REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Chemical and Agricultural Services |
Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Chemical and Agricultural Services |
Limited |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
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 |
Chemical and Agricultural Services |
Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve |
Other reserves |
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 |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Chemical and Agricultural Services Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 02311938 and the registered office is Plex Lane, Halsall, Nr Ormskirk, Lancs, L39 7JY. |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
The principal activities of the company are agricultural, horticultural, chemical and fertiliser wholesalers, retailers and suppliers. |
2. | ACCOUNTING POLICIES |
Basis of accounting |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for land and buildings which are recorded at deemed cost as specified in the policies below. |
The company's main trading operations were moved into the parent company, HL Hutchinson Limited at the end of 31.12.23. The company still holds property and can settle all of its liabilities and will remain dormant. |
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. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates. |
The key judgements and sources of estimation uncertainty recognised in the financial statements are described below: |
Impairment of slow moving and obsolete stock |
As stated in the accounting policy stock is valued at the lower of cost and net realisable value with an allowance for slow moving and obsolete stock. This allowance is reviewed annually by the directors and is based on historical sales, future orders and age of the stock. |
This estimate does not have a significant effect on the financial statements. |
Estimated useful lives and residual values of fixed assets |
As described in the accounting policies, depreciation and amortisation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised if necessary. |
This estimate has a significant effect on the financial statements. |
Allowance for doubtful debts |
The company assesses its doubtful debt allowance at each reporting date. Key assumptions applied are the estimated debt recovery rates and the future market conditions that could affect recovery. |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents net invoiced sales from the supply of agricultural, horticultural chemicals and fertilisers and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Income is recognised when the goods are despatched or the service provided. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses where applicable. |
Land and buildings is comprised of freehold property. The company previously accounted for land and buildings at deemed cost as allowed by the transition to FRS102. They are now accounted for using the revaluation model and as allowed by FRS102. |
Stocks |
Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised. |
Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. |
At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. |
Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account |
Financial instruments |
Trade debtors are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. A provision for impairment in trade debtors is established when there is evidence that the company will not be able to collect all amounts due. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade creditors are recognised measured at amortised cost. |
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. |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. It is recognised on the anticipated gain that would be made in the event that land and buildings would be sold at the deemed cost. |
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. |
Cash and cash equivalents |
Cash at bank and in hand is represented by amounts deposited at the company's bank accounts, cash is available immediately upon request. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Land and buildings were valued in 2020 by Armitstead Barnett LLP, the directors therefore revalued to open market value per the valuation. |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2019 | 155,000 | - | 155,000 |
Cost | 430,000 | 23,283 | 453,283 |
585,000 | 23,283 | 608,283 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 1,452,763 | - |
Other debtors |
Impairment losses/(gains) recognised in the profit and loss in respect of trade debtors during the period were £(4) (2022 £34,283). |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
As discussed in note 2, the company's main trading operations were moved into the parent company, HL Hutchinson Limited from 31.12.23. At the date of this report the company still owns property and can continue as a going concern. |
for and on behalf of |
Chemical and Agricultural Services |
Limited (Registered number: 02311938) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | RELATED PARTY DISCLOSURES |
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. |
9. | ULTIMATE CONTROLLING PARTY |
10. | ULTIMATE PARENT COMPANY |
The immediate parent company is HL Hutchinson Limited. |
The ultimate parent company and the company that draws up group accounts is Hutchinson Group Limited, a company registered in England and Wales. |
The registered office for both companies is Weasenham Lane, Wisbech, Cambridgeshire, PE 13 2RN. |
Copies of the consolidated accounts can be obtained from Companies House, Cardiff. |