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REGISTERED NUMBER: 02699869 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 30 April 2024

for

Leading Solvent Supplies Limited

Leading Solvent Supplies Limited (Registered number: 02699869)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Leading Solvent Supplies Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: D N Walker
R L Heather
P Higginbottom
K E Nineham





SECRETARY: D N Walker





REGISTERED OFFICE: Marston Business Park
Rudgate
Tockwith
North Yorkshire
YO26 7QF





REGISTERED NUMBER: 02699869 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Leading Solvent Supplies Limited (Registered number: 02699869)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company's principal activities during the year continued to be that of the supply of industrial solvents and other chemicals.

The company has continued to achieve record results, with the current financial year the best on record with turnover increasing to over £29.1 million (2023: £28.5 million) and gross profit exceeding £8.4 million (2023: £7.8 million). The business is well positioned within the market as the premier supplier of packaged solvents in the UK, and continues to seek opportunities for growth and acquisitions to enhance its product offerings and improve its market share. This is reflected through the post financial year end acquisition of an automotive care products manufacturer.

The Directors believe the company is exceeding expectations and have set their sights on the company breaking the £30 million turnover mark in the near future. The directors believe the business can further enhance its operational and production capacity through consolidating its recent acquisitions and streamlining its operations by removing cost inefficiencies.

The directors report the post year end acquisition of the minority interest in Leading Solvent Supplies Limited by Iconiqem Group Limited.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial, credit, liquidity and cashflow risk are considered low as the company continue to show strong profitability and cash generation.

Economic
The level of Inflation in the UK has now reverted to historic levels, with inflation now set around 2.2%. Interest rates remain high at 4.75%. The business has countered this through retaining a strong cash position, and by working with a small group of suppliers who provide consistent pricing. The directors believe uncertainty is now a key centrepiece of the economy and considers its robust cash reserves as sufficient to reduce the impact of this.

Operational
The processing and distribution of solvents has many associated risks. The company manages this with a strong focus on health and safety. Procedures within the business are robust and mitigate the risk involved in operating from multiple sites. During the year the business retained its ISO 14001 which will assist it in reducing the environmental impact and improve sustainability. The business is seeking further certifications in future years to ensure it continues to comply with changing regulations.

The business continues to invest in training for employees to ensure it has the optimal skills to support all stakeholders.

KEY PERFORMANCE INDICATORS
The Board monitors the progress of the company by a combination of financial and non-financial KPIs.

Financial

2024 2023
Turnover £29,147,634 £28,539,118
Gross Profit Margin 28.90% 27.31%
Operating Profit £2,465,265 £2,475,100
Operating Profit Margin 8.46% 8.67%

Non-financial
Health and safety takes the highest priority in the business, and performance is continually monitored with monthly reporting to the Board by a dedicated Health and Safety Manager.

Customer satisfaction and delivery performance are constantly measured and reported within the business to ensure a high level of client retention.


Leading Solvent Supplies Limited (Registered number: 02699869)

Strategic Report
for the Year Ended 30 April 2024

FUTURE PLANS
The business is seeking to grow further during the next financial year with the introduction of additional products and services as a result of its acquisitions. Work is due to conclude on the project to enhance the operational systems and IT infrastructure in the company through the introduction of a new full suite Enterprise Resource Planning System in early 2025.

ON BEHALF OF THE BOARD:





D N Walker - Director


13 December 2024

Leading Solvent Supplies Limited (Registered number: 02699869)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of industrial solvents and other chemicals.

DIVIDENDS
An interim dividend of 49.33 per share was paid on 30 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 177,600 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

D N Walker
R L Heather
P Higginbottom
K E Nineham

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Leading Solvent Supplies Limited (Registered number: 02699869)

Report of the Directors
for the Year Ended 30 April 2024


AUDITORS
The auditors, KJA Kilner Johnson Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D N Walker - Director


13 December 2024

Independent Auditors' Report to the Shareholders of
Leading Solvent Supplies Limited

Opinion
We have audited the financial statements of Leading Solvent Supplies Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Shareholders of
Leading Solvent Supplies Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that
requires any additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Independent Auditors' Report to the Shareholders of
Leading Solvent Supplies Limited


Use of our report
This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

13 December 2024

Leading Solvent Supplies Limited (Registered number: 02699869)

Statement of Comprehensive
Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 3 29,147,634 28,539,118

Cost of sales 20,723,625 20,745,734
GROSS PROFIT 8,424,009 7,793,384

Administrative expenses 5,994,018 5,390,838
2,429,991 2,402,546

Other operating income 35,274 72,554
OPERATING PROFIT 5 2,465,265 2,475,100

Interest receivable and similar income 500 4,464
2,465,765 2,479,564

Interest payable and similar expenses 6 61,924 -
PROFIT BEFORE TAXATION 2,403,841 2,479,564

