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CHEMIKAL UNDERGROUND LIMITED

Registered Number
SC162517
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

CHEMIKAL UNDERGROUND LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

S Henderson
E Pollock
A Woodward

Company Secretary

S Henderson

Registered Address

C/O Chem19 Recording Studio Unit 51b, South Avenue
Blantyre Industrial Estate
Glasgow
G72 0XB

Registered Number

SC162517 (Scotland)
CHEMIKAL UNDERGROUND LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks83,63091,060
Debtors315,643243,879
Cash at bank and on hand71,20920,299
170,482355,238
Creditors amounts falling due within one year4(63,464)(252,942)
Net current assets (liabilities)107,018102,296
Total assets less current liabilities107,018102,296
Creditors amounts falling due after one year5(11,040)(12,240)
Net assets95,97890,056
Capital and reserves
Called up share capital100100
Profit and loss account95,87889,956
Shareholders' funds95,97890,056
The financial statements were approved and authorised for issue by the Board of Directors on 29 March 2025, and are signed on its behalf by:
S Henderson
Director
Registered Company No. SC162517
CHEMIKAL UNDERGROUND LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered office is c/o Chem 19 Recording Studio, Unit 51b, South Avenue, Blantyre Industrial Estate, Glasgow, G72 0XB.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), 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 FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is recognised when the vinyl, CD or merchandise has been distributed to the customer or the royalties have been received.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Stocks and work in progress
Stocks held by the company include unsold vinyl and CD's recorded by the label at the lower of their cost or net realisable value and also expenses incurred on vinyl and CD's still to be released.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately within current liabilities.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2.Average number of employees

20242023
Average number of employees during the year44
3.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables15,643243,879
Total15,643243,879
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables4,21699,560
Taxation and social security14,54948,340
Other creditors41,613103,166
Accrued liabilities and deferred income3,0861,876
Total63,464252,942
5.Creditors: amounts due after one year

2024

2023

££
Other creditors11,04012,240
Total11,04012,240