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COMPANY REGISTRATION NUMBER: 4221160
Eurochem (Northern) Limited
Filleted Unaudited Financial Statements
31 May 2024
Eurochem (Northern) Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
60,055
18,107
Current assets
Stocks
2,564
10,088
Debtors
7
148,459
141,996
Cash at bank and in hand
186,968
206,386
---------
---------
337,991
358,470
Creditors: amounts falling due within one year
8
91,911
104,040
---------
---------
Net current assets
246,080
254,430
---------
---------
Total assets less current liabilities
306,135
272,537
Creditors: amounts falling due after more than one year
9
12,500
22,500
Provisions
Taxation including deferred tax
11,411
3,487
---------
---------
Net assets
282,224
246,550
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
282,124
246,450
---------
---------
Shareholder funds
282,224
246,550
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Eurochem (Northern) Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 13 February 2025 , and are signed on behalf of the board by:
A Austin
Director
Company registration number: 4221160
Eurochem (Northern) Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3, Colt Industrial Estate, Scarborough Road, Hull, East Yorkshire, HU3 4TU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
8,480
12,863
Deferred tax:
Origination and reversal of timing differences
7,924
2,670
--------
--------
Tax on profit
16,404
15,533
--------
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
27,765
22,704
50,469
Additions
61,967
61,967
--------
--------
---------
At 31 May 2024
27,765
84,671
112,436
--------
--------
---------
Depreciation
At 1 June 2023
26,686
5,676
32,362
Charge for the year
270
19,749
20,019
--------
--------
---------
At 31 May 2024
26,956
25,425
52,381
--------
--------
---------
Carrying amount
At 31 May 2024
809
59,246
60,055
--------
--------
---------
At 31 May 2023
1,079
17,028
18,107
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
143,051
134,680
Prepayments and accrued income
2,408
624
Other debtors
3,000
6,692
---------
---------
148,459
141,996
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
61,088
76,241
Corporation tax
8,480
12,863
Social security and other taxes
12,080
4,595
Director loan accounts
263
341
--------
---------
91,911
104,040
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.
12. Controlling party
The company's ultimate parent undertaking is Eurochem (Holdings) Limited, a company incorporated in England, by virtue of its 100% shareholding.