|
Registered number: 02878866
LAWRENCE INDUSTRIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
LAWRENCE INDUSTRIES LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lichfield Industrial Estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
CONTENTS
|
|
|
|
|
|
|
|
|
Independent Auditors' Report
|
|
Statement of Comprehensive Income
|
|
|
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present the Strategic Report for the period ended 31 December 2024.
DEVELOPMENT AND PERFORMANCE
|
Lawrence Industries is a distributor of speciality chemicals operating predominately in the UK and Ireland. The industry sector remained a challenging marketplace throughout the period. The Company has continued its growth strategy with focused technical sales effort and the addition of new suppliers complementary to the existing product portfolio. Significant competition exists for volume at most large accounts. Raw material prices remained more stable than in the previous financial year although shipping costs fluctuated. Exchange rates between the British Pound and other major currencies were more stable.
On 28 March 2024, the Company and its parent Company, Lawrence Holdings Limited, were acquired by Brenntag UK Holding Limited. On 4 November 2024, Lawrence Industries Limited was acquired by Brenntag UK Holding Limited as part of a group simplification exercise. Brenntag Specialities, one of the two global divisions within Brenntag, has expanded its Material Science footprint in the UK & Ireland through the strategic acquisition of Lawrence Industries. The acquisition has enhanced the level of technical expertise and broadened the supplier portfolio for value added services.
The Company’s trading results for the period are summarised on page 11. The financial statements have been prepared for a shortened accounting period in order to align the Company's financial year end with that of its parent, Brenntag UK Holding Limited. As a result, the current accounting period covers the period from 1 April 2024 to 31 December 2024.
Lawrence Industries achieved a gross profit of £6,189,000 for the 9-month period to 31 December 2024 (£5,716,000 for the 9-month period to 31 December 2023 and £7,096,000 for the full year ended 31 March 2024). This represented a year-on-year increase of 8.3%. Operating EBITDA fell by 1.1% to £3,531,000 for the 9-months to 31 December, relative to the prior year (£3,570,000 for the 9-month period to 31 December 2023), please refer to page 3 for the calculation of this metric and narrative on the Company's key performance indicators. The directors are very satisfied with the results achieved in 2024 and believe that the dedication of our staff and the building of professional relationships remain critical to our success.
|
|
LAWRENCE INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
PRINCIPAL RISKS AND UNCERTAINTIES
|
On an annual basis, the directors consider the principal risks that the Company is exposed to and determines the actions and resources required to mitigate them.
The Company has a normal level of risk exposure to price, credit, liquidity and cash flow risks arising from its trading activities. The Company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts and these were used throughout the period to mitigate the exposure of the Company to foreign exchange movements.
Economic downturns may have a negative impact on the sales and gross profit of the Company. Lawrence Industries continued to operate in a challenging market environment in 2024. Global conditions were shaped by ongoing geopolitical uncertainties, such as the war in Ukraine and the worsening conflict in the Middle East. These conditions were a cause of uncertainty in business activities across industries, particularly in Europe, where economic momentum remained below expectations. Historically, in times of economic slowdown, Lawrence Industries has performed well due to the broad range of industry groups supplied and the combination of our technical advice and performance products. It is often at these times customers are looking for the type of technical and commercial advantages our products can provide. We believe this differentiates our offering from that of our competitors.
In the UK, inflation remained high and businesses have still been under pressure to raise prices in order to mitigate significant cost increases. We anticipate further challenges in 2025, including the changes to government fiscal policy which includes an increase to employer NICs, and possible escalating international trade frictions. Demurrage costs continue to be an issue due to shortage of transport, storage constraints and reductions in days and new definitions regarding free time and quay rent.
Obsolete stocks are fully written down, and provision made for their disposal. Our exposure to bad debts has historically been very low due to the tight credit control procedures that we maintain.
As a chemical distributor, the Company is exposed to the risk of interruptions to business, quality problems or unexpected technical difficulties. The Company counters this risk by implementing extensive safety measures, adopting regionally standardised quality and safety manuals and through safety campaigns across the Brenntag SE Group. In addition, the Company has taken out appropriate business interruption insurance to further mitigate the risk of potential business interruptions.
|
|
LAWRENCE INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Financial key performance indicators
|
The Company's main performance indicators are gross profit, head count and Operating EBITDA.
