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REGISTERED NUMBER: 02887222 (England and Wales)















DEVINE CHEMICALS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEVINE CHEMICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: J Devine
D J Devine
Mrs E L Harvey





REGISTERED OFFICE: Unit 8, Parkhead
Greencroft Industrial Park
Stanley
Co. Durham
DH9 7YB





REGISTERED NUMBER: 02887222 (England and Wales)





ACCOUNTANTS: Duncan Chartered Accountants
5 Cherrytree
Union Road
Sheffield
South Yorkshire
S11 9EF

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 120,574 44,288
Investments 6 88 -
120,662 44,288

CURRENT ASSETS
Stocks 2,886,035 2,226,788
Debtors 7 1,745,256 1,819,786
Cash at bank 311,833 106,935
4,943,124 4,153,509
CREDITORS
Amounts falling due within one year 8 2,537,132 2,528,231
NET CURRENT ASSETS 2,405,992 1,625,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,526,654

1,669,566

CREDITORS
Amounts falling due after more than one
year

9

(53,669

)

(58,983

)

PROVISIONS FOR LIABILITIES (18,000 ) (6,000 )
NET ASSETS 2,454,985 1,604,583

CAPITAL AND RESERVES
Called up share capital 11 315,100 270,100
Retained earnings 2,139,885 1,334,483
SHAREHOLDERS' FUNDS 2,454,985 1,604,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 3 August 2023 and were signed on its behalf by:





D J Devine - Director


DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Devine Chemicals 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Research and development expenditure
Research and development expenditure has been capitalised as an intangible fixed asset where the outcome of the project is assessed as being reasonably certain to bring a benefit to the company. The expenditure is capitalised as it falls due, and will be amortised on a straight line basis over the expected period of the benefit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pension costs and other post-retirement benefits
The pension costs charged in the financial statements represent the contribution payable by the company during the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 145,000
AMORTISATION
At 1 March 2022
and 28 February 2023 145,000
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 15,906 5,386 23,148 46,131 90,571
Additions 33,361 50,256 27,098 7,443 118,158
Disposals - - (23,148 ) - (23,148 )
At 28 February 2023 49,267 55,642 27,098 53,574 185,581
DEPRECIATION
At 1 March 2022 10,000 2,811 11,483 21,989 46,283
Charge for year 6,296 9,201 5,575 11,322 32,394
Eliminated on disposal - - (13,670 ) - (13,670 )
At 28 February 2023 16,296 12,012 3,388 33,311 65,007
NET BOOK VALUE
At 28 February 2023 32,971 43,630 23,710 20,263 120,574
At 28 February 2022 5,906 2,575 11,665 24,142 44,288

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 23,148
Additions 27,098
Disposals (23,148 )
At 28 February 2023 27,098
DEPRECIATION
At 1 March 2022 11,483
Charge for year 5,575
Eliminated on disposal (13,670 )
At 28 February 2023 3,388
NET BOOK VALUE
At 28 February 2023 23,710
At 28 February 2022 11,665

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 88
At 28 February 2023 88
NET BOOK VALUE
At 28 February 2023 88

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 1,676,652 1,759,929
Amounts owed by group undertakings 2,127 -
Other debtors 66,477 59,857
1,745,256 1,819,786

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 1,257,188 1,154,532
Other loans 22,715 21,610
Hire purchase contracts (see note 10) 3,478 12,030
Trade creditors 784,599 898,329
Tax 257,296 132,157
Social security and other taxes 10,131 9,819
VAT 136,447 225,828
Other creditors 3,204 20,642
Accrued expenses 62,074 53,284
2,537,132 2,528,231

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Other loans - 1-2 years 36,269 58,983
Hire purchase contracts (see note 10) 17,400 -
53,669 58,983

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
28.2.23 28.2.22
£    £   
Net obligations repayable:
Within one year 3,478 12,030
Between one and five years 17,400 -
20,878 12,030

Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 57,510 -
Between one and five years 72,676 -
130,186 -

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 Ordinary, Ordinary A and
Ordinary B £1 100 100
315,000 Preference £1 315,000 270,000
315,100 270,100

There was a partial re-classification of the company's Ordinary Share Capital on 8 October 2021. On that date 10 Ordinary Shares of £1 each were re-designated as Ordinary A Shares of £1 each, and a further 10 were re-designated as Ordinary B Shares of £1 each. All classes of Ordinary Shares have the same voting rights.

12. ULTIMATE CONTROLLING PARTY

The controlling party is J Devine.