REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Sinclair Animal and Household Care Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Sinclair Animal and Household Care Ltd |
Sinclair Animal and Household Care Ltd (Registered number: 04436927) |
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 |
Sinclair Animal and Household Care Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Office 1 |
Engine House |
Marshalls Yard |
Gainsborough |
Lincolnshire |
DN21 2NA |
Sinclair Animal and Household Care Ltd (Registered number: 04436927) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
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 Board of Directors and authorised for issue on |
Sinclair Animal and Household Care Ltd (Registered number: 04436927) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Sinclair Animal and Household Care Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As explained in note 13 to the financial statements, the company will cease manufacturing and distribution on 31 May 2024, with the cessation of trade by December 2024 and the financial statements have been prepared on a basis other than that of the going concern basis. This includes, where appropriate, writing down the company's assets to net realizable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date. |
Related party exemption |
The company has taken advantage of exemption, under the terms 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 |
Revenue is recognised at the fair value of the consideration received or receivable for goods supplied, net of returns, discounts and rebates and value added taxes. |
The company recognises the revenue when: |
a) the significant risks and rewards of ownership have been transferred to the buyer; |
b) the company retains no continuing involvement or control over the goods; |
c) the amount of revenue can be measured reliably; and |
d) it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets |
Land and Buildings | - |
Plant and machinery | - |
Freehold property is subject to periodic revaluation. |
When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset. Revaluations are recognised in the revaluation reserve as undistributable reserves. |
Increases in carrying amounts arising from revaluation are recognised in the asset revaluation reserve, unless they offset previous decreases in the carrying amounts of the same asset, in which case, they are recognised in profit or loss. |
Decreases in carrying amounts that offset previous increases of the same asset are recognised against the asset revaluation reserve. All other decreases in carrying amounts are recognised as a loss in the statement of comprehensive income. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Sinclair Animal and Household Care Ltd (Registered number: 04436927) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Land and | Plant and |
Buildings | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 427,500 (2022 - £ 427,500 ) which is not depreciated. |
Sinclair Animal and Household Care Ltd (Registered number: 04436927) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2005 | 962,133 | - | 962,133 |
Valuation in 2011 | (496,981 | ) | - | (496,981 | ) |
Valuation in 2016 | (267,000 | ) | - | (267,000 | ) |
Valuation in 2020 | 131,787 | - | 131,787 |
Cost | 1,686,551 | 1,473,620 | 3,160,171 |
2,016,490 | 1,473,620 | 3,490,110 |
Freehold property was revalued at its market value on the special assumption of a restricted marketing period of 3 months on 23 November 2020, by Colliers International Valuation UK LLP. |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The property held at the year end of £1,949,073 is held as a security in the way of a fixed and floating charge in relation to a loan taken out with Cooperatiive Rabobank U.A. by the ultimate controlling party, Beaphar B.V, this charge was issued on 7 April 2021. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 435,523 | 435,523 |
Sinclair Animal and Household Care Ltd (Registered number: 04436927) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
and 31 December 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Note 2 to the financial statements which explains that the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern, as described in Note 2. |
Our opinion is not modified in this respect of this matter. |
for and on behalf of |
12. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
13. | POST BALANCE SHEET EVENTS |
In November 2023 the Directors made the decision to cease manufacturing and distribution on 31 May 2024, with the cessation of trade by December 2024. This was communicated to the employees prior to year end creating an obligation to recognise a redundancy provision in the current year financial statements. Provisions have also been made in respect of contracts which have become onerous at the reporting date. |
14. | ULTIMATE CONTROLLING PARTY |
Beaphar Beheer BV, a company incorporated in the Netherlands is the ultimate parent company. Beaphar Beheer BV has a 100% interest in the share capital of the company as at 31 December 2023. Copies of the parent's consolidated financial statements may be obtained from Chamber of Commerce, Watermolenlaan 1, 3447 Gt Woerden, Netherlands. |