The KPI’s have been calculated on a consistent basis with the 2024 figures. The gross margin increased by 8.3% to £6.2 million compared to the same 9-month period in 2023. Operating EBITDA was £3.4 million (2023 same period - £3.0 million). We saw a 1% increase in turnover.
|
|
9-month period ended 31 December 2024
|
9-month period ended 31 December 2023
|
|
|
Change: 9-month period ended 31 December 2024 and 9-month period ended 31 December 2023
|
Change: 9-month period ended 31 December 2024 and year ended 31 March 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating EBITDA, calculated as below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
|
Under section 172(1) of the Companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders whilst having regard to matters set out in S172(1) (a f) of the Act:
(a) the likely long term consequences of decisions;
(b) the interest of the Company’s employees;
(c) the need to foster the Company’s business relationships with suppliers, customers and others;
(d) the impact of the Company’s operations on the community and the environment;
(e) the desirability of the Company maintaining a reputation for high standards of business and conduct; and
(f) the need to act fairly as between the Company’s owners.
To discharge their section 172(1) duties the Board have had regard to the factors set out above and acknowledge that for the business to grow over the long term, a full understanding of the Company’s stakeholders is required to ensure that the Board can make informed decisions which factor in stakeholder interest.
|
|
LAWRENCE INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Stakeholder engagement
The Directors consider its significant stakeholder groups to be:
(i) Customers and suppliers
The Company is part of the Brenntag Group, the global market leader in chemical and ingredient distribution. Brenntag’s aim is to connect chemical manufacturers (our suppliers) with chemical users (our customers) providing a complete distribution solution rather than just chemical products.
Brenntag's business partners and other stakeholders deserve the highest level of quality, reliability and efficient, innovative solutions. In order to meet these standards, Brenntag use five core values to guide its actions:
• Care – We take responsibility for each other, our partners and the world;
• Trust – We build relationships through authenticity and commitment;
• Clarity – We work towards common goals with focus and determination;
• Excellence – We go beyond expectations, through excellence, innovation and collaboration;
• Safety – We put safety first in everything we do.
Lawrence Industries provides its business partners with in depth product, application and industry expertise. The Company is able to address the different requirements of its suppliers and customers flexibly and with the focus on providing the right solution because we have experts and specialists for all customer industries in which we operate. Our experts share their knowledge of local conditions and the specific applications of our products, thereby creating real added value for our partners.
The Company’s business partners are vital to ensuring the long term success of the Company, this principle remains unchanged and as a business we constantly review our business model with a view to leveraging further potential.
(ii) Employees
Our employees, with their expertise and dedication, play a key role in the Company’s success and long term prospects. As part of the Brenntag Group, the Company follows the Brenntag global human resources strategy. A key part of this strategy is to promote employee retention and development at every level. We encourage open dialogue, allowing employees to play a part in shaping the Company and foster a change and performance culture.
Keeping our employees safe is of the upmost importance for Brenntag. Throughout the Group, Brenntag operates in accordance with the “Safety First” principle, relying strongly on personal commitment and responsibility. Brenntag uses various methods to continuously raise employee awareness of occupational health and safety. Training is carried out regularly and best practice is constantly reviewed and rolled out across the Company.
Diversity at Brenntag encompasses several aspects, such as employees’ different cultural backgrounds, qualifications and needs. Through the exchange of knowledge, ideas and experience, diversity makes a decisive contribution to Brenntag’s success. The company wishes to foster this exchange and further increase the diversity of the workforce so as to create a cosmopolitan work culture and a dynamic work environment where all employees can learn from one another.
Lawrence Industries wishes to develop its employees according to their talents and qualifications. Across all levels of the company and at all sites, it establishes a culture of learning and gives employees numerous opportunities to develop professionally and personally. The individual and continuous support given to our employees accords with Brenntag’s corporate values. In this context, the company places emphasis on development measures and a feedback culture at all levels that is also part of the training programs. Brenntag
|
|
LAWRENCE INDUSTRIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
offers learning programs aimed at different target groups within the organisation.
The internal online group portal supports and promotes the flow of information, communication and cooperation between Brenntag Group employees. The platform brings together Brenntag Group employees and facilitates the sharing of information, experiences and best practice methods. Throughout the Group, Brenntag places emphasis on agile and flexible working. The Company has implemented flexible working arrangements for employees provided this is compatible with their job profile.
During the year the Company also participated in the Brenntag global e learning programme, which offers flexible and digital based training on specific professional skills and regional compliance. The programme aims to foster a culture of autonomous learning.
(iii) Shareholders
Brenntag Group policies and procedures ensure that the Board constantly engages with its ultimate parent company Brenntag SE, which promotes and maintains consistently high standards of current, relevant, compliance. Brenntag SE’s representatives are actively involved in decisions relating to strategy, operational performance, capital investments and financial structure and their input is factored into all such decisions.
