Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
COMPANY INFORMATION
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LAKE CHEMICALS AND MINERALS LIMITED
CONTENTS
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LAKE CHEMICALS AND MINERALS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for Lake Chemicals and Minerals Limited ("Lake" or the "Company") for the year ended 31 December 2024.
Lake sells specialty chemicals, ingredients, and formulations providing real value for manufacturers and brands trading in industrial and life science markets. Sales are in the UK and Ireland, and export sales remain important to future growth.
Lake offers a suite of services from market insights to ideation, formulation and manufacturing in support of Ultimate Customer Value and this ensures sales growth of ingredients and raw materials. Additional investment in industrial activities have continued in 2024 to achieve sustained profitable growth over the long term. This complements investments in life science activities in 2023. At the close of 2024 Lake completed four years of significant infrastructure investments that support existing sales and offering superior opportunities for future business growth through an industry leading business model. This claim is made because investment in infrastructure is combined with continuing development and training of personnel. Lake’s "Your Growth Mindset" learning management platform offers employees asynchronous learning options and topics cover technical, product, quality, supply chain, manufacturing, and importantly, sales training. It is the strength of the technical sales team to command incisive skills and capabilities that spearheads the conversion of sales opportunities leading to business growth. Further, training of the Lake Manager Executive team has continued to enhance line management skills and forge leadership traits. Lake’s strong management team is taking on the challenges of a company growing beyond the entrepreneur, thereby securing the future for all stakeholders. Lake’s business strategies are highly developed and focussed on specific sectors within life science and industrial markets. Strategies are aligned to the needs of suppliers and respond to customer applications. Specific business development activities mine large numbers of sales opportunities in pharmaceutical, food staples and supplementation, cosmetic and industrial markets. Lake’s ability to demonstrate credible technical expertise in each of the markets and sectors is key to gaining trust of customers and suppliers. Having developed a business value portfolio summarised in Ultimate Customer Value, Lake is looking at the drivers of growth. Significant resource has been amassed to employ marketing in terms of persuasion and promotion to drive brand awareness and thereby embed Lake’s value into the culture of target markets. Exploiting a marketing premium will create growth. Business activities are supported by state-of-the-art ERP software that collects and collates data from sales through to manufacturing and innovation. Where there is data there is the opportunity to apply AI and specific projects are constantly being evaluated, developed and used within the business. Further advances are being made in ESG capabilities feeding into company policies and daily decisions made by the business. Environmental data gathering and planning continues within a complex business model where there are many external inputs beyond our control but within our influence. Lake is well placed to take advantage across markets, maintain market position and develop growth opportunities despite challenging economic and political scenarios.
Uncertainty in political actions created an environment where the most agile and capable of businesses are challenged. Lake has robust and resilient activity across multiple markets and the critical mass required to take advantage of emerging opportunities. Since the 2024 General Election businesses are suffering from an environment of uncertainty and poor economic activity. Business and consumer communities are increasingly disillusioned. The tax on business activities and increase in regulatory reporting requirements continues apace.
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LAKE CHEMICALS AND MINERALS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In this weak and changing environment, Lake is focussing on maximising the effectiveness of infrastructure investments and optimising the productivity of all processes, particularly the sales process. There are no single events that are affecting the business. Supply chains are mostly stable and known although periodic disturbances in terms of delivery times and price variations continue to be the norm. Lake has developed capability to seek advanced warning from insights into many aspects of business operation to be able to manage uncertainties as they occur.
A significant improvement has been achieved over recent years in the hiring of new colleagues who meet the requirements of Lake’s business culture. Onboarding processes, continual training and offering of structured career development are supported by improved recognition for colleagues. The objective is to ensure retention of valuable employees is being achieved in a market that continues to be competitive. Lake is alert to the importance of secure GDPR whilst taking advantage of Artificial Intelligence opportunities. Cyber crime is a constant threat and all computer hardware and software including storage are meeting the highest standards. Continual training of every employee to recognise cybercrimes and being alert to novel attempts to attack IT and banking infrastructure are in place. Unexpected foreign currency exchange rate variations pose a threat to the business and experience gained by managing such events over previous years enables the potential impact to be minimised. The most effective deterrent to risk is an experienced management team able to spot challenges and make decisions in the moment and this will remain an important aspect of personnel development.
The advent of Covid acted as a marker for changes in the financial performance of Lake with agile reactions that allow Lake to benefit from variable market conditions. Volume growth has led to a rebalancing of customer relationships with value added back to key suppliers. Changeable market dynamics have allowed the affirmation of Lake’s significant Ultimate Customer Value proposition to suppliers and customers.
