Wallace Manufacturing Chemists Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00437426 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st December 2022

for

Wallace Manufacturing Chemists Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S R G Tate

Mrs M J Tate

R E Warriner

SECRETARY:

Mrs M J Tate

REGISTERED OFFICE:

29a Crown Street

Brentwood

Essex

CM14 4BA

REGISTERED NUMBER:

00437426 (England and Wales)

ACCOUNTANTS:

Moulton Johnson Limited

Chartered Accountants

29a Crown Street

Brentwood

Essex

CM14 4BA

FIXED ASSETS

Intangible assets

4

18,650

18,461

Tangible assets

5

29,438

32,923

48,088

51,384

CURRENT ASSETS

Stocks

1,434,183

1,337,938

Debtors

6

1,450,074

1,966,027

Cash at bank and in hand

850,023

814,598

3,734,280

4,118,563

CREDITORS

Amounts falling due within one year

7

2,074,867

2,461,609

NET CURRENT ASSETS

1,659,413

1,656,954

TOTAL ASSETS LESS CURRENT LIABILITIES

1,707,501

1,708,338

CAPITAL AND RESERVES

Called up share capital

876

876

Share premium

250

250

Capital redemption reserve

374

374

Retained earnings

1,706,001

1,706,838

SHAREHOLDERS' FUNDS

1,707,501

1,708,338

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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 20th September 2023 and were signed on its behalf by:

S R G Tate - Director

1.	STATUTORY INFORMATION

Wallace Manufacturing Chemists 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.

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 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 20% on cost

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.

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.

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 11 (2021 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st January 2022

55,482

Additions

4,834

Disposals

(1,148

)

At 31st December 2022

59,168

AMORTISATION

At 1st January 2022

37,021

Charge for year

4,645

Eliminated on disposal

(1,148

)

At 31st December 2022

40,518

NET BOOK VALUE

At 31st December 2022

18,650

At 31st December 2021

18,461

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2022

78,342

Additions

12,135

At 31st December 2022

90,477

DEPRECIATION

At 1st January 2022

45,419

Charge for year

15,620

At 31st December 2022

61,039

NET BOOK VALUE

At 31st December 2022

29,438

At 31st December 2021

32,923

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

585,668

635,407

Other debtors

864,406

1,330,620

1,450,074

1,966,027

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

472,898

718,361

Amounts owed to group undertakings

641,028

633,342

Taxation and social security

25,675

103,707

Other creditors

935,266

1,006,199

2,074,867

2,461,609

8.	RELATED PARTY DISCLOSURES

During the year, the company sold goods to companies under common control as follows:

£52,120 (2021: £81,833) to Neo Laboratories Limited.

£155,582 (2021: £149,890) to Norma Chemicals Limited.

£1,069,225 (2021: £1,190,816) to Savoy Laboratories (International) Limited.

During the year, the company recharged £299,810 (2021: £582,632) of its overheads to Kew Health and Beauty Ltd, Norma Chemicals Ltd and Savoy Laboratories (International ) Ltd.

At the year end, the amount due by the company to companies under common control amounted to:

£641,028 (2021: £633,342) to Alinter Limited.

£1,945 (2021: £9,083) to Blakeney Homes And Estates Limited.

£5,568 (2021: £5,219) to BCH Direct Limited.

£129,374 (2021: £77,315 to Neo Laboratories Limited.

£67,645 (2021: £45,322) to Norma Chemicals Limited

£385,402 (2021: £411,048) to Savoy Laboratories (International) Limited.

£290,590 (2021: £290,214) to Wallace Pharma Limited.

£99 (2021: £82,964) to Eaton Mayfair Limited.

£Nil (2021: £2,590) to Midas Healthcare Ltd.

At the year end, the amount due to the company from companies under common control amounted to:

£6,900 (2021: £6,900) by Boccata Limited.

£732,010 (2021: £1,176,101) by Kew Health And Beauty Limited.

£5,797 (2021: £nil) by Kew Health & Beauty UK Ltd.

£30,482 (2021: £30,842) by Lomax Healthcare Limited.

£18,808 (2021: £15,669) by Urban Jack Limited.

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Alinter Limited, a company registered in England and Wales. Alinter Limited is controlled by Mrs M J Tate, a director of Wallace Manufacturing Chemists Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wallace Manufacturing Chemists Limited for the year ended 31st December 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Wallace Manufacturing Chemists Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wallace Manufacturing Chemists Limited and state those matters that we have agreed to state to the Board of Directors of Wallace Manufacturing Chemists Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallace Manufacturing Chemists Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Wallace Manufacturing Chemists Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Wallace Manufacturing Chemists Limited. You consider that Wallace Manufacturing Chemists Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wallace Manufacturing Chemists Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moulton Johnson Limited

Chartered Accountants

29a Crown Street

Brentwood

Essex

CM14 4BA

20th September 2023