Company Registration No. 04166887 (England and Wales)
CYTEC SYSTEMS UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
CYTEC SYSTEMS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CYTEC SYSTEMS UK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,322
2,214
Current assets
Stocks
46,271
45,522
Debtors
5
106,594
85,928
Cash at bank and in hand
217,923
234,014
370,788
365,464
Creditors: amounts falling due within one year
6
(111,050)
(89,372)
Net current assets
259,738
276,092
Net assets
262,060
278,306
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
261,960
278,206
Total equity
262,060
278,306
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 March 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 7 December 2021 and are signed on its behalf by:
Mr B Taylor
Director
Company Registration No. 04166887
CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
CyTec Systems UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Whistlers, Chuck Hatch, Hartfield, East Sussex, TN7 4EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Depreciation
is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 25% on cost
Computers
- 25% on cost
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
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.
1.6
Hire purchase and leasing commitments
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 lease
s
asset are consumed.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
3
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
12,383
Additions
826
At 31 March 2021
13,209
Depreciation and impairment
At 1 April 2020
10,169
Depreciation charged in the year
718
At 31 March 2021
10,887
Carrying amount
At 31 March 2021
2,322
At 31 March 2020
2,214
CYTEC SYSTEMS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
96,318
76,087
Corporation tax recoverable
3,793
2,243
Other debtors
6,483
7,598
106,594
85,928
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
78,373
57,066
Taxation and social security
27,140
29,445
Other creditors
5,537
2,861
111,050
89,372
7
Covid-19
As a direct consequence of the Coronavirus (COVID 19) pandemic, and in accordance with UK government guidelines the company has seen a decrease in sales due to the negative impact on the automotive industry.
At the date of approval of the accounts it has not been to quantify or ascertain with any certainty the financial impact of COVID-19. No adjustments have been made to any figures in the accounts as a result of the pandemic.