Ric Chemicals Limited
Ric Chemicals Limited
Registered number: 03091306
Directors' Report and
Unaudited Financial Statements
For The Year Ended
31 August 2022
Ric Chemicals Limited
Directors' Report and Unaudited Financial Statements
For The Year Ended
31 August 2022
Directors' Report and Unaudited Financial Statements
| Contents | |
| Page | |
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| Company Information | 1 |
| Directors' Report | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4—5 |
| Notes to the Financial Statements | 6—8 |
Ric Chemicals Limited
Company Information
For The Year Ended
31 August 2022
Company Information
| Directors |
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| Company Number |
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| Registered Office | Unit 1 Conqueror Court |
| Spilsby Road, Harold Hill | |
| Romford | |
| Essex | |
| RM3 8SB | |
| Accountants |
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| Fifth Floor, Suite 23 | |
| London | |
| EC1N 8LE | |
Ric Chemicals Limited
Company No. 03091306
Directors' Report For The Year Ended
31 August 2022
Directors' Report
The directors present their report and the financial statements for the year ended
31 August 2022
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Directors
The directors who held office during the year were as follows:
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Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Director
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Ric Chemicals Limited
Profit and Loss Account
For The Year Ended
31 August 2022
Profit and Loss Account
| 2022 | 2021 | |||
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| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
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| GROSS PROFIT |
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| Distribution costs |
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| Administrative expenses |
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| Other operating income |
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| OPERATING PROFIT |
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| Other interest receivable and similar income |
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| Interest payable and similar charges |
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| PROFIT BEFORE TAXATION |
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| Tax on Profit |
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| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
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The notes on pages 6 to 8 form part of these financial statements.
Ric Chemicals Limited
Balance Sheet
As at
31 August 2022
Balance Sheet
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 123,169 | 121,030 | |||
Ric Chemicals Limited
Balance Sheet (continued)
As at
31 August 2022
On behalf of the board
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Director
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The notes on pages 6 to 8 form part of these financial statements.
Ric Chemicals Limited
Notes to the Financial Statements
For The Year Ended
31 August 2022
Notes to the Financial Statements
1.
General Information
Ric Chemicals Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03091306
. The registered office is Unit 1 Conqueror Court, Spilsby Road, Harold Hill, Romford, Essex, RM3 8SB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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| Fixtures & Fittings |
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2.4.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Ric Chemicals Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2021: 3)
4.
Tangible Assets
| Land & Property | |||
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| Freehold | Fixtures & Fittings | Total | |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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5.
Investments
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| Provision | |
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| Net Book Value | |
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6.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| VAT | - |
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| Net wages | - | 360 | |
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Ric Chemicals Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 August 2022
7.
Creditors: Amounts Falling Due Within One Year
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Directors loan account |
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