Registered number
10509569
Chenoweth's Trading Company Ltd
Filleted Accounts
31 December 2022
Chenoweth's Trading Company Ltd
Registered number: 10509569
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 1,516 4,014
Tangible assets 4 607,065 619,988
608,581 624,002
Current assets
Stocks 64,096 70,506
Debtors 5 88,625 94,719
Cash at bank and in hand 13,843 19,095
166,564 184,320
Creditors: amounts falling due within one year 6 (164,133) (162,006)
Net current assets 2,431 22,314
Total assets less current liabilities 611,012 646,316
Creditors: amounts falling due after more than one year 7 (439,780) (474,577)
Provisions for liabilities (49,267) (47,960)
Net assets 121,965 123,779
Capital and reserves
Called up share capital 101 101
Profit and loss account 121,864 123,678
Shareholders' funds 121,965 123,779
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Julian Winston Chenoweth
Director
Approved by the board on 2 October 2023
Chenoweth's Trading Company Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 5% reducing balance
Motor vehicles 10% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Computer equipment 33% reducing balance
Leasehold improvements 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 24 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 9,992
At 31 December 2022 9,992
Amortisation
At 1 January 2022 5,978
Provided during the year 2,498
At 31 December 2022 8,476
Net book value
At 31 December 2022 1,516
At 31 December 2021 4,014
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 23,860 466,657 291,739 782,256
Additions - 143,165 110,765 253,930
Disposals - (281,071) - (281,071)
At 31 December 2022 23,860 328,751 402,504 755,115
Depreciation
At 1 January 2022 6,148 97,239 58,881 162,268
Charge for the year 3,542 13,685 30,293 47,520
On disposals - (61,738) - (61,738)
At 31 December 2022 9,690 49,186 89,174 148,050
Net book value
At 31 December 2022 14,170 279,565 313,330 607,065
At 31 December 2021 17,712 369,418 232,858 619,988
5 Debtors 2022 2021
£ £
Trade debtors 75,358 78,237
Other debtors 13,267 16,482
88,625 94,719
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 6,766 7,426
Obligations under finance lease and hire purchase contracts 83,284 50,892
Trade creditors 40,199 59,335
Taxation and social security costs 28,166 38,237
Other creditors 5,718 6,116
164,133 162,006
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 10,635 25,373
Obligations under finance lease and hire purchase contracts 75,657 51,085
Amounts owed to group undertakings and undertakings in which the company has a participating interest 10,085 6,525
Other creditors 343,403 391,594
439,780 474,577
8 Related party transactions
At the period end the company owed £343,403 (2021: £391,594) to Mr Julian Winston Chenoweth, director. The loan is interest bearing at 2% and repayable after more than one year.

At the period end the company owed £10,085 (2021: £6,525) to Chenoweths Holdings Ltd, parent. The loan is interest free and repayable after more than one year.

At the period end the company was owed £2,957 (2021: £13,645) from Business Park Ltd, a company under common control. The loan is interest free and repayable in less than one year.

At the period end the company was owed £0 (2021: £2,000) from Route One Booking Ltd, a company under common control. The loan is interest free and repayable in less than one year.

At the period end the company was owed £8,445 (2021: £0) from The Old Garage Wine and Deli Ltd, a company under common control. The loan is interest free and repayable in less than one year.
9 Controlling party
The 100% A shareholding in the company is owned by Chenoweths Holdings Limited, parent, a company ultimately controlled by Mr Julian Winston Chenoweth.
10 Other information
Chenoweth's Trading Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Chenoweth Business Park
Ruan High Lanes
Truro
Cornwall
TR2 5JT
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