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COMPANY REGISTRATION NUMBER: 07140281
CHEMANGLIA LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
CHEMANGLIA LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 9
CHEMANGLIA LIMITED
BALANCE SHEET
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
51,417
69,301
Tangible assets
6
2,608,560
2,326,554
------------
------------
2,659,977
2,395,855
Current assets
Stocks
1,167,583
1,243,473
Debtors
7
3,755,307
3,792,175
Cash at bank and in hand
1,268
5,366
------------
------------
4,924,158
5,041,014
Creditors: amounts falling due within one year
8
4,683,411
4,900,583
------------
------------
Net current assets
240,747
140,431
------------
------------
Total assets less current liabilities
2,900,724
2,536,286
Creditors: amounts falling due after more than one year
9
1,174,763
769,396
Provisions
Taxation including deferred tax
157,916
157,310
------------
------------
Net assets
1,568,045
1,609,580
------------
------------
Capital and reserves
Called up share capital
12
26,316
26,316
Revaluation reserve
184,695
188,231
Profit and loss account
1,357,034
1,395,033
------------
------------
Shareholders funds
1,568,045
1,609,580
------------
------------
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 profit and loss account has not been delivered.
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 .
CHEMANGLIA LIMITED
BALANCE SHEET (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
T A Burkill
Director
Company registration number: 07140281
CHEMANGLIA 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 Millers Close, Fakenham Industrial Estate, Fakenham, Norfolk, NR21 8NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold land & buildings
-
nil
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance (25% reducing balance on post 2002 assets)
Motor vehicles
-
30% reducing balance
Dispensing equipment
-
33% straight line
Freehold land and buildings property is not depreciated as in the opinion of the directors any charge would be immaterial. The property is maintained to a high standard and the repair and maintenance costs are expensed in full in the year of expenditure. Leasehold property improvements are depreciated over the term of the respective leases.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 78 (2021: 46 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
178,842
------------
Amortisation
At 1 January 2022
109,541
Charge for the year
17,884
------------
At 31 December 2022
127,425
------------
Carrying amount
At 31 December 2022
51,417
------------
At 31 December 2021
69,301
------------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 Jan 2022
1,065,967
1,581,344
330,300
237,046
618,941
3,833,598
Additions
93,000
49,684
280,090
200,329
623,103
Disposals
( 89,200)
( 89,200)
------------
------------
------------
------------
------------
------------
At 31 Dec 2022
1,158,967
1,631,028
610,390
147,846
819,270
4,367,501
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Jan 2022
3,193
653,691
158,496
170,593
521,071
1,507,044
Charge for the year
5,564
144,543
81,813
13,937
75,244
321,101
Disposals
( 69,204)
( 69,204)
------------
------------
------------
------------
------------
------------
At 31 Dec 2022
8,757
798,234
240,309
115,326
596,315
1,758,941
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Dec 2022
1,150,210
832,794
370,081
32,520
222,955
2,608,560
------------
------------
------------
------------
------------
------------
At 31 Dec 2021
1,062,774
927,653
171,804
66,453
97,870
2,326,554
------------
------------
------------
------------
------------
------------
7. Debtors
2022
2021
£
£
Trade debtors
1,878,647
2,352,759
Amounts owed by group undertakings
975,162
923,637
Prepayments and accrued income
828,247
515,429
Corporation tax repayable
41,505
Other debtors
31,746
350
------------
------------
3,755,307
3,792,175
------------
------------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
557,002
149,490
Trade creditors
1,607,051
1,387,998
Accruals and deferred income
295,816
787,080
Social security and other taxes
168,184
298,913
Obligations under finance leases and hire purchase contracts
110,194
110,194
Invoice finance facilities
1,895,837
2,130,214
Other creditors
49,327
36,694
------------
------------
4,683,411
4,900,583
------------
------------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
400,640
437,260
Social security and other taxes
539,357
Obligations under finance leases and hire purchase contracts
138,647
244,300
Other loans
96,119
87,836
------------
------------
1,174,763
769,396
------------
------------
10. Secured indebtedness
The aggregate amount of secured liabilities at the year end totalled £3.102.210 (2021: £3,071,458).
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2022
2021
£
£
Included in provisions
157,916
157,310
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
157,916
157,310
------------
------------
12. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary A shares of £ 1 each
11,250
11,250
11,250
11,250
Ordinary B shares of £ 1 each
11,250
11,250
11,250
11,250
Ordinary C shares of £ 1 each
1,250
1,250
1,250
1,250
Ordinary D shares of £ 1 each
1,250
1,250
1,250
1,250
Ordinary E shares of £ 1 each
1,316
1,316
1,316
1,316
------------
------------
------------
------------
26,316
26,316
26,316
26,316
------------
------------
------------
------------
The various classes of share rank pari passu in all material respects.
13. Contingencies
The company has provided an unlimited guarantee in support of the bank facilities of an associated company.
14. Related party transactions
Included within creditors is a loan from a director of £96,119 (2021: £87,836). This loan is unsecured, repayable after 31 December 2022 and bears interest at a commercial rate. Included in debtors is a loan to Superformula Holdings Limited of £99,013 (2021: £99,013), another loan to DTR Hygiene Limited of £262,222 (2021: £234,045), another loan to Spectrum Digital Labels Limited of £412,881 (2021: £262,209) and another loan to Tailored Manufacturing Limited of £201,046 (2021: £328,370). These loans are unsecured, repayable on demand and currently interest free. These companies are under common control.
15. Control
The company is a subsidiary of Superformula Holdings Limited. This company is controlled by D Burkill.