Company registration number 05053014 (England and Wales)
PALEUS CHEMICALS & POLYMERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PALEUS CHEMICALS & POLYMERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PALEUS CHEMICALS & POLYMERS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,713,035
1,533,454
Current assets
Stocks
1,047,809
993,408
Debtors
4
6,638,491
6,482,387
Cash at bank and in hand
60,324
340,004
7,746,624
7,815,799
Creditors: amounts falling due within one year
5
(2,236,397)
(3,249,296)
Net current assets
5,510,227
4,566,503
Total assets less current liabilities
7,223,262
6,099,957
Creditors: amounts falling due after more than one year
6
(716,398)
(408,333)
Provisions for liabilities
(322,950)
(231,000)
Net assets
6,183,914
5,460,624
Capital and reserves
Called up share capital
7
301
301
Capital redemption reserve
100
100
Profit and loss reserves
6,183,513
5,460,223
Total equity
6,183,914
5,460,624

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PALEUS CHEMICALS & POLYMERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
M W Briscoe
Director
Company registration number 05053014 (England and Wales)
PALEUS CHEMICALS & POLYMERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Paleus Chemicals & Polymers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pitman Road, Denaby Industrial Estate, Doncaster, South Yorkshire, DN12 4LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line
Computers
20% - 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

PALEUS CHEMICALS & POLYMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

PALEUS CHEMICALS & POLYMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
19
17
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
1,802,610
82,899
20,000
1,905,509
Additions
352,067
6,492
-
0
358,559
At 31 October 2023
2,154,677
89,391
20,000
2,264,068
Depreciation
At 1 November 2022
270,950
81,105
20,000
372,055
Depreciation charged in the year
177,731
1,247
-
0
178,978
At 31 October 2023
448,681
82,352
20,000
551,033
Carrying amount
At 31 October 2023
1,705,996
7,039
-
0
1,713,035
At 31 October 2022
1,531,660
1,794
-
0
1,533,454
PALEUS CHEMICALS & POLYMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,258,700
1,223,587
Corporation tax recoverable
-
0
35,742
Amounts owed by group undertakings
5,217,909
5,087,451
Other debtors
161,882
135,607
6,638,491
6,482,387
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
345,091
600,000
Trade creditors
518,371
1,177,177
Amounts owed to group undertakings
694,148
687,545
Taxation and social security
27,295
21,132
Other creditors
651,492
763,442
2,236,397
3,249,296

Included in bank loans are amounts due in relation to asset finance obligations totalling £195,091 (2022 : £nil). This is secured by way of a fixed charge against the asset to which the loan relates.

 

The invoice discounting facility included in other creditors, is secured by a fixed and floating charge on all the assets of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
259,722
358,333
Other creditors
456,676
50,000
716,398
408,333

Included in bank loans are amounts due in relation to asset finance obligations totalling £456,676 (2022 : £nil). This is secured by way of a fixed charge against the asset to which the loan relates.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
301
301
301
301
PALEUS CHEMICALS & POLYMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
8
Financial commitments, guarantees and contingent liabilities

There is an unlimited inter-company composite guarantee in place between the group companies Paleus Group Limited, DSA Chemical Limited and Paleus Chemicals & Polymers Ltd.

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
200,000
250,000
10
Parent company

The immediate parent undertaking is Paleus Group Limited. The ultimate controlling party is M Briscoe by virtue of a majority shareholding in Paleus Group Limited.

PALEUS CHEMICALS & POLYMERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
11
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2021
2022
£
£
Adjustments to prior year
VAT adjustment
-
20,431
Equity as previously reported
4,749,017
5,440,193
Equity as adjusted
4,749,017
5,460,624
Analysis of the effect upon equity
Profit and loss reserves
-
20,431
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
VAT adjustment
20,431
Profit as previously reported
691,176
Profit as adjusted
711,607
Notes to reconciliation

The prior period adjustment relates to the correction of a VAT misposting in a prior period. The effect of this adjustment is to credit direct costs and the associated debit recognised in the VAT control account. This has increased the reported profit for the comparative period and therefore the previously reported equity.

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