Chemisphere Limited Filleted accounts for Companies House (small and micro)

CHEMISPHERE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01466084

CHEMISPHERE LIMITED

FILLETED FINANCIAL STATEMENTS

31 October 2023

CHEMISPHERE LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2023

Contents	Page

Director's responsibilities statement 1

Balance sheet 2

Notes to the financial statements 3

CHEMISPHERE LIMITED

DIRECTOR'S RESPONSIBILITIES STATEMENT

YEAR ENDED 31 OCTOBER 2023

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is 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. He is 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.

CHEMISPHERE LIMITED

BALANCE SHEET

31 October 2023

	2023	2022
Note	£	£

Fixed assets

Investments	6	912	912

Current assets

Stocks	7	105,487	330,150
Debtors	8	344,790	990,449
Cash at bank and in hand		800,300	213,988
		------------	------------
		1,250,577	1,534,587

Creditors: amounts falling due within one year	9	( 376,722)	( 707,933)
		------------	------------
Net current assets		873,855	826,654
		------------	------------
Total assets less current liabilities		874,767	827,566
		------------	------------
Net assets		874,767	827,566
		------------	------------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		874,667	827,466
		------------	------------
Shareholders funds		874,767	827,566
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 25 April 2024 , and are signed on behalf of the board by:

D J Culliford
Director

Company registration number: 01466084

CHEMISPHERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2023

1. General information

The company is a private company limited by shares, company number 01466084 , registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The company continues to meet its day to day working capital requirements through its invoice finance facilities.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date or at the rate of any related forward contract. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction or at the rate of any related forward contract. Exchange differences are taken into account in arriving at the operating profit.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	20% straight line
Computer Equipment	-	50% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 November 2022 and 31 October 2023	19,558	4,040	23,598
	------------	------------	------------
Depreciation
At 1 November 2022 and 31 October 2023	19,558	4,040	23,598
	------------	------------	------------
Carrying amount
At 31 October 2023	–	–	–
	------------	------------	------------
At 31 October 2022	–	–	–
	------------	------------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2022 and 31 October 2023	912
	------------
Impairment
At 1 November 2022 and 31 October 2023	–
	------------

Carrying amount
At 31 October 2023	912
	------------
At 31 October 2022	912
	------------

7. Stocks

	2023	2022
	£	£
Finished goods and goods for resale	105,487	330,150
	------------	------------

8. Debtors

	2023	2022
	£	£
Trade debtors	310,029	793,434
Amounts owed by group undertakings	–	177,013
Prepayments and accrued income	18,865	20,002
Invoice discounting facility	15,896	–
	------------	------------
	344,790	990,449
	------------	------------

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	150,958	320,844
Amounts owed to group undertakings	9,822	–
Accruals and deferred income	43,702	36,900
Corporation tax	17,336	30,049
Social security and other taxes	154,743	161,461
Invoice discounting facility (secured)	–	98,470
Other creditors	161	60,209
	------------	------------
	376,722	707,933
	------------	------------

Included within creditors: amounts falling due within one year are liabilities totalling £Nil (2022: £98,470) secured on the book debts of the company held by Lloyds Bank Commercial Finance Limited.

10. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	------------	------------	------------	------------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	2,238	–
	------------	------------

12. Summary audit opinion

The auditor's report for the year dated 25 April 2024 was unqualified.

The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .

13. Related party transactions

Included in creditors is £9,822 (2022 - £177,013 debtors) owing to/from the Dutch subsidiary, Chemisphere Europe BV. This balance is unsecured, repayable on normal commercial terms and currently interest-free. Included in other creditors is an amount of £Nil (2022 - £60,000) owed to the shareholders. This is unsecured, repayable on demand and currently interest-free.

14. Company control

The company was under the control of the Lloyd-Watts family throughout the current and previous year by reason of their shareholdings.