IRIS Accounts Production v24.2.0.383 01346796 Board of Directors 1.1.23 31.12.23 31.12.23 1/5/2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh013467962022-12-31013467962023-12-31013467962023-01-012023-12-31013467962021-12-31013467962022-01-012022-12-31013467962022-12-3101346796ns15:EnglandWales2023-01-012023-12-3101346796ns14:PoundSterling2023-01-012023-12-3101346796ns10:Director12023-01-012023-12-3101346796ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101346796ns10:SmallEntities2023-01-012023-12-3101346796ns10:Audited2023-01-012023-12-3101346796ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101346796ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101346796ns10:FullAccounts2023-01-012023-12-3101346796ns10:Director22023-01-012023-12-3101346796ns10:RegisteredOffice2023-01-012023-12-3101346796ns5:CurrentFinancialInstruments2023-12-3101346796ns5:CurrentFinancialInstruments2022-12-3101346796ns5:Non-currentFinancialInstruments2023-12-3101346796ns5:Non-currentFinancialInstruments2022-12-3101346796ns5:ShareCapital2023-12-3101346796ns5:ShareCapital2022-12-3101346796ns5:CapitalRedemptionReserve2023-12-3101346796ns5:CapitalRedemptionReserve2022-12-3101346796ns5:RetainedEarningsAccumulatedLosses2023-12-3101346796ns5:RetainedEarningsAccumulatedLosses2022-12-3101346796ns5:LandBuildings2022-12-3101346796ns5:PlantMachinery2022-12-3101346796ns5:LandBuildings2023-01-012023-12-3101346796ns5:PlantMachinery2023-01-012023-12-3101346796ns5:LandBuildings2023-12-3101346796ns5:PlantMachinery2023-12-3101346796ns5:LandBuildings2022-12-3101346796ns5:PlantMachinery2022-12-3101346796ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101346796ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101346796ns5:DeferredTaxation2022-12-3101346796ns5:DeferredTaxation2023-12-31
REGISTERED NUMBER: 01346796 (England and Wales)













GOWER CHEMICALS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GOWER CHEMICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs V A Reed
Mr J Scheruhn





REGISTERED OFFICE: Gower Chemicals Limited
Crymlyn Burrows
Swansea
SA1 8PT





REGISTERED NUMBER: 01346796 (England and Wales)





AUDITORS: Redwood Wales Limited
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,290,665 3,288,134

CURRENT ASSETS
Stocks 260,310 338,631
Debtors 5 1,423,438 1,701,858
Cash at bank and in hand 1,506,228 799,381
3,189,976 2,839,870
CREDITORS
Amounts falling due within one year 6 1,379,723 1,224,337
NET CURRENT ASSETS 1,810,253 1,615,533
TOTAL ASSETS LESS CURRENT LIABILITIES 5,100,918 4,903,667

CREDITORS
Amounts falling due after more than one
year

7

(811,883

)

(897,821

)

PROVISIONS FOR LIABILITIES 9 (343,003 ) (363,078 )
NET ASSETS 3,946,032 3,642,768

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Capital redemption reserve 5,555 5,555
Retained earnings 3,890,477 3,587,213
3,946,032 3,642,768

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 by the Board of Directors and authorised for issue on 1 May 2024 and were signed on its behalf by:





Mrs V A Reed - Director


GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Gower 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) 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 FRS102 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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of singing the report.

The company meets its day to day working capital requirements from its cash reserves, overdraft facilities and parent company support if necessary. At the date of signing the report sales to all markets have continued to meet budgeted levels. With no indication that at the current time this position will change, the company's forecasts and projections show that the company will be able to operate within those faculties.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

Turnover
Turnover is recognised when goods are invoiced, which corresponds to the date that goods are dispatched to customers. Turnover represents the invoiced value of goods supplied net of VAT and trade discounts.

Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 basis:

Land and buildings Freehold Land nil; Buildings 2%
Land and buildings Leasehold 2%-4%
Plant and machinery 25%-50%
Motor vehicles 25%

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.

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,

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss

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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which the estimates of cashflow have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reason for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, 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. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in the profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 36 ) .

GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,924,798 4,132,533 6,057,331
Additions 78,161 375,777 453,938
Disposals - (303,097 ) (303,097 )
At 31 December 2023 2,002,959 4,205,213 6,208,172
DEPRECIATION
At 1 January 2023 560,066 2,209,131 2,769,197
Charge for year 37,077 399,297 436,374
Eliminated on disposal - (288,064 ) (288,064 )
At 31 December 2023 597,143 2,320,364 2,917,507
NET BOOK VALUE
At 31 December 2023 1,405,816 1,884,849 3,290,665
At 31 December 2022 1,364,732 1,923,402 3,288,134

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,297,925 1,638,398
Other debtors 125,513 63,460
1,423,438 1,701,858

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 95,856 107,032
Trade creditors 424,727 406,476
Taxation and social security 542,161 393,505
Other creditors 316,979 317,324
1,379,723 1,224,337

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 811,883 897,821

GOWER CHEMICALS LIMITED (REGISTERED NUMBER: 01346796)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 475,883 520,674

8. SECURED DEBTS

Bank loans are secured by a fixed and floating charge over the assets of the company.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 343,003 363,078

Deferred
tax
£   
Balance at 1 January 2023 363,078
Deferred tax movement (20,075 )
Balance at 31 December 2023 343,003

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

The Report of the Auditors was unqualified.

Mark Howells FCCA (Senior Statutory Auditor)
for and on behalf of Redwood Wales Limited

11. PARENT COMPANY

The company is controlled by Scheruhn Minerals & Chemicals GmbH, a company incorporated in Germany, which owns 100% of the issued share capital.

The parent company of the smallest and largest group of undertakings of which the company is a member and preapres consolidated finanical statements is Scheruhn Minerals & Chemicals GmbH

The group financial statements of Scheruhn Minerals & Chemicals GmbH are available at Dr-Enders-Strasse 30, 95030 Hof.Germany.