Butyl Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03141465 (England and Wales)

Financial Statements

for the Year Ended 31 December 2020

for

Butyl Products Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C S Ball

L P Drumgold

G W Mitchell

J R Young

REGISTERED OFFICE:

11 Radford Crescent

Billericay

Essex

CM12 0DW

REGISTERED NUMBER:

03141465 (England and Wales)

AUDITORS:

Mudd Partners LLP

Statutory Auditors

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,355,347

1,296,443

Investments

6

57,152

56,733

1,412,499

1,353,176

CURRENT ASSETS

Stocks

1,229,305

1,055,633

Debtors

7

1,186,435

1,011,531

Cash at bank and in hand

1,946,037

1,326,012

4,361,777

3,393,176

CREDITORS

Amounts falling due within one year

8

2,314,834

1,631,603

NET CURRENT ASSETS

2,046,943

1,761,573

TOTAL ASSETS LESS CURRENT LIABILITIES

3,459,442

3,114,749

CREDITORS

Amounts falling due after more than one year

9

(724,484

)

(741,679

)

PROVISIONS FOR LIABILITIES

-

(4,959

)

NET ASSETS

2,734,958

2,368,111

CAPITAL AND RESERVES

Called up share capital

11

500,950

500,950

Revaluation reserve

12

34,503

34,084

Retained earnings

2,199,505

1,833,077

SHAREHOLDERS' FUNDS

2,734,958

2,368,111

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 26 May 2021 and were signed on its behalf by:

L P Drumgold - Director

1.	STATUTORY INFORMATION

Butyl Products 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 the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include the revaluation of investments at fair value.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Investments in associates

Investments in associate undertakings are recognised at fair value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost compromises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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.

Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Retirement benefits

The pension costs charged in the financial statements represent the contributions payable by the company during the period.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's service is received.

Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2019 - 57 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

13,000

AMORTISATION

At 1 January 2020

and 31 December 2020

13,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

1,291,829

584,440

1,876,269

Additions

-

149,349

149,349

Disposals

-

(120,047

)

(120,047

)

At 31 December 2020

1,291,829

613,742

1,905,571

DEPRECIATION

At 1 January 2020

60,285

519,541

579,826

Charge for year

25,837

64,608

90,445

Eliminated on disposal

-

(120,047

)

(120,047

)

At 31 December 2020

86,122

464,102

550,224

NET BOOK VALUE

At 31 December 2020

1,205,707

149,640

1,355,347

At 31 December 2019

1,231,544

64,899

1,296,443

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST OR VALUATION

At 1 January 2020

56,733

Revaluations

419

At 31 December 2020

57,152

NET BOOK VALUE

At 31 December 2020

57,152

At 31 December 2019

56,733

Cost or valuation at 31 December 2020 is represented by:

Interest

in

associate

£

Valuation in 2021

57,152

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

1,020,707

954,738

Amounts owed by group undertakings

100,008

-

Other debtors

65,720

56,793

1,186,435

1,011,531

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

35,278

34,799

Trade creditors

1,356,536

599,915

Amounts owed to group undertakings

8,911

25,619

Amounts owed to associates

12,162

2,429

Taxation and social security

254,254

151,246

Other creditors

647,693

817,595

2,314,834

1,631,603

Included in other creditors are accruals and deferred income of £638,684 (2019: £799,158).

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

724,484

741,679

31.12.20

31.12.19

£

£

Amounts falling due in more than five years:

Repayable by instalments

Mortgage more than 5 years

572,979

592,229

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

759,762

776,478

There is a cross guarantee between Allyoung Limited and Butyl Products Limited for the mortgage on the freehold property.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

430,000

Investment shares

£1

430,000

430,000

70,950

Management shares

£1

70,950

70,950

500,950

500,950

12.

RESERVES

Revaluation

reserve

£

At 1 January 2020

34,084

Revaluations

419

At 31 December 2020

34,503

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeffrey Stanley FCA (Senior Statutory Auditor)

for and on behalf of Mudd Partners LLP