IRIS Accounts Production v24.2.0.383 04546531 director 1.1.23 31.12.23 31.12.23 9.5.24 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045465312022-12-31045465312023-12-31045465312023-01-012023-12-31045465312021-12-31045465312022-01-012022-12-31045465312022-12-3104546531ns15:EnglandWales2023-01-012023-12-3104546531ns14:PoundSterling2023-01-012023-12-3104546531ns10:Director12023-01-012023-12-3104546531ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104546531ns10:SmallEntities2023-01-012023-12-3104546531ns10:Audited2023-01-012023-12-3104546531ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104546531ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104546531ns10:FullAccounts2023-01-012023-12-3104546531ns10:OrdinaryShareClass12023-01-012023-12-3104546531ns10:RegisteredOffice2023-01-012023-12-3104546531ns5:CurrentFinancialInstruments2023-12-3104546531ns5:CurrentFinancialInstruments2022-12-3104546531ns5:ShareCapital2023-12-3104546531ns5:ShareCapital2022-12-3104546531ns5:RetainedEarningsAccumulatedLosses2023-12-3104546531ns5:RetainedEarningsAccumulatedLosses2022-12-3104546531ns5:PlantMachinery2023-01-012023-12-3104546531ns5:FurnitureFittings2023-01-012023-12-3104546531ns5:PlantMachinery2022-12-3104546531ns5:FurnitureFittings2022-12-3104546531ns5:PlantMachinery2023-12-3104546531ns5:FurnitureFittings2023-12-3104546531ns5:PlantMachinery2022-12-3104546531ns5:FurnitureFittings2022-12-3104546531ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104546531ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104546531ns5:WithinOneYear2023-12-3104546531ns5:WithinOneYear2022-12-3104546531ns5:BetweenOneFiveYears2023-12-3104546531ns5:BetweenOneFiveYears2022-12-3104546531ns5:MoreThanFiveYears2023-12-3104546531ns5:MoreThanFiveYears2022-12-3104546531ns5:AllPeriods2023-12-3104546531ns5:AllPeriods2022-12-3104546531ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 04546531 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Forchem Ltd.

Forchem Ltd. (Registered number: 04546531)






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


Forchem Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTOR: C I Anderson



REGISTERED OFFICE: Office 207, The Innovation Centre
Venture Court
Queens Meadow Business Park
Hartlepool
Cleveland
TS25 5TG



REGISTERED NUMBER: 04546531 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon Hook FCCA



AUDITORS: Clive Owen LLP
Chartered Accountants and Statutory Auditors
Kepier House
Belmont Business Park
Durham
DH1 1TW

Forchem Ltd. (Registered number: 04546531)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,348 49

CURRENT ASSETS
Debtors 5 4,359 36,763
Cash at bank 54,184 52,087
58,543 88,850
CREDITORS
Amounts falling due within one year 6 24,882 59,435
NET CURRENT ASSETS 33,661 29,415
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,009

29,464

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 35,008 29,463
SHAREHOLDERS' FUNDS 35,009 29,464

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 May 2024 and were signed by:





C I Anderson - Director


Forchem Ltd. (Registered number: 04546531)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Forchem Ltd. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Related party transactions
The group has taken advantage of exemption, under the terms of Section 1A ''Small Entities'' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is received in advance for services, any income relating to future periods is deferred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on cost
Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and impairments.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Forchem Ltd. (Registered number: 04546531)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Operating leases
Rentals payable under operating leases are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Office and
equipment fittings Totals
£    £    £   
COST
At 1 January 2023 166 1,261 1,427
Additions 1,650 - 1,650
At 31 December 2023 1,816 1,261 3,077
DEPRECIATION
At 1 January 2023 117 1,261 1,378
Charge for year 351 - 351
At 31 December 2023 468 1,261 1,729
NET BOOK VALUE
At 31 December 2023 1,348 - 1,348
At 31 December 2022 49 - 49

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings - 32,478
Other debtors 2,601 1,963
Prepayments and accrued income 1,758 2,322
4,359 36,763

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 365 1,480
Amounts owed to group undertakings 8,449 -
Tax and social security 8,669 8,440
Other creditors 1,915 1,912
Director's current account 16 78
Accruals and deferred income 5,468 47,525
24,882 59,435

Forchem Ltd. (Registered number: 04546531)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 10,327 6,575
Between one and five years 8,852 -
In more than five years 8,852 -
28,031 6,575

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

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

The Report of the Auditors was unqualified.

Simon Hook FCCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

10. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.

2023 2022
£ £
Amounts due to directors 16 78
No interest has been charged.

11. PARENT UNDERTAKING

The company's parent undertaking is Forchem Oyj, incorporated in Finland.

12. ULTIMATE PARENT COMPANY

The ultimate parent company is Respol Resinas S.A., a company incorporated in Portugal, who owns the shares in Forchem Oyj, the immediate parent company.

The consolidated accounts of this company are available to the public and may be obtained from Forchem Oyj, Maanpääntie 3, FI-26820 Rauma, Finland. No other group financial statements include the results of the company.