Chemco International Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC124648 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2018

for

CHEMCO INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

M E Khorasani

REGISTERED OFFICE:

13-21 Hagmill Road

East Shawhead Industrial Estate

Coatbridge

ML5 4XD

REGISTERED NUMBER:

SC124648 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

BANKERS:

The Royal Bank of Scotland plc

80 Main Street

Coatbridge

ML5 3DZ

FIXED ASSETS

Intangible assets

5

9,222

29,380

Tangible assets

6

140,492

48,929

149,714

78,309

CURRENT ASSETS

Stocks

76,663

75,228

Debtors

7

746,065

1,026,706

Cash at bank and in hand

2,425,738

1,500,837

3,248,466

2,602,771

CREDITORS

Amounts falling due within one year

8

532,769

590,440

NET CURRENT ASSETS

2,715,697

2,012,331

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,865,411

2,090,640

PROVISIONS FOR LIABILITIES

26,083

8,362

NET ASSETS

2,839,328

2,082,278

CAPITAL AND RESERVES

Called up share capital

66,000

Retained earnings

2,773,328

2,016,278

SHAREHOLDERS' FUNDS

2,839,328

2,082,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director on 31 October 2018 and were signed by:

M E Khorasani - Director

1.	STATUTORY INFORMATION

Chemco International Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from the manufacturing and application of anti-corrosive protective coatings supplied by the

company.

Turnover is measured at the fair value of the manufacturing and application of anti-corrosive protective coatings

supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains

the right to consideration.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost and 15% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and

accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is

not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of

the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets

below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable

value). Costs, which comprise direct production costs, are based on the method appropriate to the type of

inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit and loss as incurred. Net

realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of

stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any

reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an

expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Research and development

Research and development costs for products with measurable future benefits are capitalised in the balance sheet

and amortised over the expected life of the product.

Foreign currencies

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of

exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at

the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account.

Non-monetary items are measured at historic cost in a foreign currency are not retranslated.

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.

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.

Government grants

Grants which are deemed to be revenue in nature are credited to the profit and loss account as they become

receivable. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the

profit and loss account over the estimated useful life of the assets to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2017 - 22 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2017

876,273

Additions

3,080

At 30 April 2018

879,353

AMORTISATION

At 1 May 2017

846,893

Charge for year

23,238

At 30 April 2018

870,131

NET BOOK VALUE

At 30 April 2018

9,222

At 30 April 2017

29,380

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2017

168,744

Additions

138,456

Disposals

(3,950

)

At 30 April 2018

303,250

DEPRECIATION

At 1 May 2017

119,815

Charge for year

44,721

Eliminated on disposal

(1,778

)

At 30 April 2018

162,758

NET BOOK VALUE

At 30 April 2018

140,492

At 30 April 2017

48,929

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

658,178

939,469

Other debtors

87,887

87,237

746,065

1,026,706

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade creditors

218,368

325,656

Taxation and social security

173,639

146,090

Other creditors

140,762

118,694

532,769

590,440

9.	SECURED DEBTS

The Royal Bank of Scotland PLC hold a bond and floating charge over the assets and undertakings of the

company for any amounts due or to become due.

10.	OTHER FINANCIAL COMMITMENTS

As at 30 April 2018, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £50,798 (2017 - £56,349).

11.	RELATED PARTY DISCLOSURES

The company operates a loan account with the director, Mr M E Khorasani.

During the year, the director advanced loans totalling £57,226 to the company. At the year end, the balance due

to the director was £82,326 (2017 - £25,100). This loan is unsecured, interest free and has no fixed repayment

terms.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Chemco International Limited for the year ended 30 April 2018 which comprise the Profit &

Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Chemco International Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chemco International Limited and state those matters that we have agreed to state to the director of Chemco International Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Chemco International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chemco International Limited. You consider that Chemco International Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chemco International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

31 October 2018

Chemco International Limited - Accounts to registrar (filleted) - small 18.2

Chemco International Limited - Accounts to registrar (filleted) - small 18.2