Automotive Cleaning Chemicals Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01873880 (England and Wales)

Financial Statements

for the Year Ended 31 March 2021

for

Automotive Cleaning Chemicals Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C P Waller

REGISTERED OFFICE:

Amber House

Showground Road

Bridgwater

Somerset

TA6 6AJ

REGISTERED NUMBER:

01873880 (England and Wales)

AUDITORS:

A C Mole & Sons

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

SOLICITORS:

Clarke Willmott

1 George Square

Bath Street

Bristol

BS1 6BA

FIXED ASSETS

Tangible assets

4

333,779

385,809

CURRENT ASSETS

Stocks

5

549,761

560,671

Debtors

6

774,446

928,752

Cash at bank and in hand

38,727

21,490

1,362,934

1,510,913

CREDITORS

Amounts falling due within one year

7

432,004

444,592

NET CURRENT ASSETS

930,930

1,066,321

TOTAL ASSETS LESS CURRENT LIABILITIES

1,264,709

1,452,130

CREDITORS

Amounts falling due after more than one year

8

909,316

1,347,135

NET ASSETS

355,393

104,995

CAPITAL AND RESERVES

Called up share capital

121

121

Share premium

1,699,999

1,699,999

Retained earnings

(1,344,727

)

(1,595,125

)

SHAREHOLDERS' FUNDS

355,393

104,995

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 director and authorised for issue on 10 August 2021 and were signed by:

C P Waller - Director

1.	STATEMENT OF COMPLIANCE

Automotive Cleaning Chemicals Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provision of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on the going concern basis, under the historical cost convention as modified by certain financial assets and liabilities measured at fair value through profit or loss.

Going concern

The Director has considered the ongoing impact of Covid-19 on forecasts and the ability to continue as a going concern. The forecasts prepared indicate that the company has sufficient funds available to it, both through existing reserves and additional funds which could be drawn from the invoice financing facility if required, to continue trading for the foreseeable future.

On this basis the Director considers it appropriate to prepare the accounts on a going concern basis.

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.

Land and buildings

-

2% on cost and over the lease term

Plant and machinery etc

-

25% on cost, 12.5% on cost and Straight line over 30 years

Government grants

Government grants received in respect of Coronavirus assistance are recognised under the accrual method. Under the accruals method, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price and subsequently measured at amortised cost.

Complex financial liabilities are initially recognised at transaction price and subsequently measured at fair value through profit and loss. Fair value has been determined using the present value of the future payments which the third party lender has confirmed as being the amount it would accept to settle the liability at the balance sheet date.

Critical accounting judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The director is of the opinion that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2020 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

428,870

671,920

1,100,790

Additions

-

10,777

10,777

At 31 March 2021

428,870

682,697

1,111,567

DEPRECIATION

At 1 April 2020

244,699

470,282

714,981

Charge for year

8,799

54,008

62,807

At 31 March 2021

253,498

524,290

777,788

NET BOOK VALUE

At 31 March 2021

175,372

158,407

333,779

At 31 March 2020

184,171

201,638

385,809

5.

STOCKS

2021

2020

£

£

Raw materials and consumables

278,234

287,952

Finished goods

271,527

272,719

549,761

560,671

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

640,670

870,379

Other debtors

133,776

58,373

774,446

928,752

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

21,812

-

Trade payables

234,840

298,239

Social security and other taxes

18,859

15,699

VAT

76,300

55,269

Accruals and other creditors

80,193

75,385

432,004

444,592

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Loan

909,316

1,347,135

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Invoice financing

21,812

-

Bibby Financial Services Limited have a fixed and floating charge over all the property or undertaking of the company.

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

The Report of the Auditors was unqualified.

Alexandra Shore FCA DChA (Senior Statutory Auditor)

for and on behalf of A C Mole & Sons

11.	RELATED PARTY DISCLOSURES

The company was a wholly owned subsidiary of Caramba Holdings GMBH until 16 October 2020 and has taken advantage of the exemption conferred by Financial Reporting Standard 102 not to disclose transactions with the parent company or other wholly owned subsidiaries within the group.

On 16 October 2020, the director acquired the share capital of the company.

12.	TRANSITION

Prior to 1 April 2020 the company prepared its financial statements in accordance with FRS 101 as the company was under the control of a foreign parent. On 16 October 2020 the share capital of the company was sold to the director and the company was no longer part of a group. As a result, the financial statements have been prepared in accordance with FRS 102.

In preparing the financial statements the directors have considered whether in applying the accounting policies required by FRS 102 a restatement of comparative item was needed. No restatements were required.