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REGISTERED NUMBER: 04436927 (England and Wales)


























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: D Aa
J H L Aa





SECRETARY: L Wallhead





REGISTERED OFFICE: C/o Beaphar UK Limited
Rook Tree Farm, Withersfield Road
Great Wratting
Haverhill
Suffolk
CB9 7HD





REGISTERED NUMBER: 04436927 (England and Wales)





AUDITORS: Wright Vigar Limited
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 2,210,381 2,227,777

CURRENT ASSETS
Stocks 5 856,843 961,304
Debtors 6 4,309,975 1,788,887
Cash at bank and in hand 4,950 53,355
5,171,768 2,803,546
CREDITORS
Amounts falling due within one year 7 2,563,113 406,520
NET CURRENT ASSETS 2,608,655 2,397,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,819,036

4,624,803

PROVISIONS FOR LIABILITIES 84,095 56,810
NET ASSETS 4,734,941 4,567,993

CAPITAL AND RESERVES
Called up share capital 9 435,523 435,523
Revaluation reserve 10 803,331 803,331
Retained earnings 3,496,087 3,329,139
SHAREHOLDERS' FUNDS 4,734,941 4,567,993

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 24 April 2024 and were signed on its behalf by:




D Aa - Director



J H L Aa - Director


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 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - 2% on cost
Plant and machinery - 20% on cost

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 40 (2022 - 48 ) .

4. TANGIBLE FIXED ASSETS
Land and Plant and
Buildings machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 2,016,490 1,409,050 3,425,540
Additions - 64,570 64,570
At 31 December 2023 2,016,490 1,473,620 3,490,110
DEPRECIATION
At 1 January 2023 67,417 1,130,346 1,197,763
Charge for year 38,800 43,166 81,966
At 31 December 2023 106,217 1,173,512 1,279,729
NET BOOK VALUE
At 31 December 2023 1,910,273 300,108 2,210,381
At 31 December 2022 1,949,073 278,704 2,227,777

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 617,357 751,052
Work-in-progress 199,121 159,426
Finished goods 40,365 50,826
856,843 961,304

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 4,269,061 1,655,967
Other debtors 40,914 132,920
4,309,975 1,788,887

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 209,876 215,090
Amounts owed to group undertakings 1,231,112 -
Taxation and social security 189,233 50,343
Other creditors 932,892 141,087
2,563,113 406,520

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: £    £   
435,523 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 803,331

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.

Matthew Chadwick BA (Hons), ACA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

12. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 51,587

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.