Registered number
02973157
Chemtec Center Ltd
Unaudited Filleted Accounts
31 October 2023
Chemtec Center Ltd
Registered number: 02973157
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 172,691 200,167
Current assets
Stocks 221,770 195,728
Debtors 4 89,276 99,367
Cash at bank and in hand 3,228 573
314,274 295,668
Creditors: amounts falling due within one year 5 (816,625) (763,922)
Net current liabilities (502,351) (468,254)
Total assets less current liabilities (329,660) (268,087)
Creditors: amounts falling due after more than one year 6 (56,287) (89,712)
Net liabilities (385,947) (357,799)
Capital and reserves
Called up share capital 100 100
Profit and loss account (386,047) (357,899)
Shareholders' funds (385,947) (357,799)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M M Setton
Director
Approved by the board on 29 July 2024
Chemtec Center Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised on a straight-line basis over the period of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to land and buildings 10% straight line
Plant and machinery 25% reducing balance
Fixtures and fittings 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants are accounted for under the "performance model". Grants received without any specific future performance-related conditions are recognised in income when the grant income is received or receivable.
Going concern
The company incurred a loss of £28,149 (2022: loss of £199,998) in the year and at the balance sheet date had net liabilities of £385,947 (2022: £357,799). Since the year end the company entered into a contract selling the goodwill and certain assets of its main business. The directors have not yet made a decision regarding the future trading intentions for the company. The ability of the company to continue as a going concern is dependent on the ability of the company to realise value from its remaining assets, directors' decisions regarding the future activites of the company, and the continued support of the company's creditors and shareholders. The financial statements have been prepared on the basis that the company will continue as a going concern.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Building improvements Plant and machinery, fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 112,794 80,506 172,852 366,152
Additions - 13,682 - 13,682
Disposals - (6,100) - (6,100)
At 31 October 2023 112,794 88,088 172,852 373,734
Depreciation
At 1 November 2022 18,470 68,930 78,585 165,985
Charge for the year 10,087 4,317 26,754 41,158
On disposals - (6,100) - (6,100)
At 31 October 2023 28,557 67,147 105,339 201,043
Net book value
At 31 October 2023 84,237 20,941 67,513 172,691
At 31 October 2022 94,324 11,576 94,267 200,167
4 Debtors 2023 2022
£ £
Trade debtors 54,867 59,850
Other debtors 34,409 39,517
89,276 99,367
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,619 27,090
Obligations under finance lease and hire purchase contracts 36,881 35,098
Trade creditors 586,570 524,182
Taxation and social security costs 22,826 39,368
Shareholders' loan account 52,544 58,281
Other creditors, including deferred income 93,185 79,903
816,625 763,922
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,018 36,622
Obligations under finance lease and hire purchase contracts 25,269 53,090
56,287 89,712
7 Loans and overdrafts 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 8,794 14,402
Secured bank loans and overdrafts 19,063 21,535
Amounts owed to the company's bank are secured by way of a fixed and floating charge over the assets of the company.
Amounts owed under hire purchase agreements and finance leases are secured against the assets they relate to.
8 Events after the reporting date
Since the year end the company has sold the goodwill and certain assets of the main business of the company.
9 Other information
Chemtec Center Ltd is a private company limited by shares and incorporated in England. Its registered office is:
901 Honeypot Lane
Stanmore
Middlesex
HA7 1AR
The registered office is the company's principal place of business.
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