Registered number: 02621333
Chandler Securities Limited
Financial statements
For the year ended 31 December 2021
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Chandler Securities Limited
Registered number: 02621333
Balance sheet
As at 31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J E Martin BSc (Hons) ACA
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The notes on pages 2 to 8 form part of these financial statements.
Page 1
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
Chandler Securities Limited is a private company limited by shares and is incorporated in England with the registration number 02621333. The address of the registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The company's functional and presentational currency is pounds sterling. The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
These financial statements are therefore the company's separate financial statements, and present information about the company as an individual undertaking and not about its group.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 2
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 3
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 4
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Taxation
Provision has been made in the financial statements for deferred tax amounting to £386,427 (2020 - £280,218) at the reporting date (see note 10). This provision is based upon estimates of the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.
The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 17 August 2022 by Peter Manser FCA DChA (senior statutory auditor) on behalf of Kreston Reeves LLP.
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The average monthly number of employees, including directors, during the year was 4 (2020 - 4).
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Investments in subsidiary companies
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Page 5
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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The following was a subsidiary undertaking of the company:
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The registered office of TWB (Holdings) Limited is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
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Page 6
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise the company's listed investments.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Page 7
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Chandler Securities Limited
Notes to the financial statements
For the year ended 31 December 2021
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Allotted, called up and fully paid
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2,100 (2020 - 2,100) Ordinary shares of £1 each
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Related party transactions
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The group is exempt from disclosure related party transactions between companies that are wholly owned within the group.
All other related party transactions during the current and prior periods were made under normal market conditions.
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The company is a wholly owned subsidiary undertaking of Latham Trust Limited, a company registered in England.
The company's ultimate parent undertaking is The Chandler Corporation Limited. The Chandler Corporation Limited prepares consolidated financial statements which include the results of the company. Those financial statements may be obtained from its registered office at 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
Page 8
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