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Registration number: 07209524

Sky Chemicals (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Sky Chemicals (UK) Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Sky Chemicals (UK) Ltd

Company Information

Directors

Michael Joseph

James Cutts

Hugh Sutherland

Registered office

Unit 12b & 12c Sheffield Design Studios
40 Ball Street
Sheffield
South Yorkshire
S3 8DB

Accountants

Millhouses Accountancy Ltd
Millhouses Business Centre
2-4 Abbeydale Road South
Sheffield
South Yorkshire
S7 2QN

 

Sky Chemicals (UK) Ltd

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Michael Joseph

James Cutts

Hugh Sutherland

Principal activity

The principal activity of the company is Manufacture of soap and detergents, cleaning and polishng prepaations.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Michael Joseph
Director

 

Sky Chemicals (UK) Ltd

(Registration number: 07209524)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

113,369

22,972

Current assets

 

Stocks

5

86,378

73,510

Debtors

6

108,188

181,731

Cash at bank and in hand

 

9,855

56,304

 

204,421

311,545

Creditors: Amounts falling due within one year

7

(286,427)

(272,527)

Net current (liabilities)/assets

 

(82,006)

39,018

Total assets less current liabilities

 

31,363

61,990

Creditors: Amounts falling due after more than one year

7

(110,023)

(83,335)

Net liabilities

 

(78,660)

(21,345)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(78,661)

(21,346)

Shareholders' deficit

 

(78,660)

(21,345)

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Michael Joseph
Director

 

Sky Chemicals (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Unit 12b & 12c Sheffield Design Studios
40 Ball Street
Sheffield
South Yorkshire
S3 8DB
England

These financial statements were authorised for issue by the Board on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Sky Chemicals (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Sky Chemicals (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Sky Chemicals (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2022

15,953

7,132

-

2,592

Additions

5,819

306

107,937

2,500

At 31 March 2023

21,772

7,438

107,937

5,092

Depreciation

At 1 April 2022

598

1,621

-

486

Charge for the year

931

1,824

22,361

1,049

At 31 March 2023

1,529

3,445

22,361

1,535

Carrying amount

At 31 March 2023

20,243

3,993

85,576

3,557

At 31 March 2022

15,355

5,511

-

2,106

Total
£

Cost or valuation

At 1 April 2022

25,677

Additions

116,562

At 31 March 2023

142,239

Depreciation

At 1 April 2022

2,705

Charge for the year

26,165

At 31 March 2023

28,870

Carrying amount

At 31 March 2023

113,369

At 31 March 2022

22,972

5

Stocks

2023
£

2022
£

Other inventories

86,378

73,510

 

Sky Chemicals (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

88,533

58,579

Prepayments

-

42,067

Other debtors

19,655

81,085

 

108,188

181,731

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

39,181

26,667

Trade creditors

 

66,009

82,220

Taxation and social security

 

64,397

44,794

Accruals and deferred income

 

66,632

69,092

Other creditors

 

50,208

49,754

 

286,427

272,527

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

110,023

83,335