REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
Chevin Asset Management Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
Chevin Asset Management Limited |
Chevin Asset Management Limited (Registered number: 08121983) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chevin Asset Management Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Chevin Asset Management Limited (Registered number: 08121983) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Chevin Asset Management Limited (Registered number: 08121983) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Chevin Asset Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amounts derived from properties sold during the year. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost represents the purchase price in addition to any legal fees and refurbishment costs. Net realisable value is based on the estimated selling price less further costs expected to be incurred in completion and disposal. |
At each reporting date, stock and work in progress is assessed for expected losses. If a loss is expected then the loss is recognised in full immediately in the Profit and Loss Account.. |
Going concern |
The accounts have been prepared on the going concern basis. The directors have confirmed the continued financial support from the group companies, as well as the related undertakings and that no repayments on inter-company loans will be made until the company has adequate funds. |
Related parties |
The company is a wholly owned subsidiary of Chevin Group Holdings Limited. The company has taken advantage of the exemption contained within the Financial Reporting Standard and has therefore not disclosed transactions with entities which form part of the group, other than as normally disclosed in the notes to the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Deferred tax | - | 4,000 |
Aggregate amounts |
Chevin Asset Management Limited (Registered number: 08121983) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | DEBTORS - continued |
Deferred tax asset | 2022 | 2021 |
£ | £ |
Trading losses | - | 4,000 |
- | 4,000 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Owed to related parties | 70,000 | 830,000 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Other loans |
Bank loans are personally indemnified by the directors. |
Other loans are secured against the trading stock of the company. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Chevin Asset Management Limited (Registered number: 08121983) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | RELATED PARTY DISCLOSURES |
During the year, the entity had loans outstanding with other related companies owned by the directors. At the year end, £70,000 (2021: £830,000) was owed by the company. Interest was charged at 10% on the prior year balances carried forward amounting to £18,006. Nil interest was charged on the balances withdrawn in the year. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is Chevin Group Holdings Limited, a company incorporated in England and Wales, which shares the registered office as detailed on page 1. Copies of the consolidated financial statements are available from Companies House. |