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Registration number: 08364601

Direct Chemicals Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Direct Chemicals Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Direct Chemicals Limited

Company Information

Directors

Mr R Wells

Mrs L Wells

Company secretary

Mrs L Wells

Registered office

Dairy House
Moneyrow Green
Holyport
Maidenhead
Berkshire
SL6 2ND

Accountants

Fern & Co Accountants Ltd
Chartered Certified Accountants
Dairy House
Moneyrow Green
Holyport
Maidenhead
Berkshire
SL6 2ND

 

Direct Chemicals Limited

(Registration number: 08364601)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

43,993

49,411

Current assets

 

Stocks

5

179,371

162,381

Debtors

6

318,385

346,619

Cash at bank and in hand

 

153,180

182,850

 

650,936

691,850

Prepayments and accrued income

 

8,362

7,036

Creditors: Amounts falling due within one year

7.1

(454,376)

(466,651)

Net current assets

 

204,922

232,235

Total assets less current liabilities

 

248,915

281,646

Creditors: Amounts falling due after more than one year

7.2

(21,646)

(34,023)

Provisions for liabilities

(10,780)

(10,870)

Accruals and deferred income

 

(2,815)

(4,701)

Net assets

 

213,674

232,052

Capital and reserves

 

Called up share capital

8

296

296

Share premium reserve

90,000

90,000

Capital redemption reserve

4

4

Retained earnings

123,374

141,752

Shareholders' funds

 

213,674

232,052

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Direct Chemicals Limited

(Registration number: 08364601)
Abridged Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr R Wells
Director

.........................................
Mrs L Wells
Company secretary and director

 

Direct Chemicals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Dairy House
Moneyrow Green
Holyport
Maidenhead
Berkshire
SL6 2ND
England

The principal place of business is:
Unit 6c Stokes Farm
Binfield Road
Wokingham
Berkshire
RG40 5PR
England

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Direct Chemicals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Direct Chemicals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Direct Chemicals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

16,566

146,110

162,676

Additions

-

9,250

9,250

At 31 March 2024

16,566

155,360

171,926

Depreciation

At 1 April 2023

13,963

99,302

113,265

Charge for the year

651

14,017

14,668

At 31 March 2024

14,614

113,319

127,933

Carrying amount

At 31 March 2024

1,952

42,041

43,993

At 31 March 2023

2,603

46,808

49,411

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

179,371

162,381

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

 

Direct Chemicals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £8,176 (2023 - £9,140).

Creditors: amounts falling due after more than one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £8,512 (2023 - £16,690).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

296

296

296

296

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £189.19 (2023 - £223.65) per each Ordinary Share

56,000

66,200

 

 

10

Related party transactions

 

Direct Chemicals Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

40,170

35,870

Contributions paid to money purchase schemes

13,144

12,782

53,314

48,652

Summary of transactions with entities with joint control or significant interest

Norsekem Limited
 

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Sale of goods

22,400

Amounts receivable from related party

4,197

2023

Entities with joint control or significant influence
£

Sale of goods

10,981

Amounts receivable from related party

1,792

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Purchase of goods

42,549

Amounts payable to related party

4,328

2023

Entities with joint control or significant influence
£

Purchase of goods

34,141

Amounts payable to related party

8,600