Chemtool (UK) Limited 05643249 false true 2014-01-01 2014-12-31 2014-12-31 true true 05643249 2014-01-01 2014-12-31 05643249 2014-12-31 05643249 uk-bus:Director5 2014-12-31 05643249 uk-bus:Director7 2014-12-31 05643249 uk-bus:Director8 2014-12-31 05643249 uk-bus:Director9 2014-12-31 05643249 uk-bus:OrdinaryShareClass1 uk-bus:Non-cumulativeShares 2014-12-31 05643249 uk-bus:EntityAccountantsOrAuditors 2014-12-31 05643249 uk-gaap:DevelopmentCosts 2014-12-31 05643249 uk-gaap:PatentsConcessionsLicencesTradeMarksSimilar 2014-12-31 05643249 uk-gaap:ComputerEquipment 2014-12-31 05643249 uk-gaap:FixturesFittingsToolsEquipment 2014-12-31 05643249 uk-gaap:LandBuildings uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2014-12-31 05643249 uk-gaap:MotorVehicles 2014-12-31 05643249 uk-gaap:OfficeEquipment 2014-12-31 05643249 uk-gaap:PlantMachinery 2014-12-31 05643249 uk-bus:RegisteredOffice 2014-01-01 2014-12-31 05643249 uk-bus:CompanySecretary 2014-01-01 2014-12-31 05643249 uk-bus:Director5 2014-01-01 2014-12-31 05643249 uk-bus:Director7 2014-01-01 2014-12-31 05643249 uk-bus:Director8 2014-01-01 2014-12-31 05643249 uk-bus:Director9 2014-01-01 2014-12-31 05643249 uk-bus:OrdinaryShareClass1 uk-bus:Non-cumulativeShares 2014-01-01 2014-12-31 05643249 uk-bus:EntityAccountantsOrAuditors 2014-01-01 2014-12-31 05643249 uk-bus:EntityBankers uk-bus:JointAgent1 2014-01-01 2014-12-31 05643249 uk-gaap:DevelopmentCosts 2014-01-01 2014-12-31 05643249 uk-gaap:PatentsConcessionsLicencesTradeMarksSimilar 2014-01-01 2014-12-31 05643249 uk-gaap:ComputerEquipment 2014-01-01 2014-12-31 05643249 uk-gaap:FixturesFittings 2014-01-01 2014-12-31 05643249 uk-gaap:FixturesFittingsToolsEquipment 2014-01-01 2014-12-31 05643249 uk-gaap:ImprovementsOrDevelopmentAssets 2014-01-01 2014-12-31 05643249 uk-gaap:LandBuildings uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2014-01-01 2014-12-31 05643249 uk-gaap:MotorVehicles 2014-01-01 2014-12-31 05643249 uk-gaap:OfficeEquipment 2014-01-01 2014-12-31 05643249 uk-gaap:PlantMachinery 2014-01-01 2014-12-31 05643249 2013-12-31 05643249 uk-gaap:ComputerEquipment 2013-12-31 05643249 uk-gaap:FixturesFittingsToolsEquipment 2013-12-31 05643249 uk-gaap:LandBuildings uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2013-12-31 05643249 uk-gaap:MotorVehicles 2013-12-31 05643249 uk-gaap:OfficeEquipment 2013-12-31 05643249 uk-gaap:PlantMachinery 2013-12-31 05643249 2013-01-01 2013-12-31 05643249 2013-12-31 05643249 uk-bus:OrdinaryShareClass1 uk-bus:Non-cumulativeShares 2013-12-31 05643249 uk-gaap:ComputerEquipment 2013-12-31 05643249 uk-gaap:FixturesFittingsToolsEquipment 2013-12-31 05643249 uk-gaap:LandBuildings uk-gaap:OwnedOrFreeholdTangibleFixedAssets 2013-12-31 05643249 uk-gaap:MotorVehicles 2013-12-31 05643249 uk-gaap:OfficeEquipment 2013-12-31 05643249 uk-gaap:PlantMachinery 2013-12-31 iso4217:GBP xbrli:shares

Registration number: 05643249

Chemtool (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2014
 

Marshall & Co
Chartered Accountants and Registered Auditors
19-21 Crewe Road
Alsager
Stoke on Trent
Staffs
ST7 2EP

 

Chemtool (UK) Limited
Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 5

Profit and Loss Account

6

Balance Sheet

7

Notes to the Financial Statements

8 to 13

 

Chemtool (UK) Limited
Company Information

Directors

Lubrizol Holdings France SAS

Mr A Smits
 

Company secretary

Mr J Davies

Registered office

The Knowle
Nether Lane
Hazelwood
Derby
Derbyshire
DE56 4AN

Bankers

The Royal Bank of Scotland NV
250 Bishopsgate
London EC2M 4AA
United Kingdom

Auditors

Marshall & Co
Chartered Accountants and Registered Auditors
19-21 Crewe Road
Alsager
Stoke on Trent
Staffs
ST7 2EP

Page 1

 

Chemtool (UK) Limited
Directors' Report for the Year Ended 31 December 2014

The directors present their report and the financial statements for the year ended 31 December 2014.

