Daychem Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07689509 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

DAYCHEM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S Rahania

R Rahania

R K Saroy

REGISTERED OFFICE:

20 Coningsby Drive

Wolverhampton

West Midlands

WV2 2RN

REGISTERED NUMBER:

07689509 (England and Wales)

ACCOUNTANTS:

Ashcrofts Accountants Limited

2 Cedargrove

Hagley

Stourbridge

West Midlands

DY9 0DR

BANKERS:

Lloyds Bank plc

3 Queen Square

Wolverhampton

West Midlands

WV1 1RF

FIXED ASSETS

Tangible assets

4

119,011

148,764

CURRENT ASSETS

Stocks

5

117,193

90,283

Debtors

6

988,911

407,607

Cash at bank and in hand

189,714

466,448

1,295,818

964,338

CREDITORS

Amounts falling due within one year

7

(977,231

)

(767,681

)

NET CURRENT ASSETS

318,587

196,657

TOTAL ASSETS LESS CURRENT LIABILITIES

437,598

345,421

PROVISIONS FOR LIABILITIES

9

(22,612

)

(25,520

)

NET ASSETS

414,986

319,901

CAPITAL AND RESERVES

Called up share capital

10

300

300

Retained earnings

11

414,686

319,601

SHAREHOLDERS' FUNDS

414,986

319,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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 9 September 2021 and were signed on its behalf by:

R Rahania - Director

R K Saroy - Director

1.	STATUTORY INFORMATION

Daychem 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.

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.

Fixtures, fittings & equipment

-

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 18 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& equipment

£

COST

At 1 March 2020

and 28 February 2021

237,928

DEPRECIATION

At 1 March 2020

89,164

Charge for year

29,753

At 28 February 2021

118,917

NET BOOK VALUE

At 28 February 2021

119,011

At 29 February 2020

148,764

5.

STOCKS

2021

2020

£

£

Stocks

117,193

90,283

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

423,232

204,617

Other debtors

462,256

139,916

Corporation tax recoverable

-

27

VAT

101,665

60,865

Prepayments and accrued income

1,758

2,182

988,911

407,607

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

491,584

485,204

Corporation tax

25,212

-

Social security and other taxes

2,746

6,703

Other creditors

180,534

60,226

Accruals and deferred income

277,155

215,548

977,231

767,681

8.	LEASING AGREEMENTS

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

2021

2020

£

£

In more than five years

117,469

61,011

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

22,612

25,520

Deferred

tax

£

Balance at 1 March 2020

25,520

Credited during the year

(2,908

)

Balance at 28 February 2021

22,612

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

300

Ordinary

£1

300

300

11.

RESERVES

Retained

earnings

£

At 1 March 2020

319,601

Profit for the year

95,085

At 28 February 2021

414,686

12.	RELATED PARTY DISCLOSURES

A management service charge has been paid during the period to Nightchem Limited of £104,961 (29.02.20: £49,998). At 28 February 2021, there was a loan from Nightchem Limited of £75,332 (29.02.20: £59,527), a company in which Mr J S Rahania, Mr R Rahania and Mr R K Saroy are directors. This unsecured loan is interest free and repayable on demand.

At 28 February 2021, there was a loan to Wellington Pharmacy Limited of £139,916 (29.02.20: £139,916), a company in which Mr J S Rahania, Mr R Rahania and Mr R K Saroy are directors. This unsecured loan is interest free and repayable on demand.

At 28 February 2021, there was a loan to RJR Chem Ltd of £83,373 (29.02.20: £Nil), a company in which Mr J S Rahania, Mr R Rahania and Mr R K Saroy are directors. This unsecured loan is interest free and repayable on demand.

At 28 February 2021, there was a loan to Church Street Healthcare Limited of £238,967 (29.02.20: £Nil), a company in which Mr J S Rahania, Mr R Rahania and Mr R K Saroy are directors. This unsecured loan is interest free and repayable on demand.