Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 03942768 (England and Wales)
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Balance Sheet
As at 31 December 2023
31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
40,979
423,514
Cash at bank and in hand
198,035
642,777
239,014
1,066,291
Creditors: amounts falling due within one year
7
(165,294)
(933,725)
Net current assets
73,720
132,566
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
73,718
132,564
Total equity
73,720
132,566
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
S. Lammle
S. Mohr-Lammle
Director
Director
Company Registration No. 03942768
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Laemmle Chemicals U.K. Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pure Offices, Turnberry Park Road, Morley, Leeds, LS27 7LE. On 16 January 2023, the company changed its name to Laemmle Chemicals U.K. Ltd.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The company entered into an asset sale agreement on 14 December 2022, and ceased trading on that date. In view of this, the directors consider it appropriate to prepare the financial statements on a basis other than that of a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and amounts due to fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Exceptional item
2023
2022
£
£
Loss on sale of assets
-
118,934
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
26,041
Adjustments in respect of prior periods
(12,622)
Total current tax
(12,622)
26,041
Deferred tax
Origination and reversal of timing differences
(908)
Total tax (credit)/charge
(12,622)
25,133
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
342,544
Corporation tax recoverable
12,622
Other debtors
28,357
74,741
Prepayments and accrued income
6,229
40,979
423,514
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33,668
Amounts owed to group undertakings
618,047
Corporation tax
26,041
Other taxation and social security
69
95,409
Other creditors
155,225
7,841
Accruals and deferred income
10,000
152,719
165,294
933,725
8
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80
16,794
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The balance outstanding at the year end in respect of defined contribution schemes was £Nil (2022:£5,684).
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
Laemmle Chemicals U.K. Ltd
(formerly Panolin U.K. Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Timothy O'Keeffe and the auditor was Lawrence Johns.
11
Related party transactions
At the year end, included in amounts due to group undertakings is an amount of £Nil (2022: £179,527), which is due to Laemmle Holding AG, the parent company, in respect of advances made to the company and expenses paid on its behalf.
12
Parent company
The ultimate parent company is Laemmle Holding AG., a company incorporated in Switzerland. The address of the parent company is Bläsimühle 2-6, CH-8322 Madetswil, Switzerland.
There is no ultimate controlling party.
2023-12-312023-01-01false01 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedS. LammleS. Mohr-LammleJ E RhodesfalsefalseLawrence Johns039427682023-01-012023-12-31039427682023-12-31039427682022-12-3103942768core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103942768core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103942768core:ShareCapital2023-12-3103942768core:ShareCapital2022-12-3103942768core:RetainedEarningsAccumulatedLosses2023-12-3103942768core:RetainedEarningsAccumulatedLosses2022-12-3103942768bus:Director12023-01-012023-12-3103942768bus:Director22023-01-012023-12-31039427682022-01-012022-12-3103942768core:UKTax2023-01-012023-12-3103942768core:UKTax2022-01-012022-12-3103942768core:CurrentFinancialInstruments2023-12-3103942768core:CurrentFinancialInstruments2022-12-3103942768bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103942768bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103942768bus:FRS1022023-01-012023-12-3103942768bus:Audited2023-01-012023-12-3103942768bus:CompanySecretary12023-01-012023-12-3103942768bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP