Devine Chemicals Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Devine Chemicals Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02887222 . The registered office is Unit 45 Number 1 Industrial Estate, Consett, DH8 6TW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to zero on a straight line basis over their expected useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	33% straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Devine Chemicals Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

2.6. Stocks and Work in Progress

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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 15 (2025: 13)

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 March 2025	145,000

As at 28 February 2026	145,000

Amortisation
As at 1 March 2025	145,000

As at 28 February 2026	145,000

Net Book Value
As at 28 February 2026	-

As at 1 March 2025	-

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 March 2025	107,233	55,336	82,015	49,677	294,261
Additions	82,794	23,770	3,001	18,831	128,396
Disposals	(1,300 )	(27,098 )	(29,583 )	(1,719 )	(59,700 )

As at 28 February 2026	188,727	52,008	55,433	66,789	362,957

...CONTINUED

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Devine Chemicals Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

Depreciation
As at 1 March 2025	46,940	22,144	41,218	41,081	151,383
Provided during the period	17,766	9,168	20,653	9,549	57,136
Disposals	(1,050 )	(15,984 )	(29,583 )	(1,719 )	(48,336 )

As at 28 February 2026	63,656	15,328	32,288	48,911	160,183

Net Book Value
As at 28 February 2026	125,071	36,680	23,145	17,878	202,774

As at 1 March 2025	60,293	33,192	40,797	8,596	142,878

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 March 2025	88

As at 28 February 2026	88

Provision
As at 1 March 2025	-

As at 28 February 2026	-

Net Book Value
As at 28 February 2026	88

As at 1 March 2025	88

7. Stocks

	2026	2025
	£	£
Stock	2,993,975	2,305,919
Work in progress	592	5,213

	2,994,567	2,311,132

8. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	1,574,422	1,313,721
Amounts owed by group undertakings	148,864	94,881
Other debtors	1,445,902	1,030,456

	3,169,188	2,439,058
Due after more than one year
Other debtors	61,419	126,213

	3,230,607	2,565,271

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Devine Chemicals Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	25,255	29,333
Trade creditors	1,138,103	914,667
Bank loans and overdrafts	1,012,659	720,573
Other creditors	345,965	94,917
Taxation and social security	475,068	427,695

	2,997,050	2,187,185

10. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Net obligations under finance lease and hire purchase contracts	15,392	22,682

11. Obligations Under Finance Leases and Hire Purchase

	2026	2025
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	25,255	29,333
Later than one year and not later than five years	15,392	22,682

	40,647	52,015

	40,647	52,015

12. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	315,100	315,100

13. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 March 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 28 February 2026
	£	£	£	£	£
Mr James Devine	141,500	94,000	141,500	-	94,000

The above loan is unsecured, interest free and was repaid on the 1st April 2026

14. Related Party Transactions

At 28th February 2026, Devine BV, a wholly owned overseas subsidiary of Devine Chemicals Limited, owed £148,864 (2025: 94,881) to Devine Chemicals Limited.

At 28th February 2026, Devine US LLC, an overseas company controlled by two directors of Devine Chemicals Limited, owed £1,108,596 (2025: £868,109) to Devine Chemicals Limited.

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Devine Chemicals Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2026

15. Controlling Party

The company's controlling party up to the 31st March 2026 was J Devine by virtue of his control of 80% of the issued share capital in the company. Since 1st April 2026 there is no individual that has overall control.

16. Off-Balance Sheet Arrangements

Devine Chemicals Limited entered in to an operating lease for rental of a factory unit. Lease period is 5 years with an annual charge of £142,500.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		202,774		142,878
Investments	6		88		88

			202,862		142,966
CURRENT ASSETS
Stocks	7	2,994,567		2,311,132
Debtors	8	3,230,607		2,565,271
Cash at bank and in hand		71,355		44,757

		6,296,529		4,921,160
Creditors: Amounts Falling Due Within One Year	9	(2,997,050 )		(2,187,185 )

NET CURRENT ASSETS (LIABILITIES)			3,299,479		2,733,975

TOTAL ASSETS LESS CURRENT LIABILITIES			3,502,341		2,876,941

Creditors: Amounts Falling Due After More Than One Year	10		(15,392 )		(22,682 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(50,140 )		(23,850 )

NET ASSETS			3,436,809		2,830,409

CAPITAL AND RESERVES
Called up share capital	12		315,100		315,100
Profit and Loss Account			3,121,709		2,515,309

SHAREHOLDERS' FUNDS			3,436,809		2,830,409

Mr J Devine Director	Mr D J Devine Director	Mrs E L Harvey Director
15 September 2026