REGISTERED NUMBER: |
Directors' Report and |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Wychem Limited |
REGISTERED NUMBER: |
Directors' Report and |
Audited Financial Statements |
for the Year Ended 31 December 2024 |
for |
Wychem Limited |
Wychem Limited (Registered number: 00956213) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Directors' Report | 2 | to | 3 |
Independent Auditors' Report | 4 | to | 7 |
Income Statement | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 | to | 20 |
Wychem Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Wychem Limited (Registered number: 00956213) |
Directors' Report |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principle activity of the company in the year under review was the manufacture of chemicals. |
DIVIDENDS |
During the year, no dividends have been paid and the directors recommend that no final dividend is paid. |
RESEARCH AND DEVELOPMENT |
The company undertakes, and will continue to undertake various forms of research and development of chemical processes. |
FUTURE DEVELOPMENTS |
The directors expect the company continue to trade in its current form for the foreseeable future. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
Other changes in directors holding office are as follows: |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. |
Wychem Limited (Registered number: 00956213) |
Directors' Report |
for the Year Ended 31 December 2024 |
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. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
Wychem Limited (Registered number: 00956213) |
Opinion |
We have audited the financial statements of Wychem Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, 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 31 December 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 the provisions available for small entities, in the circumstances set out in note twenty one to the financial statements, 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 Directors' Report, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Directors' Report has been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
Wychem Limited (Registered number: 00956213) |
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 Directors' Report. |
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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page two, 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. |
Independent Auditors' Report to the Members of |
Wychem Limited (Registered number: 00956213) |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |
- investigated the rationale behind significant or unusual transactions; |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; |
- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors; |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Independent Auditors' Report to the Members of |
Wychem Limited (Registered number: 00956213) |
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. |
Use of our report |
This report is made solely to the company's members, 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 members 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Wychem Limited (Registered number: 00956213) |
Income Statement |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
515,104 | 564,888 |
1,894,540 | 1,088,362 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,124,241 | 1,190,457 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Wychem Limited (Registered number: 00956213) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wychem Limited (Registered number: 00956213) |
Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2024 |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Wychem Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the Company's accounting policies, which are described below, 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, company standard procedures, historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if 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 judgements and key sources of estimation uncertainty in applying the Company's accounting policies |
The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Depreciation of tangible fixed assets |
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on, standard company policy and the directors knowledge of the reduction in the residual value of plant and machinery and other fixed assets on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to the residual value of nil at the end of the economic lives of those assets. |
Stock obsolescence provision |
A provision is made against slow moving stock in accordance with company policy and, where relevant based on the condition or expected future usage of individual stock lines. The charge is calculated as described below such that stock holding value represents stock that can reasonably be expected to be realised within the succeeding two financial periods at or above the holding value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
The company does not capitalise the cost of replacement parts of significant equipment such as reactors and replacement components that form part of the factory unless such equipment is individually recognised and the asset is replaced in its entirety or being substantially added to or improved. Other expenditure is capitalised where the underlying asset has a useful life of over two years. |
Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value. Cost is calculated on a |
standard mark down from selling price, being currently 30%. Net realisable value for finished goods is the |
company set selling price and for raw materials would be the resale value if the company was to sell this stock on to a third party. Work in progress comprises materials, labour and overheads incurred appropriate to the stage of manufacture. Net realisable value is the expected selling price of the work in progress and costs are constantly monitored against this. If costs exceed net realisable value the stock value will be written down. |
Provision is made against slow moving and obsolete stock so as to fully provide after stock lines are held for |
more than two years. |
Stocks of machine component parts are held at cost. Provision is made to the extent the condition and |
potential life of such components has deteriorated as at the accounting date. Net realisable value for these |
machine components is the expected resale value if these items were to be sold on to a third party. |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties. |
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. |
Financial assets that are measured at cost and amortised cost 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. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off to revenue in the year in which it is incurred. |
