Company Registration No. 03858505 (England and Wales)
Chandos Fund GP Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Chandos Fund GP Limited
Company information
Directors
David Bell
David Hall
Eamon Nolan
James Roberts
Ian Waterfield
Marcus Karia
(Appointed 16 November 2022)
Company number
03858505
Registered office
5th Floor Valiant Building
14 South Parade
Leeds
Yorkshire
LS1 5QS
Accountants
Saffery Champness LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Chandos Fund GP Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Chandos Fund GP Limited
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
310
310
Current assets
Debtors
4
1
1
Net current assets
1
1
Total assets less current liabilities
311
311
Creditors: amounts falling due after more than one year
5
(310)
(310)
Net assets
1
1
Capital and reserves
-
-
Called up share capital
6
1
1

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 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 member has 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.

Chandos Fund GP Limited
Statement of financial position (continued)
As at 31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 21 June 2023 and are signed on its behalf by:
Marcus Karia
Director
Company Registration No. 03858505 (England and Wales)
Chandos Fund GP Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information

Chandos Fund GP Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor Valiant Building, 14 South Parade, Leeds, Yorkshire, LS1 5QS.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised as it is due in line with the Limited Partnership Agreement for the fund, which it acts as General Partner.

1.3
Fixed asset investments

Interests in investments other than loans are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
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 statement of financial position 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.

Chandos Fund GP Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
Basic financial assets

Basic financial assets, which include debtors, 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.

1.5
Equity instruments

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
Chandos Fund GP Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 5
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
310
310
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
310
310
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Fee income
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
-
276,858
Chandos Fund GP Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 6
8
Ultimate parent undertaking

The company is a subsidiary of YFM Private Equity Limited. The ultimate parent company is YFM Equity Partners LLP, incorporated in England and Wales.

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