Company registration number: 03808121
Unaudited financial statements
for the period ended 23 May 2023
for
Intermediate Speciality Chemicals Limited
Pages for filing with the Registrar
Company registration number: 03808121
Intermediate Speciality Chemicals Limited
Balance sheet
as at 23 May 2023
23 May 23 25 May 22
Note £ £ £ £
Fixed assets
Tangible assets 4 (19,576) 14,625
(19,576) 14,625
Current assets
Stocks 10,000 10,000
Debtors 1,738 240
Cash at bank and in hand 3,446 4,003
15,184 14,243
Creditors: amounts falling due within
one year
(131,745) (125,350)
Net current liabilities (116,561) (111,107)
Total assets less current liabilities (136,137) (96,482)
Creditors: Amounts falling due after
more than one year
5 (15,000) (17,443)
NET LIABILITIES (151,137) (113,925)
Capital and reserves
Called up share capital 2 2
Profit and loss account (151,139) (113,927)
TOTAL EQUITY (151,137) (113,925)
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the period ended 23 May 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 03808121
Intermediate Speciality Chemicals Limited
Balance sheet - continued
as at 23 May 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 Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr N Smith, Director
28 July 2024
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Intermediate Speciality Chemicals Limited
Notes to the financial statements
for the period ended 23 May 2023
1 Company information
The company is registered in England and Wales. Its registered number is 03808121. The company is limited by shares. Its registered office is St. Andrews Business Centre, St. Andrews Park, Mold, Clwyd, CH7 1XB.
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 historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 15% reducing balance
Fixtures & fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Intermediate Speciality Chemicals Limited
Notes to the financial statements - continued
for the period ended 23 May 2023
2 Accounting policies - continued
Taxation
Taxation for the period comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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 balance sheet date.
3 Average number of employees
During the period the average number of employees was 1 (2022 - 1).
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 26 May 2022 77,400
Additions 26,459
Disposals (70,600)
At 23 May 2023 33,259
Depreciation
At 26 May 2022 62,775
Charge for period 4,758
Eliminated on disposal (14,698)
At 23 May 2023 52,835
Net book value
At 23 May 2023 (19,576)
At 25 May 2022 14,625
5 Creditors: amounts falling due after more than five years
23 May 23 25 May 22
£ £
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Intermediate Speciality Chemicals Limited
Notes to the financial statements - continued
for the period ended 23 May 2023
5 Creditors: amounts falling due after more than five years - continued
23 May 23 25 May 22
£ £
Repayable by instalments
Bank loans 6,111 -
6,111 -
6 Advances, credit and guarantees granted to the director
The following advances and credits to a director subsisted during the periods ended 23 May 2023 and 25 May 2022.
23 May 23 25 May 22
£ £
Mr Neil Smith
Balance outstanding at start of period 116,346 126,503
Amounts advanced 13,482 -
Amounts repaid (8,259) (10,157)
Balance outstanding at end of period 121,569 116,346
7 Related party transactions
At 23rd May 2023, a balance was owed to Chemsoft Group Ltd of £1,919, a company owned and managed by the same shareholders and directors.
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Intermediate Speciality Chemicals Limited
Exception report
for the period ended 23 May 2023
The following differences exist between the previous year's closing balances per the accounts and the
current year's opening balances per the Trial Balance:
Reserves
Opening balance at
26 May 2022 per TB
Balance at 25 May
2022 per accounts
Difference
£ £ £
Profit and loss account (Account 968) (113,926) (113,927) 1
(113,926) (113,927) 1
This page does not form part of the statutory financial statements.
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