REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Trust Chem UK Pigments Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Trust Chem UK Pigments Ltd |
Trust Chem UK Pigments Ltd (Registered number: 13625406) |
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 |
Trust Chem UK Pigments Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Trust Chem UK Pigments Ltd (Registered number: 13625406) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | 7 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Trust Chem UK Pigments Ltd (Registered number: 13625406) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Trust Chem UK Pigments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is reliant on the operational and financial support of other group companies namely TCC Development Hong Kong Limited and Trust Chem Europe BV. The director has obtained confirmation from TCC Development Hong Kong Limited and Trust Chem Europe BV that they will continue to support the company through its existing facilities for the foreseeable future. On this basis the financial statements have been prepared on the going concern basis. |
Turnover |
Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of value added tax. |
Turnover is recognised on despatch of the goods in accordance with the company's terms of sale. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Trust Chem UK Pigments Ltd (Registered number: 13625406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Trust Chem UK Pigments Ltd (Registered number: 13625406) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | RELATED PARTY DISCLOSURES |
During the year the company purchased goods, on an arms length basis, totalling £591,522 (2022: £752,986) from Trust Chem Hong Kong Limited, a group company registered in Hong Kong. At 31 December 2023 the company owed £487,782 (2022: £739,523) to Trust Chem Hong Kong Limited. The outstanding balance is interest free and repayable on demand. |
During the year the company also purchased goods, on an arms length basis, totalling £229,463 (2022:£NIL) from Trust Chem Pigments Private Limited, a group company registered in India. At 31 December 2023 the company owed £90,063 (2022: £NIL) to Trust Chem Pigments Private Limited. The outstanding balance is interest free and repayable on demand. |
During the year the company was loaned £70,450 (2022: £315,000) by its immediate parent company Trust Chem Europe BV, a company registered in The Netherlands. At 31 December 2023 the company owed £100,565 (2022: £30,115) to Trust Chem Europe BV.The outstanding balance is interest free and repayable on demand. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate controlling party is Trust Chem Europe BV, a company registered in The Netherlands. |
The ultimate parent company is Trust Chem Co Ltd, consolidated financial statements are available from No.1069 Donglian Street, Cangqian Sub District, Yuhang District, Hang Zhou 311121, China. |
The company is ultimately controlled by Mr Zhi Li. |