Directors of the company

The directors who held office during the year were as follows:

Mr M M J Verthongen (Resigned 2 October 2014)

Mr D L Sheets (Resigned 2 October 2014)

Lubrizol Holdings France SAS (appointed 2 October 2014)

Mr A Smits (appointed 19 September 2014)

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and which they know the auditor is unaware of.

Reappointment of auditors

The auditors Marshall & Co are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 21 September 2015 and signed on its behalf by:

.........................................
Mr M Verthongen
Representative of Lubrizol Holdings France SAS
 

Page 2

 

Chemtool (UK) Limited
Statement of Directors' Responsibilities

The directors are responsible for preparing the Annual 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 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 and apply them consistently;
•
make judgements and accounting estimates that are reasonable and prudent
; 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 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.

Page 3

 

Independent Auditor's Report to the Members of
Chemtool (UK) Limited

We have audited the financial statements of Chemtool (UK) Limited for the year ended 31 December 2014, set out on pages 6 to 13. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (Effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

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 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.

Respective responsibilities of directors and auditor

As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on the financial statements

In our opinion the financial statements:
•
give a true and fair view of the state of the company's affairs as at

31 December 2014

and of its

loss

for the

year

then ended;
•
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

applicable to smaller entities
; and
•
have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Page 4

 

Independent Auditor's Report to the Members of
Chemtool (UK) Limited
 
 ......... continued

Matters on which we are required to report by exception

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; or

•

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.

......................................
E E Marshall-Birks FCA (Senior Statutory Auditor)
For and on behalf of Marshall & Co, Statutory Auditor

19-21 Crewe Road
Alsager
Stoke on Trent
Staffs
ST7 2EP

25 September 2015

Page 5

 

Chemtool (UK) Limited
Profit and Loss Account for the Year Ended 31 December 2014

   

Note

    

2014
£

    

2013
£

  

Turnover

  

   

3,990,610

   

4,354,685

 

Cost of sales

  

   

(2,702,625)

   

(2,868,333)

 

Gross profit

  

   

1,287,985

   

1,486,352

 

Administrative expenses

  

   

(1,455,760)

   

(1,108,744)

 

Other operating income

  

   

114,685

   

-

  

Operating (loss)/profit

  

2

   

(53,090)

   

377,608

 

Other interest receivable and similar income

  

   

66

   

255

 

Interest payable and similar charges

  

   

(6,675)

   

-

  

(Loss)/profit on ordinary activities before taxation

  

   

(59,699)

   

377,863

 

Tax on (loss)/profit on ordinary activities

  

3

   

(16,478)

   

(81,123)

 

(Loss)/profit for the financial year

  

10

   

(76,177)

   

296,740

 

The notes on pages 8 to 13 form an integral part of these financial statements.
Page 6

 

Chemtool (UK) Limited
(Registration number: 05643249)
Balance Sheet at 31 December 2014

   

Note

    

2014
£

    

2013
£

  

Fixed assets

  

             

Intangible fixed assets

  

4

   

2,248,143

   

-

  

Tangible fixed assets

  

5

   

82,197

   

122,024

 
   

   

2,330,340

   

122,024

 

Current assets

  

             

Stocks

  

   

310,652

   

414,632

 

Debtors

  

6

   

978,164

   

961,608

 

Cash at bank and in hand

  

   

573,543

   

164,120

 
   

   

1,862,359

   

1,540,360

 

Creditors: Amounts falling due within one year

  

7

   

(318,817)

   

(705,898)

 

Net current assets

  

   

1,543,542

   

834,462

 

Total assets less current liabilities

  

   

3,873,882

   

956,486

 

Creditors: Amounts falling due after more than one year

  

8

   

(3,000,000)

   

-

  

Provisions for liabilities

  

   

-

    

(6,427)

 

Net assets

  

   

873,882

   

950,059

 

Capital and reserves

  

             

Called up share capital

 

9

   

1

   

1

 

Profit and loss account

  

10

   

873,881

   

950,058

 

Shareholders' funds

  

   

873,882

   

950,059

 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved and authorised for issue by the Board on 21 September 2015 and signed on its behalf by:

.........................................
Mr M Verthongen
Representative of Lubrizol Holdings France SAS

The notes on pages 8 to 13 form an integral part of these financial statements.
Page 7

 

Chemtool (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

1

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company is exempt from preparing a cash flow statement as 90% or more of the voting rights are held within the group.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Trademarks

straight line over 15 years

Technology

straight line over 15 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Improvements to property

nil

Plant and machinery

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

15% on reducing balance

Computer equipment

straight line over 3 years

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 8

 

