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COMPANY REGISTRATION NUMBER: 4930965
Multex Chemicals Limited
Filleted Unaudited Financial Statements
31 January 2024
Multex Chemicals Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
524,810
450,479
Current assets
Stocks
177,778
151,840
Debtors
7
583,402
621,771
Cash at bank and in hand
166,996
75,617
---------
---------
928,176
849,228
Creditors: amounts falling due within one year
8
156,625
187,001
---------
---------
Net current assets
771,551
662,227
------------
------------
Total assets less current liabilities
1,296,361
1,112,706
Creditors: amounts falling due after more than one year
9
248,170
252,450
Provisions
Taxation including deferred tax
4,839
------------
------------
Net assets
1,048,191
855,417
------------
------------
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
234,000
184,000
Profit and loss account
813,191
670,417
------------
---------
Shareholders funds
1,048,191
855,417
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Multex Chemicals Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 8 July 2024 , and are signed on behalf of the board by:
Mr G Singh
Director
Company registration number: 4930965
Multex Chemicals Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Multex House, Cannon Street, Hull, East Yorkshire, HU2 0AB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: Disclosures in respect of each class of share capital have not been presented. No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented. Disclosures in respect of share-based payments have not been presented. No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Taxation on ordinary activities
Major components of tax (income)/expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 4,839)
2,882
-------
-------
Taxation on ordinary activities
( 4,839)
2,882
-------
-------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2023
425,000
70,713
13,743
22,305
531,761
Additions
40,934
40,934
Revaluations
50,000
50,000
---------
---------
--------
--------
---------
At 31 January 2024
475,000
111,647
13,743
22,305
622,695
---------
---------
--------
--------
---------
Depreciation
At 1 February 2023
49,050
12,429
19,803
81,282
Charge for the year
15,648
329
626
16,603
---------
---------
--------
--------
---------
At 31 January 2024
64,698
12,758
20,429
97,885
---------
---------
--------
--------
---------
Carrying amount
At 31 January 2024
475,000
46,949
985
1,876
524,810
---------
---------
--------
--------
---------
At 31 January 2023
425,000
21,663
1,314
2,502
450,479
---------
---------
--------
--------
---------
Tangible assets held at valuation
The director has reviewed the valuation of the freehold property at 31 January 2024 using information such as recent market data for similar properties in the same area and has concluded that the fair value of the freehold property at this date was £475,000. The historical cost of the freehold property was £241,000.
7. Debtors
2024
2023
£
£
Trade debtors
176,688
192,211
Amounts owed by group undertakings
366,677
391,644
Prepayments and accrued income
10,037
7,916
Other debtors
30,000
30,000
---------
---------
583,402
621,771
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,219
4,097
Trade creditors
108,544
126,463
Accruals and deferred income
11,829
27,555
Social security and other taxes
29,791
27,684
Director loan accounts
2,241
1,201
Amounts owed to associated companies
1
1
---------
---------
156,625
187,001
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
248,170
252,450
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
11. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.
12. Related party transactions
No disclosures are necessary as 100% of the voting rights in the company are controlled within the group.
13. Controlling party
The company's immediate parent undertaking and controlling related party is Crest Holding Limited, a company registered in England. The parent company is jointly controlled by its shareholders, G Singh and T Kaur.