Tax on profit 7 638,698 540,496
PROFIT FOR THE FINANCIAL YEAR 1,765,143 1,939,068

Leading Solvent Supplies Limited (Registered number: 02699869)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 479,378 562,050
Tangible assets 10 535,633 2,643,091
1,015,011 3,205,141

CURRENT ASSETS
Stocks 11 2,016,470 1,976,716
Debtors 12 8,514,398 7,107,983
Cash at bank and in hand 204,220 165,828
10,735,088 9,250,527
CREDITORS
Amounts falling due within one year 13 4,177,418 6,438,435
NET CURRENT ASSETS 6,557,670 2,812,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,572,681

6,017,233

PROVISIONS FOR LIABILITIES 17 124,819 156,914
NET ASSETS 7,447,862 5,860,319

CAPITAL AND RESERVES
Called up share capital 18 3,600 3,600
Capital redemption reserve 19 400 400
Retained earnings 19 7,443,862 5,856,319
SHAREHOLDERS' FUNDS 7,447,862 5,860,319

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2024 and were signed on its behalf by:





D N Walker - Director


Leading Solvent Supplies Limited (Registered number: 02699869)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 3,600 4,070,851 400 4,074,851
Total comprehensive income - 1,939,068 - 1,939,068
Dividends - (153,600 ) - (153,600 )
Balance at 30 April 2023 3,600 5,856,319 400 5,860,319
Total comprehensive income - 1,765,143 - 1,765,143
Dividends - (177,600 ) - (177,600 )
Balance at 30 April 2024 3,600 7,443,862 400 7,447,862

Leading Solvent Supplies Limited (Registered number: 02699869)

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

1. STATUTORY INFORMATION

Leading Solvent Supplies 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the accounts requires management to make judgements, estimates and assumptions that affects the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Revenue is recognised at the point when goods leave the premises, and all risks and rewards of ownership are transferred to the customer at this point.

Goodwill
In 2018 Leading Solvent Supplies Limited purchased the assets and trade of MPEX Limited. The directors believe a ten year goodwill policy correctly reflects this investment.

In 2019 Leading Solvent Supplies purchased trade and assets of B.I.G International Supplies Limited. The goodwill acquired is being amortised over ten years which the directors deem to be its useful economic life.

In July 2020 the company purchased the trade and assets of Solvents With Safety Limited. The goodwill acquired is being amortised over five years which the directors deem to be its useful economic life.

In November 2021 Leading Solvent Supplies Limited acquired the trade and assets of Covex Industries Ltd . The directors believe a policy of writing the goodwill off over five years correctly reflects the economic useful life of the assets aquired.

Leading Solvent Supplies Limited (Registered number: 02699869)

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

2. ACCOUNTING POLICIES - continued

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.

Computer software is being amortised evenly over its estimated useful life of five years.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% straight line
Plant and machinery - 20% reducing balance
Motor vehicles - 25% reducing balance

Gross carrying amount is based on cost.

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

The basis of valuation for stock is the weighted average cost method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 as 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.

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.

Leading Solvent Supplies Limited (Registered number: 02699869)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 28,646,164 28,112,964
Europe 501,470 426,154
29,147,634 28,539,118

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,591,883 2,414,817
Social security costs 246,542 240,940
Other pension costs 56,304 53,253
2,894,729 2,709,010

The average number of employees during the year was as follows:
2024 2023

Employees 76 77

2024 2023
£    £   
Directors' remuneration 87,538 54,813
Directors' pension contributions to money purchase schemes 2,571 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

Leading Solvent Supplies Limited (Registered number: 02699869)

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

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 244,656 100,880
Other operating leases 362,046 157,590
Depreciation - owned assets 152,736 181,049
Loss on disposal of fixed assets 60,312 -
Goodwill amortisation 148,117 148,116
Computer software amortisation 20,111 3,000
Auditors' remuneration 11,000 11,000
Foreign exchange differences 11,170 51,833

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 61,750 -
HMRC interest 174 -
61,924 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 664,891 453,885
Under provision in prior year 5,901 24,374
Total current tax 670,792 478,259

Deferred tax (32,094 ) 62,237
Tax on profit 638,698 540,496

UK corporation tax has been charged at 25% (2023 - 19.50%).

