REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Chemco International Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
29 Brandon Street |
Hamilton |
ML3 6DA |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share based payment reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery etc | - |
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 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
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 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
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. |
Chartered Accountants |
29 Brandon Street |
Hamilton |
ML3 6DA |