Acorah Software Products - Accounts Production 14.5.601 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 SC589746 Mrs Deborah Marku D. Marku, O Marku & M Cipriani true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC589746 2023-02-28 SC589746 2024-02-28 SC589746 2023-03-01 2024-02-28 SC589746 frs-core:CurrentFinancialInstruments 2024-02-28 SC589746 frs-core:ComputerEquipment 2024-02-28 SC589746 frs-core:ComputerEquipment 2023-03-01 2024-02-28 SC589746 frs-core:ComputerEquipment 2023-02-28 SC589746 frs-core:FurnitureFittings 2024-02-28 SC589746 frs-core:FurnitureFittings 2023-03-01 2024-02-28 SC589746 frs-core:FurnitureFittings 2023-02-28 SC589746 frs-core:MotorVehicles 2023-03-01 2024-02-28 SC589746 frs-core:PlantMachinery 2024-02-28 SC589746 frs-core:PlantMachinery 2023-03-01 2024-02-28 SC589746 frs-core:PlantMachinery 2023-02-28 SC589746 frs-core:ShareCapital 2024-02-28 SC589746 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 SC589746 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 SC589746 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 SC589746 frs-bus:SmallEntities 2023-03-01 2024-02-28 SC589746 frs-bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 SC589746 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 SC589746 1 2023-03-01 2024-02-28 SC589746 frs-bus:Director1 2023-03-01 2024-02-28 SC589746 frs-core:CurrentFinancialInstruments 1 2024-02-28 SC589746 frs-countries:Scotland 2023-03-01 2024-02-28 SC589746 2022-02-28 SC589746 2023-02-28 SC589746 2022-03-01 2023-02-28 SC589746 frs-core:CurrentFinancialInstruments 2023-02-28 SC589746 frs-core:ShareCapital 2023-02-28 SC589746 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 SC589746 frs-core:CurrentFinancialInstruments 1 2023-02-28
Registered number: SC589746
Infinity Chemicals Ltd
Financial Statements
For The Year Ended 28 February 2024
Gillespie's Fife
Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Infinity Chemicals Ltd for the year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Infinity Chemicals Ltd for the year ended 28 February 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Infinity Chemicals Ltd , as a body, in accordance with the terms of our engagement letter dated 11 April 2018. Our work has been undertaken solely to prepare for your approval the accounts of Infinity Chemicals Ltd and state those matters that we have agreed to state to the director of Infinity Chemicals Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Infinity Chemicals Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that Infinity Chemicals Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Infinity Chemicals Ltd . You consider that Infinity Chemicals Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Infinity Chemicals Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
10th April 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Page 2
Balance Sheet
Registered number: SC589746
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 86,437 63,038
86,437 63,038
CURRENT ASSETS
Stocks 5 196,305 96,530
Debtors 6 40,629 38,448
Cash at bank and in hand 215,529 183,946
452,463 318,924
Creditors: Amounts Falling Due Within One Year 7 (244,223 ) (174,114 )
NET CURRENT ASSETS (LIABILITIES) 208,240 144,810
TOTAL ASSETS LESS CURRENT LIABILITIES 294,677 207,848
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,521 ) (10,503 )
NET ASSETS 281,156 197,345
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 281,155 197,344
SHAREHOLDERS' FUNDS 281,156 197,345
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Page 3
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Deborah Marku
Director
10th April 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Infinity Chemicals Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC589746 . The registered office is FRIC, Ajax Way, Methil, Leven, Fife, KY8 3RS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% RB
Motor Vehicles 25% RB
Fixtures & Fittings 20% RB
Computer Equipment 25% RB
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 6)
15 6
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 60,532 15,571 11,875 87,978
Additions 36,307 2,873 1,485 40,665
As at 28 February 2024 96,839 18,444 13,360 128,643
Depreciation
As at 1 March 2023 12,375 5,152 7,413 24,940
Provided during the period 12,316 2,659 2,291 17,266
As at 28 February 2024 24,691 7,811 9,704 42,206
Net Book Value
As at 28 February 2024 72,148 10,633 3,656 86,437
As at 1 March 2023 48,157 10,419 4,462 63,038
5. Stocks
2024 2023
£ £
Materials 196,305 96,530
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 40,629 38,448
40,629 38,448
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,524 56,356
Bank loans and overdrafts 4,334 6,827
Corporation tax 67,479 31,540
Other taxes and social security 4,653 1,117
VAT 36,263 26,573
Other creditors 55,643 38,959
Pensions 1,500 108
Accruals and deferred income 2,343 1,995
Director's loan account 16,484 10,639
244,223 174,114
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 179,501 152,333
179,501 152,333
Dividends of £179,501 were declared on 28 February 2024.
10. Related Party Transactions
Included within Creditors is an amount totalling £16,484 in respect of the Directors interest free loan.
11. Ultimate Controlling Party
The company's ultimate controlling parties are D. Marku, O Marku & M Cipriani by virtue of ownership of 100% of the issued share capital in the company.
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