Welch Chemists Limited - Accounts to registrar (filleted) - small 18.2
Welch Chemists Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
| FOR |
| WELCH CHEMISTS LIMITED |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| WELCH CHEMISTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 169 West George Street |
| Glasgow |
| G2 2LB |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| BALANCE SHEET |
| 31 MAY 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Revaluation reserve |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| BALANCE SHEET - continued |
| 31 MAY 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 1. | STATUTORY INFORMATION |
| Welch Chemists Limited is a |
| 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 |
| Turnover |
| The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received, |
| at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its |
| contractual obligations. |
| Intangible assets |
| Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition (being the cash paid and |
| the fair value of other consideration given) over the fair value of the separate net assets acquired. The fair value of the |
| acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the |
| goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life of 20 years. |
| Provision is made for any impairment in its value. The useful economic life is the expected period over which the Company |
| expects to derive an economic benefit, and is reviewed on an annual basis. |
| Intangible assets acquired separately from a business are capitalised and written off on a straight line basis over their useful |
| economic lives of 20 years. The useful economic life is the expected period over which the Company expects to derive an |
| economic benefit, and is reviewed on an annual basis. |
| Amortisation |
| Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated |
| useful life of that asset as follows: |
| Goodwill - over 20 years |
| Licences - over 20 years |
| Tangible fixed assets |
| Heritable property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Equipment | - |
| Heritable property is held at fair value in the financial statements and is reviewed annually by the directors. |
| Tangible fixed assets are stated at cost or valuation less depreciation. Cost represents purchase price together with any |
| incidental costs of acquisition. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. Cost represents purchase price. |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, |
| according to the substance of the contractual arrangement. |
| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at |
| principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the |
| outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
| An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of |
| its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated |
| financial instrument. |
| 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 |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that 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. |
| Operating lease agreements |
| Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, |
| are charged against profits 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 and the pension charge represents the amounts payable by |
| the Company to the fund in respect of the year. The assets of the scheme are held separately from those of the Company in |
| an independently administered fund. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill | Licences | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2017 |
| and 31 May 2018 |
| AMORTISATION |
| At 1 June 2017 |
| and 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Heritable | and | Motor |
| property | fittings | vehicles | Equipment | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 June 2017 |
| Additions |
| Revaluations |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| Revaluation adjustments | ( |
) | ( |
) |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| The Company's heritable properties have been valued by the directors as at 31 May 2018 and they are satisfied that this |
| valuation is appropriately included in the financial statements. |
| Cost or valuation at 31 May 2018 is represented by: |
| Fixtures |
| Heritable | and | Motor |
| property | fittings | vehicles | Equipment | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2018 | 38,000 | - | - | - | 38,000 |
| Cost | 22,000 | 47,194 | 7,620 | 10,792 | 87,606 |
| 60,000 | 47,194 | 7,620 | 10,792 | 125,606 |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| If heritable property had not been revalued it would have been included at the following historical cost: |
| 2018 | 2017 |
| £ | £ |
| Cost | 22,000 | 22,000 |
| Aggregate depreciation |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Other timing differences | 4,000 | - |
| 4,000 | 139 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2017 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31 May 2018 |
| WELCH CHEMISTS LIMITED (REGISTERED NUMBER: SC165799) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| A Ordinary | £1 | 34,470 |
| B Ordinary | £1 | 34,470 |
| C Ordinary | £1 | 3,830 |
| D Ordinary | £1 | 3,830 |
| 76,600 | 76,600 |
| 11. | RELATED PARTY DISCLOSURES |
| No transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section |
| 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic |
| of Ireland". |
| 12. | ULTIMATE CONTROLLING PARTY |
| The Company was under the control of the directors throughout the current and previous year. No individual director has |
| overall control of the Company. |