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Registration number: 05859821

Anikchem Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Anikchem Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Anikchem Limited

Company Information

Directors

Mr Hasmukh Lal Patel

Mrs Reshma Narendra Patel

Registered office

6 Sidmouth Parade
Sidmouth Road
London
NW2 5HG

Accountants

Kajaine Kafton LLP
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Anikchem Limited

(Registration number: 05859821)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

267,129

341,399

Tangible assets

5

694,469

636,629

 

961,598

978,028

Current assets

 

Stocks

6

214,746

185,897

Debtors

7

356,562

314,292

Cash at bank and in hand

 

224,681

339,054

 

795,989

839,243

Creditors: Amounts falling due within one year

8

(351,236)

(490,501)

Net current assets

 

444,753

348,742

Total assets less current liabilities

 

1,406,351

1,326,770

Creditors: Amounts falling due after more than one year

8

(395,705)

(261,191)

Provisions for liabilities

(28,694)

(28,694)

Net assets

 

981,952

1,036,885

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

980,952

1,035,885

Shareholders' funds

 

981,952

1,036,885

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

 

Anikchem Limited

(Registration number: 05859821)
Balance Sheet as at 30 September 2024

.........................................
Mr Hasmukh Lal Patel
Director

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Sidmouth Parade
Sidmouth Road
London
NW2 5HG
United Kingdom

These financial statements were authorised for issue by the Board on 10 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture & Fittings

15% on reducing balance

Office Equipment

25% on reducing balance

Motor Vehicle

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

1,483,821

1,483,821

At 30 September 2024

1,483,821

1,483,821

Amortisation

At 1 October 2023

1,142,422

1,142,422

Amortisation charge

74,270

74,270

At 30 September 2024

1,216,692

1,216,692

Carrying amount

At 30 September 2024

267,129

267,129

At 30 September 2023

341,399

341,399

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Properties under construction
 £

Total
£

Cost or valuation

At 1 October 2023

418,734

284,383

78,761

131,929

913,807

Additions

-

-

175,735

-

175,735

Disposals

-

-

(78,761)

-

(78,761)

At 30 September 2024

418,734

284,383

175,735

131,929

1,010,781

Depreciation

At 1 October 2023

1

213,472

34,145

29,560

277,178

Charge for the year

-

10,919

43,934

18,426

73,279

Eliminated on disposal

-

-

(34,145)

-

(34,145)

At 30 September 2024

1

224,391

43,934

47,986

316,312

Carrying amount

At 30 September 2024

418,733

59,992

131,801

83,943

694,469

At 30 September 2023

418,733

70,911

44,616

102,369

636,629

Included within the net book value of land and buildings above is £410,883 (2023 - £410,883) in respect of freehold land and buildings and £7,850 (2023 - £7,850) in respect of short leasehold land and buildings.
 

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Stocks

2024
£

2023
£

Other inventories

214,746

185,897

7

Debtors

Current

2024
£

2023
£

Trade debtors

128,219

132,284

Prepayments

2,733

2,065

Other debtors

225,610

179,943

 

356,562

314,292

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

16,667

26,585

Trade creditors

 

216,300

255,234

Taxation and social security

 

2,641

1,119

Other creditors

 

17,265

6,534

Accrued expenses

 

8,000

8,995

Corporation tax payable

 

-

5,739

Directors current account

 

90,363

186,295

 

351,236

490,501

Due after one year

 

Loans and borrowings

395,705

261,191

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

395,705

261,191

 

Anikchem Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

29,250

29,700

Contributions paid to money purchase schemes

28,052

2,583

57,302

32,283