Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-3032022-10-01falseManufacture of paints, varnishes and similar coatings, mastics and sealants3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12862217 2022-10-01 2023-09-30 12862217 2021-10-01 2022-09-30 12862217 2023-09-30 12862217 2022-09-30 12862217 c:Director3 2022-10-01 2023-09-30 12862217 d:Buildings d:LongLeaseholdAssets 2022-10-01 2023-09-30 12862217 d:Buildings d:LongLeaseholdAssets 2023-09-30 12862217 d:Buildings d:LongLeaseholdAssets 2022-09-30 12862217 d:PlantMachinery 2022-10-01 2023-09-30 12862217 d:PlantMachinery 2023-09-30 12862217 d:PlantMachinery 2022-09-30 12862217 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 12862217 d:FurnitureFittings 2022-10-01 2023-09-30 12862217 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 12862217 d:CurrentFinancialInstruments 2023-09-30 12862217 d:CurrentFinancialInstruments 2022-09-30 12862217 d:Non-currentFinancialInstruments 2023-09-30 12862217 d:Non-currentFinancialInstruments 2022-09-30 12862217 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 12862217 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 12862217 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 12862217 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 12862217 d:ShareCapital 2023-09-30 12862217 d:ShareCapital 2022-09-30 12862217 d:RetainedEarningsAccumulatedLosses 2023-09-30 12862217 d:RetainedEarningsAccumulatedLosses 2022-09-30 12862217 c:FRS102 2022-10-01 2023-09-30 12862217 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 12862217 c:FullAccounts 2022-10-01 2023-09-30 12862217 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 12862217










ELEMENTAL INKS & CHEMICALS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
ELEMENTAL INKS & CHEMICALS LTD
REGISTERED NUMBER: 12862217

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
51,298
43,729

  
51,298
43,729

Current assets
  

Stocks
  
71,617
35,000

Debtors: amounts falling due within one year
  
51,816
52,294

Cash at bank and in hand
  
7,939
28,377

  
131,372
115,671

Creditors: amounts falling due within one year
  
(68,351)
(47,099)

Net current assets
  
 
 
63,021
 
 
68,572

Total assets less current liabilities
  
114,319
112,301

Creditors: amounts falling due after more than one year
  
(333,017)
(279,429)

  

Net liabilities
  
(218,698)
(167,128)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(218,798)
(167,228)

  
(218,698)
(167,128)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.
Page 1

 
ELEMENTAL INKS & CHEMICALS LTD
REGISTERED NUMBER: 12862217
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023





Ryan George Pearce Boots
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ELEMENTAL INKS & CHEMICALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Elemental Inks & Chemicals Ltd 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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and have conclude that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion, the directors have considered the company’s net liabilities and the loss reported in the current financial year.
The company continues to rely upon the support provided by its bankers, directors and other lenders. The directors have not received any indication that such support will be withdrawn and the company continues to meet its loan commitments and satisfy loan covenants.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the director continues to adopt the going concern basis in preparing the annual report and accounts.ing going concern basis...

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
ELEMENTAL INKS & CHEMICALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
ELEMENTAL INKS & CHEMICALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% on cost
Plant and machinery
-
10% on cost
Fixtures and fittings
-
25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate
Page 5

 
ELEMENTAL INKS & CHEMICALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 October 2022
5,606
49,548
55,154


Additions
-
14,539
14,539



At 30 September 2023

5,606
64,087
69,693



Depreciation


At 1 October 2022
607
10,818
11,425


Charge for the year on owned assets
561
6,409
6,970



At 30 September 2023

1,168
17,227
18,395



Net book value



At 30 September 2023
4,438
46,860
51,298



At 30 September 2022
4,999
38,730
43,729

Page 6

 
ELEMENTAL INKS & CHEMICALS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,470
-

Other debtors
5,171
2,059

Prepayments and accrued income
15,480
15,430

Tax recoverable
29,695
34,805

51,816
52,294



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
4,248
457

Other loans
25,000
25,000

Trade creditors
14,902
110

Other creditors
21,959
19,292

Accruals and deferred income
2,242
2,240

68,351
47,099



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
333,017
279,429

333,017
279,429



8.Other financial commitments

At the balance sheet date the company had the financial commitments in respect of rent of £30,000 (2022 - £30,000

 
Page 7