Company Registration No. 10120110 (England and Wales)
Chemystri Ltd
Unaudited accounts
for the year ended 30 April 2023
Chemystri Ltd
Unaudited accounts
Contents
Chemystri Ltd
Company Information
for the year ended 30 April 2023
Directors
Andrew Folarin Onitiri
Daniela Onitiri
Company Number
10120110 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
London
Wc2H 9JQ
Accountants
OD Accountants Ltd
7a Ezra Street
London
E2 7RH
Chemystri Ltd
Statement of financial position
as at 30 April 2023
Investment property
273,892
547,785
Inventories
223,462
1,337,164
Cash at bank and in hand
191,588
25,847
Creditors: amounts falling due within one year
(305,987)
(1,386,804)
Net current assets
397,615
187,329
Total assets less current liabilities
671,507
735,114
Creditors: amounts falling due after more than one year
(1,077,428)
(1,075,700)
Net liabilities
(405,921)
(340,586)
Called up share capital
5,000
5,000
Profit and loss account
(410,921)
(345,586)
Shareholders' funds
(405,921)
(340,586)
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by
Andrew Folarin Onitiri
Director
Company Registration No. 10120110
Chemystri Ltd
Notes to the Accounts
for the year ended 30 April 2023
Chemystri Ltd is a private company, limited by shares, registered in England and Wales, registration number 10120110. The registered office is 71-75 Shelton Street, Covent Garden, London , Wc2H 9JQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Inventories costs of land and properties the Company has purchased and the costs incurred to date developing them for resale.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Chemystri Ltd
Notes to the Accounts
for the year ended 30 April 2023
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Fair value at 1 May 2022
547,785
Amounts falling due within one year
Amounts due from group undertakings etc.
251,167
205,511
Accrued income and prepayments
1,385
611
Other debtors
36,000
5,000
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
1,091,568
Taxes and social security
22
22
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
1,077,428
1,075,700
Allotted, called up and fully paid:
5,000 Ordinary shares of £1 each
5,000
5,000
9
Capital commitments
2023
2022
The company has two working capital loans from Hamada where there is interest chargeable at 1%pa (2022: 1% pa). The loans were taken out in July 2018 and January 2019.
Chemystri Ltd
Notes to the Accounts
for the year ended 30 April 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
11
Transactions with related parties
During the prior year the Company sold a property being developed to The Haven Wellington Limited, a wholly owned subsidiary. The property was sold at cost which was £650,000.
The amount owed to the Company by The Haven Wellington Limited at the year end was £251,167 (2022: £205,511).
12
Average number of employees
During the year the average number of employees was 0 (2022: 0).