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REGISTERED NUMBER: SC514941 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Iain Semple Chemicals Ltd

Iain Semple Chemicals Ltd (Registered number: SC514941)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Iain Semple Chemicals Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTOR: Mr I Semple Snr





REGISTERED OFFICE: 7 McKenzie Street
Paisley
PA3 1LX





REGISTERED NUMBER: SC514941 (Scotland)





ACCOUNTANTS: Greg Hannah Ltd
Chartered Accountants
26 Victoria Street
Rutherglen
Glasgow
G73 1DS

Iain Semple Chemicals Ltd (Registered number: SC514941)

Statement of Financial Position
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 35,000 52,500
Tangible assets 6 23,775 31,084
58,775 83,584

CURRENT ASSETS
Stocks 72,621 43,224
Debtors 7 121,601 117,385
Cash at bank 460,029 388,761
654,251 549,370
CREDITORS
Amounts falling due within one year 8 223,778 181,608
NET CURRENT ASSETS 430,473 367,762
TOTAL ASSETS LESS CURRENT
LIABILITIES

489,248

451,346

PROVISIONS FOR LIABILITIES 5,812 5,906
NET ASSETS 483,436 445,440

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 483,336 445,340
483,436 445,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Iain Semple Chemicals Ltd (Registered number: SC514941)

Statement of Financial Position - continued
30 April 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2024 and were signed by:





Mr I Semple Snr - Director


Iain Semple Chemicals Ltd (Registered number: SC514941)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Iain Semple Chemicals Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £250 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

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


Iain Semple Chemicals Ltd (Registered number: SC514941)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 175,000
AMORTISATION
At 1 May 2023 122,500
Charge for year 17,500
At 30 April 2024 140,000
NET BOOK VALUE
At 30 April 2024 35,000
At 30 April 2023 52,500

Iain Semple Chemicals Ltd (Registered number: SC514941)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 75,650
Additions 527
At 30 April 2024 76,177
DEPRECIATION
At 1 May 2023 44,566
Charge for year 7,836
At 30 April 2024 52,402
NET BOOK VALUE
At 30 April 2024 23,775
At 30 April 2023 31,084

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 119,688 112,195
Other debtors 1,913 5,190
121,601 117,385

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 150,553 105,582
Taxation and social security 60,048 59,380
Other creditors 13,177 16,646
223,778 181,608

9. RELATED PARTY DISCLOSURES

At 30th April 2024, the Company owed the following loans:

Mr I Semple Snr (director & shareholder) £5,812 (2023: £2,664).
Mrs A Semple (shareholder) £4,447 (2023: £52).
Mr I Semple Jnr (shareholder) £118 (2023: £11,305).

There are no fixed repayment terms and no interest is charged on amounts owed by the Company.