REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Period 1 July 2020 to 31 December 2021 |
for |
Circa Sustainable Chemicals Limited |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Period 1 July 2020 to 31 December 2021 |
for |
Circa Sustainable Chemicals Limited |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Contents of the Financial Statements |
for the period 1 July 2020 to 31 December 2021 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Reconciliation of Equity | 15 |
Reconciliation of Loss | 17 |
Circa Sustainable Chemicals Limited |
Company Information |
for the period 1 July 2020 to 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Brooke's Mill |
Armitage Bridge |
Huddersfield |
West Yorkshire |
HD4 7NR |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Report of the Director |
for the period 1 July 2020 to 31 December 2021 |
The director presents his report with the financial statements of the company for the period 1 July 2020 to 31 December 2021. |
The company has changed its accounting reference date from 30 June to 31 December in order to align with the accounting period of its ultimate parent company, Circa Group AS. Consequently, these financial statements have been prepared for an 18 month period from 1 July 2020 to 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of research and development of bio-renewable chemicals and solvents. |
REVIEW OF BUSINESS |
The company made an operating loss of £173,270 (6 months ended 30 June 2020: £86,114) with the increase in the loss mainly attributable to an increase in research and development expenditure. The loss for the period was £173,270 (2020: £86,115). |
At 31 December 2021 the company had net liabilities of £544,072 (30 June 2020: £370,802). |
DIRECTOR |
FINANCIAL SUPPORT |
At this stage of its commercialisation, the company is reliant on ongoing financial support from its parent undertaking. |
Based on its current levels of expenditure, the directors have a reasonable expectation that the parent company has adequate resources to be a going concern and therefore to be able to continue to provide financial support to the company. |
The parent company, Circa Group Pty Limited, has confirmed its financial support to the company by providing funding to enable the company to meet its obligations as they fall due for a period of not less than twelve months from the date of approval of these financial statements. The directors have therefore prepared the financial statements on a going concern basis. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Income Statement |
for the period 1 July 2020 to 31 December 2021 |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(376,929 | ) | (118,221 | ) |
Other operating income | 3 |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses | 5 |
LOSS BEFORE TAXATION | 6 | ( |
) | ( |
) |
Tax on loss | 7 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Other Comprehensive Income |
for the period 1 July 2020 to 31 December 2021 |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
Notes | £ | £ |
LOSS FOR THE PERIOD | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
( |
) |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank | 10 |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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 were approved by the director and authorised for issue on |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Statement of Changes in Equity |
for the period 1 July 2020 to 31 December 2021 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2019 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2020 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 | ( |
) | ( |
) |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements |
for the period 1 July 2020 to 31 December 2021 |
1. | STATUTORY INFORMATION |
Circa Sustainable Chemicals Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The prior year financial statements were prepared under Financial Reporting Standard 102 and the Companies Act. There are no transitional adjustments required in respect of the change from FRS102 to FRS 101 and no impact on either the results for the period ended 31 December 2021 or on net assets at 31 December 2021, nor on the comparative figures for the year ended 30 June 2020. |
The results of Circa Sustainable Chemicals Ltd are included in the consolidated financial statements of Circa Group AS which are available from the Company's registered office at Sjoelyst Plass 2 Oslo, 0278 Norway. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
• | the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. |
Research and development expenditure |
Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is probable that the project will be a success considering its commercial and technical feasibility; the company is able to use or sell the asset; the company has sufficient resources; and intent to complete the development and its costs can be measured reliably. Management has decided that costs relating to the development costs incurred during 2021 will be expensed rather than assessing costs as the above conditions have not yet been met. |
Tangible fixed assets |
Computer equipment assets stated at historical cost less accumulated depreciation and impairment. |
Historical cost includes expenditure that is directly attributable to the acquisition of the items. |
