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Company registration number: 04327806
TRB Chemedica (UK) Limited
Filleted financial statements
31 December 2023
TRB Chemedica (UK) Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
TRB Chemedica (UK) Limited
Directors and other information
Directors Mr Desmond Flanagan
Ms Janet Lea
Mr Isaac Abad
Mr Alessandro Di Napoli (Appointed 17 May 2023)
Secretary Mr Desmond Flanagan
Company number 04327806
Registered office 9 Evolution
Hooters Hall Road
Lymedale Business Park
Newcastle under Lyme
Staffordshire
ST5 9QF
Business address 9 Evolution
Hooters Hall Road
Lymedale Business Park
Newcastle under Lyme
Staffordshire
ST5 9QF
Auditor Jacksons
Chartered Accountants
Deansfield House
98 Lancaster Road
Newcastle under Lyme
Staffordshire
ST5 1DS
TRB Chemedica (UK) Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TRB Chemedica (UK) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 488,168 464,955
_______ _______
488,168 464,955
Current assets
Stocks 270,730 378,130
Debtors 6 389,710 424,991
Cash at bank and in hand 359,952 365,072
_______ _______
1,020,392 1,168,193
Creditors: amounts falling due
within one year 7 ( 305,899) ( 475,175)
_______ _______
Net current assets 714,493 693,018
_______ _______
Total assets less current liabilities 1,202,661 1,157,973
Creditors: amounts falling due
after more than one year 8 ( 102,770) ( 156,896)
Provisions for liabilities ( 15,148) ( 7,227)
_______ _______
Net assets 1,084,743 993,850
_______ _______
Capital and reserves
Called up share capital 300,000 300,000
Profit and loss account 784,743 693,850
_______ _______
Shareholders funds 1,084,743 993,850
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Mr Desmond Flanagan
Director
Company registration number: 04327806
TRB Chemedica (UK) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Evolution, Hooters Hall Road, Lymedale Business Park, Newcastle under Lyme, ST5 9QF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 1% Straight line
Fittings fixtures and equipment - 25% Straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. The plan is in respect of all employees and directors and the plan and its assets are held by independent managers.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 13 ).
5. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 461,120 160,549 621,669
Additions - 46,946 46,946
Disposals - ( 16,541) ( 16,541)
_______ _______ _______
At 31 December 2023 461,120 190,954 652,074
_______ _______ _______
Depreciation
At 1 January 2023 34,199 122,515 156,714
Charge for the year 4,611 18,319 22,930
Disposals - ( 15,738) ( 15,738)
_______ _______ _______
At 31 December 2023 38,810 125,096 163,906
_______ _______ _______
Carrying amount
At 31 December 2023 422,310 65,858 488,168
_______ _______ _______
At 31 December 2022 426,921 38,034 464,955
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 332,994 364,296
Other debtors 56,716 60,695
_______ _______
389,710 424,991
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 10,143 9,893
Trade creditors 14,043 28,651
Amounts owed to group undertakings and undertakings in which the company has a participating interest 44,000 268,975
Corporation tax 26,192 5,781
Social security and other taxes 103,217 77,861
Other creditors 108,304 84,014
_______ _______
305,899 475,175
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 14,770 24,896
Other creditors 88,000 132,000
_______ _______
102,770 156,896
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 12,032 8,880
Later than 1 year and not later than 5 years 28,137 2,457
Later than 5 years 293,400 293,700
_______ _______
333,569 305,037
_______ _______
Included within the operating lease payments above is a ground rent commitment on the long leasehold property of 983 years at £300 per annum (2022: 984 years at £300 per annum).
10. Summary audit opinion
The auditor's report dated 28 March 2024 was unqualified.
The senior statutory auditor was David McDonald for and on behalf of Jacksons
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Desmond Flanagan 5,000 ( 7,073) ( 2,073)
Ms Janet Lea 990 10 1,000
_______ _______ _______
5,990 ( 7,063) ( 1,073)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Desmond Flanagan 693 4,307 5,000
Ms Janet Lea 1,000 ( 10) 990
_______ _______ _______
1,693 4,297 5,990
_______ _______ _______
12. Related party transactions
Mr Desmond Flanagan , Ms Janet Lea , Mr Isaac Abad and Mr Alessandro Di Napoli are related parties by virtue of their directorships of the company.Included within debtors is an interest free loan from the company to the directors totalling £1,000 (2022: £5,990) as disclosed in the Directors' advances, credits and guarantees note to the financial statements. The purpose of the loan is to act as a company expenses float.TMB Holding S.A. owns 100% of the issued share capital of TRB Chemedica (UK) Limited .TRB Chemedica International S.A. is a wholly owned subsidiary of TMB Holding S.A.During the year, the company purchased goods totalling £372,003 (2022: £617,643) from TRB Chemedica International S.A. and at the year end the company owed £nil to TRB Chemedica International S.A. (2022: £224,975). During the year, the company recharged expenses to TRB Chemedica International S.A. in the sum of £30,283 (2022: £25,747).TMB Holding S.A. has provided the company with an unsecured loan in the sum of £440,000. The loan is repayable annually over 10 years and interest is charged at a rate of 3% per annum. At the year end, the balance owed to TMB Holding S.A. was £132,000 (2022: £176,000). During the year, the company paid interest to TMB Holding S.A. totalling £4,774 (2022: £6,094).
13. Controlling party
The parent of the smallest group for which consolidated financial statements are drawn up of which the company is a member, is TMB Holding S.A., a company incorporated in Switzerland. The registered office of TMB Holding S.A is Kernserstrasse 31, Postfach 1654, 6061 Sarnen, Switzerland. The financial statements for the group can be located at its registered office.