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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 April 2017 |
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Primasil Silicones Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 April 2017 |
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for |
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Primasil Silicones Limited |
Primasil Silicones Limited (Registered number: 01357452) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Primasil Silicones Limited |
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Company Information |
for the Year Ended 30 April 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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Accountants and Statutory Auditor |
1 St Mary's Street |
Ross-on-Wye |
Herefordshire |
HR9 5HT |
Primasil Silicones Limited (Registered number: 01357452) |
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Strategic Report |
for the Year Ended 30 April 2017 |
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The directors present their strategic report for the year ended 30 April 2017. |
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REVIEW OF BUSINESS |
Turnover has increased and gross margin has improved. |
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Research and development activity continues to grow, driven by new and existing customers having demands |
not able to be satisfied using other means. |
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The directors have continued to support this investment and are satisfied with the performance of the |
company this year. The economic climate for technical products is encouraging, with exciting new |
opportunities in the UK and overseas. |
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This company is ideally suited to take advantage of EU opportunities with a group manufacturing facility in the |
Czech Republic. |
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The company's key financial and other performance indicators during the year were as follows: |
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2017 | 2016 |
Debtor days | 52 | 50 |
Creditor days | 76 | 92 |
Stock days | 75 | 77 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Increasing raw material prices have been offset by efficiency improvements and price increases. |
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Internal operations are closely monitored by observing contribution rates per customer, enquiry rates, and |
other performance indicators such as customer satisfaction. |
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ON BEHALF OF THE BOARD: |
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Primasil Silicones Limited (Registered number: 01357452) |
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Report of the Directors |
for the Year Ended 30 April 2017 |
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The directors present their report with the financial statements of the company for the year ended 30 April 2017. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2017. |
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RESEARCH AND DEVELOPMENT |
The company has a history of research and development activity which will increase as new opportunities are |
presented. |
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FUTURE DEVELOPMENTS |
The business continues to take advantage of business opportunities and the directors consider the state of |
affairs to be satisfactory. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2016 to the date of this |
report. |
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FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise cash, short term borrowings and various items such |
as trade debtors, trade creditors etc that may arise directly from operations. The main purpose of these |
financial instruments is the funding of the company's trading activities. |
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Regular management accounts allow for any financial risk to be understood and managed, with cross |
currency exposure the biggest current risk. This risk is actively managed by balancing invoicing and |
purchasing in currencies. The company does not presently hedge against these risks as the benefits of |
entering into such agreements is not considered to be significant enough to outweigh the cost and |
administrative burden associated with such hedging contracts. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, 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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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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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. |
Primasil Silicones Limited (Registered number: 01357452) |
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Report of the Directors |
for the Year Ended 30 April 2017 |
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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 or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Primasil Silicones Limited |
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We have audited the financial statements of Primasil Silicones Limited for the year ended 30 April 2017 on |
pages seven to twenty. 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 Strategic Report |
and 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 30 April 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 Strategic |
Report and 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 Strategic Report or the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Primasil Silicones 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. |
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for and on behalf of
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Accountants and Statutory Auditor |
1 St Mary's Street |
Ross-on-Wye |
Herefordshire |
HR9 5HT |
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Primasil Silicones Limited (Registered number: 01357452) |
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Income Statement |
for the Year Ended 30 April 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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57,557 | (424,454 | ) |
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Other operating income |
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OPERATING PROFIT/(LOSS) | 5 |
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( |
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Interest receivable and similar income |
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60,867 | (421,454 | ) |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION |
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( |
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Tax on profit/(loss) | 7 |
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( |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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( |
