Lambrechts Limited - Accounts to registrar (filleted) - small 18.2

Lambrechts Limited - Accounts to registrar (filleted) - small 18.2

LAMBRECHTS LIMITED - Company Information

Print Friendly Version

IRIS Accounts Production v21.2.0.376 02370928 director 1.1.20 31.12.20 31.12.20 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure023709282019-12-31023709282020-12-31023709282020-01-012020-12-31023709282018-12-31023709282019-01-012019-12-31023709282019-12-3102370928ns16:EnglandWales2020-01-012020-12-3102370928ns15:PoundSterling2020-01-012020-12-3102370928ns11:Director12020-01-012020-12-3102370928ns11:PrivateLimitedCompanyLtd2020-01-012020-12-3102370928ns11:SmallEntities2020-01-012020-12-3102370928ns11:AuditExempt-NoAccountantsReport2020-01-012020-12-3102370928ns11:SmallCompaniesRegimeForDirectorsReport2020-01-012020-12-3102370928ns11:SmallCompaniesRegimeForAccounts2020-01-012020-12-3102370928ns11:FullAccounts2020-01-012020-12-3102370928ns11:OrdinaryShareClass12020-01-012020-12-3102370928ns11:RegisteredOffice2020-01-012020-12-3102370928ns6:CurrentFinancialInstruments2020-12-3102370928ns6:CurrentFinancialInstruments2019-12-3102370928ns6:ShareCapital2020-12-3102370928ns6:ShareCapital2019-12-3102370928ns6:RetainedEarningsAccumulatedLosses2020-12-3102370928ns6:RetainedEarningsAccumulatedLosses2019-12-3102370928ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-12-3102370928ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-12-3102370928ns11:OrdinaryShareClass12020-12-31
REGISTERED NUMBER: 02370928 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

LAMBRECHTS LIMITED
LAMBRECHTS LIMITED (REGISTERED NUMBER: 02370928)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LAMBRECHTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTOR: Mr F Beyens





REGISTERED OFFICE: Bank Chambers
1 Central Avenue
Sittingbourne
Kent
ME10 4AE





REGISTERED NUMBER: 02370928 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Bank Chambers
1 Central Avenue
Sittingbourne
Kent
ME10 4AE
Page 1
LAMBRECHTS LIMITED (REGISTERED NUMBER: 02370928)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020

31.12.20 31.12.19
Notes £    £   
CURRENT ASSETS
Debtors 5 68,091 206,691
Cash in hand 103,236 211,309
171,327 418,000
CREDITORS
Amounts falling due within one year 6 80,193 357,646
NET CURRENT ASSETS 91,134 60,354
TOTAL ASSETS LESS CURRENT
LIABILITIES
91,134
60,354

CAPITAL AND RESERVES
Called up share capital 7 100,000 100,000
Retained earnings (8,866 ) (39,646 )
SHAREHOLDERS' FUNDS 91,134 60,354

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2021 and were signed by:



Mr F Beyens - Director


The notes form part of these financial statements

Page 2
LAMBRECHTS LIMITED (REGISTERED NUMBER: 02370928)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1. STATUTORY INFORMATION

Lambrechts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The outbreak of COVID-19 which took place during the year has resulted in a pandemic causing extensive disruption across the globe. The UK Government enforced a lockdown from 23 March 2020 and after gradually easing measures enforced a second lockdown from 5 November 2020 until 2 December 2020. A further national lockdown was announced on the 4 January 2021. The company's activities, as with many businesses, have been impacted.

The company expects to continue to meets its operational needs, financial and regulatory obligations. The impact of COVID-19 is continuing to evolve at a fast pace, and therefore it is not practicable to quantify the potential financial impact on the company at the time of writing.

The company has a close working relationship with its parent company Lambrechts Konstructie NV and its business is dependent on this relationship. The director considers this relationship along with known future trading levels when making its assessment of going concern and is satisfied that it is appropriate for the company to prepare these accounts on a going concern basis.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. There are no key sources of estimation uncertainty that would have a significant effect on the amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are normally invoiced in three stages: in advance, when the goods are delivered, and after installation of the equipment. When amounts are invoiced in advance for work that is due to be undertaken in future accounting periods, these amounts are deferred, to be included in the accounts of the relevant accounting period in which the goods and services are delivered to the customer and installed on their premises.

Page 3 continued...
LAMBRECHTS LIMITED (REGISTERED NUMBER: 02370928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Page 4 continued...
LAMBRECHTS LIMITED (REGISTERED NUMBER: 02370928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade debtors 60,184 5,293
VAT 3,523 -
Prepayments and accrued income 4,384 201,398
68,091 206,691

Page 5 continued...
LAMBRECHTS LIMITED (REGISTERED NUMBER: 02370928)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade creditors 5,061 -
Amounts owed to group undertakings 48,678 6,384
Other creditors - 993
Other taxes and PAYE - 121,897
Accruals and deferred income 26,454 228,372
80,193 357,646

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.20 31.12.19
value: £    £   
100,000 Ordinary £1.00 100,000 100,000

8. ULTIMATE CONTROLLING PARTY

In the previous year, the share capital of Lambrechts Limited was acquired by another company, and as a result, Lambrechts Limited became a subsidiary of a group.

The company's immediate parent undertaking is Lambrechts Konstruktie NV, a company incorporated in Belgium.

In the opinion of the directors, the company's ultimate parent company is Vybros NV, a company incorporated in Belgium. The parent undertaking of the largest group, which includes the company and for which group accounts are prepared, is Vymala NV, a company incorporated in Belgium. The parent undertaking of the smallest such group is Lambrechts Group BVBA, a company incorporated in Belgium. Copies of the group financial statements of Vymala NV and Lambrechts Group BVBA are available from Trends Business Information, Rue de la Fusé RakétstraatSq.B-1130 Brussels.

There is no ultimate controlling party.

Page 6