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REGISTERED NUMBER:
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Tilemaster Adhesives Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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REGISTERED NUMBER:
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Tilemaster Adhesives Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Contents of the Financial Statements |
for the year ended 31 December 2018 |
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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 | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Tilemaster Adhesives Limited |
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Company Information |
for the year ended 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Tilemaster Adhesives Limited (Registered number: 04627336) |
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Strategic Report |
for the year ended 31 December 2018 |
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The directors present their strategic report for the year ended 31 December 2018. |
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REVIEW OF BUSINESS |
The company is focused on maintaining and building upon its' reputation as one of the leading tile adhesive |
and grout manufacturer's in the UK. As part of the Kerakoll Group of international companies, we |
manufacture and provide quality products that are backed up by our excellent customer service and technical |
support. We are committed to developing and training our staff so that they consistently achieve some of the |
best performance criteria in the industry and we maintain high standards in everything that we do. |
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We have a long term objective which is to continue to grow the business, both in our traditional tiling markets |
as well as the flooring sector and will achieve this by a combination of bringing new and existing products to |
new and existing customers. This will be done whilst retaining the Tilemaster core values. |
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We became part of the Kerakoll Group in mid-2017 and this is our first full year's trading as part of the group. |
Once again, this year has carried on as before with another year of both sales and profit growth. Costs have |
been well controlled and this is an area we will continue to work on as we move forward. The result is a great |
achievement given market conditions and again the whole team should be applauded for their hard work. |
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Turnover for the year ending 31 December 2018 was £18.1m (11 month period ending 31 December 2017 |
was £14.1m) and profit before tax for the year ended 31 December 2018 was £1.7m (11 month period to 31 |
December 2017 was £1.3m). Our balance sheet is in a very strong position to move forward with our net |
assets now standing at £7.9m an increase of £1.4m in the year. Our net cash position is also very strong with |
net cash of £3.2m an increase of £0.4m in the year. |
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KEY PERFORMANCE INDICATORS |
The directors monitor the performance of the company on the following Key Performance Indicators ("KPI's"); |
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Year ended | 11 months ended |
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31 December
2018 |
31 December
2017 |
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Gross profit margin | 29.8% | 29.2% |
Operating profit margin | 9.6% | 9.1% |
EBITDA | £1,972k | £1,533k |
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PRINCIPAL RISKS AND UNCERTAINTIES |
As noted in the Review of Business, whilst UK economic data continues to show relative levels of stability, |
notwithstanding the future impact of Brexit, the company remains vigilant to potential risks and uncertainties. |
These principal risks and uncertainties come from the performance of the UK economy, including the |
Sterling/Euro exchange rate, as any significant downturn in UK GDP will have an effect on our market sector. |
However, the directors feel that the company, with the support of the parent group, is well placed to weather |
any economic storms as it has a strategy of minimising costs as much as practicable and maintaining a |
significant cash reserve. |
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FIXED ASSETS |
Details of the additions and disposals to fixed assets are set out in the notes to the financial statements. |
During the year the company has spent over £1m on new manufacturing plant which was not fully is use at |
the year end. No depreciation will be charged on these assets until they are in use. The directors do not |
intend to adopt a policy of periodic revaluations for any class of asset as permitted by FRS102 on the grounds |
on undue cost. |
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ON BEHALF OF THE BOARD: |
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20 June 2019 |
Tilemaster Adhesives Limited (Registered number: 04627336) |
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Report of the Directors |
for the year ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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DIVIDENDS |
No dividends were paid during the year period (11 months to 31 December 2017: £138,000). |
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FUTURE DEVELOPMENTS |
The company intends to continue with the growth policies that have proven to be successful so far and it will |
continue to search for new sales opportunities. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year 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 2018 to the date of |
this report. |
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EMPLOYEES |
Details of the number of employees and related costs are included within the notes to the financial |
statements. |
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Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of |
the applicant concerned. In the event of an employee becoming disabled every effort is made to ensure that |
their employment with the company continues and that appropriate training and support is given. It is the |
policy of the company that the training, career development and promotion of disabled persons should, as far |
as possible, be identical with that of other employees. The company has policies and practices to keep |
employees informed on matters relevant to them as employees through regular meetings and other |
communications. Employee representatives are consulted regularly on a wide range of matters affecting their |
interests. |
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ENVIRONMENTAL |
