REGISTERED NUMBER: |
CHX PRODUCTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
CHX PRODUCTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHX PRODUCTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
ABRIDGED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
ABRIDGED BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
CHX Products Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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, other than with respect to the accounting for the defined benefit pension scheme, as discussed in the accounting policies. |
Despite the departure from the requirements of FRS 102 in this area, the directors have concluded that the financial statements present fairly the company's financial position and financial performance. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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 the rendering of services. Turnover is recognised upon delivery of goods. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Office Equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Leases |
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
Finance leases |
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance leases. |
Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates two defined benefit pension schemes. These schemes are however only open to the Directors, Mr A Knight and Mrs T Knight. |
An FRS 102: Employee Benefits report should be carried out by an actuary at each balance sheet date, in order to calculate the fair value of scheme assets and the present value of scheme obligations. However due to the nature of the schemes, being with one beneficiary each, these reports have not been commissioned. |
The directors have determined that no entries would be required to adjust the Balance Sheet or Profit and Loss Account as a result of the nature of the schemes, and have therefore departed from the treatment as required by FRS 102. |
As a result no adjustments have been entered in these accounts for: |
- Current service cost |
- Actuarial gains and losses |
- Expected returns on plan assets |
- Unwinding of discount factors on scheme obligations |
The payments made into the pension scheme have been recognised in the Profit and Loss Account within administrative expenses. |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 January 2023 | 39,695 |
Additions | 125,000 |
At 31 December 2023 | 164,695 |
DEPRECIATION |
At 1 January 2023 | 5,954 |
Charge for year | 24,705 |
At 31 December 2023 | 30,659 |
NET BOOK VALUE |
At 31 December 2023 | 134,036 |
At 31 December 2022 | 33,741 |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 134,034 | 27,091 |
Loans are secured on the assets to which they relate. |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above balance is repayable on demand. |
Interest has been charged on the overdrawn balance, payable to the company, at the prevailing beneficial interest rate. |
The brought forward overdrawn balance was cleared by way of taxable dividends on 5th July 2023. |
The carried forward overdrawn balance was cleared by way of taxable dividends on 18th April 2024. |
CHX PRODUCTS LIMITED (REGISTERED NUMBER: 03308563) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | DIVIDENDS PAID |
The dividends paid during the year total £115,000 (2022: £191,250). |
10. | DEFINED BENEFIT PENSION SCHEME |
The company operates two defined benefit pension schemes. The schemes were set up for the sole benefit of the Directors, Mr A Knight and Mrs T Knight and as such, there is just one member in each scheme. |
As at 31st December 2023, no formal actuarial valuation had been conducted on the scheme assets and liabilities. However, a valuation report prepared shortly after the year end confirmed that the scheme's assets hold a valuation of £1,398,498, split as follows: |
£ |
Cash | 27,002 |
Property | 365,000 |
Investment Portfolios | 1,006,495 |
Total valuation | 1,398,497 |
This has been generated from total invested funds of £1,282,074 thus a gain of £116,423. |
As no actuarial valuation has been carried out, the present value of the scheme obligations is unknown. However as each scheme has only one individual, the final position on retirement would be that the entirety of the fair value of the scheme assets would be attributed to them at the date of retirement. |
Therefore, it is considered that as at 31st December 2023, the present value of scheme obligations would equate to the fair value of the scheme assets, this being £1,398,497. There is therefore no pension asset or liability disclosed on the Balance Sheet and no actuarial gains or losses recognised in the Profit and Loss Account. |