(iv) The community and environment
As part of the Brenntag Group, the consideration of the impact on the community and environment is taken at Group level. Lawrence industries Limited is fully aligned to the Group's strategy. Further details are available in the Non Financial Report of the ultimate parent company Brenntag SE which is available on the Group’s website at https://corporate.brenntag .com/en/sustainability /.
ESG is a top priority in Brenntag’s activities and an essential part of our growth strategy. As global market leader, we have undertaken to promote a sustainable future. The Group published the “Future Sustainable Brenntag” strategy and vision in April 2022, and set an ambitious ESG agenda. This includes achieving net zero emissions by 2045, increasing the extent to which we use sustainability criteria to steer our product portfolio and driving sustainability in our supply chains.
Lawrence Industries meets the threshold criteria for Streamlined Energy and Carbon Reporting (SECR); however, due to the size of the company it is exempt from the requirement to provide detailed energy and carbon information.
This report was approved by the board on 25 September 2025 and signed on its behalf.
|
|
LAWRENCE INDUSTRIES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the 9-month period ended 31 December 2024.
DIRECTORS' RESPONSIBILITIES STATEMENT
|
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law). Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable United Kingdom Accounting Standards, comprising FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The profit for the period, after taxation, amounted to £2,553 ,320 (Year ended 31 March 2024 - £2,242605).
Interim dividends were paid during the period totalling £3,000,000 (2024 - £500,000). The directors do not
recommend the payment of a final dividend (2024 - £nil).
The directors who served during the period and subsequently up to the date of this report were:
|
|
LAWRENCE INDUSTRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Company made donations to charitable organisations of £476 (Year ended 31 March 2024 - £350). No political donations were made during the period (Year ended 31 March 2024 - £nil).
FINANCIAL RISK MANAGEMENT
Currency Risk
Currency risk at a transactional level is managed through the regular forecasting of future currency flows and the application of hedging products such as forward contracts where applicable.
Liquidity risk
Management control liquidity risk through the careful management of all aspects of the Company's cash flows to ensure that cash is utilised in the most effective way.
Price risk
The Company constantly reviews both its own and supplier prices and where appropriate endeavours to build flexibility into contractual relationships in order to mitigate the effects of price volatility.
Credit risk
The Company mainly trades with long standing customers. The nature of these relationships together with internal controls assist management in controlling its credit risk.
FUTURE DEVELOPMENTS
The directors are satisfied with the Company's results for the year and are confident of the Company's future prospects. As a result there are no plans to change the Company's activities in the foreseeable future.
EMPLOYEES
The Company is committed to the fair and equitable treatment of all its employees irrespective of age, gender, race, religion, disability or sexual orientation. Selection is governed by the Company's principles of non-discrimination and the Company will, wherever possible, recruit from within and through promotion.
GOING CONCERN
The Company has access to considerable financial resources and has rigorous procedures for identifying, quantifying and mitigating all aspects of risk relevant to the business.
The directors have carried out a robust assessment of the risks facing both the Company and the UK Group of Companies which it forms part of. The directors have prepared sensitivity analysis to assess the Company's cash flows based on different scenarios including a severe downturn in the UK economy. The cashflows cover the period to 31 December 2026 and in each scenario both the Company and the UK Group of Companies maintains substantial liquidity.
In addition, the directors have received confirmation from Brenntag UK Holding Limited that financial support is in place for at least 12 months from the date of signing these financial statements.
As such, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
|
|
LAWRENCE INDUSTRIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
Qualifying third party indemnity insurance was in place for the benefit of all the directors of the Company during the period and up to the date of signing of the financial statements.
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as it is a medium sized company and therefore exempt.
Matters covered in the Strategic Report
|
The directors have elected under section 414c of the Companies Act 2006 not to disclose the following
information on the basis that it is covered in the Strategic Report on page 4 to 5:
∙Engagement with suppliers, customers & others.
DISCLOSURE OF INFORMATION TO AUDITORS
|
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
POST BALANCE SHEET EVENTS
|
On 12 June 2025, the directors approved and the company paid a an interim dividend of £2,000,000 in respect of the year ended 31 December 2025.
The independent auditors, Deloitte LLP, were appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 25 September 2025 and signed on its behalf.
|
|
LAWRENCE INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAWRENCE INDUSTRIES LIMITED
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Lawrence Industries Limited (the ‘company’):
∙give a true and fair view of the state of the company’s affairs as at 31st December 2024 and of its profit for the period then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the balance sheet;
∙the statement of changes in equity; and
∙the related notes 1 to 24.