The company recognises the importance of its environmental responsibilities, monitors its impact on the |
environment and designs and implements policies to reduce any damage that might be caused by the |
company's activities. Such initiatives include the recycling of as much packaging material and other items as |
practically possible and reducing energy consumption. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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; |
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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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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Report of the Directors |
for the year ended 31 December 2018 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information and |
to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act |
2006. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Tilemaster Adhesives Limited |
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Opinion |
We have audited the financial statements of Tilemaster Adhesives Limited (the 'company') for the year ended |
31 December 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, |
Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for
the year then ended; |
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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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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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 and the Report of the Directors, but does not include the financial statements and our Report |
of the Auditors 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: |
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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 |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
Report of the Independent Auditors to the Members of |
Tilemaster Adhesives Limited |
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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: |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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 a Report of the Auditors 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 |
Report of the Auditors. |
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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 a Report of the Auditors 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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Chartered Accountants and |
Statutory Auditor |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Income Statement |
for the year ended 31 December 2018 |
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year ended | period |
31/12/18 | 1/2/17 to 31/12/17 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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3,671,086 | 2,824,782 |
OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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1,740,802 | 1,279,060 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Other Comprehensive Income |
for the year ended 31 December 2018 |
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period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Statement of Changes in Equity |
for the year ended 31 December 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 February 2017 |
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Changes in equity |
Issue of share capital |
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Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Cash Flow Statement |
for the year ended 31 December 2018 |
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period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid |
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( |
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Interest element of hire purchase
payments paid |
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( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year |
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( |
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HP capital repayments in year | ( |
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Amount withdrawn by directors | - | (79,341 | ) |
Share issue |
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Equity dividends paid |
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( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
2,783,475 |
1,039,617 |
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Cash and cash equivalents at end of
year |
2 |
3,221,178 |
2,783,475 |
Tilemaster Adhesives Limited (Registered number: 04627336) |
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Notes to the Cash Flow Statement |
for the year ended 31 December 2018 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | - | 14,235 |
Finance income | (1,494 | ) | (630 | ) |
1,972,004 | 1,532,692 |
Increase in stocks | ( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 December 2018 |
31/12/18 | 1/1/18 |
£ | £ |
Cash and cash equivalents | 3,221,178 | 2,783,475 |
Period ended 31 December 2017 |
31/12/17 | 1/2/17 |
£ | £ |
Cash and cash equivalents | 2,783,475 | 1,039,617 |
Tilemaster Adhesives Limited (Registered number: 04627336) |
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Notes to the Financial Statements |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Tilemaster Adhesives Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the |
financial statements have been rounded to the nearest £1. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Significant judgements and estimates |
In preparing the financial statements the directors have made judgement, estimates and assumptions |
that affect the application of accounting policies and reported amounts of assets, liabilities, income and |
expenditure. The estimates and assumptions are based on historic experiences, future predictions |
and various other factors that are believed to be appropriate and reasonable under the circumstances. |
The judgements, estimates and assumptions which have a significant risk of causing a material |
adjustment to the carrying value of assets and liabilities are the impairment of stocks and bad and |
doubtful debts. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Integral Fixtures | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Freehold land is not depreciated. No depreciation is provided on the company's freehold buildings as |
the director considers that the lives of these assets are so long and residual values, based on prices |
prevailing at the time of acquisition, are sufficiently high that any depreciation would be immaterial. |
Provision is made in the profit and loss account in the event of any permanent diminution in the value |
