraCon GmbH is a shareholder of CeraCon Limited. |
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At the year end there are two loans (2019 two) from CeraCon GmbH disclosed separately in creditors. |
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At the year end, there was a loan balance of £426,411 (2019 £549,607) owed to CeraCon GmbH. The loan is |
repayable in Euros and the loan balance has been conv erted at the spot rate at 30th June 2020. The adjustment |
is shown in profit and loss as foreign exchange losse s. The conversion at 30th June 2020 also reflects historic |
differences between the rate of the pound against the euro and the weakness of sterling in the current financial |
climate. |
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During the year £47,058 (2019 £52,348) of interest has been charged. The interest charge also reflects |
interest charged regarding the mezzanine debt. |
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The Financial Statements of CeraCon Limited detail total foreign exchange gains and losses. Losses of £11,395 |
(2019 £8,561) relate to the current and prior years, regarding the loan owed to CeraCon GmbH and the current |
year mezzanine loan due to CeraCon GmbH. In 2020 there is a gain of £1,775 and in 2019 a loss of £354 arising |
on foreign exchange trading transactions during the year. |
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At the year end, there was a mezzanine loan balance of £212,764 (2019 £209,381) owed to CeraCon GmbH. |
The loan is repayable in Euros and the loan balance has been co nverted at the spot rate at |
30th June 2020. The adjustment is shown in profit and loss as foreign exchange losses. |
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During the year CeraCon Limited purchased goods from CeraCon GmbH under normal commercial terms. At |
the year end there is a balance of £50,239 (€55,200) (2019 £23,267 (€25,978)) disclosed within trade |
creditors. |
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10. | GOING CONCERN |
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It is the opinion of the directors that the company will continue as a going concern for the foreseeable future. The |
parent company is continuing to provide financial support. |