Chemsafe (Yorks) Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07942672

Chemsafe (Yorks) Ltd

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

Chemsafe (Yorks) Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Chemsafe (Yorks) Ltd

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	7		28,961		23,371

Current assets

Stocks		32,387	36,735
Debtors	8	188,099	208,213
Cash at bank and in hand		1,207,551	1,040,827
		-------------	-------------
		1,428,037	1,285,775

Creditors: amounts falling due within one year	9	299,190		313,934
		-------------		-------------
Net current assets			1,128,847		971,841
			-------------		----------
Total assets less current liabilities			1,157,808		995,212

Provisions

Taxation including deferred tax	7,240	5,843
	-------------	----------
Net assets	1,150,568	989,369
	-------------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,150,468	989,269
	-------------	----------
Shareholders funds	1,150,568	989,369
	-------------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Chemsafe (Yorks) Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 22 September 2025 , and are signed on behalf of the board by:

Mr J N Shipp

Director

Company registration number: 07942672

Chemsafe (Yorks) Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodstock, 2 Mad Dog Lane, Hook, Goole, East Yorkshire, DN14 5SH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A for small entities, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

(c) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods.

(d) Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise.

(e) Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 5 years from the period begining 1 January 2015. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period.

(f) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(g) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(h) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

(i) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(j) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

(k) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

(l) Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).

5. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	74,669	81,019

Deferred tax:

Origination and reversal of timing differences	1,397	( 35)
	--------	--------
Tax on profit	76,066	80,984
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	50,000
	--------
Amortisation
At 1 January 2024 and 31 December 2024	50,000
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	–
	--------

7. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	10,341	60,627	653	71,621
Additions	–	16,112	–	16,112
Disposals	–	( 14,047)	–	( 14,047)
	--------	--------	----	--------
At 31 December 2024	10,341	62,692	653	73,686
	--------	--------	----	--------
Depreciation
At 1 January 2024	6,798	40,933	519	48,250
Charge for the year	531	7,721	35	8,287
Disposals	–	( 11,812)	–	( 11,812)
	--------	--------	----	--------
At 31 December 2024	7,329	36,842	554	44,725
	--------	--------	----	--------
Carrying amount
At 31 December 2024	3,012	25,850	99	28,961
	--------	--------	----	--------
At 31 December 2023	3,543	19,694	134	23,371
	--------	--------	----	--------

8. Debtors

	2024	2023
	£	£
Trade debtors	188,099	208,213
	----------	----------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	76,065	78,198
Corporation tax	74,669	81,019
Social security and other taxes	19,593	20,858
Directors loan accounts	121,562	128,924
Other creditors	7,301	4,935
	----------	----------
	299,190	313,934
	----------	----------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions	7,240	5,843
	-------	-------

11. Related party transactions

During the year the directors (who are also shareholders) had loans with the company which stayed in credit throughout the year. At the year end date the amount owed by the company to the directors was £ 121,562 (2023 - £128,924).