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REGISTERED NUMBER: 01608304 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

E.C.L. CHEMICALS LIMITED

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 3

Notes to the Financial Statements 5


E.C.L. CHEMICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M C O'Dowd
R J Murie



SECRETARY: V A O'Dowd



REGISTERED OFFICE: Impex House
Leestone Road
Sharston
Manchester
M22 4RN



REGISTERED NUMBER: 01608304 (England and Wales)



AUDITORS: Gibson Booth Limited
Statutory Auditor
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB



BANKERS: Bank of Scotland plc
116 Wellington Street
Leeds
LS1 4LT




E.C.L. CHEMICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







SOLICITORS: Schofield Sweeney
Church Bank House
Church Bank
Bradford
BD1 4DY

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 74,649 61,338
74,650 61,339

CURRENT ASSETS
Stocks 357,707 405,272
Debtors 6 3,352,125 3,553,958
Cash at bank and in hand 7,758 18,220
3,717,590 3,977,450
CREDITORS
Amounts falling due within one year 7 520,921 581,749
NET CURRENT ASSETS 3,196,669 3,395,701
TOTAL ASSETS LESS CURRENT LIABILITIES 3,271,319 3,457,040

CREDITORS
Amounts falling due after more than
one year

8

(123,641

)

(156,325

)

PROVISIONS FOR LIABILITIES (6,853 ) (6,853 )
NET ASSETS 3,140,825 3,293,862

CAPITAL AND RESERVES
Called up share capital 10 100 100
Capital redemption reserve 50 50
Retained earnings 3,140,675 3,293,712
SHAREHOLDERS' FUNDS 3,140,825 3,293,862

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

BALANCE SHEET - continued
30 JUNE 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 Income Statement has not been delivered.

The financial statements were approved for issue by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





M C O'Dowd - Director


E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

E.C.L 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

Significant judgements and estimates
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
The company's turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year, less customer returns.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings- 33% on cost and 15% on reducing balance
Motor vehicles- 25% on 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.

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Finished goods
Finished goods are valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of finished goods.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or 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 or loss on a straight line basis over the period of the lease.

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 3,000
AMORTISATION
At 1 July 2022
and 30 June 2023 2,999
NET BOOK VALUE
At 30 June 2023 1
At 30 June 2022 1

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2022 324,711 41,394 366,105
Additions 6,982 32,499 39,481
Disposals (67,489 ) (18,599 ) (86,088 )
At 30 June 2023 264,204 55,294 319,498
DEPRECIATION
At 1 July 2022 281,286 23,481 304,767
Charge for year 15,146 7,714 22,860
Eliminated on disposal (67,489 ) (15,289 ) (82,778 )
At 30 June 2023 228,943 15,906 244,849
NET BOOK VALUE
At 30 June 2023 35,261 39,388 74,649
At 30 June 2022 43,425 17,913 61,338

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022 22,795
Additions 32,499
At 30 June 2023 55,294
DEPRECIATION
At 1 July 2022 8,192
Charge for year 7,714
At 30 June 2023 15,906
NET BOOK VALUE
At 30 June 2023 39,388
At 30 June 2022 14,603

6. DEBTORS
30.6.23 30.6.22
£    £   
Amounts falling due within one year:
Trade debtors 384,672 441,511
Other debtors 98,000 83,000
Invoice financing account 207,808 321,458
Prepayments and accrued income 29,463 27,904
719,943 873,873

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,632,182 2,680,085

Aggregate amounts 3,352,125 3,553,958

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 134,188 165,992
Hire purchase contracts 7,859 5,182
Trade creditors 182,767 221,473
Corporation tax 55,508 64,500
Social security and other taxes 6,230 6,786
VAT 70,479 64,669
Other creditors 387 339
Accruals and deferred income 63,503 52,808
520,921 581,749

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans - 2-5 years 104,167 154,167
Hire purchase contracts 19,474 2,158
123,641 156,325

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 27,333 7,340

The hire purchase liabilities are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

E.C.L. CHEMICALS LIMITED (REGISTERED NUMBER: 01608304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Scott Mell FCA (Senior Statutory Auditor)
for and on behalf of Gibson Booth Limited

12. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £121,751 (2022: £97,831).

13. RELATED PARTY DISCLOSURES

Other related parties:

2023 2022
£ £
Amounts due from related parties 98,000 83,000

A cross guarantee exists between E.C.L Chemicals Limited and Peach Gloss Limited however at the 30th June 2023 there were no debts outstanding in relation to this guarantee.

14. ULTIMATE PARENT COMPANY

The ultimate parent company of E.C.L. Chemicals Limited is Peach Gloss Limited, a company registered in England and Wales. The registered office of this entity is Impex House, Leestone Road, Sharston, Manchester, M22 4RN.