Company Registration No. SC057204 (Scotland)
CHAMIC HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
CHAMIC HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CHAMIC HOLDINGS LIMITED
BALANCE SHEET
AS AT
19 FEBRUARY 2018
19 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
3
235,000
235,000
Current assets
Debtors
4
3,765
114,979
Cash at bank and in hand
25,476
9,990
29,241
124,969
Creditors: amounts falling due within one year
5
(23,707)
(18,806)
Net current assets
5,534
106,163
Total assets less current liabilities
240,534
341,163
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
240,434
341,063
Total equity
240,534
341,163

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 19 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 and signed by the director and authorised for issue on 13 November 2018
C J Mitchell
Director
Company Registration No. SC057204
CHAMIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 19 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information

Chamic Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 27 Bankhead Drive, Edinburgh, EH11 4DN.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

1.2
Turnover

Turnover represents amounts receivable for rent net of trade discounts.

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.

CHAMIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 19 FEBRUARY 2018
1
Accounting policies
(Continued)
- 3 -
1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.4
Cash and cash equivalents

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.

1.5
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.

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.

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.

CHAMIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 19 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

2
Exceptional costs/(income)
2018
2017
£
£
Provision for intercompany debt
108,750
-
3
Investment property
2018
£
Fair value
At 20 February 2017 and 19 February 2018
235,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 10 May 2010 by House Partners (Edinburgh) Ltd, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider that the correct valuation remains at £235,000.

 

On a historical cost basis these would have been included at an original cost of £32,335 (2017 - 32,335).

4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
3,765
6,229
Other debtors
-
108,750
3,765
114,979
CHAMIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 19 FEBRUARY 2018
- 5 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
3,106
3,025
Other creditors
20,601
15,781
23,707
18,806
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
7
Directors' transactions

Dividends totalling £4,940 (2017 - £8,000) were paid in the year in respect of shares held by the company's directors.

Included within other creditors are the amounts of £12,804 (2017 - £11,569) owed to M M Hunter and £4,975 (2017 - £1,270) owed to Charlotte Mitchell. There are no fixed repayment terms and interest is not charged.

 

Included within other debtors at the year end is a balance due of £nil (2017 - £108,750), being £100,000 loan plus interest of £8,750 owed from Hunter Investments Limited. This balance was provided for on the grounds that the director does not believe the amount to be recoverable.

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