Khromatec Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01747364 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Khromatec Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D A Boyes

Mrs S J Boyes

SECRETARY:

Mr P Boyes

REGISTERED OFFICE:

Unit 5, Beels Road

North Moss Lane Industrial Estate

Stallingborough

Grimsby

N E Lincolnshire

DN41 8DN

REGISTERED NUMBER:

01747364 (England and Wales)

FIXED ASSETS

Tangible assets

4

216,547

327,293

CURRENT ASSETS

Stocks

6,341

3,174

Debtors

5

101,811

150,370

Cash at bank and in hand

108,959

30,393

217,111

183,937

CREDITORS

Amounts falling due within one year

6

218,816

228,774

NET CURRENT LIABILITIES

(1,705

)

(44,837

)

TOTAL ASSETS LESS CURRENT LIABILITIES

214,842

282,456

CREDITORS

Amounts falling due after more than one year

7

(52,082

)

(104,493

)

PROVISIONS FOR LIABILITIES

(46,947

)

(62,186

)

NET ASSETS

115,813

115,777

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Capital redemption reserve

12,000

12,000

Retained earnings

99,813

99,777

SHAREHOLDERS' FUNDS

115,813

115,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 24 January 2024 and were signed on its behalf by:

Mr D A Boyes - Director

1.	STATUTORY INFORMATION

Khromatec 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 15% 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 13 (2022 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 October 2022

771,753

Additions

14,000

Disposals

(280,000

)

At 30 September 2023

505,753

DEPRECIATION

At 1 October 2022

444,460

Charge for year

38,686

Eliminated on disposal

(193,940

)

At 30 September 2023

289,206

NET BOOK VALUE

At 30 September 2023

216,547

At 30 September 2022

327,293

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2022

555,000

Disposals

(280,000

)

At 30 September 2023

275,000

DEPRECIATION

At 1 October 2022

252,721

Charge for year

32,433

Eliminated on disposal

(193,940

)

At 30 September 2023

91,214

NET BOOK VALUE

At 30 September 2023

183,786

At 30 September 2022

302,279

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

94,326

128,883

Other debtors

7,485

21,487

101,811

150,370

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans and overdrafts

10,030

10,000

Hire purchase contracts

42,500

42,500

Trade creditors

44,399

37,915

Taxation and social security

59,409

19,168

Other creditors

62,478

119,191

218,816

228,774

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans

20,207

30,118

Hire purchase contracts

31,875

74,375

52,082

104,493

8.	CONTINGENT LIABILITIES

As far as the directors are aware they have not entered into any contracts which could give rise to any contingent liability.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

30.9.23

30.9.22

£

£

Mr D A Boyes and Mrs S J Boyes

Balance outstanding at start of year

114,569

102,259

Amounts advanced

131,000

60,000

Amounts repaid

(192,258

)

(47,690

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

53,311

114,569

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D A Boyes.