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COMPANY REGISTRATION NUMBER: 04042428
LAPORTE INDUSTRIES UK LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2022
LAPORTE INDUSTRIES UK LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
(restated)
Note
£
£
£
Fixed assets
Tangible assets
6
1,820,782
992,427
Investments
7
1
1
-------------
----------
1,820,783
992,428
Current assets
Stocks
562,694
443,814
Debtors
8
2,397,815
1,021,329
Cash at bank and in hand
160,701
166,979
-------------
-------------
3,121,210
1,632,122
Creditors: amounts falling due within one year
9
( 2,747,387)
( 1,310,904)
-------------
-------------
Net current assets
373,823
321,218
-------------
-------------
Total assets less current liabilities
2,194,606
1,313,646
Creditors: amounts falling due after more than one year
10
( 536,096)
( 654,523)
Provisions
Taxation including deferred tax
( 281,443)
( 148,381)
-------------
-------------
Net assets
1,377,067
510,742
-------------
-------------
LAPORTE INDUSTRIES UK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
2022
2021
(restated)
Note
£
£
£
Capital and reserves
Called up share capital
31,000
31,000
Revaluation reserve
190,574
204,653
Profit and loss account
1,155,493
275,089
-------------
----------
Shareholders funds
1,377,067
510,742
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:
J M Laporte
Director
Company registration number: 04042428
LAPORTE INDUSTRIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sherwood House, Normanton Lane Industrial Estate, Bottesford, Notts, NG13 0EL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements No judgements have been made which would have a significant effect on the amounts recognised in the financial statements. - Key sources of estimation uncertainty The company produces manufactured clays and calculates the production cost based upon an estimate of the cost of materials, direct labour, energy, maintenance and depreciation. Such costs fluctuate, and accordingly management monitor this on a monthly basis to ensure that the calculation remains materially accurate. No other judgements or estimates have been made which would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% straight line
Plant and machinery
-
10-25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued on a First-In-First-Out basis at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Manufactured stock items are included in the accounts at production cost which comprises materials, direct labour, energy, maintenance and depreciation costs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme grant has been recognised under the accrual model, and is shown as Government Grant Income within the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2021: 28 ).
5. Exceptional items
Exceptional income relates to transactions relating to business interruption claims and insurance proceeds for the period.
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Asset under construction
Total
£
£
£
£
£
£
Cost or valuation
At 1 Jan 2022 (as restated)
423,950
1,954,395
35,607
272,186
2,686,138
Additions
23,628
110,941
17,240
46,363
211,630
409,802
Disposals
( 53,005)
( 12,657)
( 25,366)
( 91,028)
Revaluations
552,422
552,422
-------------
-------------
---------
----------
----------
-------------
At 31 Dec 2022
1,000,000
2,012,331
40,190
293,183
211,630
3,557,334
-------------
-------------
---------
----------
----------
-------------
Depreciation
At 1 Jan 2022
13,750
1,421,980
34,308
223,673
1,693,711
Charge for the year
7,567
106,159
2,664
22,506
138,896
Disposals
( 53,005)
( 11,621)
( 10,112)
( 74,738)
Revaluations
( 21,317)
( 21,317)
-------------
-------------
---------
----------
----------
-------------
At 31 Dec 2022
1,475,134
25,351
236,067
1,736,552
-------------
-------------
---------
----------
----------
-------------
Carrying amount
At 31 Dec 2022
1,000,000
537,197
14,839
57,116
211,630
1,820,782
-------------
-------------
---------
----------
----------
-------------
At 31 Dec 2021
410,200
532,415
1,299
48,513
992,427
-------------
-------------
---------
----------
----------
-------------
Tangible assets held at valuation
The freehold property was revalued at 31 December 2022 by a Registered Valuer at open market value. At 31 December 2022 the historical cost of freehold property was £745,901 (2021: £722,273).
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Equipment
Total
£
£
£
At 31 December 2022
46,052
46,052
---------
----
---------
At 31 December 2021
53,570
9,827
63,397
---------
-------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 as restated and 31 December 2022
1
----
Impairment
At 1 January 2022 as restated and 31 December 2022
----
Carrying amount
At 31 December 2022
1
----
At 31 December 2021
1
----
Subsidiaries, associates and other investments
The company owns 100% of the share capital in Weshoot Limited, which is incorporated in the UK and registered at Streets Chartered Accountants, 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
8. Debtors
2022
2021
(restated)
£
£
Trade debtors
838,380
702,155
Amounts owed by group undertakings and undertakings in which the company has a participating interest
204,129
204,116
Other debtors
1,355,306
115,058
-------------
-------------
2,397,815
1,021,329
-------------
-------------
9. Creditors: amounts falling due within one year
2022
2021
(restated)
£
£
Bank loans and overdrafts
104,894
102,757
Trade creditors
263,981
523,199
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,532,790
229,019
Social security and other taxes
191,924
167,327
Other creditors
653,798
288,602
-------------
-------------
2,747,387
1,310,904
-------------
-------------
Bank loans and overdrafts totalling £104,894 (2021: £102,757) are secured by a debenture over all assets of the company, as well as a legal charge over the company's freehold property.
Hire purchase liabilities totalling £12,111 (2021: £16,995) are secured on the assets to which they relate.
10. Creditors: amounts falling due after more than one year
2022
2021
(restated)
£
£
Bank loans and overdrafts
536,096
642,412
Other creditors
12,111
----------
----------
536,096
654,523
----------
----------
Bank loans and overdrafts totalling £536,096 (2021: £642,412) are secured by a debenture over all assets of the company, as well as a legal charge over the company's freehold property.
Hire purchase liabilities totalling £nil (2021: £12,111) are secured on the assets to which they relate.
Included within creditors: amounts falling due after more than one year is an amount of £211,517 (2021: £266,385) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Prior period errors
A prior period adjustment has been made relating to a transfer of fixed assets between categories and alignment of depreciation accounting policies. The effect on the prior period is a reduction in profit for the prior period and opening reserves of £320,984.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
(restated)
£
£
Not later than 1 year
39,633
63,663
Later than 1 year and not later than 5 years
18,355
57,989
---------
----------
57,988
121,652
---------
----------
13. Summary audit opinion
The auditor's report dated 29 March 2024 was unqualified .
The senior statutory auditor was Mark Bradshaw , for and on behalf of Streets Audit LLP .
14. Director's advances, credits and guarantees
At the beginning of the year the director's loan account was £42,069. During the year advances of £125,036 were made and the director made repayments totalling £54,977, leaving an overdrawn directors loan account of £112,128 at the year end. The loan was repaid in full after the year end. No interest was charged.
15. Related party transactions
The company regards Laporte Holding SAS, which is incorporated in France, as its ultimate parent company. The company is part of the Laporte Group and copies of the group's consolidated accounts can be obtained by writing to: Laporte Holding SAS 371 Chemin des Pres F-06410 Biot France There are no related party transactions which require disclosure under Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.