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REGISTERED NUMBER: 01109394 (England and Wales)















SPECIALISED CHEMICALS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


SPECIALISED CHEMICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S M Holland
A J Gilmour





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 01109394 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 434,113 588,128

CURRENT ASSETS
Inventories 611,910 794,173
Debtors 5 909,027 760,121
Cash at bank and in hand 591,198 236,274
2,112,135 1,790,568
CREDITORS
Amounts falling due within one year 6 604,027 588,916
NET CURRENT ASSETS 1,508,108 1,201,652
TOTAL ASSETS LESS CURRENT LIABILITIES 1,942,221 1,789,780

PROVISIONS FOR LIABILITIES 91,877 96,981
NET ASSETS 1,850,344 1,692,799

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings 1,849,344 1,691,799
SHAREHOLDERS' FUNDS 1,850,344 1,692,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2024 and were signed on its behalf by:




A J Gilmour - Director



S M Holland - Director


SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Specialised Chemicals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stock
Stock is stated at the lower of cost and fair value less costs to complete and sell. Cost includes direct materials, labour and manufacturing overheads incurred in bringing each product to its present location and condition.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable under contracts
Services provided to customers during the year, which at the statement of financial position date have not been billed to customers, have been recognised as turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the statement of financial position date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors as amounts recoverable under contracts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 33 ) .

SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 1,137,000 163,149 1,300,149
Additions 25,278 - 25,278
Disposals (6,085 ) - (6,085 )
At 31 December 2023 1,156,193 163,149 1,319,342
DEPRECIATION
At 1 January 2023 693,254 18,767 712,021
Charge for year 145,782 32,630 178,412
Eliminated on disposal (5,204 ) - (5,204 )
At 31 December 2023 833,832 51,397 885,229
NET BOOK VALUE
At 31 December 2023 322,361 111,752 434,113
At 31 December 2022 443,746 144,382 588,128

Cost or valuation at 31 December 2023 is represented by:

Plant and Motor
machinery vehicles Totals
£    £    £   
Valuation in 2023 1,156,193 163,149 1,319,342

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 583,499 541,565
Amounts recoverable under contracts 109,772 87,091
Amount due from parent company 158,232 76,139
Prepayments and accrued income 57,524 55,326
909,027 760,121

Included in trade debtors are factored debts amounting to £583,499 (2022 - £543,062).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 296,074 337,925
Taxation 153,838 119,348
Other taxes and social security 137,689 123,010
Accrued expenses and deferred
income 16,426 8,633
604,027 588,916

SPECIALISED CHEMICALS LIMITED (REGISTERED NUMBER: 01109394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500 A ordinary £1 500 500
500 B ordinary £1 500 500
1,000 1,000