Company registration number 03394478 (England and Wales)
MCCANN CHEMICALS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MCCANN CHEMICALS LIMITED
COMPANY INFORMATION
Directors
C Thomson
R Ward
Secretary
C Thomson
Company number
03394478
Registered office
Airedale Mills
Skipton Road
Crosshills
Keighley
West Yorkshire
England
BD20 7BX
Accountants
Azets
Triune Court
Monks Cross Drive
York
YO32 9GZ
MCCANN CHEMICALS LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
MCCANN CHEMICALS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company until prior year continued to be that of the wholesale of chemical products.
On 1 January 2024, the trade and associated assets and liabilities of McCann Chemicals Limited (the "company") were transferred to another group undertaking, Airedale Chemicals Limited pursuant to a formal asset purchase agreement. The transfer was for consideration equal to net book value. Following the transfer, the company ceased trading during the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Thomson
R Ward
Audit exemption
For the year ended 31 December 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The parent company, Airedale Newco Limited, has put a guarantee in place and the company is consolidated into group accounts which are available from Airedale Mills, Skipton Road, Crosshills, Keighley, West Yorkshire, BD20 7BX.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C Thomson
Director
17 July 2025
MCCANN CHEMICALS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
2024
2023
£
£
Turnover
-
6,703,034
Cost of sales
(5,747,069)
Gross profit
-
955,965
Administrative expenses
(400,370)
Operating profit
-
555,595
Interest receivable and similar income
45,152
Interest payable and similar expenses
(1,004)
Profit before taxation
599,743
Tax on profit
(143,696)
Profit for the financial year
456,047
The profit and loss account has been prepared on the basis that all operations are discontinued operations.
MCCANN CHEMICALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
1
Current assets
Stocks
-
301,916
Debtors
6
20,000
4,611,750
Cash at bank and in hand
432,520
20,000
5,346,186
Creditors: amounts falling due within one year
7
(538,499)
Net current assets
20,000
4,807,687
Net assets
20,000
4,807,688
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
4,787,688
Total equity
20,000
4,807,688
For the financial year ended 31 December 2024, the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
C Thomson
Director
Company Registration No. 03394478
MCCANN CHEMICALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
20,000
4,338,041
4,358,041
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
456,047
456,047
Dividends
-
(6,400)
(6,400)
Balance at 31 December 2023
20,000
4,787,688
4,807,688
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
Dividends
-
(4,787,688)
(4,787,688)
Balance at 31 December 2024
20,000
20,000
MCCANN CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
1
Accounting policies
Company information
McCann Chemicals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Airedale Mills, Skipton Road, Crosshills, Keighley, West Yorkshire, England, BD20 7BX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
McCann Chemicals Limited is an indirectly wholly owned subsidiary of Airedale Newco Limited, the company providing the parent guarantee. The results of McCann Chemicals Limited are included in the consolidated financial statements of Airedale Newco Limited which are available from Airedale Mills, Skipton Road, Crosshills, Keighley, West Yorkshire, BD20 7BX.
1.2
Going concern
The company ceased to be a going concern on 1 January 2024 when its trade and associated assets and liabilities were transferred to Airedale Chemical Company Limited. Accordingly, the financial statements have been prepared on a basis other than going concern.
As at the date of approval of these financial statements, although the company is no longer trading, there are no plans to remove the company from the Registrar of Companies in the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixutures and fittings
20% on cost
Computers
100% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MCCANN CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition, and is determined using the first in, first out ("FIFO") method. Where items are in the process of manufacture or completed such that these represent work in progress or finished goods, a relevant proportion of overheads are included according to the stage of completion.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MCCANN CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors are initially measured at transaction price adjusted for transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MCCANN CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
310
8,403
8,713
Transfers
(310)
(8,403)
(8,713)
At 31 December 2024
-
Depreciation and impairment
At 1 January 2024
310
8,403
8,713
Transfers
(310)
(8,403)
(8,713)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
-
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
MCCANN CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
1
Transfers during the year
(1)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
1
6
Debtors
2024
2023
£
£
Trade debtors
925,377
Amounts owed by group undertakings
20,000
3,664,832
Other debtors
21,541
20,000
4,611,750
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
286,765
Taxation and social security
218,533
Other creditors
33,201
538,499
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Not later than one year
13,333
MCCANN CHEMICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
9
Transfer of business
On 1 January 2024, the trade and associated assets and liabilities of the company were transferred to another group undertaking, Airedale Chemicals Limited pursuant to a formal asset purchase agreement. Following the transfer, the company ceased trading during the year.
The assets and liabilities were transferred to Airedale Chemicals Limited at their respective book values. Details of the balances transferred are provided below.
Assets/ (liabilities)
Book values
£
Tangible fixed assets
-
Investments
1
Stocks
301,916
Trade and other receivables
934,737
Cash at bank and in hand
2,009,244
Trade and other creditors
(526,318)
Total identifiable net assets
2,719,580
Total consideration
2,719,580
The net consideration of £2,719,580 due from Airedale Chemicals Limited for the aforementioned transfer was declared by the company as a dividend to its immediate parent entity, Airedale Group Holdings Limited. This dividend was settled through the transfer of the consideration amount owed to the company by Airedale Chemicals Limited to Airedale Group Holdings Limited, and is therefore treated as a dividend in specie.
10
Related party transactions
The Company has taken advantage of the exemption available in Section 33.1A of FRS 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
11
Parent company
At the year end, the company's immediate parent company is Airedale Group Holdings Limited and its ultimate parent company is Airedale Newco Limited.
Airedale Newco Limited is the smallest and largest group into which this company is consolidated. Copies of its financial statements can be obtained from its registered office at Airedale Mills, Skipton Road, Crosshills, Keighly, West Yorkshire, England, BD20 7BX.
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