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. |
Pension costs and other post-retirement benefits |
The pension cost charge in the financial statements represents the contributions payable by the company during the year to a company sponsored group personal pension scheme. The assets of the scheme are held independently from those of the company. |
Related party transactions |
On an annual basis, group entities, directors, key management, their close families and other entities in which those parties have significant control are identified as parties related to the company and an assessment is made of the potential type of transactions, if any that may be had with those parties. A review is then made of company transactions material to each party identified and such are disclosed in the notes to the financial statements together with the name of the relevant related party, the relationship to the company and the amount owing or owed to the related party at the accounting date. |
Impairment |
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss. |
Other working capital elements |
Trade debtors and other debtors |
Trade debtors, which generally have 30-60 day terms, are recognised and carried at the lower of their original invoiced value and recoverable amount. Balances expressed in foreign currencies are converted to Sterling at the exchange rates prevailing at the balance sheet date. Provision for impairment is made through profit or loss when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote. |
Trade creditors |
Trade creditors, which generally have 30 day credit terms, are recognised and carried at the lower of their original invoiced value and the payable amount. Balances expressed in foreign currencies are converted to Sterling at the exchange rates prevailing at the balance sheet date. |
3. | TURNOVER |
All turnover is generated from the one principle activity of the company which is the manufacture of chemicals. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Manufacturing & Distribution | 24 | 25 |
Administration | 3 | 4 |
2024 | 2023 |
£ | £ |
Gross pay (including benefits in kind) | 1,229,415 | 1,197,655 |
Social security | 137,153 | 129,565 |
Pension contributions | 83,223 | 66,743 |
Total staff costs (including pensions benefits and social security) | 1,449,791 | 1,393,963 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
Research and development |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank charges |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
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 |
Prior period tax adjustments | 35,373 | - |
Total current tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 25%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Depreciation (less)/greater than capital allowances | (91,147 | ) | (233,945 | ) |
Non-deductible expenses | 2,802 | 2,719 |
(Profit)/loss on Disposal of Assets | - | 1,162 |
adjustments |
Group relief claim | (391,225 | ) | (64,695 | ) |
Deferred tax | 125,583 | 257,189 |
Prior year tax charge | 35,373 | - |
Total tax charge | 211,544 | 257,189 |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
Fuel / toner stocks | 4,311 | 3,808 |
Engineering stocks |
Stock recognised as an expense during the year through the Statement of Comprehensive Income totalled £2,287,417 (2023: £2,738,288). This includes raw material purchase costs of £2,215,445 (2023: £1,272,134) labour costs of £468,958 (2023: £323,923), and a net change in the stock balance of -£396,986 (2023: £1,142,230). |
10. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Corporation tax |
VAT |
Prepayments |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | DEBTORS - continued |
2024 | 2023 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
At the balance sheet date no trade debts were overdue and the directors consider that no provision for doubtful or irrecoverable debts is required. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax - accelerated |
capital allowances | 651,666 | 526,083 |
651,666 | 526,083 |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
14. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Provided during year |
Balance at 31 December 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 800,000 | 800,000 |
16. | PENSION COMMITMENTS |
Contributions are made to the Company Group Personal Pension Plan for the majority of its permanent employees. |
The total pension costs charged for the year in these financial statements amounted to £83,223 (2023:£66,734). |
As at the balance sheet date nothing was owed to the scheme ia £nil (2023: £nil). |
17. | CONTINGENT LIABILITIES |
Bank covenants place restrictions on the amount of the overdraft facility that can be utilised based on the level of trade debtors and inventories. During the year the group operated within the prescribed limits. |
18. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
19. | OTHER FINANCIAL COMMITMENTS |
As at 31 December 2024 the company had no commitments in relation to stock purchases (2023: £nil). |
Wychem Limited (Registered number: 00956213) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
20. | RELATED PARTY DISCLOSURES |
i) Key Management Personnel |
Employees of Wychem Limited that are considered to be key management received remuneration in the year totalling £237,062 (2023: £237,187). |
ii) Ascensus Specialities LLC |
Ascensus Specialities LLC has control over Wychem Limited. |
During the year Wychem Limited purchased materials from Ascensus Specialities LLC amounting £826,502 (2023: £2,764,118), and received income amounting to £nil (2023: £nil). |
Interest recieved on the loan in 2024 amounted to £127,990. |
As at 31 December 2024 included in debtors of Wychem Limited is £2,137,349 due from Ascensus Specialities LLC (2023: £1,198,471). |
iii) Strem Chemicals Incorporation |
During the year Wychem Limited purchased materials from Strem Chemicals Inc amounting £10,005 (2023: £215,641) and sold materials amounting £23,251 (2023: £2,000). |
Strem Chemicals Inc are part of the Ascensus Specialities group. |
iv) Jockey UK Bidco Ltd |
Jockey UK Bidco Ltd has control over Wychem Limited. |
As at 31 December 2024 included in creditors of Wychem Limited is £30,000 due to Jockey UK Bidco Ltd. |
v) Strem France |
As at 31 December 2024 included in debtors of Wychem Limited is £777,624 due from Strem France. |
Interest recieved on the loan in 2024 amounted to £47,341. |
Strem France are part of the Ascensus Specialities group. |
21. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
22. | ULTIMATE CONTROLLING PARTY |
The controlling party is Jockey UK Bidco Limited. |
The ultimate controlling party is |
23. | STATUTORY INFORMATION |
Wychem 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. |