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REGISTERED NUMBER: 01016000 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Starchem Limited

Starchem Limited (Registered number: 01016000)






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


Starchem Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A K Scott
J Scott
J A L Lippiatt
A A Muchewicz


SECRETARY: J Scott


REGISTERED OFFICE: Strawberry Lane
Willenhall
West Midlands
WV13 3RS


REGISTERED NUMBER: 01016000 (England and Wales)


SENIOR STATUTORY AUDITOR: Geoffrey Hopwood BCOM FCA


AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA


BANKERS: HSBC
PO BOX 33
9 Queen Square
Wolverhampton
West Midlands
WV1 1TE

Starchem Limited (Registered number: 01016000)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 524,573 551,113

CURRENT ASSETS
Stocks 2,139,310 2,409,987
Debtors 5 2,021,244 2,243,944
Cash at bank and in hand 4,439,254 3,975,021
8,599,808 8,628,952
CREDITORS
Amounts falling due within one year 6 2,051,830 1,879,294
NET CURRENT ASSETS 6,547,978 6,749,658
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,072,551

7,300,771

PROVISIONS FOR LIABILITIES 35,884 43,570
NET ASSETS 7,036,667 7,257,201

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 7,036,567 7,257,101
SHAREHOLDERS' FUNDS 7,036,667 7,257,201

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





A K Scott - Director


Starchem Limited (Registered number: 01016000)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Starchem Limited 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.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets
All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land and buildings leasehold- 2.5% reducing balance
Plant and equipment- 20% reducing balance
Fixtures and equipment- 20% reducing balance
Motor vehicles- 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Starchem Limited (Registered number: 01016000)

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 Profit and Loss Account, 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.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 30 ) .

Starchem Limited (Registered number: 01016000)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 721,747 412,728 436,245 192,961 1,763,681
Additions - 825 337 42,708 43,870
Disposals - - - (33,941 ) (33,941 )
At 31 December 2023 721,747 413,553 436,582 201,728 1,773,610
DEPRECIATION
At 1 January 2023 332,931 354,864 429,580 95,193 1,212,568
Charge for year 9,720 11,738 3,094 31,539 56,091
Eliminated on disposal - - - (19,622 ) (19,622 )
At 31 December 2023 342,651 366,602 432,674 107,110 1,249,037
NET BOOK VALUE
At 31 December 2023 379,096 46,951 3,908 94,618 524,573
At 31 December 2022 388,816 57,864 6,665 97,768 551,113

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,983,680 2,209,654
Other debtors 37,564 34,290
2,021,244 2,243,944

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 186,935 380,911
Taxation and social security 573,825 463,487
Other creditors 1,291,070 1,034,896
2,051,830 1,879,294

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Starchem Limited (Registered number: 01016000)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Geoffrey Hopwood BCOM FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited