Company Registration No. 02838052 (England and Wales)
Lambson Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Lambson Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Lambson Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
16,133,335
16,235,320
Cash at bank and in hand
964,171
736,474
17,097,506
16,971,794
Creditors: amounts falling due within one year
5
(19,098)
(16,050)
Net current assets
17,078,408
16,955,744
Capital and reserves
Called up share capital
6
10
1,000,002
Profit and loss reserves
17,078,398
15,955,742
Total equity
17,078,408
16,955,744
The directors of the company have elected not to include a copy of the income statement 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 31 July 2024 and are signed on its behalf by:
Karen Kane
Director
Company Registration No. 02838052
Lambson Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
Lambson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clifford House, York Road, Wetherby, LS22 7NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Arkema SA. These consolidated financial statements are available from its registered office, 420, rue d'Estienne d'Ovres la Defense, 92700 Colombes, France.
Lambson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.2
Going concern
As noted elsewhere in these financial statements, on 1 January 2021, the trade, assets and liabilities of the company, with the exception of the investments, were transferred to its parent company Arkema UK Limited at book value. The company has not traded subsequently and has disposed of its investments. As part of the process of closing this entity down during the year, a capital reduction was undertaken. This process reduced outstanding share capital from 1,000,002 £1.00 shares to 10 shares of £1.00 each. The distributable reserves of the company have been credited with £999,992. true
Once the closing down process is complete, the directors anticipate that the company's reserves will be distributed to the parent company. This is expected to be completed in 2024 and it is anticipated that the company will cease to trade. The directors note that this process will not require any cash, and so the risk to going concern is minimal.
1.3
Cash and cash equivalents
Cash and cash equivalents 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.
1.4
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
Lambson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.5
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.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
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 income statement 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.
Lambson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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
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.
2
Critical accounting 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
Lambson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
439
Amounts owed by group undertakings
16,133,335
16,234,881
16,133,335
16,235,320
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
19,098
16,050
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10
1,000,002
10
1,000,002
As part of the process of closing this entity down during the year, a capital reduction was undertaken. This process reduced outstanding share capital from 1,000,002 £1.00 shares to 10 shares of £1.00 each. The distributable reserves of the company have been credited with £999,992.
7
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.
Senior Statutory Auditor:
Martin Holden
Statutory Auditors:
Saffery LLP
8
Related party transactions
Included within debtors at the year end is £16,133,335 (2022: 16,227,948) owed from Arkema UK and £nil (2022: £6,933) from Lambson International.
9
Events after the reporting date
The directors do not believe that there are any material post balance sheet events that require disclosure.
Lambson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
10
Parent company
The parent company is Arkema UK Limited (formerly known as Arkema Coatings Resins Limited), a company registered in England and Wales, by virtue of their ownership of the entire ordinary shares of the company. Its registered office is Common Road, Stafford, England, ST16 3EH.
The ultimate controlling party is Arkema SA, a company registered in France. Arkema SA prepares consolidated accounts, a copy of which can be obtained from their website. The registered address is 420 Rue D'Estienne D'Orves, 92700 Colombes, France.