Chemtool (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract 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 of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Operating (loss)/profit

Operating (loss)/profit is stated after charging:

 

2014
£

    

2013
£

  

 

   

 

Foreign currency losses/(gains)

  

193,672

   

(31,734)

 

Loss on sale of tangible fixed assets

  

14,523

    

-

  

Depreciation of tangible fixed assets

  

23,849

   

30,217

 

Amortisation

  

160,585

   

-

  

Page 9

 

Chemtool (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

3

Taxation

Tax on (loss)/profit on ordinary activities

   

2014
£

    

2013
£

  

Current tax

            

Corporation tax charge

  

13,700

   

75,889

 

Adjustments in respect of previous years

  

9,204

   

-

  

UK Corporation tax

  

22,904

   

75,889

 

Deferred tax

            

Origination and reversal of timing differences

  

(6,426)

   

5,234

 

Total tax on (loss)/profit on ordinary activities

  

16,478

   

81,123

 

4

Intangible fixed assets

   

Trademarks
£

    

Technology
£

    

Total
£

  

Cost

                  

Additions

  

1,101,253

   

1,307,475

   

2,408,728

 

At 31 December 2014

  

1,101,253

   

1,307,475

   

2,408,728

 

Amortisation

                  

Charge for the year

  

73,417

   

87,168

   

160,585

 

At 31 December 2014

  

73,417

   

87,168

   

160,585

 

Net book value

                  

At 31 December 2014

  

1,027,836

   

1,220,307

   

2,248,143

 

Page 10

 

Chemtool (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

Tangible fixed assets

 

Improvements to property
£

    

Plant and machinery
£

    

Fixtures and fittings
£

    

Motor vehicles
£

    

Office equipment
£

    

Computer equipment
£

    

Total
£

  

Cost or valuation

  

   

   

   

   

   

   

 

At 1 January 2014

  

22,771

   

1,059

   

32,476

   

124,030

   

5,394

   

12,088

   

197,818

 

Additions

  

-

    

-

    

5,265

   

-

    

376

   

1,240

   

6,881

 

Disposals

  

(8,512)

   

(578)

   

(4,011)

   

(21,885)

   

(3,590)

   

(8,160)

   

(46,736)

 

At 31 December 2014

  

14,259

   

481

   

33,730

   

102,145

   

2,180

   

5,168

   

157,963

 

Depreciation

  

   

   

   

   

   

   

 

At 1 January 2014

  

-

    

354

   

10,309

   

53,567

   

1,575

   

9,989

   

75,794

 

Charge for the year

  

-

    

100

   

3,908

   

17,379

   

558

   

1,904

   

23,849

 

Eliminated on disposals

  

-

    

(354)

   

(2,500)

   

(11,894)

   

(1,417)

   

(7,712)

   

(23,877)

 

At 31 December 2014

  

-

    

100

   

11,717

   

59,052

   

716

   

4,181

   

75,766

 

Net book value

  

   

   

   

   

   

   

 

At 31 December 2014

  

14,259

   

381

   

22,013

   

43,093

   

1,464

   

987

   

82,197

 

At 31 December 2013

  

22,771

   

705

   

22,167

   

70,463

   

3,819

   

2,099

   

122,024

 

Page 11

 

Chemtool (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

6

Debtors

   

2014
£

    

2013
£

  
             

Trade debtors

  

659,124

   

950,097

 

Amounts owed by group undertakings and undertakings in which the company has a participating interest

  

300,609

   

-

  

Other debtors

  

18,431

   

11,511

 
   

978,164

   

961,608

 

7

Creditors: Amounts falling due within one year

   

2014
£

    

2013
£

  
             

Trade creditors

  

231,595

   

332,189

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

  

8,069

   

212,024

 

Corporation tax

  

13,700

   

75,889

 

Other taxes and social security

  

56,059

   

63,207

 

Other creditors

  

9,394

   

22,589

 
   

318,817

   

705,898

 

8

Creditors: Amounts falling due after more than one year

   

2014
£

    

2013
£

  
             

Amounts owed to group undertakings and undertakings in which the company has a participating interest

  

3,000,000

   

-

  

9

Share capital

Allotted, called up and fully paid shares

 

2014

2013

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

1

   

1

   

1

   

1

 
                         

Page 12

 

Chemtool (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2014
......... continued

10

Reserves

   

Profit and loss account
£

    

Total
£

  
             

At 1 January 2014

  

950,058

    

950,058

  
             

Loss for the year

  

(76,177)

   

(76,177)

 

At 31 December 2014

  

873,881

    

873,881

  

11

Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £30,092 (2013 - £29,205).

12

Related party transactions

The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.

13

Control

The company is controlled by Lubrizol Holdings France SAS. The ultimate controlling party is Berkshire Hathaway Inc.

Page 13