REGISTERED NUMBER: SC514941 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2025

for

Iain Semple Chemicals Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr I Semple Snr

REGISTERED OFFICE:

7 McKenzie Street

Paisley

PA3 1LX

REGISTERED NUMBER:

SC514941 (Scotland)

ACCOUNTANTS:

Greg Hannah Ltd

Chartered Accountants

26 Victoria Street

Rutherglen

Glasgow

G73 1DS

FIXED ASSETS

Intangible assets

5

17,500

35,000

Tangible assets

6

20,046

23,775

37,546

58,775

CURRENT ASSETS

Stocks

75,722

72,621

Debtors

7

89,649

121,601

Cash at bank

479,157

460,029

644,528

654,251

CREDITORS

Amounts falling due within one year

8

211,394

223,778

NET CURRENT ASSETS

433,134

430,473

TOTAL ASSETS LESS CURRENT LIABILITIES

470,680

489,248

PROVISIONS FOR LIABILITIES

5,012

5,812

NET ASSETS

465,668

483,436

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

465,568

483,336

465,668

483,436

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The 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.

The financial statements were approved by the director and authorised for issue on 29 October 2025 and were signed by:

Mr I Semple Snr - Director

1.	STATUTORY INFORMATION

Iain Semple Chemicals Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

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 £250 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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 pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Going concern

The director has a firm expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2024

and 30 April 2025

175,000

AMORTISATION

At 1 May 2024

140,000

Charge for year

17,500

At 30 April 2025

157,500

NET BOOK VALUE

At 30 April 2025

17,500

At 30 April 2024

35,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2024

76,177

Additions

3,101

Disposals

(1,439

)

At 30 April 2025

77,839

DEPRECIATION

At 1 May 2024

52,402

Charge for year

6,720

Eliminated on disposal

(1,329

)

At 30 April 2025

57,793

NET BOOK VALUE

At 30 April 2025

20,046

At 30 April 2024

23,775

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

87,408

119,688

Other debtors

2,241

1,913

89,649

121,601

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

144,774

150,553

Taxation and social security

42,955

60,048

Other creditors

23,665

13,177

211,394

223,778

9.	RELATED PARTY DISCLOSURES

At 30th April 2025, the Company owed the following loans:

Mr I Semple Snr (director & shareholder) £11,164 (2024: £5,812).

Mrs A Semple (shareholder) £9,354 (2024: £4,447).

Mr I Semple Jnr (shareholder) £347 (2024: £118).

There are no fixed repayment terms and no interest is charged on amounts owed by the Company.