Khromatec Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01747364 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

Khromatec Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D A Boyes

Mrs S J Boyes

SECRETARY:

Mr P Boyes

REGISTERED OFFICE:

Unit 5, Beels Road

North Moss Lane Industrial Estate

Stallingborough

Grimsby

N E Lincolnshire

DN41 8DN

REGISTERED NUMBER:

01747364 (England and Wales)

FIXED ASSETS

Tangible assets

4

213,564

226,599

CURRENT ASSETS

Stocks

5

4,542

7,013

Debtors

6

100,078

174,234

Cash at bank

93,358

38,177

197,978

219,424

CREDITORS

Amounts falling due within one year

7

167,811

239,361

NET CURRENT ASSETS/(LIABILITIES)

30,167

(19,937

)

TOTAL ASSETS LESS CURRENT LIABILITIES

243,731

206,662

CREDITORS

Amounts falling due after more than one year

8

(50,000

)

(3,200

)

PROVISIONS FOR LIABILITIES

9

(40,577

)

(42,416

)

ACCRUALS AND DEFERRED INCOME

(932

)

(12,133

)

NET ASSETS

152,222

148,913

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Capital redemption reserve

12,000

12,000

Retained earnings

136,222

132,913

SHAREHOLDERS' FUNDS

152,222

148,913

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 15 December 2020 and were signed on its behalf by:

Mr D A Boyes - Director

1.	STATUTORY INFORMATION

Khromatec 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 15% 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

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.

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 18 (2019 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 October 2019

753,148

Additions

24,000

Disposals

(4,000

)

At 30 September 2020

773,148

DEPRECIATION

At 1 October 2019

526,549

Charge for year

37,035

Eliminated on disposal

(4,000

)

At 30 September 2020

559,584

NET BOOK VALUE

At 30 September 2020

213,564

At 30 September 2019

226,599

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 October 2019

and 30 September 2020

280,000

DEPRECIATION

At 1 October 2019

139,866

Charge for year

21,020

At 30 September 2020

160,886

NET BOOK VALUE

At 30 September 2020

119,114

At 30 September 2019

140,134

5.

STOCKS

30.9.20

30.9.19

£

£

Stocks

4,542

7,013

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

78,182

159,560

Other debtors

21,896

14,674

100,078

174,234

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Hire purchase contracts

3,200

38,400

Trade creditors

22,070

30,827

Taxation and social security

17,068

28,038

Other creditors

125,473

142,096

167,811

239,361

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

50,000

-

Hire purchase contracts

-

3,200

50,000

3,200

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

10,000

-

9.	PROVISIONS FOR LIABILITIES

30.9.20

30.9.19

£

£

Deferred tax

40,577

42,416

Deferred

tax

£

Balance at 1 October 2019

42,416

Credit to Income Statement during year

(1,839

)

Balance at 30 September 2020

40,577

10.	CONTINGENT LIABILITIES

As far as the directors are aware they have not entered into any contracts which could give rise to any contingent liability.