ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
CONTENTS
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2018
The company’s principal activity continued to be the supply of chemicals and apparatus for analysis, testing, research and education.
The period that these financial statements cover was a period of significant internal and external change for the company.
To support the business in an increasingly competitive market, a new management team, backed by a multimillion pound investment from a leading private equity firm, joined the business in the second quarter of 2018. The company delivered strong growth in the Republic of Ireland market, where the government is undertaking a significant investment program in its education sector. The company has also seen growth in its Middle and Far East markets. This has been offset by an increasingly tightening of budgets within the core UK education market. With increasing levels of automation within the sector and difficult conditions in the core UK educational market the company undertook a realignment of its cost base and operating models to provide a more appropriate operating platform for the future. These significant changes during a difficult period have positioned the company well for the future, and are already starting to have a positive effect on margins and profitability (see key performance indicator section below).
Foreign exchange risk
Approximately 30% of sales are in Euros and a further 0.2% in dollars. Wherever possible the company endeavours to create a natural hedge through purchasing arrangements in these currencies for stock and products. Liquidity risk The company has committed debt facilities from its bankers and private equity backers that enable it to manage its liquidity risk. Credit risk The company mainly sells to customers on a credit terms basis. The risk of default is low due to the main customer base being public education establishments and blue chip companies. However, with the increase in international sales, the company has had to decrease the availability of credit to new customers who are on proforma terms instead. Overall credit risk is low. Interest rate risk The company has debt facilities of £6.1m. The majority of this funding is on a fixed interest rate but approximately 36.4% is tied to LIBOR movements exposing the company to interest rate risks.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
The key performance indicators have been revised following the recent strategic developments.
Dec-18 Jun-18 Product Margin % 36.8% 31.1% Gross Profit % 28.3% 22.1% Total Staff costs as % of Gross Profit 68.8% 99.2% Debtor Days 31 30 Creditor Days 35 32 Stock Turn 3 11 There has been a significant increase in product margin and gross profit % as supplier relationships are continuing to improve and the implementation of an improved distribution process. Also due to the cost saving plan implemented by the senior management team, the staff costs % is now in a more sustainable position without hindering the ability to sell and distribute goods. Going forward the company is planning to further improve the product and margin %’s by increasing sales in key product ranges and by further developing the efficiencies around the distribution processes. Also as sales increase the staff cost % will continue to fall as internal processes and systems are currently being improved so staff costs will not increase in line with sales.
This report was approved by the board on 30 September 2019 and signed on its behalf.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2018
The directors present their report and the financial statements for the period ended 31 December 2018.
The loss for the period, before and after taxation, amounted to £405,504 (June 2018: loss of £2,773,101).
Dividends of £Nil were paid in the year (June 2018: £Nil). The directors do not recommend payment of dividends for the period ended 31 December 2018.
The directors who served during the period were:
This is covered within the strategic report on page 2.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
The company received an additional £900,000 in funding after the period-end date, as detailed in note 2.2 to the financial statements.
The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
We have audited the financial statements of Scientific and Chemical Supplies Limited (the 'Company') for the period ended 31 December 2018, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
In our opinion the financial statements:
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. 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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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement 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, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Rutland House
148 Edmund Street
B3 2FD
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
REGISTERED NUMBER: 00588778
BALANCE SHEET
AS AT 31 DECEMBER 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 31 form part of these financial statements.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
Scientific and Chemical Supplies Limited (the Company) is a private company limited by shares, incorporated and domiciled in England. The address of its registered office and principal place of business is Carlton House, Livingstone Road, Bilston, West Midlands, WV14 0QZ. The company supplies chemicals and apparatus for analysis, research and education.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company made a loss before and after tax of £405,504 for the six month period ended 31 December 2018 and had net liabilities of £3,587,484 as at the balance sheet date. The directors, having assessed assurances in regard to the ongoing support from a related party, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of Scientific & Chemical Supplies Limited to continue as a going concern or its ability to continue operating within the scope of its banking arrangements.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future having secured £900,000 of long-term financing subsequent to the year end in addition to the £3.9 million received as at the period end. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are allowed to be exempt from consolidation under section 405 of the Companies Act 2006.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
Under UK GAAP, the Company previously adopted a policy of revaluing tangible fixed assets. Tangible fixed assets were stated in the balance sheet at their revalued amounts, being the existing use value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations were performed every 5 years in accordance with the RICS Appraisal and Valuation Manual. Any revaluation increase arising on the revaluation of such assets were credited to a revaluation reserve, except to the extent that it reversed a revaluation decrease for the same asset previously recognised as an expense, in which case the increase was credited to the income statement to the extent of the decrease previously charged. A decrease in the carrying value arising on the revaluation of such assets was charged to the income statement to the extent that it exceeded the balance, if any, held in the revaluation reserve relating to a previous revaluation of that asset.
