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Registered Number: 12424209
England and Wales

 

 

 

EXEL (CHEMISTS) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2023

End date: 31 July 2024
Directors Oluwakemi Olatundun FABIYI
Temitayo Adeleke FABIYI
Adebola Mayowa POPOOLA
Olusegun Matthew POPOOLA
Registered Number 12424209
Registered Office EXEL CHEMIST
56 HIGH STREET NORMANTON
WF6 2AQ
Accountants J and Co. Accountants
85 Great Portland Street,,W1W 7LT
First Floor
LONDON
United Kingdom
W1W 7LT
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 July 2024.
Principal activities
Principal activity of the company during the financial year was of ...
Directors
The directors who served the company throughout the year were as follows:
Oluwakemi Olatundun FABIYI
Temitayo Adeleke FABIYI
Adebola Mayowa POPOOLA
Olusegun Matthew POPOOLA
Political and charitable donations
During the year the company made the following charitable donations: £250 (2023 - £1,600). No contributions to political organisations were made during the year.

Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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). 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 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
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • 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. The directors 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Temitayo Adeleke FABIYI
Director

Date approved: 09 May 2025
2
Report to the directors on the preparation of the unaudited statutory accounts of EXEL (CHEMISTS) LIMITED for the year ended 31 July 2024.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of EXEL (CHEMISTS) LIMITED for the year ended 31 July 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/.
This report is made solely to the Board of Directors of EXEL (CHEMISTS) LIMITED, as a body, in accordance with the terms of our engagement letter dated 09 May 2025. Our work has been undertaken solely to prepare for your approval the accounts of EXEL (CHEMISTS) LIMITED and state those matters that we have agreed to state to the Board of Directors of EXEL (CHEMISTS) LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EXEL (CHEMISTS) LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that EXEL (CHEMISTS) LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of EXEL (CHEMISTS) LIMITED. You consider that EXEL (CHEMISTS) 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 accounts of EXEL (CHEMISTS) 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 accounts
31 July 2024.



....................................................
J and Co. Accountants
85 Great Portland Street,,W1W 7LT
First Floor
LONDON
United Kingdom
W1W 7LT
09 May 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 8,716,423    5,856,579 
Cost of sales (6,024,408)   (3,939,691)
Gross profit 2,692,015    1,916,888 
Administrative expenses (2,331,131)   (1,666,756)
Other operating income 11,976    11,846 
Operating profit 372,860    261,978 
Other interest receivable and similar income 17,516    6,700 
Interest payable and similar charges (82,152)   (11,865)
Profit/(Loss) on ordinary activities before taxation 308,224    256,813 
Tax on profit on ordinary activities (124,618)   (94,072)
Profit/(Loss) for the financial year 183,606    162,741 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 3,137,552    2,782,413 
Tangible fixed assets 4 43,448    25,377 
3,181,000    2,807,790 
Current assets      
Stocks 5 219,818    179,350 
Debtors 6 1,088,635    463,985 
Cash at bank and in hand 994,604    196,524 
2,303,057    839,859 
Creditors: amount falling due within one year 7 (2,075,612)   (1,902,182)
Net current assets 227,445    (1,062,323)
 
Total assets less current liabilities 3,408,445    1,745,467 
Creditors: amount falling due after more than one year 8 (2,901,856)   (1,422,484)
Net assets 506,589    322,983 
 

Capital and reserves
     
Called up share capital 9 100    100 
Profit and loss account 506,489    322,883 
Shareholders' funds 506,589    322,983 
 


For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 09 May 2025 and were signed on its behalf by:


-------------------------------
Temitayo Adeleke FABIYI
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 August 2022 100  200,142  200,242 
Profit for the year 162,741  162,741 
Total comprehensive income for the year 162,741  162,741 
Dividends (40,000) (40,000)
Total investments by and distributions to owners (40,000) (40,000)
At 31 July 2023 100  322,883  322,983 
At 01 August 2023 100  322,883  322,983 
Profit for the year 183,606  183,606 
Total comprehensive income for the year 183,606  183,606 
Total investments by and distributions to owners
At 31 July 2024 100  506,489  506,589 
6
General Information
EXEL (CHEMISTS) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12424209, registration address EXEL CHEMIST, 56 HIGH STREET NORMANTON, WF6 2AQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 47 (2023 : 41).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 August 2023 3,118,151    3,118,151 
Additions 537,944    537,944 
Disposals  
At 31 July 2024 3,656,095    3,656,095 
Amortisation
At 01 August 2023 335,738    335,738 
Charge for year 182,805    182,805 
On disposals  
At 31 July 2024 518,543    518,543 
Net book values
At 31 July 2024 3,137,552    3,137,552 
At 31 July 2023 2,782,413    2,782,413 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 August 2023 4,725    25,281    9,970    39,976 
Additions 600    4,644    27,063    32,307 
Disposals      
At 31 July 2024 5,325    29,925    37,033    72,283 
Depreciation
At 01 August 2023 1,629    10,477    2,493    14,599 
Charge for year 739    4,862    8,635    14,236 
On disposals      
At 31 July 2024 2,368    15,339    11,128    28,835 
Net book values
Closing balance as at 31 July 2024 2,957    14,586    25,905    43,448 
Opening balance as at 01 August 2023 3,096    14,804    7,477    25,377 


5.

Stocks

2024
£
  2023
£
Stocks 219,818    179,350 
219,818    179,350 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Prepayments & Accrued Income 172,976    184,072 
Other Debtors 18,424   
VAT 109,829    74,569 
301,229    258,641 

6.

Debtors: amounts falling due after one year

2024
£
  2023
£
Amount Owed by Group Undertakings 787,406    205,344 
787,406    205,344 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 1,844,448    1,676,255 
Corporation Tax 67,211    36,664 
PAYE & Social Security 149,453    184,363 
Accrued Expenses 14,500    4,900 
2,075,612    1,902,182 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 2,901,856    1,334,800 
Directors' Loan Accounts   87,684 
2,901,856    1,422,484 

9.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

7