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).
Basis for opinion
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 auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’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.
Conclusions relating to going concern
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 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained
|
|
LAWRENCE INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAWRENCE INDUSTRIES LIMITED
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.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor's 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 financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements.
|
|
LAWRENCE INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAWRENCE INDUSTRIES LIMITED
These included the UK Companies Act 2006 and tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the
|
|
LAWRENCE INDUSTRIES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAWRENCE INDUSTRIES LIMITED
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 auditor’s 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.
Louise Cooper, FCA (Senior statutory auditor)
Louise Cooper, FCA (Senior statutory auditor)For and on behalf of Deloitte LLP
Statutory Auditor
Leeds, United Kingdom
25 September 2025
|
|
LAWRENCE INDUSTRIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest receivable and similar income
|
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the financial period
|
|
|
|
There were no recognised gains and losses for 31 March 2024 or 31 December 2024 other than those included in the Statement of Comprehensive Income.
All amounts relate to continuing operations.
|
There was no other comprehensive income for 2024 (2024:£NIL).
|
The notes on pages 16 to 33 form part of these financial statements.
|
|
|
LAWRENCE INDUSTRIES LIMITED
REGISTERED NUMBER: 02878866
BALANCE SHEET
AS AT 31 DECEMBER 2024
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.
The notes on pages 16 to 33 form part of these financial statements.
|
|
LAWRENCE INDUSTRIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
Profit for the financial year
|
|
|
|
Total comprehensive income for the year
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
At 31 March 2024 and 1 April 2024
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 16 to 33 form part of these financial statements.
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES
The Company's principal activities are the importation and distribution of high quality raw materials for use in the compounding industry.
The Company is a private company limited by shares and is incorporated in England & Wales. The address of its registered office is Lawrence House, Apollo, Lichfield Industrial Estate, Tamworth, Staffordshire, B79 7TA.
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss 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 management to exercise judgement in applying the Company's accounting policies (see note 2).
The following principal accounting policies have been applied:
FRS 102 allows a qualifying entity certain disclosure exemptions. The Company has taken advantage of the following exemptions:
a) Under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company, Brenntag SE, includes the Company's cash flows in its own consolidated statements;
b) Under FRS 102 paragraph 1.12(e), from disclosing key management personnel compensation in total; and
c) Under FRS 102 paragraphs 29.28(b) and 29.29, from disclosing information about deferred tax assets and liabilities related to Pillar Two Model Rules, on the basis that it is a qualifying entity and its ultimate parent Company, Brenntag SE, includes these disclosures in its own consolidated financial statements.
These consolidated statements are available on the Group's website at https://annualreport .brenntag.com/en/.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES (continued)
The Company has access to considerable financial resources and has rigorous procedures for identifying, quantifying and mitigating all aspects of risk relevant to the business.
The directors have carried out a robust assessment of the risks facing both the Company and the UK Group of Companies of which it forms part of. The directors have prepared sensitivity analysis to assess the Company’s cash flows based on different scenarios including a severe downturn in the UK economy. The cashflows cover the period to 31 December 2026 and in each scenario both the Company and the UK Group of Companies maintains substantial liquidity.
In addition, the directors have received confirmation from Brenntag UK Holding Limited that financial support is in place for at least 12 months from the date of signing these financial statements.
As such the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
|
|
|
Consolidated financial statements
|
The Company is itself a wholly owned subsidiary company of Brenntag UK Holding Limited and of its ultimate parent company Brenntag SE. It is included in the consolidated financial statements of Brenntag SE, which are publicly available on the Group's website at https://annualreport .brenntag.com/en/. Therefore the Company is exempt from the requirement to prepare group financial statements by virtue of section 401 of the Companies Act 2006.
These financial statements are the Company's separate financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES (continued)
|
|
|
Foreign currency translation
|
The Company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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 Company 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 Company. The carrying amount of the replaced part is derecognised. Repairs
and maintenance are charged to the Statement of Comprehensive Income during the period in which
they are incurred.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
The Company assesses agreements that transfer the right to use assets at inception. The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
i) Finance leased assets
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.
Finance leases are capitalised at commencement of the lease as assets at the fair value of the leased asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined, the Company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset.
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.
The capital element of the lease obligation is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.
ii) Operating leased assets
Leases that do not transfer all of the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Company 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 Statement of Comprehensive Income in the year that the Company 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.
