Company registration number 09459198 (England and Wales)
The Chadwick Norman Group Limited
Unaudited financial statements
For the year ended 28 February 2022
The Chadwick Norman Group Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
The Chadwick Norman Group Limited
Balance sheet
as at 28 February 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,300,000
1,300,000
Current assets
Debtors
4
131,809
10,685
Creditors: amounts falling due within one year
5
(724,146)
(683,360)
Net current liabilities
(592,337)
(672,675)
Total assets less current liabilities
707,663
627,325
Provisions for liabilities
(108,139)
(108,139)
Net assets
599,524
519,186
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
599,522
519,184
Total equity
599,524
519,186
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 28 February 2022 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.
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 by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
Mr N P Chadwick
Director
Company Registration No. 09459198
THE CHADWICK NORMAN GROUP LIMITED
The Chadwick Norman Group Limited
Notes to the financial statements
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 2 -
1
Accounting policies
Company information
The Chadwick Norman Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 108-114 City Road, Fenton, Stoke on Trent, Staffordshire, England, ST4 2PH.
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.
1.2
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.3
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
1.4
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.
THE CHADWICK NORMAN GROUP LIMITED
The Chadwick Norman Group Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was Nil:
2022
2021
Number
Number
Total
3
Investment property
2022
£
Fair value
At 1 March 2021 and 28 February 2022
1,300,000
Investment property comprises one property. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 28 February 2021 the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
THE CHADWICK NORMAN GROUP LIMITED
The Chadwick Norman Group Limited
Notes to the financial statements (continued)
FOR THE YEAR ENDED 28 FEBRUARY 2022
3
Investment property
(Continued)
- 4 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2022
2021
£
£
Cost
680,489
680,489
Accumulated depreciation
(91,866)
(78,256)
Carrying amount
588,623
602,233
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
131,809
10,685
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
18,846
1,833
Other creditors
705,300
681,527
724,146
683,360