Outwood Chem Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07649072 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020

FOR

OUTWOOD CHEM LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

55,023

64,193

Tangible assets

5

8,978

11,973

64,001

76,166

CURRENT ASSETS

Stocks

34,635

34,995

Debtors

6

168,838

145,381

Cash at bank and in hand

9,604

2,558

213,077

182,934

CREDITORS

Amounts falling due within one year

7

133,381

162,413

NET CURRENT ASSETS

79,696

20,521

TOTAL ASSETS LESS CURRENT LIABILITIES

143,697

96,687

PROVISIONS FOR LIABILITIES

1,500

-

NET ASSETS

142,197

96,687

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

142,191

96,681

142,197

96,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 16 October 2020 and were signed on its behalf by:

H S Chahal - Director

1.	STATUTORY INFORMATION

Outwood Chem Limited is a private company, limited by shares, registered in England and Wales, registered number

07649072. Its registered office is Blackthorns House, 80-82 Dudley Road, Lye, Stourbridge, West Midlands DY9 8ET.

The financial statements are presented in Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 20% on 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 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 balance sheet date.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

91,704

AMORTISATION

At 1 May 2019

27,511

Charge for year

9,170

At 30 April 2020

36,681

NET BOOK VALUE

At 30 April 2020

55,023

At 30 April 2019

64,193

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

19,587

Additions

115

At 30 April 2020

19,702

DEPRECIATION

At 1 May 2019

7,614

Charge for year

3,110

At 30 April 2020

10,724

NET BOOK VALUE

At 30 April 2020

8,978

At 30 April 2019

11,973

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

133,144

113,279

Other debtors

35,694

32,102

168,838

145,381

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

131,151

139,696

Taxation and social security

330

682

Other creditors

1,900

22,035

133,381

162,413