Wallace Manufacturing Chemists Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00437426 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Wallace Manufacturing Chemists Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Tate

Mrs M J Tate

R Warriner

SECRETARY:

Mrs M J Tate

REGISTERED OFFICE:

Jubilee House

3 The Drive

Great Warley

Brentwood

Essex

CM13 3FR

BUSINESS ADDRESS:

New Abbey Court

51-53 Stert Street

Abingdon

Oxfordshire

OX14 3JF

REGISTERED NUMBER:

00437426 (England and Wales)

ACCOUNTANTS:

Neville & Stocker

Jubilee House

3 The Drive

Great Warley

Brentwood

Essex

CM13 3FR

FIXED ASSETS

Intangible assets

4

23,112

19,173

Tangible assets

5

19,323

21,619

42,435

40,792

CURRENT ASSETS

Stocks

1,002,738

1,142,652

Debtors

1,366,730

1,780,353

Cash at bank

348,584

396,911

2,718,052

3,319,916

CREDITORS

Amounts falling due within one year

1,582,442

2,340,971

NET CURRENT ASSETS

1,135,610

978,945

TOTAL ASSETS LESS CURRENT LIABILITIES

1,178,045

1,019,737

CAPITAL AND RESERVES

Called up share capital

876

876

Share premium

250

250

Capital redemption reserve

374

374

Retained earnings

1,176,545

1,018,237

SHAREHOLDERS' FUNDS

1,178,045

1,019,737

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 September 2018 and were signed on its behalf by:

S 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Patents and licences 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

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.

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 (2016 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

40,218

Additions

8,480

Disposals

(3,611

)

At 31 December 2017

45,087

AMORTISATION

At 1 January 2017

21,045

Amortisation for year

4,541

Eliminated on disposal

(3,611

)

At 31 December 2017

21,975

NET BOOK VALUE

At 31 December 2017

23,112

At 31 December 2016

19,173

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

263,575

Additions

3,700

Disposals

(5,294

)

At 31 December 2017

261,981

DEPRECIATION

At 1 January 2017

241,956

Charge for year

4,828

Eliminated on disposal

(4,126

)

At 31 December 2017

242,658

NET BOOK VALUE

At 31 December 2017

19,323

At 31 December 2016

21,619

6.	RELATED PARTY DISCLOSURES

During the year Wallace Manufacturing Chemists Limited made sales of:

£152,049 (period ended 31 December 2016: £49,513) to Neo Laboratories Limited.

£258,112 (period ended 31 December 2016: £167,583) to Norma Chemicals Limited.

£1,107,342 (period ended 31 December 2016: £1,079,004) to Savoy Laboratories (International) Limited.

£466,512 (period ended 31 December 2016: £364,946) to Wallace Pharma Limited.

During the year Wallace Manufacturing Chemists Limited made the following charges for management services:

£1,500 (period ended 31 December 2016: £3,000) to Kew Health And Beauty Limited.

£3,900 (period ended 31 December 2016: £nil) to Zenith Pharmaceuticals Limited.

During the year Wallace Manufacturing Chemists Limited recharged £258,559 (period ended 31 December

2016: £158,874) of its expenses to the above companies.

During the year Wallace Manufacturing Chemists Limited made a charge for commission of £116,896 (period

ended 31 December 2016: £128,979) to Wallace Pharma Limited.

During the year Wallace Manufacturing Chemists Limited was charged £55,000 (period ended 31 December

2016: £30,000) by Alinter Limited for marketing services.

During the year Wallace Manufacturing Chemists Limited was charged £nil (period ended 31 December 2016:

£20,000) by Blakeney Homes And Estates Limited for service charges.

At the end of the year Wallace Manufacturing Chemists Limited owed the following amounts:

£364,657 (2016: £360,534) to Alinter Limited.

£3,407 (2016: £5,865) to Blakeney Homes And Estates Limited.

£2,379 (2016: £2,283) to Midas Healthcare Limited.

£75,878 (2016: £42,090 owed by) to Neo Laboratories Limited.

£45,529 (2016: £19,452 owed by) to Norma Chemicals Limited.

£238,019 (2016: £133,222) to Savoy Laboratories (International) Limited.

£295,022 (2016: £81,451) to Wallace Pharma Limited.

£100 (2016: £100) to Boccata Limited.

£101 (2016: £nil) to Valisha (Abingdon) Limited.

£210 (2016: £nil) to Valisha Limited.

£100 (2016: £nil) to Valisha (Oxford) Limited.

and was owed:

£10,942 (2016: £1,204) by BCH Direct Limited.

£341,576 (2016: £475,505) by Eaton Mayfair Limited.

£479,094 (2016: £477,923) by Kew Health And Beauty Limited.

£120 (2016: £17,133) by Lomax Healthcare Limited.

£10,177 (2016: £10,228) by OHC Healthcare Limited.

£715 (2016: £nil) by Urban Jack Limited.

£19,236 (2016: £13,139) by Zenith Pharmaceuticals Limited.

The above companies are all controlled by Mrs M J Tate, a director of Wallace Manufacturing Chemists Limited,

except for BCH Direct Limited, Blakeney Homes And Estates Limited, Boccata Limited, Eaton Mayfair Limited,

Kew Health And Beauty Limited, Midas Healthcare Limited, OHC Healthcare Limited, Urban Jack Limited,

Valisha (Abingdon) Limited, Valisha Limited and Valisha (Oxford) Limited which are controlled by S Tate.

7.	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.