REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
CHEMIAN TECHNOLOGY LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 September 2024 |
for |
CHEMIAN TECHNOLOGY LIMITED |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CHEMIAN TECHNOLOGY LIMITED |
Company Information |
for the Year Ended 30 September 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Accountants and Statutory Auditor |
43 Coniscliffe Road |
Darlington |
Co. Durham |
DL3 7EH |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Abridged Balance Sheet |
30 September 2024 |
30/9/24 | 30/9/23 |
Notes | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Chemian Technology Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Chemian Technology Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Changes in accounting policies |
The amortisation policy applied to intangible assets, specifically patents and trademarks, has been amended in the current year from 20 years straight line to the policy disclosed. This is to apply a systematic approach so that the amortisation aligns with the expected flow of economic benefits to the Company. The impact on the financial statements has been a reduction to profits of £17,255. |
Turnover |
Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. |
Turnover from the sale of stock is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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. |
Patents and trademarks - initial application costs are amortised over the maximum contractual term of the patent (20 years) or trademark (10 years), any renewals of the patents or trademarks are amortised over the remaining term. A systematic amortisation method is used which reflects the expected pattern in which the asset’s future economic benefits are expected to be consumed. |
Development costs - amortised evenly over their estimated useful life of 20 years. |
Tangible fixed assets |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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 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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
Amortisation for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 10,530 |
NET BOOK VALUE |
At 30 September 2024 | 10,530 |
At 30 September 2023 | 10,530 |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/9/24 | 30/9/23 |
£ | £ |
Amounts owed by group undertakings |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30/9/24 | 30/9/23 |
£ | £ |
Within one year |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/9/24 | 30/9/23 |
£ | £ |
Bank loans | - | 12,759 |
Other loans | 261,199 | 334,715 |
Bank loans are secured by a fixed and floating charge on the undertaking and assets of the company. |
Other loans are secured by a fixed and floating charge on the assets of the company. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
In 2020 Chemian engaged with a third party to act as a broker and provide advice on the potential sale of the business, for this service Chemian is expected to pay £220,000 (2023 : £220,000) in fees on the successful completion of a sale. |
CHEMIAN TECHNOLOGY LIMITED (REGISTERED NUMBER: 03141125) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | RELATED PARTY DISCLOSURES |
During the period the following related party transactions took place: |
30/9/24 | 30/9/23 |
£ | £ |
Loans to subsidiary (2024: €30,000, 2023: €32,000) | 25,692 | 27,898 |
Commission charged by subsidiary (2024: €52,356, 2023 : €38,568) | 44,212 | 33,681 |
Amounts outstanding as at the balance sheet date amount to: |
30/9/24 | 30/9/23 |
£ | £ |
Amounts due from subsidiary | 68,094 | 81,718 |
Amounts due are interest free with no terms for repayment. |