Company registration number 04166887 (England and Wales)
CYTEC SYSTEMS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CYTEC SYSTEMS UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CYTEC SYSTEMS UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,597
8,423
Current assets
Stocks
54,980
54,229
Debtors
4
56,032
199,465
Cash at bank and in hand
178,139
184,361
289,151
438,055
Creditors: amounts falling due within one year
5
(53,310)
(191,143)
Net current assets
235,841
246,912
Total assets less current liabilities
237,438
255,335
Provisions for liabilities
(351)
-
0
Net assets
237,087
255,335
Capital and reserves
Called up share capital
80
80
Capital redemption reserve
20
20
Profit and loss reserves
236,987
255,235
Total equity
237,087
255,335

For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
B Taylor
Director
Company registration number 04166887 (England and Wales)
CYTEC SYSTEMS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
page 2
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100
-
0
298,973
299,073
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
3,017
3,017
Own shares acquired
-
-
(46,755)
(46,755)
Redemption of shares
-
0
20
-
0
20
Reduction of shares
(20)
-
-
0
(20)
Balance at 31 March 2023
80
20
255,235
255,335
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(18,248)
(18,248)
Balance at 31 March 2024
80
20
236,987
237,087
CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
page 3
1
Accounting policies
Company information

CyTec Systems UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whistlers, Chuck Hatch, Hartfield, East Sussex, TN7 4EX.

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
Turnover

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

1.3
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
33% reducing balance
1.4
Stocks

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

1.5
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.

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.

1.6
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.

CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
page 4
1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,171
13,659
13,167
27,997
Additions
-
0
475
-
0
475
Disposals
-
0
-
0
(13,167)
(13,167)
At 31 March 2024
1,171
14,134
-
0
15,305
Depreciation and impairment
At 1 April 2023
1,145
11,658
6,771
19,574
Depreciation charged in the year
26
879
2,111
3,016
Eliminated in respect of disposals
-
0
-
0
(8,882)
(8,882)
At 31 March 2024
1,171
12,537
-
0
13,708
Carrying amount
At 31 March 2024
-
0
1,597
-
0
1,597
At 31 March 2023
26
2,001
6,396
8,423
CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
page 5
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,471
184,588
Other debtors
9,561
14,308
56,032
198,896
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
569
Total debtors
56,032
199,465
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,876
103,798
Taxation and social security
20,009
81,999
Other creditors
3,425
5,346
53,310
191,143
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
16,965
590
CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
page 6
7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director 1
-
(1,707)
10,444
(5,312)
3,425
(1,707)
10,444
(5,312)
3,425
2024-03-312023-04-01false03 December 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityB TaylorT KlementB Taylorfalsefalse041668872023-04-012024-03-31041668872024-03-31041668872023-03-3104166887core:FurnitureFittings2024-03-3104166887core:ComputerEquipment2024-03-3104166887core:MotorVehicles2024-03-3104166887core:FurnitureFittings2023-03-3104166887core:ComputerEquipment2023-03-3104166887core:MotorVehicles2023-03-3104166887core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104166887core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104166887core:CurrentFinancialInstruments2024-03-3104166887core:CurrentFinancialInstruments2023-03-3104166887core:ShareCapital2024-03-3104166887core:ShareCapital2023-03-3104166887core:CapitalRedemptionReserve2024-03-3104166887core:CapitalRedemptionReserve2023-03-3104166887core:RetainedEarningsAccumulatedLosses2024-03-3104166887core:RetainedEarningsAccumulatedLosses2023-03-3104166887core:ShareCapital2022-03-3104166887core:CapitalRedemptionReserve2022-03-3104166887core:RetainedEarningsAccumulatedLosses2022-03-3104166887bus:CompanySecretaryDirector12023-04-012024-03-3104166887core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31041668872022-04-012023-03-3104166887core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104166887core:ShareCapital2022-04-012023-03-3104166887core:FurnitureFittings2023-04-012024-03-3104166887core:ComputerEquipment2023-04-012024-03-3104166887core:MotorVehicles2023-04-012024-03-3104166887core:FurnitureFittings2023-03-3104166887core:ComputerEquipment2023-03-3104166887core:MotorVehicles2023-03-31041668872023-03-3104166887core:WithinOneYear2024-03-3104166887core:WithinOneYear2023-03-3104166887core:AfterOneYear2024-03-3104166887core:AfterOneYear2023-03-3104166887bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104166887bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104166887bus:FRS1022023-04-012024-03-3104166887bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104166887bus:Director12023-04-012024-03-3104166887bus:Director22023-04-012024-03-3104166887bus:CompanySecretary12023-04-012024-03-3104166887bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP