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Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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Devan-PPT Chemicals Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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Devan-PPT Chemicals Limited |
Devan-PPT Chemicals Limited (Registered number: 05405054) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Devan-PPT Chemicals Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors |
3 Charnwood Street |
Derby |
Derbyshire |
DE1 2GY |
Devan-PPT Chemicals Limited (Registered number: 05405054) |
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Abridged Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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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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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Devan-PPT Chemicals Limited (Registered number: 05405054) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Devan-PPT Chemicals Limited is a
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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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year of adopting the standard FRS102 (Section 1A) and the transition date was 1 January 2015. There |
were no changes required as a result of this. |
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Turnover |
Turnover represents amounts invoiced or receivable excluding value added tax in respect of commissions, royalties and |
recharges of services. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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. |
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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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Devan-PPT Chemicals Limited (Registered number: 05405054) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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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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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. |
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3. | EMPLOYEES |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
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At 31 December 2016 |
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At 31 December 2015 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2016 |
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Additions |
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Disposals | ( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Other debtors |
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Devan-PPT Chemicals Limited (Registered number: 05405054) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1.00 | 150,000 | 150,000 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | CONTINGENT LIABILITIES |
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The company is party to an ongoing investigation by a fund provider. The full impact of this cannot be determined with any |
certainty at the time of signing these accounts as the legal due process is being followed. No provision has been |
recognised in these accounts. |
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11. | RELATED PARTY DISCLOSURES |
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Recharge of services during the year to the group companies amounted to £365,012 (2015: £371,615). |
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Commissions charged to group companies during the year amounted to £398,735 (2015: £317,936). |
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Royalties receivable from group companies during the year amounted to £64,740 (2015: £51,568). |
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Services received during the year from group companies amounted to £86,142 (2015: £66,342) |
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The amount due from group companies at 31 December 2016 was £269,774 (2015: £249,533). |
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The amount due to group companies at 31 December 2016 was £5,867 (2015: £4,846). |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Devan Chemicals NV of I.Z. Klein Frankrijk - Klein Frankrijkstraat 8 - 9600 Ronse - Belgium. |
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The ultimate controlling party is Devan International Group NV of I.Z. Klein Frankrijk - Klein Frankrijkstraat 8 - 9600 Ronse - |
Belgium. |
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13. | FIRST YEAR ADOPTION |
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This is the company's first year of adoption of FRS102 (Section 1A). The transition date is 1 January 2015 and there were |
no changes required as a result of this adoption. |
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