The Company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial assets, including trade, other debtors, amounts owed by group undertakings and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.ACCOUNTING POLICIES (continued)
|
|
|
Financial instruments (continued)
|
using the effective interest method.
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 Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying value would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flow from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade, other creditors and amounts owed to group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where debt instruments are measured at the present value of the future receipts discounted at a market rate of interest. Such liabilities are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs and capitalised as a prepayment and amortised over the period of the facility to which the loan relates.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in finance costs or income as appropriate.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
Judgements in applying accounting policies 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.
Key sources of estimation uncertainty
The directors believe that none of the accounting judgements or estimation uncertainties applied have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
|
|
|
|
|
An analysis of turnover by class of business is as follows:
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of turnover by country of destination:
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
Operating profit for the year/period is stated after charging/(crediting):
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating lease rentals
|
|
|
|
|
(Profit)/loss on disposal of tangible fixed assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the Company's auditors for the audit of the Company's financial statements
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
Staff costs, including directors' remuneration, were as follows:
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including two directors (J C Henn-Allen and Dr K D Ströhle), during the period was as follows:
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and Administration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The highest paid director received remuneration of £386,298 (2024 - £955,862).
|
|
|
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,500 (2024 - £9,976).
|
|
|
M Herron-Joliffe is wholly renumerated through Brenntag UK Limited, a fellow group company. A recharge of £5,000 (2024 - £3,750) has been made by Brenntag UK to the Company in respect these directorship costs.
The company pays contributions to a defined contribution pension scheme for two directors (2024 - three).
|
|
|
Interest receivable and similar income
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
10.Tax on profit (continued)
|
|
Factors affecting tax charge for the period/year
|
|
|
The tax assessed for the period/year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of25% (2024 -25%). The differences are explained below:
|
|
|
|
|
|
|
9-month period ended
31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
|
|
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
|
|
|
|
|
Adjustments to tax charge in respect of prior periods
|
|
|
|
|
Total tax charge for the period/year
|
|
|
|
|
Deferred taxes at the balance sheet date have been measured using these enacted tax rates and are reflected in these financial statements.
Pillar Two legislation has been enacted and becomes effective for the financial year beginning 1 January 2024. The Brenntag UK Holding group has made an assessment of the effect of Pillar Two and concluded that there is no direct financial impact related to the UK entities from the introduction of the rules.
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interim dividend paid 249.43p (2024 - 41.57p) per £1 ordinary share
|
|
|
|
|
|
|
|
|
|
An interim dividend for the financial period ended 31 December 2024 amounting to £3,000,000 was proposed and paid on 22 November 2024.
An interim dividend for the financial period ended 31 December 2025 amounting to £2,000,000 was paid and proposed on 12 June 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation charged during the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finished goods and goods for resale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock recognised in cost of sales during the year/period as an expense was £18,818,730 (9-months ended 31 December 2023 £19,146,836).
Stocks are stated after provisions for impairment of £391,545 (year ended 31 March 2024: £212,782).
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets that are debt instruments measured at amortised cost
|
|
|
|
|
|
|
|
|
|
Financial liabilities measured at amortised cost
|
|
|
|
|
Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors and other debtors.
|
|
|
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings, trade creditors, obligations under finance lease contracts, other creditors and provisions.
|
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
At beginning of the period
|
|
|
Statement of Comprehensive Income
|
|
|
|
|
|
|
The deferred taxation balance is made up as follows:
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed asset timing differences
|
|
|
|
|
Short term timing differences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,202,755 (2024 - 1,202,755) Ordinary shares of £1 each
|
|
|
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.
|
|
LAWRENCE INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
|
|
Commitments under operating leases
|
|
|
At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
9-month period ended 31 December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Between two and five years
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
The Company is exempt under FRS 102 33.1A from disclosing related party transactions with members of the same group that are wholly owned. There have been no other related party transactions.
|
The Company's immediate parent company isBrenntag UK Holding Limited, a company registered in England and Wales.
The Company’s ultimate parent company and controlling entity is Brenntag SE which is incorporated in Germany.
Brenntag SE is the parent undertaking of the smallest and largest group to consolidate these financial statements at 31 December 2024. The consolidated financial statements of Brenntag SE are available from their registered office, at Messeallee 11, D-45131, Essen, Germany.
Charge to profit or loss in respect of defined contribution schemes.
The Company operates a defined contribution pension scheme for all qualifying employees. The net assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £33,696 (year-ended 31 March 2024 - £46,165). There were contributions outstanding to the fund of £3,563 (2024 - £3,876) at the balance sheet date.
|
|
|