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Company registration number: 11674378
Globachem Discovery Limited
Unaudited filleted financial statements
31 December 2022
Globachem Discovery Limited
Contents
Statement of financial position
Notes to the financial statements
Globachem Discovery Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 544,293 190,843
_______ _______
544,293 190,843
Current assets
Debtors 7 387,821 360,341
Cash at bank and in hand 57,358 224,115
_______ _______
445,179 584,456
Creditors: amounts falling due
within one year 8 ( 203,262) ( 166,724)
_______ _______
Net current assets 241,917 417,732
_______ _______
Total assets less current liabilities 786,210 608,575
Creditors: amounts falling due
after more than one year 9 ( 82,384) ( 122,368)
Provisions for liabilities 10 ( 37,296) ( 34,346)
_______ _______
Net assets 666,530 451,861
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 666,529 451,860
_______ _______
Shareholders funds 666,530 451,861
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2023 , and are signed on behalf of the board by:
Ms Els Maria Paesmans
Director
Company registration number: 11674378
Globachem Discovery Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Globachem Discovery Limited, Suite 35b4, Block 35, Alderley Park, Congleton Road, Macclesfield, SK10 4TG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 12 years straight line basis
Plant and machinery - 5-10 years straight line basis
Fittings fixtures and equipment - 5 years reducing balance basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 11 ).
5. Tax on profit
Major components of tax expense
2022 2021
£ £
Current tax:
UK current tax expense 28,825 41,315
_______ _______
Deferred tax:
Origination and reversal of timing differences 2,950 ( 21,942)
_______ _______
Tax on profit 31,775 19,373
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2022 - 219,508 12,911 232,419
Additions 352,760 31,792 241 384,793
_______ _______ _______ _______
At 31 December 2022 352,760 251,300 13,152 617,212
_______ _______ _______ _______
Depreciation
At 1 January 2022 - 33,730 7,846 41,576
Charge for the year 4,899 24,338 2,106 31,343
_______ _______ _______ _______
At 31 December 2022 4,899 58,068 9,952 72,919
_______ _______ _______ _______
Carrying amount
At 31 December 2022 347,861 193,232 3,200 544,293
_______ _______ _______ _______
At 31 December 2021 - 185,778 5,065 190,843
_______ _______ _______ _______
7. Debtors
2022 2021
£ £
Amounts owed by group undertakings 20,037 118,625
RDEC claimable 122,884 100,507
VAT repayable 129,043 52,640
Prepayments and accrued income 115,857 88,569
_______ _______
387,821 360,341
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 45,434 34,759
Amounts owed to group undertakings 39,984 39,200
Social security and other taxes 12,783 10,239
Pension contributions 4,365 1,930
Other creditors 1,943 1,033
Accruals and deferred income 98,753 79,563
_______ _______
203,262 166,724
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Amounts owed to group undertakings 82,384 122,368
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 January 2022 34,346 34,346
Additions 2,950 2,950
_______ _______
At 31 December 2022 37,296 37,296
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in provisions (note 10) 37,296 34,346
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances 37,296 34,346
_______ _______
12. Related party transactions
Globachem NV is considered to be a related party by virtue of being a fellow subsidiary. During the year Globachem Discovery Limited made sales to Globachem NV totalling £1,702,036 (2021: £1,471,124). During the year Globachem NV charged Globachem Discovery Limited interest in the sum of £2,686 (2021: £3,487). At 31 December 2022 the company owed Globachem NV £122,368 (2021: £161,568). At 31 December 2022 Globachem NV owed the company £20,037 (2021: £118,625).
13. Ultimate parent undertaking
The company is a wholly owned subsidiary of K&E BV, registered in Belgium. The registered office address of K&E BV is Lichtenberglaan 2019, 3800 Sint-Truiden, Belgium.
14. Intermediate parent undertaking
The company is a wholly owned subsidiary of Glob-Agro Bv, registered in Belgium. The registered office address of Glob-Agro Bv is Lichtenberglaan 2019, 3800 Sint-Truiden, Belgium.