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REGISTERED NUMBER: 02535646 (England and Wales)














Unaudited Financial Statements

for the Year Ended 29 March 2024

for

Commodity Chemicals Limited

Commodity Chemicals Limited (Registered number: 02535646)






Contents of the Financial Statements
for the Year Ended 29 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Commodity Chemicals Limited (Registered number: 02535646)

Balance Sheet
29 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,020 1,010
1,020 1,010

CURRENT ASSETS
Debtors 6 50,285 63,851
Cash at bank 78 44
50,363 63,895
CREDITORS
Amounts falling due within one year 7 46,251 57,503
NET CURRENT ASSETS 4,112 6,392
TOTAL ASSETS LESS CURRENT LIABILITIES 5,132 7,402

CREDITORS
Amounts falling due after more than one year 8 (4,999 ) (6,313 )

PROVISIONS FOR LIABILITIES (129 ) (192 )
NET ASSETS 4 897

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2 895
SHAREHOLDERS' FUNDS 4 897

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

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2024 and were signed by:




F D McAllister - Director


Commodity Chemicals Limited (Registered number: 02535646)

Notes to the Financial Statements
for the Year Ended 29 March 2024

1. STATUTORY INFORMATION

Commodity Chemicals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02535646

Registered office: Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

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 recognised as the company becomes entitled to consideration for goods supplied. Therefore, turnover includes the element of goods supplied but not yet invoiced for.

Goodwill
Goodwill on acquisition of a business in 2004 is now fully amortized.

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 each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Commodity Chemicals Limited (Registered number: 02535646)

Notes to the Financial Statements - continued
for the Year Ended 29 March 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 30 March 2023
and 29 March 2024 25,000
AMORTISATION
At 30 March 2023
and 29 March 2024 25,000
NET BOOK VALUE
At 29 March 2024 -
At 29 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 30 March 2023 2,367 473 4,006 6,846
Additions - - 350 350
At 29 March 2024 2,367 473 4,356 7,196
DEPRECIATION
At 30 March 2023 2,287 207 3,342 5,836
Charge for year 20 67 253 340
At 29 March 2024 2,307 274 3,595 6,176
NET BOOK VALUE
At 29 March 2024 60 199 761 1,020
At 29 March 2023 80 266 664 1,010

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 50,285 63,851

Commodity Chemicals Limited (Registered number: 02535646)

Notes to the Financial Statements - continued
for the Year Ended 29 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,376 12,307
Trade creditors 10,503 10,503
Taxation and social security 25,362 31,929
Other creditors 3,010 2,764
46,251 57,503

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 4,999 6,313

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 4,590 9,521
Bank loans 7,785 9,099
12,375 18,620

The bank overdraft is secured by the personal guarantee of the director.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 March 2024 and 29 March 2023:

2024 2023
£    £   
F D McAllister
Balance outstanding at start of year 49,311 38,235
Amounts advanced 17,460 20,172
Amounts repaid (31,027 ) (9,096 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,744 49,311