REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Period 1 January 2019 to 30 December 2019 |
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for |
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Baerlocher UK Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Period 1 January 2019 to 30 December 2019 |
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for |
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Baerlocher UK Limited |
Baerlocher UK Limited (Registered number: 01109873) |
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Contents of the Financial Statements |
for the Period 1 January 2019 to 30 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Statement of Directors' Responsibilities | 6 |
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Independent Auditors' Report | 7 |
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Statement of Income and Retained Earnings | 9 |
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Balance Sheet | 10 |
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Notes to the Financial Statements | 11 |
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Baerlocher UK Limited |
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Company Information |
for the Period 1 January 2019 to 30 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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First Floor, St Johns House |
16 Church Street |
Bromsgrove |
Worcestershire |
B61 8DN |
Baerlocher UK Limited (Registered number: 01109873) |
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Strategic Report |
for the Period 1 January 2019 to 30 December 2019 |
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The directors present their strategic report for the year ended 30 December 2019. |
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FAIR REVIEW OF THE BUSINESS |
In the year to 30 December 2019, the company's activity was dominated by continued efforts to recover rising input costs of raw materials and preparing the company for all possible outcomes ahead of an exit from the EU. |
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Key Performance Indicators |
The principal key performance indicators of the company are turnover, gross profit, operating profit, working capital management and management of liquidity as disclosed in the financial statements. |
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Turnover |
Sales revenues reduced by 5.4% in comparison to 2018 (+2.9% v 2017). |
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Gross Profit and Operating Profit |
Gross profit remained consistent at 14.9% (2018: 14.9%) whilst operating profit reduced to 4.4% (2018: 5.0%). |
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Working Capital Management |
Working Capital Intensity decreased to 7.3% (2018: 8.4%) whilst continuing to provide a safety inventory ahead of an assumed 'no deal' Brexit. |
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Management of liquidity |
In spite of the safety inventory cash burden, the company was able to make payment of its fifth consecutive dividend since the financial crisis of £500,000 (2018: £500,000). |
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Management of credit risk continues to be a priority and there were no bad debts (2018: £2,400). |
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Employees |
Continuing to run at 2018 production levels and with several key employees continuing to support other group companies throughout the year, our employee base remained stable with absenteeism levels continuing to remain at below industry average levels at 1.2% (2018: 1.2%). |
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Quality, Safety and Environment |
Productivity in 2019 exceeded 2018 levels with the plant remaining fully utilised achieving comparable delivery and quality performance levels to 2018. Quality costs were minimised at 2018 levels and no accidents occurred during the year. |
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The company continues to fulfil all obligations regarding compliance with REACH and will continue to do so together with industry consortia and its supply base. |
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Currently the company is preparing for a new regulatory framework following the UK exit from the EU in 2021. |
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Baerlocher UK Limited (Registered number: 01109873) |
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Strategic Report |
for the Period 1 January 2019 to 30 December 2019 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The increasing global demand for Calcium Organic PVC stabiliser feedstocks combined with closures of Chinese supplier's factories impacted upon the availability of some key raw materials forcing up raw material prices in 2019. |
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Uncertainty around the economic implications of the UK's departure from the EU continues throughout 2020 and with its biggest competitor closing their UK production, the company is well-established, prepared and positioned to serve UK based customers when the UK leaves EU 28. |
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The board have responded to the impact of the Covid 19 pandemic with the construction sector effectively halting during March and April 2020 during lockdown. Operating costs have been adjusted appropriately and the company participated in the CJRS as well as taking measures to secure its liquidity, management of credit risk and with the flexibility it has, adjusting its capacity in line with demand during the period ahead. |
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Position at the Year End |
Whilst the UK based production capacity of PVC stabilisers reduced due to the closure of the company's biggest competitor in September 2019, the shareholders and the board remain committed to providing consistent quality and value for convertors of PVC from our experienced and operationally excellent British manufacturing base. |
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ON BEHALF OF THE BOARD: |
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Baerlocher UK Limited (Registered number: 01109873) |
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Report of the Directors |
for the Period 1 January 2019 to 30 December 2019 |
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The directors present their report with the financial statements of the company for the period 1 January 2019 to 30 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company is the production and sale of processing additives for the plastics industry. |
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DIVIDENDS |
Interim dividends per share were paid as follows: |
£250,000 | - 26 June 2019 |
£250,000 | - 20 September 2019 |
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The directors recommend that no final dividend be paid. |
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The total distribution of dividends for the period ended 30 December 2019 will be £
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EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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FINANCIAL INSTRUMENTS |
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Objectives and policies |
The company holds or issues financial instruments in order to achieve three main objectives, being: |
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i) to finance its operations; |
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ii) to manage its exposure to interest, credit and liquidity risks arising from its operations and from its sources of finance; and |
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iii) for trading purposes. |
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In addition, various financial instruments (e.g. accounts receivable, accounts payable, accruals and prepayments) arise directly from the company's operations. |
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Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below. |
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Price risk, credit risk, liquidity risk and cash flow risk |
Credit risk |
The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments. |
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Liquidity risk |
Working capital and liquidity is managed as part of day to day business routines such as the company has no significant concentrations of liquidity risk. |
Baerlocher UK Limited (Registered number: 01109873) |
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Report of the Directors |
for the Period 1 January 2019 to 30 December 2019 |
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DISCLOSURE OF INFORMATION TO THE AUDITORS |
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware. |
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ON BEHALF OF THE BOARD: |
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Baerlocher UK Limited (Registered number: 01109873) |
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Statement of Directors' Responsibilities |
for the Period 1 January 2019 to 30 December 2019 |
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The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 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: |
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- | select suitable accounting policies 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 company will continue in business. |
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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 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. |
Independent Auditors' Report to the Members of |
Baerlocher UK Limited |
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Opinion |
