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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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D.B.M. CHEMICALS LIMITED |
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REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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D.B.M. CHEMICALS LIMITED |
D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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D.B.M. CHEMICALS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of third party blending of chemicals. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2016 to the date of |
this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in |
accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps |
for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information |
and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Sargeant Partnership, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
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D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2017 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
D.B.M. CHEMICALS LIMITED |
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We have audited the financial statements of D.B.M. Chemicals Limited for the year ended 31 May 2017 on |
pages six to eleven. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted |
Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient |
to give reasonable assurance that the financial statements are free from material misstatement, whether |
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to |
the company's circumstances and have been consistently applied and adequately disclosed; the |
reasonableness of significant accounting estimates made by the directors; and the overall presentation of the |
financial statements. In addition, we read all the financial and non-financial information in the Report of the |
Directors to identify material inconsistencies with the audited financial statements and to identify any |
information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge |
acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 May 2017 and of its profit for the
year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report |
of the Directors for the financial year for which the financial statements are prepared is consistent with the |
financial statements, and has been prepared in accordance with applicable legal requirements. In the light of |
the knowledge and understanding of the company and its environment, we have not identified any material |
misstatements in the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
D.B.M. CHEMICALS LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Accountants |
and Statutory Auditors |
5 White Oak Square |
London Road |
Swanley |
Kent |
BR8 7AG |
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D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MAY 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
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Tax on profit |
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PROFIT FOR THE FINANCIAL
YEAR |
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D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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BALANCE SHEET |
31 MAY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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1. | STATUTORY INFORMATION |
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D.B.M. Chemicals Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average monthly number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
and 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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6. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
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D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1.00 | 100 | 100 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 June 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 May 2017 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date the Company owed the director Mr J Hornett £529 (2016: £190). |
D.B.M. CHEMICALS LIMITED (REGISTERED NUMBER: 01212067) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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12. | RELATED PARTY DISCLOSURES |
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During the year DBM Chemicals Limited made sales to Hornett Bros & Co Limited, a company in |
which M D Hornett, J R Hornett and K P Hornett are directors. |
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The total value of the sales amounted to £330,194 (2016: £347,336). |
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At the balance sheet date Hornett Bros & Co Limited owed DBM Chemicals Limited £26,281 (2016: |
£52,398) as a trade debtor. |
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During the year DBM Chemicals Limited purchased goods from Hornett Bros & Co Limited totalling |
£101,393 (2016:£88,650). |
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At the balance sheet date DBM Chemicals Limited owed Hornett Bros & Co Limited £3,604 (2016: |
£1,125) as a trade creditor. |
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At the balance sheet date, the company owed £55,000 (2016: was owed £20,000) to Hornett Bros & |
Co Limited as an inter-company loan. |
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All transactions were carried out at arms length. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Hornett Brothers and Co Limited by virtue of the shareholding. |