| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Bardyke Chemicals Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Audited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Bardyke Chemicals Limited |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 15 |
| Bardyke Chemicals Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 147 Bath Street |
| Glasgow |
| G2 4SN |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The directors are satisfied with the performance of the company in the financial year under review which continue the positive results of recent years, despite a fall in turnover due to reduced demand from a large customer. |
| Turnover for the year fell slightly to £14,266,398 (2023 - £14,783,842) reflecting a 3.5% decrease. Overall gross profit fell to £3,903,511 (2023 - £4,061,071) reflecting a gross margin of 27.4% (2023 - 27.5%). Margins were affected by increased electricity costs following contract renewal in the year. |
| Distribution costs rose by £49,787 to £500,983 (2023 - £451,196) as a result of higher packaging costs. |
| Administrative expenses of £2,330,208 (2023 - £2,210,786) are broadly consistent with the prior year. Regulatory expenses were up significantly due to product registration fees to comply with EU legislation. A loss on disposal of £93,000 was incurred for land disposed in the year. |
| The company benefited from interest received on term deposits of £159,148 (2023 - £10,966). |
| Pre-tax profit for the year fell to £1,231,468 (2023 - £1,410,055) reflecting a 12.7% decrease on the previous year. |
| Going forward, the directors are confident that the strong financial position at the year end as reflected in the Balance Sheet stands the company in good stead for the future. The market continues to present challenges going forward, including customer demand, tariffs, increased wages costs, and the rise in energy costs. The company will continue in its aim to improve resilience, reduce energy use and improve efficiency. |
| Key Performance Indicators |
| Change from 2023 to 2024 |
| Sales volume (MT) | -4.2% |
| Sales value (trading) (£) | -3.5% |
| Working capital - debtors/sales | -1.1% |
| Working capital - stock/sales | +5.1% |
| Unit direct cost changes were balanced with indexed sales prices. |
| Sales levels adjusted due to decreased demand from a large customer. |
| Working capital adjusted due to increased stock/reduced debtors reflecting the reduction in demand towards the end of the year. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The key business risks and uncertainties that have been identified are as follows: |
| - USA Tariffs |
| - Disruption of shipping through Red Sea |
| - Macroeconomic uncertainty in UK |
| - Exposure to foreign economies, including tariffs |
| - Exposure to large customers/suppliers |
| - New entrants to the market |
| - Inflation, in particular energy |
| - Product regulatory issues including post-Brexit UK |
| The risks outlined have the ability to disrupt supply chains, impact commodity prices and affect demand, which could have a direct effect on the business earnings and cash flow. The company continues to invest in production to remain competitive and focuses on improving operational efficiencies and diversifying its customer and supplier base. The company prioritises abiding by all relevant regulations in domestic and foreign markets to allow for effective operations. |
| ON BEHALF OF THE BOARD: |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Report of the Directors |
| 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 principal activity of the company in the year under review was that of the manufacture and sale of chemicals. |
| DIVIDENDS |
| Interim dividends per share were paid as follows: |
| £0.11 | - 23 February 2024 |
| £1.13 | - 17 April 2024 |
| £2.70 | - 23 October 2024 |
| £2.25 | - 24 October 2024 |
| £0.68 | - 25 October 2024 |
| £ |
| The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| FUTURE DEVELOPMENTS |
| The company plans to continue its operations providing customers with high quality chemical products. The company aims to increase resilience to inflation including the cost of materials, freight costs and energy costs by increasing efficiencies and pursuing favourable contracts. |
| 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: |
| FINANCIAL INSTRUMENTS |
| The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company is exposed to foreign exchange rate risk due to importing of raw material and export sales to various countries as part of its normal trading activities. The company holds various currencies to diversify risks and benefits from matching currency cash flows where possible. Further, the size of transactions are generally smaller and paid in relatively short time periods (as opposed to long-term contracts) so that currency exposure is reduced. The company does not enter into any formally designated hedging arrangements. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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. |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Gillespie & Anderson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Bardyke Chemicals Limited |
| Opinion |
| We have audited the financial statements of Bardyke Chemicals Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Bardyke Chemicals Limited |
| 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 Strategic Report or the Report of the Directors. |
| 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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. |
| Report of the Independent Auditors to the Members of |
| Bardyke Chemicals Limited |
| 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 a Report of the Auditors 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 and assessment were 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. |
| Enquire of management and review supporting documentation concerning the company's policies and procedures relating to: |
| - identify, evaluate and comply with laws and regulations and their awareness of any instances of non-compliance; |
| - detect and respond to the risks of irregularities, fraud and their knowledge of any actual, suspected or alleged fraud; |
| - internal controls established to mitigate risks related to, unusual items, fraud or non-compliance with laws and regulations. |
| Obtain an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006 and Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", together with health and safety regulations, hazardous substance regulations, money laundering regulations, employment legislation and data protection legislation. |
| Discuss among the engagement team how and where irregularities might occur in the financial statements and potential indicators of fraud. Identify potential audit risks in relation to income recognition, authorisation of expenses and possible management override of controls. |
| Communicate relevant identified laws and regulations and potential irregularity risks to all engagement team members and remain alert to any indications of unusual items, fraud or non-compliance with laws and regulations throughout the audit. |
| Review all Minutes of Meetings of those charged with governance, Reports and correspondence with HMRC and legal advisers. |
| Perform audit testing which covers the audit assumptions of: existence, completeness, rights and obligations, accuracy and valuation in respect of income recognition and expenditure incurred. |
| Evaluate the overall presentation, structure and content of the financial statements, including disclosures, by performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to an irregularity or fraud. Agree financial statement disclosures to underlying documents. |
| Assess whether the financial statements represent the underlying transactions and events in a manner that achieves compliance with relevant laws and regulations. |
