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Registered number: 01287421
Chemipat Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Bennett Verby Limited
7 St Petersgate
Stockport
Cheshire
SK1 1EB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01287421
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,277 42,086
32,277 42,086
CURRENT ASSETS
Stocks 5 160,815 183,000
Debtors 6 528,451 516,966
Cash at bank and in hand 295,880 213,917
985,146 913,883
Creditors: Amounts Falling Due Within One Year 7 (314,616 ) (304,385 )
NET CURRENT ASSETS (LIABILITIES) 670,530 609,498
TOTAL ASSETS LESS CURRENT LIABILITIES 702,807 651,584
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,321 ) (6,826 )
NET ASSETS 697,486 644,758
CAPITAL AND RESERVES
Called up share capital 8 400 400
Capital redemption reserve 200 200
Profit and Loss Account 696,886 644,158
SHAREHOLDERS' FUNDS 697,486 644,758
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Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Woodruff
Director
1 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Chemipat Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01287421 . The registered office is Casablanca Works, Sherborne Street West, Salford, M3 7LF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land and buildings 10% Straight line
Improvements to leasehold property 10% Reducing balance
Plant & Machinery 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 17)
12 17
4. Tangible Assets
Land & Property
Land and buildings Improvements to leasehold property Plant & Machinery Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2023 4,731 16,813 803,692 16,212 841,448
As at 28 February 2024 4,731 16,813 803,692 16,212 841,448
Depreciation
As at 1 March 2023 4,731 12,066 766,353 16,212 799,362
Provided during the period - 474 9,335 - 9,809
As at 28 February 2024 4,731 12,540 775,688 16,212 809,171
Net Book Value
As at 28 February 2024 - 4,273 28,004 - 32,277
As at 1 March 2023 - 4,747 37,339 - 42,086
5. Stocks
2024 2023
£ £
Finished goods 160,815 183,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 468,942 473,640
Other debtors 59,509 43,326
528,451 516,966
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 216,012 234,542
Other creditors 28,151 12,696
Taxation and social security 70,453 57,147
314,616 304,385
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 400 400
9. Related Party Transactions
The company occupies premises owned by some of the shareholders and directors for which no rent was paid during the current or preceding year.
Creditors includes a directors loan of £2,516 (2023 £2,516).
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