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REGISTERED NUMBER: 02887222 (England and Wales)















DEVINE CHEMICALS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEVINE CHEMICALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: J Devine
D J Devine
Mrs E L Harvey





REGISTERED OFFICE: Unit 8, Parkhead
Greencroft Industrial Park
Stanley
Co. Durham
DH9 7YB





REGISTERED NUMBER: 02887222 (England and Wales)





ACCOUNTANTS: Duncan Chartered Accountants
5 Cherrytree
Union Road
Sheffield
South Yorkshire
S11 9EF

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 176,515 120,574
Investments 6 88 88
176,603 120,662

CURRENT ASSETS
Stocks 2,026,206 2,886,035
Debtors 7 1,876,117 1,745,256
Cash at bank 168,966 311,833
4,071,289 4,943,124
CREDITORS
Amounts falling due within one year 8 1,623,982 2,537,132
NET CURRENT ASSETS 2,447,307 2,405,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,623,910

2,526,654

CREDITORS
Amounts falling due after more than one
year

9

(64,407

)

(53,669

)

PROVISIONS FOR LIABILITIES (31,500 ) (18,000 )
NET ASSETS 2,528,003 2,454,985

CAPITAL AND RESERVES
Called up share capital 11 315,100 315,100
Retained earnings 2,212,903 2,139,885
SHAREHOLDERS' FUNDS 2,528,003 2,454,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

BALANCE SHEET - continued
29 FEBRUARY 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 Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





D J Devine - Director


DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Devine Chemicals Limited is a private company, limited by shares , registered in England and Wales. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.

Research and development expenditure
Research and development expenditure has been capitalised as an intangible fixed asset where the outcome of the project is assessed as being reasonably certain to bring a benefit to the company. The expenditure is capitalised as it falls due, and will be amortised on a straight line basis over the expected period of the benefit.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Pension costs and other post-retirement benefits
The pension costs charged in the financial statements represent the contribution payable by the company during the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 145,000
AMORTISATION
At 1 March 2023
and 29 February 2024 145,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 49,267 55,642 27,098 53,574 185,581
Additions 50,981 25,938 28,238 6,162 111,319
Disposals (4,923 ) (587 ) - (12,524 ) (18,034 )
At 29 February 2024 95,325 80,993 55,336 47,212 278,866
DEPRECIATION
At 1 March 2023 16,296 12,012 3,388 33,311 65,007
Charge for year 18,223 16,389 7,692 12,994 55,298
Eliminated on disposal (4,923 ) (507 ) - (12,524 ) (17,954 )
At 29 February 2024 29,596 27,894 11,080 33,781 102,351
NET BOOK VALUE
At 29 February 2024 65,729 53,099 44,256 13,431 176,515
At 28 February 2023 32,971 43,630 23,710 20,263 120,574

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 27,098
Additions 28,238
At 29 February 2024 55,336
DEPRECIATION
At 1 March 2023 3,388
Charge for year 7,692
At 29 February 2024 11,080
NET BOOK VALUE
At 29 February 2024 44,256
At 28 February 2023 23,710

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 March 2023
and 29 February 2024 88
NET BOOK VALUE
At 29 February 2024 88
At 28 February 2023 88

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,732,425 1,676,652
Amounts owed by group undertakings 30,053 2,127
Other debtors 113,639 66,477
1,876,117 1,745,256

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 319,043 1,257,188
Other loans 23,877 22,715
Hire purchase contracts (see note 10) 17,003 3,478
Trade creditors 662,585 784,599
Taxation and social security 218,534 267,427
VAT 170,641 136,447
Other creditors 6,787 3,204
Directors' current accounts 8,000 -
Accrued expenses 197,512 62,074
1,623,982 2,537,132

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Other loans - 1-2 years 12,392 36,269
Hire purchase contracts (see note 10) 52,015 17,400
64,407 53,669

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 17,003 3,478
Between one and five years 52,015 17,400
69,018 20,878

Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 57,903 57,510
Between one and five years 43,728 72,676
101,631 130,186

DEVINE CHEMICALS LIMITED (REGISTERED NUMBER: 02887222)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary, Ordinary A and
Ordinary B £1 100 100
315,000 Preference £1 315,000 315,000
315,100 315,100

There was a partial re-classification of the company's Ordinary Share Capital on 8 October 2021. On that date 10 Ordinary Shares of £1 each were re-designated as Ordinary A Shares of £1 each, and a further 10 were re-designated as Ordinary B Shares of £1 each. All classes of Ordinary Shares have the same voting rights.

12. RELATED PARTY DISCLOSURES

At 29th February 2024, Devine BV, a wholly owned overseas subsidiary of Devine Chemicals Limited, owed £30,053 (2023: £2,127) to Devine Chemicals Limited.

At 29th February 2024, Devine US LLC, an overseas company controlled by two of the directors, owed £1,978 (2023: nil) to Devine Chemicals Limited.

13. ULTIMATE CONTROLLING PARTY

The controlling party is J Devine.