Devine Chemicals Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02887222 (England and Wales)

DEVINE CHEMICALS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Devine

D J Devine

Mrs E L Harvey

REGISTERED OFFICE:

Unit 8, Parkhead

Greencroft Industrial Park

Stanley

Co. Durham

DH9 7YB

REGISTERED NUMBER:

02887222 (England and Wales)

ACCOUNTANTS:

Duncan Chartered Accountants

5 Cherrytree

Union Road

Sheffield

South Yorkshire

S11 9EF

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

142,878

176,515

Investments

6

88

142,966

176,603

CURRENT ASSETS

Stocks

2,311,132

2,026,206

Debtors

7

2,565,271

1,876,117

Cash at bank

44,757

168,966

4,921,160

4,071,289

CREDITORS

Amounts falling due within one year

8

2,187,185

1,623,982

NET CURRENT ASSETS

2,733,975

2,447,307

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,876,941

2,623,910

CREDITORS

Amounts falling due after more than one
year

9

(22,682

)

(64,407

)

PROVISIONS FOR LIABILITIES

(23,850

)

(31,500

)

NET ASSETS

2,830,409

2,528,003

CAPITAL AND RESERVES

Called up share capital

11

315,100

Retained earnings

2,515,309

2,212,903

SHAREHOLDERS' FUNDS

2,830,409

2,528,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 20 November 2025 and were signed on its behalf by:

D J Devine - Director

1.	STATUTORY INFORMATION

Devine Chemicals Limited is a private company, limited by shares , registered in England and Wales. 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. 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.

Research and development expenditure

Research and development expenditure has been capitalised as an intangible fixed asset where the outcome of the project is assessed as being reasonably certain to bring a benefit to the company. The expenditure is capitalised as it falls due, and will be amortised on a straight line basis over the expected period of the benefit.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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 constant periodic rates of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2024

and 28 February 2025

145,000

AMORTISATION

At 1 March 2024

and 28 February 2025

145,000

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

COST

At 1 March 2024

95,325

80,993

55,336

47,212

278,866

Additions

12,549

1,022

-

2,465

16,036

Disposals

(641

)

-

(641

)

At 28 February 2025

107,233

82,015

55,336

49,677

294,261

DEPRECIATION

At 1 March 2024

29,596

27,894

11,080

33,781

102,351

Charge for year

17,513

13,324

11,064

7,300

49,201

Eliminated on disposal

(169

)

-

(169

)

At 28 February 2025

46,940

41,218

22,144

41,081

151,383

NET BOOK VALUE

At 28 February 2025

60,293

40,797

33,192

8,596

142,878

At 29 February 2024

65,729

53,099

44,256

13,431

176,515

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2024

and 28 February 2025

55,336

DEPRECIATION

At 1 March 2024

11,080

Charge for year

11,064

At 28 February 2025

22,144

NET BOOK VALUE

At 28 February 2025

33,192

At 29 February 2024

44,256

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2024

and 28 February 2025

88

NET BOOK VALUE

At 28 February 2025

88

At 29 February 2024

88

7.

DEBTORS

28.2.25

29.2.24

£

Amounts falling due within one year:

Trade debtors

1,313,721

1,732,425

Amounts owed by group undertakings

94,881

30,053

Other debtors

1,030,456

113,639

2,439,058

1,876,117

Amounts falling due after more than one year:

Other debtors

126,213

-

Aggregate amounts

2,565,271

1,876,117

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

Bank loans and overdrafts

712,641

319,043

Other loans

12,392

23,877

Hire purchase contracts (see note 10)

29,333

17,003

Trade creditors

914,667

662,585

Taxation and social security

292,908

218,534

VAT

134,787

170,641

Other creditors

4,604

6,787

Directors' current accounts

-

8,000

Accrued expenses

85,853

197,512

2,187,185

1,623,982

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

28.2.25

29.2.24

£

Other loans - 1-2 years

-

12,392

Hire purchase contracts (see note 10)

22,682

52,015

22,682

64,407

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

28.2.25

29.2.24

£

Net obligations repayable:

Within one year

29,333

17,003

Between one and five years

22,682

52,015

69,018

Non-cancellable

operating leases

28.2.25

29.2.24

£

Within one year

43,728

57,903

Between one and five years

-

43,728

101,631

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.25

29.2.24

value:

£

100

Ordinary, Ordinary A and

Ordinary B

£1

100

315,000

Preference

£1

315,000

315,100

There was a partial re-classification of the company's Ordinary Share Capital on 8 October 2021. On that date 10 Ordinary Shares of £1 each were re-designated as Ordinary A Shares of £1 each, and a further 10 were re-designated as Ordinary B Shares of £1 each. All classes of Ordinary Shares have the same voting rights.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2025 and 29 February 2024:

28.2.25

29.2.24

£

J Devine

Balance outstanding at start of year

(8,000

)

-

Amounts advanced

149,500

-

Amounts repaid

-

(8,000

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

141,500

(8,000

)

13.	RELATED PARTY DISCLOSURES

At 28th February 2025, Devine BV, a wholly owned overseas subsidiary of Devine Chemicals Limited, owed £94,881 (2024: £30,053) to Devine Chemicals Limited.

At 28th February 2025, Devine US LLC, an overseas company controlled by two of the directors, owed £868,109 (2023: £1,975) to Devine Chemicals Limited.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is J Devine.