Lake is successful in building a resilient business culture and a team with credible expertise in many fields of operation and over recent years significant experience has been accrued. Technical selling of specialities is a fundamental capability and is now accompanied by a recognised positive impact from marketing strategic insights, novel formulation development and manufacturing to bring products to market. These capabilities bring direct value to Lake’s coveted suppliers. Combining Lake’s Ultimate Customer Value business model with significant available resource to create above average sales growth is the focus of company activities. There is significant scope to grow the business. The management team are pleased with Lake’s 2024 performance. Profits met expectations, sales were maintained, and speciality margins realised. Overheads were controlled. The company has re invested profits into agile manufacturing, technical sales, supply chain services and employee training to support strategic growth.
Turnover in 2024 decreased by 8% compared with 2023, Gross Profit decreased by 8% and Gross Margins were maintained. Overheads decreased by 2% compared to 2023 and Operating Profit decreased by 35%. This financial performance is measured to be positive when taken in the context of a challenging economy.
Management of working capital continues to be important whilst investing in strategic growth. Achieving an acceptable return on investments is an important focus for 2025 and beyond.
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LAKE CHEMICALS AND MINERALS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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LAKE CHEMICALS AND MINERALS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.
The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £520,358 (2023 - £1,049,510).
The directors do not recommend the payment of a dividend.
The directors who served during the year were:
Details of the Group's future developments are included in the Strategic Report.
Details of the Group's research and development activities are included in the Strategic Report.
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LAKE CHEMICALS AND MINERALS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LAKE CHEMICALS AND MINERALS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE CHEMICALS AND MINERALS LIMITED
We have audited the financial statements of Lake Chemicals and Minerals Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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 Group's or the parent 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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LAKE CHEMICALS AND MINERALS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE CHEMICALS AND MINERALS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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LAKE CHEMICALS AND MINERALS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE CHEMICALS AND MINERALS LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Group and Company and industry in which it operates, key laws and regulations that we identified included:
∙Companies Act;
∙Tax legislation;
∙Health and safety and employment legislation;
∙Medicines and Healthcare Products Regulatory Agency (MHRA); and
∙Medical Regulation Acts.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the financial statements.
Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular obsolete and slow moving stock provisions.
It is the primary responsibility of management, with oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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LAKE CHEMICALS AND MINERALS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE CHEMICALS AND MINERALS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Statutory Auditors
Cornerblock
2 Cornwall Street
West Midlands
B3 2DX
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LAKE CHEMICALS AND MINERALS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
REGISTERED NUMBER: 04306904
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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LAKE CHEMICALS AND MINERALS LIMITED
REGISTERED NUMBER: 04306904
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
REGISTERED NUMBER: 04306904
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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LAKE CHEMICALS AND MINERALS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Lake Chemicals and Minerals Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office and the company's registration number are given in the company information of these financial statements. The nature of the Group's operations and principal activities are described in the Strategic Report on page 1.
2.Accounting policies
The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements are presented in Sterling which is the functional currency of the Group and rounded to the nearest £.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
After making enquires and considering the principal risks and uncertainties the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The directors have undertaken extensive financial modelling to consider the current uncertainty in the UK and global markets and has taken appropriate steps to safeguard the future operations and finances of the Group. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are taken into account in arriving at operating profit.
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Computer software is amortised on a straight line basis over a useful economic life of 5 years.
Website development costs are amortised on a straight line basis over a useful economic life of 3 years.
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Consolidated Statement of Comprehensive Income during the period in which they are incurred.
Depreciation is charged on a straight line basis so as to allocate the cost of assets less their residual value over their estimated useful lives as follows:
Leasehold property improvements - 11%
Fixtures and fittings - 10-25% Office equipment - 10-33.3% Computer equipment - 33.3-50% Warehouse equipment - 20% Laboratory and kitchen equipment - 11-12%
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income. 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 Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Derivative financial instruments ("derivatives") are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products. In accordance with the Group's foreign exchange policy, the Group does not enter into derivatives for speculative purposes. Derivatives are stated at their fair value, being the estimated amount that the Group would receive or pay to terminate them at the balance sheet date based on prevailing foreign currency exchange rates. However the fair value of derivatives was not material so derivatives have not been recognised in these financial statements.
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument previously recognised in equity is retained in equity until the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is then transferred to the Consolidated Statement of Comprehensive Income.
In preparing these financial statements, the directors have made the following judgements: Carrying value of stocks Management review the market value of and demand for its stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices. These estimates are, on the whole, sufficiently reliable.
The whole of the turnover is attributable to the principal activities of the Group.
Analysis of turnover by country of destination:
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Intangible assets (continued)
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Deferred taxation (continued)
Foreign exchange reserve
Profit and loss account
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group contributes to defined contributions pension schemes on behalf of employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £104,197 (2023: £99,800). Contributions totaling £13,085 (2023: £11,025) were payable to the fund at the Balance Sheet date and are included in other creditors.
At the year end, as part of its normal trading activities, the Group had entered into an agreement for the forward purchasing of $2,225,000 (2023: $1,500,000) and €400,000 (2023: €325,000).
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LAKE CHEMICALS AND MINERALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There is no ultimate controlling party.
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