| To address the risk of fraud through management override of controls and management bias, we: assess the rationale behind significant or unusual transactions identified through audit testing and assess where management judgement used in determining accounting estimates were indicative of potential bias. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Bardyke Chemicals Limited |
| 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. |
| 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 Report of the Auditors. |
| 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 a Report of the Auditors 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 |
| Statutory Auditors |
| Chartered Accountants |
| 147 Bath Street |
| Glasgow |
| G2 4SN |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 2,831,191 | 2,661,982 |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Capital redemption reserve | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Amount introduced by directors | 4,200 | 8,400 |
| Amount withdrawn by directors | (8,400 | ) | - |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
2,841,313 |
| Effect of foreign exchange rate changes | 117,092 | (137,161 | ) |
| Cash and cash equivalents at end of year | 2 | 4,754,188 | 4,592,208 |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Foreign exchange movements | (117,092 | ) | 137,161 |
| Finance income | (159,148 | ) | (10,966 | ) |
| 1,396,348 | 1,888,935 |
| (Increase)/decrease in stocks | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 4,754,188 | 4,592,208 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 4,592,208 | 2,841,313 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| Exchange |
| rate |
| At 1.1.24 | Cash flow | movements | At 31.12.24 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank | 4,592,208 | 44,888 | 117,092 | 4,754,188 |
| 4,592,208 | 117,092 | 4,754,188 |
| Total | 4,592,208 | 44,888 | 117,092 | 4,754,188 |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Bardyke Chemicals Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC045492 and the registered office and principal place of business is at Hamilton Rd, Cambuslang, Glasgow, G72 7XJ. |
| The presentation currency of the financial statements is the Pound Sterling (£) which is the functional currency of the company. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements are prepared on the going concern basis of accounting as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue. |
| The directors have carefully considered the company's market and the impacts of macroeconomic uncertainties, ongoing disruption to shipping through the Red Sea, and regulatory changes on the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly throughout this year, despite a fall in demand, and the directors believe the company is experiencing resilient levels of profitability. Therefore, the directors believe the company is well placed to manage its business risks successfully. |
| Significant judgements and estimates |
| The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes. |
| Turnover |
| Turnover represents net sales of goods and services, excluding value added tax and discounts offered. |
| Income is recognised when the company becomes entitled to the income, it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity. |
| For turnover involving the sale of goods, this occurs when: |
| - the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
| - the company no longer retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| - 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. |
| Specifically, revenue from the sale of chemicals is recognised when the goods are delivered, and legal title has passed. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| In particular, plant and machinery is depreciated at 10% on cost for 8 years and thereafter depreciated at 2% on cost. |
| Property, plant and machinery is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount exceeds the higher of an asset's fair value less cost to sell or value in use. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are accounted for at cost less any impairment. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors, creditors. |
| Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. |
| Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts. |
| Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Employee benefits |
| The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate. |
| Provisions for liabilities |
| A provision is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated reliably. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| Europe |
| North America | 3,300,964 | 4,085,772 |
| World | 1,809,700 | 1,331,724 |
| The company's turnover arises solely from the sale of chemicals. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production | 19 | 19 |
| Admin | 12 | 14 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Foreign exchange differences |
| 6. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
7,000 |
6,500 |
| Taxation compliance services |
| Other non- audit services |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| 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 |
| 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 higher 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: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Change in tax rates | ( |
) |
| Deferred tax - fixed asset timing differences | (82,469 | ) | (10,606 | ) |
| rates |
| Total tax charge | 328,968 | 328,980 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares shares of £1 each |
| Interim |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) |
| 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 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) |
| 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 |
| Included in cost of land and buildings is freehold land of £ 2,750 (2023 - £ 95,750 ) which is not depreciated. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 6th Floor, South Bank House, Barrow Street Dublin 4, Dublin, D04TR29, Ireland |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| Finished goods |
| Consignment stock | 475,910 | 466,057 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Directors' loan accounts | 4,200 | 8,400 |
| Accrued expenses |
| 14. | SECURED DEBTS |
| The Bank of Scotland holds a bond and floating charge over the assets of the company in respect of all sums due or to become due. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 31 December 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1 | 88,800 | 88,800 |
| The holders of ordinary share are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets. |
| Called-up share capital represents the nominal value of shares that have been issued. |
| 17. | RESERVES |
| The capital redemption reserve represents the reduction in share capital from the purchase and cancellation of 31,200 of the company's own £1 ordinary shares in December 2009. |
| 18. | PENSION COMMITMENTS |
| Pensions contributions owed to the defined contribution pension scheme of £17,054 (2023 - £48,904) are included within accrued expenses in these Financial Statements. The total pension costs in the year are disclosed in these notes. |
| Bardyke Chemicals Limited (Registered number: SC045492) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £610,000 (2023 - £nil) were paid to the directors. |
| The amounts owed to directors in relation to reimbursement of business expenses at the year end was £4,200 (2023 - £8,400). |
| Land with a book value of £93,000 was transferred to the directors' family in the year. |
| The directors are considered to be the company's key management personnel. The directors' compensation is disclosed in note 4. |
| 20. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |