Cytec Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03754429 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Cytec Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J N M Chinn

R J Nelson

J L A Roundhill

R Nazerian

S Goff

REGISTERED OFFICE:

City Reach

5 Greenwich View Place

London

E14 9NN

REGISTERED NUMBER:

03754429 (England and Wales)

ACCOUNTANTS:

Best4Business Accountants & Co. Ltd.

44-45 Beaufort Court

Admirals Way

London

E14 9XL

FIXED ASSETS

Tangible assets

4

11,583

17,289

CURRENT ASSETS

Stocks

46,676

131,907

Debtors

5

926,061

617,780

Cash at bank and in hand

194,390

225,940

1,167,127

975,627

CREDITORS

Amounts falling due within one year

6

(279,192

)

(223,332

)

NET CURRENT ASSETS

887,935

752,295

TOTAL ASSETS LESS CURRENT LIABILITIES

899,518

769,584

PROVISIONS FOR LIABILITIES

(1,969

)

(2,939

)

NET ASSETS

897,549

766,645

CAPITAL AND RESERVES

Called up share capital

310,087

310,076

Share premium

85,882

73,853

Retained earnings

501,580

382,716

SHAREHOLDERS' FUNDS

897,549

766,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 30 November 2020 and were signed on its behalf by:

J N M Chinn - Director

1.	STATUTORY INFORMATION

Cytec Solutions 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.

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.

The financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition is 1 January 2015.

There are no transitional adjustments, accordingly the comparative figures have not been restated and no need to disclose a reconciliation of equity in these financial statements.

Turnover

Turnover represents net invoiced sales net of returns, trade discounts and value added tax.

Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Computer and office equipment - over 3 to 5 years (straight line)

Fixtures and fittings - over 4 years (straight line)

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated normal selling price less further costs expected to be incurred to completion and disposal. Provision is made where costs are not expected to be fully recoverable.

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 19 (2018 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

43,290

Additions

5,133

At 31 December 2019

48,423

DEPRECIATION

At 1 January 2019

26,001

Charge for year

10,839

At 31 December 2019

36,840

NET BOOK VALUE

At 31 December 2019

11,583

At 31 December 2018

17,289

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

895,690

587,409

Prepayments

30,371

30,371

926,061

617,780

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

19,712

30,275

Taxation and social security

245,446

188,645

Other creditors

14,034

4,412

279,192

223,332

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

50,050

50,050

Between one and five years

39,625

89,675

89,675

139,725

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and 31 December 2018:

2019

2018

£

£

J N M Chinn

Balance outstanding at start of year

(1,704

)

(1,704

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,704

)

(1,704

)

9.	CONTROLLING PARTY

The controlling party is J N M Chinn.

10.	EMPLOYEE SHARE OPTION SCHEME

During the year, the company continued operating an approved Enterprise Management Incentive share option scheme (the "Scheme") for key members of staff.

Participants in the scheme are granted a conditional award of ordinary shares in the company. Options over shares may be exercised by participants over a ten year period, provided that specific performance targets have been achieved. The Scheme provides for a proportion of options over shares to be exercised if the targets are only partially met. Participants in the Scheme are required to contribute towards their share entitlements if and when they are exercised.

At 31st December 2019, there were 8 participants in the Scheme, and (after accounting for lapses) options over 1,782 'A' ordinary shares in total had been awarded with the following exercise prices: 613 shares of 973p each, 77 shares of 2,243p each, 275 shares of 4,193p each and 817 shares of 5,595p each..

No new share options have been awarded since the end of the financial period.

Expected future share transfers to participants, based on the information presently available, are as follows:

· 31 March 2020 up to 561 'A' ordinary shares, at 973p each

· 31 March 2021 up to 52 'A' ordinary shares, at 973p each

· 31 March 2020 up to 38 'A' ordinary shares, at 2,243p each

· 31 March 2021 up to 39 'A' ordinary shares, at 2,243p each

· 31 March 2020 up to 71 'A' ordinary shares, at 4,193p each

· 31 March 2021 up to 71 'A' ordinary shares, at 4,193p each

· 31 March 2022 up to 70 'A' ordinary shares, at 4,193p each

· 31 March 2023 up to 63 'A' ordinary shares, at 4,193p each

· 31 March 2022 up to 137 'A' ordinary shares, at 5,595p each

· 31 March 2023 up to 137 'A' ordinary shares, at 5,595p each

· 31 March 2024 up to 137 'A' ordinary shares, at 5,595p each

· 31 March 2025 up to 137 'A' ordinary shares, at 5,595p each

. 31 March 2026 up to 137 'A' ordinary shares, at 5,595p each

· 31 March 2027 up to 132 'A' ordinary shares, at 5,595p each

The latest actual market valuation (discounted, for Scheme purposes) agreed on 14th November 2019, set the actual market value price of shares under option at 5,595p each.