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REGISTERED NUMBER: SC124648 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Chemco International Limited

Chemco International Limited (Registered number: SC124648)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Chemco International Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: C P Wade
M Goodarzi
B Duncan
I A Gold



REGISTERED OFFICE: 13-21 Hagmill Road
East Shawhead Industrial Estate
Coatbridge
ML5 4XD



REGISTERED NUMBER: SC124648 (Scotland)



ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA



BANKERS: The Royal Bank of Scotland plc
80 Main Street
Coatbridge
ML5 3DZ

Chemco International Limited (Registered number: SC124648)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,072,215 1,179,040
1,072,215 1,179,040

CURRENT ASSETS
Stocks 1,132,391 1,187,176
Debtors 7 1,651,010 1,369,531
Cash at bank and in hand 653,931 366,980
3,437,332 2,923,687
CREDITORS
Amounts falling due within one year 8 1,276,619 1,222,367
NET CURRENT ASSETS 2,160,713 1,701,320
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,232,928

2,880,360

CREDITORS
Amounts falling due after more than one
year

9

(307,304

)

(347,573

)

PROVISIONS FOR LIABILITIES (62,677 ) (77,244 )
NET ASSETS 2,862,947 2,455,543

CAPITAL AND RESERVES
Called up share capital 66,000 66,000
Share based payment reserve 228,429 -
Retained earnings 2,568,518 2,389,543
SHAREHOLDERS' FUNDS 2,862,947 2,455,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Chemco International Limited (Registered number: SC124648)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:




C P Wade - Director



B Duncan - Director


Chemco International Limited (Registered number: SC124648)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Chemco International Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from this standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from the manufacturing and application of anti-corrosive protective coatings supplied by the company.

Turnover is measured at the fair value of the manufacturing and application of anti-corrosive protective coatings supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 15% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Chemco International Limited (Registered number: SC124648)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 taxation
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.

Research and development
Research and development costs for products with measurable future benefits are capitalised in the balance sheet and amortised over the expected life of the product.

Foreign currencies
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items are measured at historic cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants
Grants which are deemed to be revenue in nature are credited to the profit and loss account as they become receivable. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.


Chemco International Limited (Registered number: SC124648)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. ACCOUNTING POLICIES - continued

Share based payments
Equity settled share based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments which is determined based on the latest subscription price. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity settled share based payments are subsequently modified, the fair value of the share based payments are determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share based payment.

Cancellations or settlements are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 28 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 886,601
AMORTISATION
At 1 May 2023
and 30 April 2024 886,601
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Chemco International Limited (Registered number: SC124648)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 764,385 960,845 1,725,230
Additions - 36,639 36,639
At 30 April 2024 764,385 997,484 1,761,869
DEPRECIATION
At 1 May 2023 26,701 519,489 546,190
Charge for year 8,900 134,564 143,464
At 30 April 2024 35,601 654,053 689,654
NET BOOK VALUE
At 30 April 2024 728,784 343,431 1,072,215
At 30 April 2023 737,684 441,356 1,179,040

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,536,732 1,272,673
Other debtors 114,278 96,858
1,651,010 1,369,531

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 54,469 62,873
Trade creditors 628,660 793,083
Taxation and social security 386,316 192,999
Other creditors 207,174 173,412
1,276,619 1,222,367

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 307,304 347,573

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 42,297 71,444

Chemco International Limited (Registered number: SC124648)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 361,773 410,446

The bank borrowings are secured by a standard security over the property at 13-23 Hagmill Road, Coatbridge.
There is also a floating charge over the assets and undertakings of the company.

11. OTHER FINANCIAL COMMITMENTS

As at 30 April 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £48,438 (2023 - £19,826).

12. RELATED PARTY DISCLOSURES

The company operates a loan account with the former director, Mr M E Khorasani.

At the year end, the balance due to the former director was £56,596 (2023 - £56,596). This loan is unsecured, interest free and has no fixed repayment terms.

13. SHARE BASED PAYMENTS

The Chemco International Limited Employee Ownership Trust (EOT) was formed on 14 December 2018 and the entire shareholding of the company was purchased by the EOT. The EOT allows employees to acquire shares in the company, via a Share Incentive Plan (SIP), through a free issue of shares to eligible employees. The company also operates an Enterprise Management Incentives (EMI) scheme whereby options are issued to employees, subject to the discretion of the directors, for performance related achievements. Options can be exercised at any time after the expiry of the period of three months following the date of grant or upon an exit event. The EOT must at all times hold at least 50.1% of the shares in issue.

As at 30 April 2024 the EOT held 51,980 ordinary shares of £1 in the company.

14,020 shares were transferred to the SIP and the value of those shares was £101,274 representing the fair value of the shares at the date of the award.

The nominal value of shares held by the EOT as at 30 April 2024 was £51,980.
The nominal value of shares held by the SIP as at 30 April 2024 was £14,020.

12,250 EMI share options were granted and the value of those options was £127,155 representing the fair value of the shares at the date of the award. 7,000 shares are exercisable at a price of £8.28 each and 5,250 shares are exercisable at a price of £13.18 each.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Chemco International Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chemco International Limited for the year ended 30 April 2024 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Chemco International Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chemco International Limited and state those matters that we have agreed to state to the Board of Directors of Chemco International Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chemco International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chemco International Limited. You consider that Chemco International Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chemco International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


29 April 2025