Under FRS 102, the Company elected to adopt a 'deemed cost' value at the date of transition. This reflects the value of the tangible assets under the previous revaluation policy under UK GAAP at the date of transition. The Company will not continue to adopt the revaluation model under FRS 102 and will hold assets at their deemed cost at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Residual values and useful lives are reviewed and adjusted if appropriate, at each balance sheet date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods, as noted below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost is based on the cost of purchase on a FIFO basis. Net realisable value is the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The Company mainly enters into basic financial instruments transactions 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, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. 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 out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
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 the Statement of comprehensive income. Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.
All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgements or estimations are necessarily applied are summarises below:
Depreciation, amortisation and residual values The Directors have reviewed the asset lives and associated residual values of all fixed asset calculations and have concluded that asset lives and residual values are appropriate. Stock The company holds a significant level of stock. Provision is made for slow-moving and potentially obsolete stock, this, by its very nature, requires management to make judgements. These are based on historical experience and on other factors that are believed to be relevant in the circumstances. Bad debt provision The Company have a large amount of debtors, thus provision is made for unrecoverable amounts. This, by its very nature, requires management to make judgements that are based on the ageing of the debts and on other factors that are believed to be relevant in the circumstances.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
The whole of the turnover is attributable to the supply of chemicals and apparatus for analysis, research and education.
Turnover attributable to geographical markets outside the United Kingdom for the 6m period to 31 December 2018 amounts to 38.69% (18m period to June 2018: 28.02%).
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
9.Taxation (continued)
The company has losses of approximately £3,863,000 (June 2018: £3,487,000) to carry forward against profits of the same trade. In relation to these losses a deferred tax asset has been recognised to eliminate other deferred tax liabilities that have arisen. There is an unrecognised deferred tax asset of approximately £727,000 (June 2018: £654,000) as it is uncertain when the company will be able to utilise the respective tax losses.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
The company's freehold land and buildings are held at their deemed cost, less accumulated depreciation, based on an external valuation undertaken by DTZ Debenham Tie Leung Limited on 11 July 2011.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
Secured creditors:
Bank overdrafts and loans are secured over the Company's freehold properties. Amounts due to the invoice discounting company are secured on the debtors on which the debt has been advanced. Net obligations under finance leases and hire purchase contracts are secured on the assets to which the debt relates. The company has two commercial mortgages repayable in installments. The interest rates payable are 1.75% over the Bank's base rate. The loan due to group undertakings is secured by way of a fixed and floating charge over the property, assets and undertaking of the Company.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
Share premium account
Includes premiums paid on prior year share issues.
Revaluation reserve
Includes all prior period increases or decreases in property values.
Profit and loss account
Includes all current and prior year retained profits and losses.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,775 for the 6m period to 31 December 2018 (18m period to June 2018: £64,757). Contributions totalling £6,929 (June 2018: £12,718) were payable to the fund at the balance sheet date and are included in creditors.
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SCIENTIFIC AND CHEMICAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
The Edge of Heaven 2017 Limited owns the entire issued share capital of Scientific and Chemical Supplies Limited. As at 31 December 2018, no one individual owned directly or indirectly, 50% or more of the issued share capital and/or voting rights of Scientific and Chemical Supplies Limited.
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