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Primasil Silicones Limited (Registered number: 01357452) |
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Other Comprehensive Income |
for the Year Ended 30 April 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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( |
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Primasil Silicones Limited (Registered number: 01357452) |
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Balance Sheet |
30 April 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Share premium | 17 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Primasil Silicones Limited (Registered number: 01357452) |
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Statement of Changes in Equity |
for the Year Ended 30 April 2017 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 May 2015 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 30 April 2016 |
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Changes in equity |
Total comprehensive income | - |
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- |
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Balance at 30 April 2017 |
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Primasil Silicones Limited (Registered number: 01357452) |
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Cash Flow Statement |
for the Year Ended 30 April 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
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Interest paid | ( |
) | ( |
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Interest element of hire purchase
payments paid |
( |
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( |
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Taxation refund |
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Net cash from operating activities | ( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
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Net cash from financing activities | ( |
) | ( |
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Decrease in cash and cash equivalents | ( |
) | ( |
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Cash and cash equivalents at
beginning of year |
2 |
(1,119,503 |
) |
(1,015,869 |
) |
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Cash and cash equivalents at end of
year |
2 |
( |
) |
( |
) |
Primasil Silicones Limited (Registered number: 01357452) |
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Notes to the Cash Flow Statement |
for the Year Ended 30 April 2017 |
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1. |
RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
30.4.17 | 30.4.16 |
£ | £ |
Profit/(loss) before taxation |
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( |
) |
Depreciation charges |
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Finance costs | 7,896 | 9,626 |
Finance income | (310 | ) | - |
218,920 | (247,582 | ) |
Decrease in stocks |
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Increase in trade and other debtors | ( |
) | ( |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations | ( |
) |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 30 April 2017 |
30.4.17 | 1.5.16 |
£ | £ |
Cash and cash equivalents | 2,236 | 5,486 |
Bank overdrafts | ( |
) | ( |
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(1,333,556 | ) | (1,119,503 | ) |
Year ended 30 April 2016 |
30.4.16 | 1.5.15 |
£ | £ |
Cash and cash equivalents | 5,486 | 4,126 |
Bank overdrafts | ( |
) | ( |
) |
(1,119,503 | ) | (1,015,869 | ) |
Primasil Silicones Limited (Registered number: 01357452) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2017 |
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1. | STATUTORY INFORMATION |
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Primasil Silicones 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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The principal activity of the company is the manufacture, design and development of fluorosilicone, |
silicone and fluorocarbon compounds, mouldings and extrusions. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland": |
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• |
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e),
11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• |
the requirements of Section 12 Other Financial Instruments paragraphs 12.26, 12.27, 12.29(a),
12.29(b) and 12.29A. |
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Significant judgements and estimates |
The company makes estimates and assumptions concerning the future, and judgements in applying |
the company's accounting policies. The resulting accounting estimates will, by definition, seldom equal |
the actual results. There were no estimates or assumptions that have a significant risk of causing a |
material adjustment to the carrying value of assets and liabilities within the next financial year. |
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Turnover |
Turnover represents amounts invoiced by the company in respect of goods and services provided and |
the value of work done, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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. |
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Cost is calculated using the first-in, first-out method and includes all direct expenditure and an |
appropriate proportion of fixed and variable overheads. |
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Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
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Primasil Silicones Limited (Registered number: 01357452) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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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. |
Primasil Silicones Limited (Registered number: 01357452) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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3. | TURNOVER |
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The turnover and profit (2016 - loss) before taxation are attributable to the one principal activity of the |
company. |
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An analysis of turnover by geographical market is given below: |
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30.4.17 | 30.4.16 |
£ | £ |
United Kingdom |
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Europe |
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Rest of world | 498,896 | 403,776 |
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4. | EMPLOYEES AND DIRECTORS |
30.4.17 | 30.4.16 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
30.4.17 | 30.4.16 |
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Production | 85 | 87 |
Administration and support | 30 | 31 |
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30.4.17 | 30.4.16 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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5. | OPERATING PROFIT/(LOSS) |
