Registration number:
Clinochem Limited
for the Year Ended 30 June 2022
Clinochem Limited
Contents
Company Information |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Clinochem Limited
Company Information
Directors |
Mrs PJ Shaw Mrs AJ Shaw-Monson Mr AC Shaw |
Registered office |
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Accountants |
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Clinochem Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 June 2022
Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit/(loss) |
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( |
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Administrative expenses |
( |
( |
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Operating loss |
( |
( |
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Other interest receivable and similar income |
- |
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Interest payable and similar charges |
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( |
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2,120 |
1,535 |
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Profit/(loss) before tax |
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( |
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Taxation |
- |
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Profit/(loss) for the financial year |
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( |
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Retained earnings brought forward |
48,949 |
67,210 |
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Retained earnings carried forward |
49,839 |
48,949 |
Clinochem Limited
(Registration number: 01606718)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Clinochem Limited
(Registration number: 01606718)
Balance Sheet as at 30 June 2022 (continued)
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Clinochem Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
General information |
Clinochem Limited is a private company, linited by shares, registered in England and Wales. The company’s registered number is 01606718 and registered office address is as follows:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest pound.
Going concern
The financial statements are prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern assessment.
Judgements
No judgements have been made in the process of applying the above accounting policies that have had a significant effect on the amounts recognised in the financial statements. |
No key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been made. |
Clinochem Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated
- with the ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Finance income and costs policy
Interest income is recognised in the profit and loss account using the effective interest method.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Clinochem Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Reducing balance |
Office equipment |
15% Reducing balance |
Moulds |
25% Reducing balance |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
15% Reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Clinochem Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are made where an event has taken place that gives the Companies a legal or constructive obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision in the Balance sheet.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Clinochem Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 July 2021 |
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At 30 June 2022 |
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Amortisation |
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At 1 July 2021 |
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Amortisation charge |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Tangible assets |
Office equipment |
Moulds |
Plant & Machinery |
Total |
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Cost or valuation |
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At 1 July 2021 |
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Additions |
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- |
- |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the year |
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- |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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- |
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At 30 June 2021 |
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- |
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Clinochem Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022 (continued)
Debtors |
Current |
2022 |
2021 |
Trade debtors |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other payables |
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Accruals |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Directors current account |
1,581 |
1,528 |