Company registration number 02659833 (England and Wales)
X.R.O.CHEMICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
X.R.O.CHEMICAL SERVICES LIMITED
COMPANY INFORMATION
Directors
P R Cox
W E Greatorex
Company number
02659833
Registered office
The Larches
Moor Farm Road West
Ashbourne
Derbyshire
United Kingdom
DE6 1HD
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
X.R.O.CHEMICAL SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
X.R.O.CHEMICAL SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF X.R.O.CHEMICAL SERVICES LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of X.R.O.Chemical Services Limited for the year ended 29 February 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of X.R.O.Chemical Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of X.R.O.Chemical Services Limited and state those matters that we have agreed to state to the board of directors of X.R.O.Chemical Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than X.R.O.Chemical Services Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that X.R.O.Chemical Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of X.R.O.Chemical Services Limited. You consider that X.R.O.Chemical Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of X.R.O.Chemical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
11 November 2024
X.R.O.CHEMICAL SERVICES LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
210,872
124,428
Current assets
Stocks
369,279
439,738
Debtors
4
501,516
422,636
Cash at bank and in hand
100,473
114,336
971,268
976,710
Creditors: amounts falling due within one year
5
(634,272)
(605,036)
Net current assets
336,996
371,674
Total assets less current liabilities
547,868
496,102
Creditors: amounts falling due after more than one year
6
(4,636)
(11,303)
Provisions for liabilities
(64,229)
(31,696)
Net assets
479,003
453,103
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
478,903
453,003
Total equity
479,003
453,103
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
X.R.O.CHEMICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
W E Greatorex
Director
Company registration number 02659833 (England and Wales)
X.R.O.CHEMICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
X.R.O.Chemical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Larches, Moor Farm Road West, Ashbourne, Derbyshire, United Kingdom, DE6 1HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
X.R.O.CHEMICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
15 % reducing balance / 15% Straight line basis
Plant and machinery
15 % reducing balance / 15% Straight line basis
Computer equipment
15 % reducing balance / 15% Straight line basis
Office equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
X.R.O.CHEMICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
17
X.R.O.CHEMICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Computer equipment
Office equipment
Assets purchased under grant scheme
Total
£
£
£
£
£
£
Cost
At 1 March 2023
285,567
45,816
3,577
16,786
351,746
Additions
86,044
24,652
10,242
120,938
Disposals
(24,235)
(35,381)
(1,008)
(6,935)
(67,559)
At 29 February 2024
86,044
285,984
20,677
2,569
9,851
405,125
Depreciation and impairment
At 1 March 2023
176,352
32,102
2,078
16,786
227,318
Depreciation charged in the year
1,175
17,202
1,113
193
19,683
Eliminated in respect of disposals
(18,077)
(26,943)
(793)
(6,935)
(52,748)
At 29 February 2024
1,175
175,477
6,272
1,478
9,851
194,253
Carrying amount
At 29 February 2024
84,869
110,507
14,405
1,091
210,872
At 28 February 2023
109,215
13,714
1,499
124,428
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
482,911
409,113
Other debtors
18,605
13,523
501,516
422,636
5
Creditors: amounts falling due within one year
2024
2023
£
£
Loans and borrowings
7,586
7,586
Trade creditors
388,934
431,888
Taxation and social security
64,209
53,999
Other creditors
173,543
111,563
634,272
605,036
X.R.O.CHEMICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Loans and borrowings
4,636
11,303
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £501,390 (2023 -
£87,605).
The hire purchase and finance lease liabilities are secured against the asset to which they relate. The carrying amount at the year end is £12,222 (2023 - £18,809).
9
Events after the reporting date
Since the balance sheet date, dividends of £28,891 have been voted.
10
Directors' transactions
Summary of transactions with other related parties
Directors of the company
At the balance sheet date amounts owed to directors amounted to £145,411 (2023 - £94,922).