Depreciation is calculated on a straight-line basis to write off the net cost of each item of plant and equipment over their expected useful lives as follows: |
- Computer equipment : 3 years. |
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. |
Financial instruments: |
Cash and cash equivalents |
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Trade and other receivables |
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30 days. |
Trade and other payables |
These amounts represent liabilities for goods and services provided to the entity prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. |
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: |
When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or |
When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled, and it is probable that the temporary difference will not reverse in the foreseeable future. |
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. |
Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. |
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously |
Research and development |
Research costs are charged against income as they are incurred. Certain development costs are capitalised as intangible assets, when it is probable that future economic benefits will flow to the company. Such intangible assets are amortised on a straight-line basis from the point at which the assets are ready for use over the period of the expected benefit and are reviewed for impairment at each balance sheet date. Other development costs are charged against income as incurred since the criteria for their recognition as an asset are not met. |
The criteria for recognising development expenditure as an asset are: |
- Completion of the intangible asset is technically feasible so that it will be available for use or sale; |
- The company intends to complete the intangible asset and use or sell it; |
- The company has the ability to use or sell the intangible asset; |
- The intangible asset will generate probable future economic benefits. Among many other things, this requires that there is a market for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally, the asset will be used in generating such benefits; |
- That the company has available to it adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and |
- That the company can reliably measure the expenditure attributable to the intangible asset during its development. |
The company did not capitalise any development costs during the year as the directors considered that the criteria set out above were not met in respect of development costs incurred. |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Foreign currency transactions are translated into Sterling using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. |
Leases |
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract. |
Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. |
Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Government grants |
Government grants are treated in accordance with IAS20 and its related purpose. |
Government grants are recognised as income or as a cost reduction, dependent on the basis for which the government grant has been awarded. Recognition will be on a systematic basis over the period they have been granted for, or on a systematic basis to the costs that they are intended to compensate for. |
Government grants in the form of compensation for losses which have already been incurred, or in the form of direct financial support, which is not directly related to future costs, are recognised as income in the same period as they are awarded. |
Government grants related to assets are presented in the balance sheet as deferred income or as a reduction of the depreciation of the assets the grant relates to. The grant will be recognised on a systematic basis over the periods in which the related expenses are recognised. The presentation method chosen is to deduct the grant in the carrying amount of the asset. |
Current and non-current classification |
Assets and liabilities are presented in the statement of financial position based on current and non-current classification. |
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. |
A liability is classified as current when: it is either expected to be settled in the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. |
Deferred tax assets and liabilities are always classified as non-current. |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
3. | OTHER OPERATING INCOME |
2021 | 2020 |
£ | £ |
Government grants | 66,0956 | 32,107 |
Inter-group recharges | 37,500 | - |
Other income | 63 | - |
206,659 | 32,107 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
Research and development |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
£ | £ |
Director's remuneration |
The directors are remunerated for their services to other group companies within the group headed by the |
Company's parent, Circa Group Limited. No amounts were received by them directly as directors of Circa Sustainable Chemicals Limited. |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
£ | £ |
Bank interest |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
6. | LOSS BEFORE TAXATION |
The loss before taxation is stated after charging: |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
£ | £ |
Leases | - | 4,810 |
Depreciation - owned assets |
Foreign exchange differences |
