Chemicals Limited - Accounts to registrar (filleted) - small 18.2
Chemicals Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| CHEMICALS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CHEMICALS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Clarke Nicklin House |
| Brooks Drive |
| Cheadle Royal Business Park |
| Cheadle |
| Cheshire |
| SK8 3TD |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| BALANCE SHEET |
| 31 MARCH 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| BALANCE SHEET - continued |
| 31 MARCH 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 1. | STATUTORY INFORMATION |
| Chemicals Limited is a |
| 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. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods, exclusive of value added tax, with invoices issued |
| upon dispatch of goods. |
| Goodwill |
| Goodwill is being amortised evenly over its estimated useful life of ten years from April 2007. |
| Tangible fixed assets |
| Freehold property | - 4% straight line |
| Plant and machinery | - 20% reducing balance |
| Fixtures and fittings | - 25% reducing balance |
| Motor vehicles | - 25% reducing balance |
| Computer equipment | - 25% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
| Income and Retained Earnings, 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 balance sheet date. |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| Debt factoring |
| The company uses a debt factoring facility and has adopted separate presentation whereby gross |
| debts are included as an asset and the amount due from the factoring company is included within |
| creditors. The interest and charges are recognised as they accrue and are included in the profit and |
| loss account. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2018 |
| Disposals | ( |
) |
| At 31 March 2019 |
| AMORTISATION |
| At 1 April 2018 |
| Eliminated on disposal | ( |
) |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2018 |
| Additions |
| At 31 March 2019 |
| DEPRECIATION |
| At 1 April 2018 |
| Charge for year |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2018 |
| Additions |
| At 31 March 2019 |
| DEPRECIATION |
| At 1 April 2018 |
| Charge for year |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2018 |
| Additions |
| At 31 March 2019 |
| DEPRECIATION |
| At 1 April 2018 |
| Charge for year |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 37,484 | 25,383 |
| Other creditors |
| Factoring advance | 189,301 | 212,202 |
| Directors' current accounts | 2,957 | 623 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 66,053 | 4,017 |
| Factoring advance | 189,301 | 212,202 |
| 11. | PROVISIONS FOR LIABILITIES |
| 2019 | 2018 |
| £ | £ |
| Deferred tax | 16,890 | 20,212 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2018 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 March 2019 |
| The deferred tax liability relates to accelerated capital allowances. |
| CHEMICALS LIMITED (REGISTERED NUMBER: 01993054) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| 135 | Ordinary | £1 | 135 | 135 |
| 135 | Ordinary A | £1 | 135 | 135 |
| 30 | Ordinary B | £1 | 30 | 30 |
| 16 | Ordinary C | £1 | 16 | 16 |
| 316 | 316 |
| 13. | RELATED PARTY DISCLOSURES |
| During the year dividends of £45,500 (2018: £45,500 were paid to Mrs S Foster, the wife of the director |
| J W Foster and £22,250 (2018: £23,500) to Mr J D W Foster, the son of the director J W Foster. |
| At the balance sheet date, a loan amounting to £35,320 was advanced to Mr J D W Foster, the son of |
| the director J W Foster. The loan is unsecured, interest free and was repaid after date. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company has no ultimate controlling party. |