Leading Solvent Supplies Limited (Registered number: 02699869)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,403,841 2,479,564
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.500%)

600,960

483,515

Effects of:
Expenses not deductible for tax purposes 43,927 32,607
Income not taxable for tax purposes (12,089 ) -
Adjustments to tax charge in respect of previous periods 5,900 24,374
Total tax charge 638,698 540,496

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final - 153,600
Interim 177,600 -
177,600 153,600

9. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2023 1,178,082 15,000 1,193,082
Additions - 85,556 85,556
At 30 April 2024 1,178,082 100,556 1,278,638
AMORTISATION
At 1 May 2023 628,032 3,000 631,032
Amortisation for year 148,117 20,111 168,228
At 30 April 2024 776,149 23,111 799,260
NET BOOK VALUE
At 30 April 2024 401,933 77,445 479,378
At 30 April 2023 550,050 12,000 562,050

Leading Solvent Supplies Limited (Registered number: 02699869)

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

10. TANGIBLE FIXED ASSETS
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 1,980,000 38,726 1,426,524 239,758 3,685,008
Additions - - 85,590 - 85,590
Disposals (1,980,000 ) - (595,249 ) - (2,575,249 )
At 30 April 2024 - 38,726 916,865 239,758 1,195,349
DEPRECIATION
At 1 May 2023 39,600 38,726 798,001 165,590 1,041,917
Charge for year - - 134,194 18,542 152,736
Eliminated on disposal (39,600 ) - (495,337 ) - (534,937 )
At 30 April 2024 - 38,726 436,858 184,132 659,716
NET BOOK VALUE
At 30 April 2024 - - 480,007 55,626 535,633
At 30 April 2023 1,940,400 - 628,523 74,168 2,643,091

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 104,224
Transfer to ownership (104,224 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 59,385
Transfer to ownership (59,385 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 44,839








11. STOCKS
2024 2023
£    £   
Finished goods 2,016,470 1,976,716

Leading Solvent Supplies Limited (Registered number: 02699869)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,803,264 6,145,870
Bad debt provision - (25,337 )
Amounts owed by group undertakings 1,879,290 698,766
Other debtors 150,108 185,763
Invoice discounting facility 535,847 -
Directors' current accounts 46,039 80,000
Prepayments and accrued income 99,850 22,921
8,514,398 7,107,983

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 8,239 1,191,031
Other loans (see note 14) - 65,216
Hire purchase contracts (see note 15) - 26,056
Trade creditors 2,759,712 2,220,965
Amounts owed to group undertakings - 523
Corporation tax 665,315 463,260
Social security and other taxes 49,692 47,255
VAT 272,340 468,461
Other creditors 202,521 232,124
Invoice discounting facility - 1,607,472
Accruals and deferred income 219,599 116,072
4,177,418 6,438,435

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 8,239 -
Bank loans - 1,191,031
Other loans - 65,216
8,239 1,256,247

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 26,056

Leading Solvent Supplies Limited (Registered number: 02699869)

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

15. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 492,072 183,900
Between one and five years 1,156,146 353,997
In more than five years 179,667 -
1,827,885 537,897

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 1,191,031
Invoice discounting facility (535,847 ) 1,607,472
(535,847 ) 2,798,503

The mortgages were secured against the properties known as Units 1-4 Plumtree Farm Industrial Estate, Plumtree Road, Doncaster and Unit 8-9 Marston Business Park, Tockwith, York.

The invoice discounting facility is secured against the company's trade debts.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 124,819 156,914

Deferred
tax
£   
Balance at 1 May 2023 156,914
Credit to Statement of Comprehensive Income during year (32,095 )
Balance at 30 April 2024 124,819

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,600 Ordinary £1 3,600 3,600

Leading Solvent Supplies Limited (Registered number: 02699869)

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

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 5,856,319 400 5,856,719
Profit for the year 1,765,143 1,765,143
Dividends (177,600 ) (177,600 )
At 30 April 2024 7,443,862 400 7,444,262

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
P Higginbottom
Balance outstanding at start of year 80,000 50,000
Amounts advanced - 30,000
Amounts repaid (35,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,000 80,000

K E Nineham
Balance outstanding at start of year - -
Amounts advanced 3,177 -
Amounts repaid (2,138 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,039 -

The directors loans are interest free and repayable on demand.

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Dividends payable 133,200 115,200

Entities that provide key management personnel services to the entity
2024 2023
£    £   
Consultancy 50,443 58,772

Leading Solvent Supplies Limited (Registered number: 02699869)

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

22. POST BALANCE SHEET EVENTS

The company has acquired 100% of the shareholding of Carchem Limited and Valet-chem Limited for an undisclosed consideration since the year end.

The company has become a 100% subsidiary of its parent company since the year end.

23. ULTIMATE CONTROLLING PARTY

The controlling party is Iconiqem Group Limited.

The ultimate controlling party is D N Walker.