Research and development costs | 361,909 | 77,717 |
Grants receivable | (166,095 | ) | (32,107 | ) |
7. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the period ended 31 December 2021 nor for the year ended 30 June 2020. |
Factors affecting the tax expense |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
£ | £ |
Loss before income tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2020 - |
( |
) |
( |
) |
Effects of: |
Trading losses carried forward |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
R & D tax credit adjustments | ( |
) |
Tax expense |
The Company will recognise a deferred tax asset only if it can demonstrate convincing evidence that sufficient taxable profit will be available against which the unused tax losses can be utilised. |
The losses available for carry forward at 31 December 2021 amount to £498,400 (2020: £322,787). |
Change in Corporation Tax rate |
The Finance Bill 2021 includes legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. These changes are not included above as the Finance Bill 2021 was not substantively enacted by the year end. Accordingly, unrecognised deferred tax assets and liabilities have been calculated at the tax rate of 19% (2020: 19%). |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
8. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2020 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 July 2020 |
Charge for period |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 30 June 2020 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
10. | CASH AT BANK |
All of the company's cash and cash equivalents at 31 December 2021 are at floating interest rates and are denominated in UK Sterling (£). The Directors consider that the carrying value of cash and cash equivalents approximates to their fair value. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Notes to the Financial Statements - continued |
for the period 1 July 2020 to 31 December 2021 |
12. | LEASING |
Other leases |
Period |
1/7/20 |
to | Year ended |
31/12/21 | 30/6/20 |
£ | £ |
Short-term leases | - | 4,810 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2020 | (370,803 | ) |
Deficit for the period | (173,270 | ) |
At 31 December 2021 | (544,073 | ) |
15. | CONTINGENT LIABILITIES |
There are no contingent liabilities for the period ended 31 December 2021 (30 June 2020: £nil). |
16. | CAPITAL COMMITMENTS |
There are no capital commitments at 31 December 2021 (30 June 2020: £nil). |
17. | RELATED PARTY DISCLOSURES |
During the period the company made sales of £37,500 (2020: £nil) to its ultimate parent company, Circa Group AS. At 31 December 2021, £37,500 was outstanding from Circa Group AS (2020: £nil). |
The company has a loan of £594,838 (2020: £374,838) from its immediate parent company, Circa Group Limited. This loan is unsecured, interest free and has no fixed terms for repayment. |
18. | ULTIMATE PARENT COMPANY |
The parent company is Circa Group Pty Limited which is incorporated in Australia. The ultimate parent company is Circa Group AS which is incorporated in Norway. |
The results of the company are consolidated in the group accounts of the ultimate parent company's financial statements. Copies of the ultimate parent company's financial statements may be obtained from the Secretary of Circa Group AS, Sjoelyst Plass 2 Oslo, 0278 Oslo, Norway. |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Reconciliation of Equity |
1 July 2019 |
(Date of Transition to FRS 101) |
Effect of |
transition |
FRS 102 | to FRS 101 | FRS 101 |
£ | £ | £ |
FIXED ASSETS |
Intangible assets | 303 | 303 |
CURRENT ASSETS |
Debtors | 4,749 | 4,749 |
Cash at bank | 53,132 | 53,132 |
57,881 | 57,881 |
CREDITORS |
Amounts falling due within one year | (342,871 | ) | (342,871 | ) |
NET CURRENT LIABILITIES | (284,990 | ) | (284,990 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(284,687 |
) |
(284,687 |
) |
NET LIABILITIES | (284,687 | ) | (284,687 | ) |
CAPITAL AND RESERVES |
Called up share capital | 1 | 1 |
Retained earnings | (284,688 | ) | (284,688 | ) |
SHAREHOLDERS' FUNDS | (284,687 | ) | (284,687 | ) |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Reconciliation of Equity - continued |
30 June 2020 |
Effect of |
transition |
FRS 102 | to FRS 101 | FRS 101 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 509 | 509 |
CURRENT ASSETS |
Debtors | 85 | 85 |
Cash at bank | 3,738 | - | 3,738 |
3,823 | 3,823 |
CREDITORS |
Amounts falling due within one year | (375,134 | ) | (375,134 | ) |
NET CURRENT LIABILITIES | (371,311 | ) | (371,311 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(370,802 |
) |
(370,802 |
) |
NET LIABILITIES | (370,802 | ) | (370,802 | ) |
CAPITAL AND RESERVES |
Called up share capital | 1 | 1 |
Retained earnings | (370,803 | ) | (370,803 | ) |
SHAREHOLDERS' FUNDS | (370,802 | ) | (370,802 | ) |
Circa Sustainable Chemicals Limited (Registered number: 08944694) |
Reconciliation of Loss |
for the year ended 30 June 2020 |
Effect of |
transition |
FRS 102 | to FRS 101 | FRS 101 |
£ | £ | £ |
TURNOVER | - | - |
Administrative expenses | (118,221 | ) | (118,221 | ) |
Other operating income | 32,107 | 32,107 |
OPERATING LOSS | (86,114 | ) | (86,114 | ) |
Interest payable and similar expenses | (1 | ) | (1 | ) |
LOSS BEFORE TAXATION | (86,115 | ) | (86,115 | ) |
Tax on loss | - | - |
LOSS FOR THE FINANCIAL PERIOD | (86,115 | ) | (86,115 | ) |