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The operating profit (2016 - operating loss) is stated after charging: |
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30.4.17 | 30.4.16 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Auditors' remuneration |
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Other non- audit services |
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Foreign exchange differences |
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Primasil Silicones Limited (Registered number: 01357452) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.17 | 30.4.16 |
£ | £ |
Bank interest |
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Hire purchase interest |
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7. | TAXATION |
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Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
30.4.17 | 30.4.16 |
£ | £ |
Current tax: |
Adjustments in respect of previous years | - | (10,295 | ) |
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Deferred tax: |
Origination and reversal of timing differences | - | (149,853 | ) |
Tax on profit/(loss) |
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( |
) |
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Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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30.4.17 | 30.4.16 |
£ | £ |
Profit/(loss) before tax |
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( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of |
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( |
) |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
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( |
) |
Losses surrendered to group companies | 131,484 | 126,640 |
Losses carried forward | 3,620 | (178,197 | ) |
|
Research and development tax credit | (136,331 | ) | - |
Total tax credit | - | (160,148 | ) |
Primasil Silicones Limited (Registered number: 01357452) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2016 |
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Additions |
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Disposals |
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( |
) | ( |
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At 30 April 2017 |
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DEPRECIATION |
At 1 May 2016 |
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Charge for year |
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( |
) |
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Eliminated on disposal |
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( |
) | ( |
) |
At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 May 2016 |
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Additions |
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Transfer to ownership | (256,223 | ) | (43,472 | ) | (299,695 | ) |
At 30 April 2017 |
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DEPRECIATION |
At 1 May 2016 |
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Charge for year |
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Transfer to ownership | (213,351 | ) | (34,047 | ) | (247,398 | ) |
At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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9. | STOCKS |
30.4.17 | 30.4.16 |
£ | £ |
Raw materials |
|
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Work-in-progress |
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Primasil Silicones Limited (Registered number: 01357452) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Hire purchase contracts (see note 14) |
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Trade creditors |
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Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
VAT | 119,616 | 148,100 |
Accruals and deferred income |
|
|
|
|
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.17 | 30.4.16 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
30.4.17 | 30.4.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
30.4.17 | 30.4.16 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
Primasil Silicones Limited (Registered number: 01357452) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
14. | LEASING AGREEMENTS - continued |
|
Non-cancellable |
operating leases |
30.4.17 | 30.4.16 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
30.4.17 | 30.4.16 |
£ | £ |
Bank overdrafts |
|
|
Hire purchase contracts | 113,700 | 100,149 |
|
|
|
The company's bankers hold a cross guarantee and debenture (see note 20 for further details). They |
also hold a mortgage debenture over the company's fixed and floating assets. The short term loan is |
secured by an all assets debenture over the company's fixed and floating assets. Liabilities under hire |
purchase contracts are secured specifically on the underlying asset. |
|
16. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.17 | 30.4.16 |
value: | £ | £ |
|
Ordinary | £1 | 50,000 | 50,000 |
|
3 per cent non-cumulative |
preference | £1 | 5,000 | 5,000 |
55,000 | 55,000 |
|
The 3 per cent non-cumulative preference shares of £1 each have attached thereto the rights and |
privileges and being subject to the restrictions and provisions set out below, namely: |
|
• the right to receive, out of the profits of the company available for distribution and from time to time |
determined to be distributed by way of dividend, a fixed non-cumulative dividend at the rate of 3 per |
cent per annum on the amounts paid up thereon in priority to any dividend paid on the ordinary shares |
of the company |
|
• the right on a return of capital on liquidation or otherwise to repayment of the amounts paid up |
thereon in priority to any payment in respect of the ordinary shares of the company |
|
• the preference shares shall not carry the right to receive notice of or to attend and vote at any general |
meeting of the company and shall not carry any other right to participate in the profits or assets of the |
company |
Primasil Silicones Limited (Registered number: 01357452) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
|
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 May 2016 |
|
|
784,501 |
Profit for the year |
|
|
At 30 April 2017 |
|
|
837,472 |
|
18. | PENSION COMMITMENTS |
|
Contributions totalling £15,416 (2016 - £14,849) were payable to the scheme at the end of the year and |
are included in creditors. |
|
19. | ULTIMATE PARENT COMPANY |
|
Chase Products Limited is regarded by the directors as being the company's ultimate parent company. |
|
20. | CONTINGENT LIABILITIES |
|
The company, its parent company and fellow UK subsidiary are party to a cross guarantee given to |
Handelsbanken in respect of group overdraft and loan facilities. The amount guaranteed is £606,297 |
(2016 - £612,277). |
|
21. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
|
22. | KEY MANAGEMENT PERSONNEL REMUNERATION |
|
There are no key management personnel other than the directors. Their remuneration is disclosed in |
note 5 in the accounts. |