of the properties. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Tilemaster Adhesives Limited (Registered number: 04627336) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions |
of the instrument. Basic financial assets, which include debtors, prepayments, bank balances and any |
group debts, are initially measured at transaction price and are subsequently carried at cost unless the |
arrangement indicates otherwise and then the asset is measured at the present value of the future |
receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, |
accruals, loans and group borrowings, are initially recognised at transaction price and are |
subsequently carried at cost unless the arrangement indicates otherwise and then the liability is |
measured at the present value of the future obligations discounted at a market rate of interest. |
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Taxation |
Taxation for the year 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 year 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 currencies |
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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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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Hire purchase and leasing commitments |
Assets held under hire purchase contracts and similar finance lease agreements are capitalised in the |
balance sheet and depreciated over their expected useful economic lives. The interest element of the |
repayment is charged to the profit and loss account over the life of the lease. All other leases are |
regarded as operating leases and the payments are charged to the profit and loss account over the |
term of the lease. |
Tilemaster Adhesives Limited (Registered number: 04627336) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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4. | EMPLOYEES AND DIRECTORS |
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
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 year was as follows: |
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
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Sales, production and administration | 70 | 55 |
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period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Bank loan interest |
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Hire purchase interest |
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Tilemaster Adhesives Limited (Registered number: 04627336) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Adjustment in respect of prior |
years taxation | (16,164 | ) | - |
Corporation tax group relief | 62,651 | - |
Total current tax |
|
|
|
Deferred tax | ( |
) |
|
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% (2017 - 19%). |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
|
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Depreciation on non qualifying assets | 5,366 | 5,417 |
Other adjustments | (149 | ) | 2,270 |
Movement in general provisions | (7,243 | ) | 1,755 |
Effect of change in rate of deferred tax provision | (15,540 | ) | - |
Total tax charge | 320,033 | 252,785 |
Tilemaster Adhesives Limited (Registered number: 04627336) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
|
8. | DIVIDENDS |
period |
1/2/17 |
year ended | to |
31/12/18 | 31/12/17 |
£ | £ |
Ordinary A shares of £1 each |
Dividends paid Ord A | - | 42,000 |
Ordinary B shares of £1 each |
Dividends paid Ord B | - | 42,000 |
Ordinary C shares of £1 each |
Dividends paid Ord C | - | 54,000 |
|
|
|
9. | TANGIBLE FIXED ASSETS |
Freehold | Integral | Plant and |
property | Fixtures | machinery |
£ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
Additions |
|
|
|
At 31 December 2018 |
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
Charge for year |
|
|
|
At 31 December 2018 |
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
At 31 December 2017 |
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|
|
Tilemaster Adhesives Limited (Registered number: 04627336) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
|
9. | TANGIBLE FIXED ASSETS - continued |
|
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2018 |
|
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 December 2018 |
|
|
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|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
|
At 31 December 2017 |
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10. | STOCKS |
2018 | 2017 |
£ | £ |
Stock |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Prepayments and other debtors |
|
|
|
|
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 13) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT | 320,868 | 298,872 |
Other creditors |
|
|
Accruals |
|
|
|
|
Tilemaster Adhesives Limited (Registered number: 04627336) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase |
contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
|
Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Between one and five years |
|
|
|
14. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Hire purchase contracts | - | 5,032 |
|
15. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 132,092 | 167,703 |
|
Deferred |
tax |
£ |
Balance at 1 January 2018 |
|
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2018 |
|
|
Deferred tax has been provided for at a rate of 17% (2017: 19%). |
|
16. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 2,800,000 | 2,800,000 |
|
Ordinary A | £1 | 40 | 40 |
|
Ordinary B | £1 | 40 | 40 |
|
Ordinary C | £1 | 20 | 20 |
2,800,100 | 2,800,100 |
Tilemaster Adhesives Limited (Registered number: 04627336) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2018 |
|
17. | ULTIMATE PARENT COMPANY |
|
The company is a subsidiary of Kerakoll S.p.a. which is incorporated in Italy and whose ultimate parent |
undertaking is Fin-Firel S.p.a. Copies of the group accounts are available from Camera di Modena, |
Via Canaletto 80, 41100 Modena, Italy. |
|
The company has taken advantage of the exemptions set out in FRS102 not to disclose transactions |
with members of the group headed by Kerakoll S.p.a. on the grounds that 100% of the voting rights in |
the company are controlled within that group and the results of the company are included in the |
consolidated financial statements. |
|
18. | RELATED PARTY DISCLOSURES |
|
In the opinion of the directors the company is controlled by the ultimate parent undertaking. |
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19. | POST BALANCE SHEET EVENTS |
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Shortly after the year end the company agreed a 5 year lease for the rental of a new warehouse facility |
and the annual operating cost is £260,000 pa. |