Registration number:
Basic Chemicals Limited
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Basic Chemicals Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Basic Chemicals Limited
Company Information
Director |
D J Roberts |
Company secretary |
P A Roberts |
Registered office |
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Accountants |
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Basic Chemicals Limited
Statement of Financial Position as at 31 March 2021
Note |
2021 |
2020 |
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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 assets |
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Capital and reserves |
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Called up share capital |
25,000 |
25,000 |
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Capital redemption reserve |
5,000 |
5,000 |
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Profit and loss account |
737,732 |
738,899 |
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Shareholders' funds |
767,732 |
768,899 |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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D J Roberts
Director
Company registration number: 01888575
Basic Chemicals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company was formerly the distribution of basic chemicals and allied products.
The company has not traded since 31st March 2019.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company had net assets at the year end of £767,732, including cash at bank amounting to £566,374.
The director has considered the potential effect of the current COVID-19 crisis and, although there is no certainty as to when this will end, the director's view is that the impact will be manageable.
In view of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Basic Chemicals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Debtors |
2021 |
2020 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Trade creditors |
- |
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Taxation and social security |
- |
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Other creditors |
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