Chemical and Agricultural Services Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02311938 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2022

for

Chemical and Agricultural Services

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W G Picton

D A Hutchinson

A McShane

REGISTERED OFFICE:

Plex Lane

Halsall

Ormskirk

Lancs

L39 2BY

REGISTERED NUMBER:

02311938 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

116 Duke Street

Liverpool

England

L1 5JW

FIXED ASSETS

Tangible assets

4

767,857

833,963

CURRENT ASSETS

Stocks

791,723

723,450

Debtors

5

1,236,759

844,333

Cash at bank and in hand

1,936,118

1,530,710

3,964,600

3,098,493

CREDITORS

Amounts falling due within one year

6

838,643

459,880

NET CURRENT ASSETS

3,125,957

2,638,613

TOTAL ASSETS LESS CURRENT LIABILITIES

3,893,814

3,472,576

PROVISIONS FOR LIABILITIES

71,858

74,312

NET ASSETS

3,821,956

3,398,264

CAPITAL AND RESERVES

Called up share capital

320,000

320,000

Share premium

88,600

88,600

Revaluation reserve

310,659

345,322

Other reserves

6,400

6,400

Retained earnings

3,096,297

2,637,942

SHAREHOLDERS' FUNDS

3,821,956

3,398,264

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 24 April 2023 and were signed on its behalf by:

W G Picton - Director

1.	STATUTORY INFORMATION

Chemical and Agricultural Services Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 02311938 and the registered office is Plex Lane, Halsall, Nr Ormskirk, Lancs, L39 7JY.

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

The principal activities of the company are agricultural, horticultural, chemical and fertiliser wholesalers, retailers and suppliers.

2.	ACCOUNTING POLICIES

Basis of accounting

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for land and buildings which are recorded at deemed cost as specified in the policies below.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty recognised in the financial statements are described below:

Impairment of slow moving and obsolete stock

As stated in the accounting policy stock is valued at the lower of cost and net realisable value with an allowance for slow moving and obsolete stock. This allowance is reviewed annually by the directors and is based on historical sales, future orders and age of the stock.

This estimate does not have a significant effect on the financial statements.

Estimated useful lives and residual values of fixed assets

As described in the accounting policies, depreciation and ammortisation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised if necessary.

This estimate has a significant effect on the financial statements.

Allowance for doubtful debts

The company assesses its doubtful debt allowance at each reporting date. Key assumptions applied are the estimated debt recovery rates and the future market conditions that could affect recovery.

Turnover

Turnover, derived from ordinary activities, represents sale of goods and services excluding value added tax.

Income is recognised when the goods are despatched or the service provided, exclusive of value added tax.

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

-

25% on cost, 20% on cost, 10% on cost and at varying rates on cost

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses where applicable.

Land and buildings is comprised of freehold property. The company previously accounted for land and buildings at deemed cost as allowed by the transition to FRS102. They are now accounted for using the revaluation model and as allowed by FRS102 .

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are recorded on a first in first out basis and stocks held on behalf of third parties are not included in the balance sheet.

Financial instruments

Trade debtors are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. A provision for impairment in trade debtors is established when there is evidence that the company will not be able to collect all amounts due.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade creditors are recognised measured at amortised cost.

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. It is recognised on the anticipated gain that would be made in the event that land and buildings would be sold at the deemed cost.

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 16 (2021 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

585,000

948,971

1,533,971

Additions

-

52,911

52,911

Disposals

-

(45,333

)

(45,333

)

At 31 December 2022

585,000

956,549

1,541,549

DEPRECIATION

At 1 January 2022

23,400

676,608

700,008

Charge for year

11,700

101,468

113,168

Eliminated on disposal

-

(39,484

)

(39,484

)

At 31 December 2022

35,100

738,592

773,692

NET BOOK VALUE

At 31 December 2022

549,900

217,957

767,857

At 31 December 2021

561,600

272,363

833,963

Land and buildings were valued in 2020 by Armitstead Barnett LLP, the directors therefore revalued to open market value per the valuation.

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2019

155,000

-

155,000

Cost

430,000

956,549

1,386,549

585,000

956,549

1,541,549

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,181,560

819,888

Other debtors

55,199

24,445

1,236,759

844,333

Impairment losses/(gains) recognised in the profit and loss in respect of trade debtors during the period were £(34,283) (2021 £37,104).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

406,509

161,876

Taxation and social security

206,145

182,726

Other creditors

225,989

115,278

838,643

459,880

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

The Report of the Auditors was unqualified.

Rebecca Richards FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY