Daychem LTD Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07689509

Daychem LTD

Filleted Unaudited Financial Statements

31 March 2018

Daychem LTD

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Daychem LTD

Year ended 31st March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Daychem LTD for the year ended 31st March 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

UHY HACKER YOUNG Chartered Accountants

St John's Chambers Love Street Chester Cheshire CH1 1QN

31 January 2019

Daychem LTD

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

FIXED ASSETS

Tangible assets	5		21,519	22,015

CURRENT ASSETS

Stocks		81,886	70,823
Debtors	6	510,838	435,065
Cash at bank and in hand		172,516	165,115
		-----------	-----------
		765,240	671,003

CREDITORS: amounts falling due within one year	7	547,419		519,878
		-----------		-----------
NET CURRENT ASSETS			217,821	151,125
			-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES			239,340	173,140

PROVISIONS

Taxation including deferred tax	4,088	4,364
	-----------	-----------
NET ASSETS	235,252	168,776
	-----------	-----------

CAPITAL AND RESERVES

Called up share capital	300	300
Profit and loss account	234,952	168,476
	-----------	-----------
SHAREHOLDERS FUNDS	235,252	168,776
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

Daychem LTD

Statement of Financial Position (continued)

31 March 2018

For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 January 2019 , and are signed on behalf of the board by:

MR R RAHANIA Director

Company registration number: 07689509

Daychem LTD

Notes to the Financial Statements

Year ended 31st March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St John's Chambers, Love Street, Chester, CH1 1QN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is recognised when the company has fulfilled all contractual duties with their customer and is disclosed exclusive of VAT.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and Fittings	-	25% reducing balance
Equipment	-	5% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2017: 13 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1st April 2017	34,483	5,863	40,346
Additions	5,073	155	5,228
	---------	--------	---------
At 31st March 2018	39,556	6,018	45,574
	---------	--------	---------
Depreciation
At 1st April 2017	17,742	589	18,331
Charge for the year	5,453	271	5,724
	---------	--------	---------
At 31st March 2018	23,195	860	24,055
	---------	--------	---------
Carrying amount
At 31st March 2018	16,361	5,158	21,519
	---------	--------	---------
At 31st March 2017	16,741	5,274	22,015
	---------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	326,739	369,448
Other debtors	184,099	65,617
	-----------	-----------
	510,838	435,065
	-----------	-----------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	369,194	370,475
Amounts owed to group undertakings and undertakings in which the company has a participating interest	49,062	45,077
Corporation tax	15,635	15,454
Social security and other taxes	3,605	1,984
Other creditors	109,923	86,888
	-----------	-----------
	547,419	519,878
	-----------	-----------

8. Directors' advances, credits and guarantees

The following Directors received advances during the year, which were outstanding at the year end: Mr R Rahania - £4,952 No interest was charged on these balances during the year, and these were repaid within nine months of the year end.

9. Related party transactions

The company was under the control of no one individual during the year. A management charge has been paid to Nightchem Limited in the sum of £81,061 (2017 - £61,000). A loan account was maintained with Nightchem Limited during the year, the balance at the year end being £49,062 owed by the Company (2017 - £45,077 owed by the Company) and disclosed in Creditors. Nightchem Limited has common directors and shareholders . Also the Company maintained a loan account with Wellington Pharmacy Limited during the year. Wellington Pharmacy Limited is a 100% subsidiary of Nightchem Limited and has common directors. The balance at the year end was £129,541 owed to the Company (2017 - £1,959) and disclosed in Debtors . No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.