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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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SUBLINO LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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SUBLINO LIMITED |
SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Page |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 2 |
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SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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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/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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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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SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Sublino Limited is a
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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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The financial statements are presented in sterling which is the functional currency of the company and rounded to the |
nearest £1. |
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All members have consented to the abridgements of these financial statements. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
have been consistently applied to all years presented unless otherwise stated. |
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Related party exemption |
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. |
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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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Patents and licenses |
Patents and licenses purchased by the company are amortised to nil by equal annual instalments over their useful economic |
life, estimated at 5 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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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. Cost is calculated on a first in, first out basis. |
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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 statement of financial position date. |
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SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position 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 statement of |
financial position 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 |
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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Going concern |
The company made a loss before tax of £(5,425) (2016 £(34,811)) and had net assets of 55,873 as at 31 March 2017 |
(2016: £47,032). The company has full financial support from the directors and its main creditors, with a capital injection |
expected in the following year. |
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The company owns a number of patents and has been conducting research and development for some of these and forecasts |
some of these to reach a commercial stage in the following accounting year. |
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After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in |
operational existence for the foreseeable future. |
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For these reasons they continue to adopt the going concern basis in preparing the financial statements. |
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Partnership income |
The company became the general partner of RE Specialty Chemicals LP on 31 March 2015. Under the partnership |
agreement the company is entitled 20% of the profits of the partnership. This income is recognised on an accruals basis and |
is recognised within other income of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | AUDITORS' REMUNERATION |
2017 | 2016 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial
statements |
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3,200 |
Auditors' remuneration for non audit work |
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SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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AMORTISATION |
At 1 April 2016 |
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Amortisation for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts |
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VAT |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT |
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Other creditors |
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Directors' current accounts |
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Accrued expenses |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Other loans | 250,000 | 250,000 |
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11. | 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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SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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12. | RELATED PARTY DISCLOSURES |
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RE Specialty Chemicals LP |
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A partnership in which Sublino Limited is the General Partner. |
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On 31 March 2015 the company became the general partner of RE Specialty Chemicals LP and as such is entitled to 20% |
of its profits. In the year to 31 March 2017 £327,356 (2016: £298,849) was due from the profit share from RE Specialty |
Chemicals LP, of which £121,000 was received in the year. |
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The place of business of the partnership is The Innovation Centre, Sci-Tech Daresbury, Keckwick Lane, Daresbury, |
Cheshire, WA4 4FS. The latest accounts for the partnership will be appended to a copy of the company's accounts. |
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2017 | 2016 |
£ | £ |
Amount due from related party at the balance sheet date | 292,482 | - |
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P J M Estienne |
Director of Sublino Limited. |
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2017 | 2016 |
£ | £ |
Amount due to related party at the balance sheet date | 16 | 16 |
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S Knowles |
Director of Sublino Limited. |
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Directors' fees of £6,200 were incurred during the period in relation to Mr Knowles. |
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2017 | 2016 |
£ | £ |
Amount due from related party at the balance sheet date | 1,873 | 86,126 |
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STN Services Limited |
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A company in which Mr Estienne is a director. |
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A loan of £250,000 was provided to Sublino Limited in 2016. Payments of interest in relation to the loan of £30,000 were |
made during the financial period to 31 March 2017. The loan is a debt secured by the assets of the company. |
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2017 | 2016 |
£ | £ |
Amount due to related party at the balance sheet date | 250,000 | 250,000 |
SUBLINO LIMITED (REGISTERED NUMBER: 09144091) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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12. | RELATED PARTY DISCLOSURES - continued |
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RE Chem Holding AG |
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A company in which Mr Estienne is a director |
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A loan was provided to Sublino Limited during the financial period to 31 March 2017. The loan will be converted to share |
capital after the reporting date. |
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2017 | 2016 |
£ | £ |
Amount due to related party at the balance sheet date | 200,000 | - |
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13. | ULTIMATE CONTROLLING PARTY |
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The company is not controlled by any single individual due to the shareholdings. |
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14. | FIRST YEAR ADOPTION |
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These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2015. |
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No transitional adjustments were required for the reconciliation of equity. |
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No transitional adjustments were required for the reconciliation of profit and loss. |