Company registration number 00694901 (England and Wales)
CELLMARK SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CELLMARK SERVICES LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 11
CELLMARK SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company during the year was that of selling speciality chemicals, and other materials.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr H M Perrin
Mrs P A Jordan
Auditor
The auditor, Eacotts International Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
Each of the directors in office at the date of approval of this annual report confirms that:
so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs P A Jordan
Director
7 June 2023
CELLMARK SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
524
1,311
Tangible assets
4
43,333
43,857
1,311
Current assets
Stocks
1,327,055
708,096
Debtors
7
1,825,838
1,315,272
3,152,893
2,023,368
Creditors: amounts falling due within one year
6
(2,166,958)
(1,363,289)
Net current assets
985,935
660,079
Net assets
1,029,792
661,390
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,028,792
660,390
Total equity
1,029,792
661,390
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 June 2023 and are signed on its behalf by:
Mrs P A Jordan
Director
Company Registration No. 00694901
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
CellMark Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the value of goods supplied to customers during the year, excluding Value Added Tax. Revenue is recognised at the time when the principal risk and rewards associated with supplied goods are passed to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Intangible fixed assets are licences to import and sell specific restricted chemicals. The licence is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual installments over the length of the licence. The length of the license is five years.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Licence to import chemicals
over the length of the licence
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated in the balance sheet at their historic purchases cost, less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bring the asset to its working condition for its intended use. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost of each asset less its estimated residual value, in equal annual instalments over its expected useful economic life as follows:
Motor vehicles
5 years on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value.
Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is recognised as recoverable and recognised only when, on the basis of all available evidence, it can be regarded as more likely that not that there will be suitable taxable profits against which to recover carried forward tax losses from which the future reversal of underlying timing differences can be deducted.
Deferred tax is measured at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on the tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on an undiscounted basis.
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into £ at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences arising from translation of assets and liabilities and transactions are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2021 - 5).
2022
2021
Number
Number
Total
8
5
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2022 and 31 December 2022
23,934
Amortisation and impairment
At 1 January 2022
22,623
Amortisation charged for the year
787
At 31 December 2022
23,410
Carrying amount
At 31 December 2022
524
At 31 December 2021
1,311
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
Additions
50,000
At 31 December 2022
50,000
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
6,667
At 31 December 2022
6,667
Carrying amount
At 31 December 2022
43,333
At 31 December 2021
5
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,797,518
1,307,613
Carrying amount of financial liabilities
Measured at amortised cost
1,981,797
1,263,803
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5
Financial instruments
(Continued)
- 9 -
The group has exposures to two main areas of risk relating to financial instruments - foreign exchange currency exposure and customer credit exposure.
Customer credit exposure
The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.
Hedging arrangements
Foreign exchange transactional currency exposure
The company is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed by the use of forward foreign exchange contracts, The forward foreign exchange contracts all mature within 12 months.
At 31 December 2022, the company had forward foreign exchange contracts open in various currencies as follows:
Contracts to sell USD $24,887 (2021: $47,957)
Contracts to buy GBP £36,905 (2021: £52,567)
Contracts to sell Euro €19,977 (2021: €19,810)
The above contracts are maturing between January 2023 and February 2023.
There is a bank guarantee to H M Revenue & Customs of £200,000 in the ordinary course of the business.
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
567,248
502,321
Amounts owed to group undertakings
1,197,362
687,268
Corporation tax
57,851
18,666
Other taxation and social security
127,310
80,820
Other creditors
217,187
74,214
2,166,958
1,363,289
The company had issued £200,000 guarantee on 18 October 2012 to HM Revenue & Customs.
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
533,321
496,803
Amounts due from group undertakings
1,237,412
785,619
Other debtors
51,924
29,669
1,822,657
1,312,091
Amounts falling due after one year:
Deferred tax asset
3,181
3,181
Total debtors
1,825,838
1,315,272
Trade debtors disclosed above are measured at amortised cost.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Jeffrey Smith FCA
ICAEW Registered Auditors:
Eacotts International Limited
9
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for its office space.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
20,612
38,974
10
Parent company
Cellmark Investments AB, incorporated in Sweden, remains the ultimate parent company of Cellmark Chemicals Ltd. There is no ultimate controlling party.
Copies of the financial statements for the group are available on request at
http://www.cellmark.com/about/key-financial-figures .
CELLMARK SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
11
Related party transactions
Remuneration of key management personnel
No remuneration was paid to key management personnel or directors from this company.
No guarantees have been given or received.
The company has taken advantage of the exemption available in FRS 102 (section 33.1A) whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
2022-12-312022-01-01false15 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr H M PerrinMrs P A Jordan006949012022-01-012022-12-3100694901bus:Director12022-01-012022-12-3100694901bus:Director22022-01-012022-12-31006949012022-12-31006949012021-12-3100694901core:IntangibleAssetsOtherThanGoodwill2022-12-3100694901core:IntangibleAssetsOtherThanGoodwill2021-12-3100694901core:OtherPropertyPlantEquipment2022-12-3100694901core:OtherPropertyPlantEquipment2021-12-3100694901core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100694901core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3100694901core:CurrentFinancialInstruments2022-12-3100694901core:CurrentFinancialInstruments2021-12-3100694901core:ShareCapital2022-12-3100694901core:ShareCapital2021-12-3100694901core:RetainedEarningsAccumulatedLosses2022-12-3100694901core:RetainedEarningsAccumulatedLosses2021-12-3100694901core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3100694901core:PatentsTrademarksLicencesConcessionsSimilar2022-01-012022-12-3100694901core:MotorVehicles2022-01-012022-12-31006949012021-01-012021-12-3100694901core:IntangibleAssetsOtherThanGoodwill2021-12-3100694901core:OtherPropertyPlantEquipment2021-12-3100694901core:OtherPropertyPlantEquipment2022-01-012022-12-3100694901core:Non-currentFinancialInstruments2022-12-3100694901core:Non-currentFinancialInstruments2021-12-3100694901bus:PrivateLimitedCompanyLtd2022-01-012022-12-3100694901bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3100694901bus:FRS1022022-01-012022-12-3100694901bus:Audited2022-01-012022-12-3100694901bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP