Company Registration No. 03148926 (England and Wales)
ALLCHEM (MIDLANDS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ALLCHEM (MIDLANDS) LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ALLCHEM (MIDLANDS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2018.
Principal activities
The principal activity of the company continued to be that of supplying industrial materials.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C A Hopkins
A J Hopkins
A Hopkins
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A J Hopkins
Director
30 September 2019
ALLCHEM (MIDLANDS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,527
12,873
Current assets
Stocks
113,286
106,434
Debtors
4
389,880
475,709
Cash at bank and in hand
121,272
89,500
624,438
671,643
Creditors: amounts falling due within one year
5
(232,463)
(205,707)
Net current assets
391,975
465,936
Total assets less current liabilities
408,502
478,809
Creditors: amounts falling due after more than one year
6
-
(4,316)
Net assets
408,502
474,493
Capital and reserves
Called up share capital
7
2,002
2,002
Profit and loss reserves
406,500
472,491
Total equity
408,502
474,493
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ALLCHEM (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
A J Hopkins
Director
Company Registration No. 03148926
ALLCHEM (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Allchem (Midlands) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Wingate Close, Glaisdale Drive East, Nottingham, Nottinghamshire, NG8 4LP.
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 a
mounts
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
. Turnover is recognised when goods are despatched.
1.3
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.
Depreciation 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:
Leasehold land and buildings
over the lease term
Plant and equipment
15% on cost
Computers
15% on cost
Motor vehicles
25% on cost
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash at bank and in hand
Cash at bank and in hand
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.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
ALLCHEM (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Loans and borrowings
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 7).
ALLCHEM (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2018
19,000
34,744
59,114
62,882
175,740
Additions
-
3,156
-
10,079
13,235
At 31 December 2018
19,000
37,900
59,114
72,961
188,975
Depreciation and impairment
At 1 January 2018
19,000
32,218
58,448
53,201
162,867
Depreciation charged in the year
-
1,183
143
8,255
9,581
At 31 December 2018
19,000
33,401
58,591
61,456
172,448
Carrying amount
At 31 December 2018
-
4,499
523
11,505
16,527
At 31 December 2017
-
2,526
666
9,681
12,873
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
381,507
470,852
Other debtors
8,373
4,857
389,880
475,709
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
192,327
169,528
Corporation tax
13,269
16,603
Other taxation and social security
1,914
12,195
Other creditors
24,953
7,381
232,463
205,707
ALLCHEM (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
4,316
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
521 Ordinary A shares of £1 each
521
521
300 Ordinary B shares of £1 each
300
300
480 Ordinary C shares of £1 each
480
480
501 Ordinary D shares of £1 each
501
501
200 Ordinary E shares of £1 each
200
200
2,002
2,002
8
Related party transations
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS 102 Section 1A.