We have audited the financial statements of Baerlocher UK Limited (the 'company') for the period ended 30 December 2019 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 December 2019 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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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 Auditors' 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 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Auditors' Report thereon. |
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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. |
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In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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 material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 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. |
Independent Auditors' Report to the Members of |
Baerlocher UK Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
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Auditors' 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 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 financial statements. |
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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. |
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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 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. |
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for and on behalf of
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First Floor, St Johns House |
16 Church Street |
Bromsgrove |
Worcestershire |
B61 8DN |
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Baerlocher UK Limited (Registered number: 01109873) |
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Statement of Income and Retained Earnings |
for the Period 1 January 2019 to 30 December 2019 |
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Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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449,909 | 500,485 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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857,925 | 1,048,120 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL PERIOD |
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Retained earnings at beginning of period |
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Dividends | 7 | ( |
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RETAINED EARNINGS AT END OF PERIOD |
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Baerlocher UK Limited (Registered number: 01109873) |
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Balance Sheet |
30 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 14 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings |
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SHAREHOLDER FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Baerlocher UK Limited (Registered number: 01109873) |
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Notes to the Financial Statements |
for the Period 1 January 2019 to 30 December 2019 |
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1. | STATUTORY INFORMATION |
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Baerlocher UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
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Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
The company recognises revenue when: |
- The amount of revenue can be reliably measured; |
- It is probable that future economic benefits will flow to the entity; and |
- Specific criteria have been met for each of the company's activities. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are stated at the lower of costs and estimated selling price less costs to complete and sell. Cost is determined using the average cost method. |
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The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Baerlocher UK Limited (Registered number: 01109873) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
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Trade debtors are recognised initially at the transactions price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
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Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
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Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
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Borrowing |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
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Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
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Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
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Financial instruments |
Classification |
Financial instruments are classified for, according to the substance of the contractual agreement, as financial assets, financial liabilities or equity instruments. |
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Recognition and measurement |
An equity instrument is any contact that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account. |
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Impairment |
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
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Derivative financial instruments |
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. |
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or income as appropriate. |
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Baerlocher UK Limited (Registered number: 01109873) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currency transactions and balances |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the period was as follows: |
Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
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Production | 19 | 19 |
Administration and support | 5 | 6 |
Sales, marketing and distribution | 8 | 8 |
Other departments | 3 | 3 |
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Baerlocher UK Limited (Registered number: 01109873) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Information regarding the highest paid director is as follows: |
Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Bank interest |
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Interest payable |
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Baerlocher UK Limited (Registered number: 01109873) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Adjustments to tax charge in respect of previous periods | ( |
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Adjust closing deferred tax to average rate | ( |
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Total tax charge | 178,707 | 213,979 |
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7. | DIVIDENDS |
Period |
1/1/19 |
to | Year Ended |
30/12/19 | 31/12/18 |
£ | £ |
Ordinary shares of £1 each |
Final |
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Interim |
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Baerlocher UK Limited (Registered number: 01109873) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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( |
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( |
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At 30 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for period |
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Eliminated on disposal |
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( |
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( |
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At 30 December 2019 |
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NET BOOK VALUE |
At 30 December 2019 |
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At 31 December 2018 |
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Included in cost of land and buildings is freehold land of £ 337,694 (2018 - £ 337,694 ) which is not depreciated. |
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9. | STOCKS |
2019 | 2018 |
£ | £ |
Raw materials |
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Finished goods |
|
|
|
|
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 12) |
|
|
Hire purchase contracts (see note 13) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Baerlocher UK Limited (Registered number: 01109873) |
|
Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
|
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
|
Non-cancellable operating | leases |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 152,657 | 132,184 |
|
Deferred |
tax |
£ |
Balance at 1 January 2019 |
|
Provided during period |
|
Balance at 30 December 2019 |
|
|
15. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 | 500,000 | 500,000 |
|
16. | CONTINGENT LIABILITIES |
|
Post year end, management identified a fraud perpetrated by a former employee of the company. As investigations are on-going, it is not possible to determine the quantum of the financial impact of the fraud. |
Baerlocher UK Limited (Registered number: 01109873) |
|
Notes to the Financial Statements - continued |
for the Period 1 January 2019 to 30 December 2019 |
|
|
17. | POST BALANCE SHEET EVENTS |
|
In the first quarter of 2020, there was an outbreak of Covid-19 Coronavirus in the United Kingdom. The outbreak was subsequently upgraded to a global pandemic by the World Health Organisation. Various government policies were adopted to mitigate the risks posed by the global pandemic. These included national lockdown and local tiered restrictions. |
|
The Company has determined that these events are non-adjusting subsequent events. Accordingly, the financial position and results of operations as of and for the year ended 30 December 2019 have not been adjusted to reflect their impact. |