1 August 2022 v2024.10.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP014400512022-08-012023-07-31014400512023-07-31014400512022-07-3101440051core:WithinOneYear2023-07-3101440051core:WithinOneYear2022-07-3101440051core:AfterOneYear2023-07-3101440051core:AfterOneYear2022-07-3101440051core:ShareCapital2023-07-3101440051core:ShareCapital2022-07-3101440051core:RetainedEarningsAccumulatedLosses2023-07-3101440051core:RetainedEarningsAccumulatedLosses2022-07-3101440051bus:Director12022-08-012023-07-3101440051bus:RegisteredOffice2022-08-012023-07-3101440051core:NetGoodwill2022-08-012023-07-3101440051core:Goodwill2022-08-012023-07-3101440051core:PlantMachinery2022-08-012023-07-3101440051core:FurnitureFittings2022-08-012023-07-3101440051core:LandBuildings2022-08-012023-07-31014400512021-08-012022-07-3101440051core:NetGoodwill2023-07-3101440051core:LandBuildings2023-07-3101440051core:PlantMachinery2023-07-3101440051core:LandBuildings2022-08-0101440051core:PlantMachinery2022-08-01014400512022-08-0101440051core:PlantMachinery2022-07-3101440051core:CostValuation2022-08-0101440051core:AdditionsToInvestments2023-07-3101440051core:DisposalsRepaymentsInvestments2023-07-3101440051core:CostValuation2023-07-310144005112022-08-012023-07-3101440051countries:EnglandWales2022-08-012023-07-3101440051bus:AuditExemptWithAccountantsReport2022-08-012023-07-3101440051bus:PrivateLimitedCompanyLtd2022-08-012023-07-3101440051bus:SmallEntities2022-08-012023-07-3101440051bus:FullAccounts2022-08-012023-07-31
Company registration number:
01440051
Chemitex Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2023
Chemitex Limited
Statement of Financial Position
31 July 2023
20232022
Note££
Fixed assets    
Tangible assets 6
39,955
 
48,376
 
Investments 7
1,142,790
 
1,028,085
 
1,182,745
 
1,076,461
 
Current assets    
Stocks
49,076
 
48,630
 
Debtors 8
138,611
 
135,433
 
Cash at bank and in hand
130,138
 
158,516
 
317,825
 
342,579
 
Creditors: amounts falling due within one year 9
(269,934
)
(200,130
)
Net current assets
47,891
 
142,449
 
Total assets less current liabilities 1,230,636   1,218,910  
Creditors: amounts falling due after more than one year 10
(28,333
)
(38,333
)
Net assets
1,202,303
 
1,180,577
 
Capital and reserves    
Called up share capital
5,000
 
5,000
 
Profit and loss account
1,197,303
 
1,175,577
 
Shareholders funds
1,202,303
 
1,180,577
 
For the year ending
31 July 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 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
10 April 2024
, and are signed on behalf of the board by:
A Ahmed
Director
Company registration number:
01440051
Chemitex Limited
Notes to the Financial Statements
Year ended
31 July 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
4 A/B
,
High Street
,
Caterham
,
Surrey
,
CR3 5UA
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
Goodwill,being the amount paid in connection with the acquisition of businesses,is being written off evenly over its estimated useful life of 20 years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
12% on reducing balance
Fixtures and fittings
12% on reducing balance
Land and buildings
5% on reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

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.

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
4.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 August 2022
and
31 July 2023
60,750
 
Amortisation  
At
1 August 2022
and
31 July 2023
60,750
 
Carrying amount  
At
31 July 2023
-  
At 31 July 2022 -  

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 August 2022
and
31 July 2023
10,000
 
175,464
 
185,464
 
Depreciation      
At
1 August 2022
10,000
 
127,088
 
137,088
 
Charge -  
8,421
 
8,421
 
At
31 July 2023
10,000
 
135,509
 
145,509
 
Carrying amount      
At
31 July 2023
-  
39,955
 
39,955
 
At 31 July 2022 -  
48,376
 
48,376
 

7 Investments

Other investments other than loans
£
Cost  
At
1 August 2022
1,028,085
 
Additions
542,827
 
Disposals
(428,122
)
At
31 July 2023
1,142,790
 
Impairment  
At
1 August 2022
and
31 July 2023
-  
Carrying amount  
At
31 July 2023
1,142,790
 
At 31 July 2022
1,028,085
 

8 Debtors

20232022
££
Trade debtors
89,854
 
77,983
 
Other debtors
48,757
 
57,450
 
138,611
 
135,433
 

9 Creditors: amounts falling due within one year

20232022
££
Trade creditors
177,208
 
174,077
 
Taxation and social security
25,246
 
18,573
 
Other creditors
67,480
 
7,480
 
269,934
 
200,130
 

10 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
28,333
 
38,333