Cytec Solutions Limited - Accounts to registrar (filleted) - small 18.2
Cytec Solutions Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2017 |
| for |
| Cytec Solutions Limited |
| Cytec Solutions Limited (Registered number: 03754429) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Cytec Solutions Limited |
| Company Information |
| for the Year Ended 31 December 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 45 Beaufort Court |
| Admirals Way |
| London |
| E14 9XL |
| Cytec Solutions Limited (Registered number: 03754429) |
| Balance Sheet |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| 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. |
| 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 on |
| Cytec Solutions Limited (Registered number: 03754429) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| Cytec Solutions Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. |
| The date of transition is 1 January 2015. |
| There are no transitional adjustments, accordingly the comparative figures have not been restated and no need to disclose a |
| reconciliation of equity in these financial statements. |
| Turnover |
| Turnover represents net invoiced sales net of returns, trade discounts and value added tax. |
| Depreciation |
| Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: |
| Computer and office equipment - over 3 to 5 years (straight line) |
| Fixtures and fittings - over 4 years (straight line) |
| Work in progress |
| Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated normal |
| selling price less further costs expected to be incurred to completion and disposal. Provision is made where costs are not |
| expected to be fully recoverable. |
| 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 |
| Rentals paid under operating leases are charged to profit or loss 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. 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 |
| Cytec Solutions Limited (Registered number: 03754429) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2017 |
| Additions |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| Cytec Solutions Limited (Registered number: 03754429) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2017 and 31 December 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced | ( |
) |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 9. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £193,512 (2016 - £237,840) were paid to the directors . |
| 10. | EMPLOYEE SHARE OPTION SCHEME |
| During the year, the company continued operating an approved Enterprise Management Incentive share option scheme (the |
| "Scheme") for key members of staff. |
| Participants in the scheme are granted a conditional award of ordinary shares in the company. Options over shares may be |
| exercised by participants over a ten year period, provided that specific performance targets have been achieved. The Scheme |
| provides for a proportion of options over shares to be exercised if the targets are only partially met. Participants in the |
| Scheme are required to contribute towards their share entitlements if and when they are exercised. |
| At 31st December 2017, there were 10 participants in the Scheme, and (after accounting for lapses) options over 3,654 'A' |
| ordinary shares in total had been awarded with the following exercise prices: 2,982 shares of 973p each, 161shares of 2,243p |
| each and 511 shares of 4,193p each. |
| No new share options have been awarded since the end of the financial period. 562 shares has been exercise at 973p and 102 |
| shares had lapsed after 31st December 2017. |
| Expected future share transfers to participants, based on the information presently available, are as follows: |
| · 31 March 2018 up to 562 'A' ordinary shares, at 973p each |
| · 31 March 2019 up to 562 'A' ordinary shares, at 973p each |
| · 31 March 2020 up to 562 'A' ordinary shares, at 973p each |
| · 31 March 2021 up to 51 'A' ordinary shares, at 973p each |
| · 31 March 2018 up to 38 'A' ordinary shares, at 2,243p each |
| · 31 March 2019 up to 38 'A' ordinary shares, at 2,243p each |
| · 31 March 2020 up to 38 'A' ordinary shares, at 2,243p each |
| · 31 March 2018 up to 109 'A' ordinary shares, at 4,193p each |
| · 31 March 2019 up to 109 'A' ordinary shares, at 4,193p each |
| · 31 March 2020 up to 109 'A' ordinary shares, at 4,193p each |
| · 31 March 2021 up to 109 'A' ordinary shares, at 4,193p each |
| · 31 March 2022 up to 26 'A' ordinary shares, at 4,193p each |
| · 31 March 2023 up to 26 'A' ordinary shares, at 4,193p each |
| The latest actual market valuation (discounted, for Scheme purposes) agreed on 5th September 2017, set the actual market |
| value price of shares under option at 4193p each. |