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REGISTERED NUMBER: 11810284 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 30 June 2023

for

Chetwood Investment Management Limited

Chetwood Investment Management Limited (Registered number: 11810284)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Chetwood Investment Management Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: Mr R J Hansell





REGISTERED OFFICE: St Denys House
22 East Hill
St. Austell
Cornwall
PL25 4TR





REGISTERED NUMBER: 11810284 (England and Wales)





AUDITORS: Wills Bingley Limited
Chartered Accountants and Statutory Auditors
St Denys House
22 East Hill
St. Austell
Cornwall
PL25 4TR

Chetwood Investment Management Limited (Registered number: 11810284)

Report of the Director
for the Year Ended 30 June 2023

The director presents his report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of investment company

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

DIRECTOR
Mr R J Hansell held office during the whole of the period from 1 July 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Wills Bingley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R J Hansell - Director


16 October 2023

Report of the Independent Auditors to the Shareholders of
Chetwood Investment Management Limited

Opinion
We have audited the financial statements of Chetwood Investment Management Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Shareholders of
Chetwood Investment Management Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Shareholders of
Chetwood Investment Management Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we identified the laws and regulations applicable to the company from our knowledge and experience of the financial investment sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery and employment; and
- identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships; and
- tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Shareholders of
Chetwood Investment Management Limited


Use of our report
This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's shareholders those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Jonathan I Wood (Senior Statutory Auditor)
for and on behalf of Wills Bingley Limited
Chartered Accountants and Statutory Auditors
St Denys House
22 East Hill
St. Austell
Cornwall
PL25 4TR

18 October 2023

Chetwood Investment Management Limited (Registered number: 11810284)

Income Statement
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

TURNOVER 631,602 529,535

Administrative expenses 487,080 368,836
OPERATING PROFIT 4 144,522 160,699


Interest payable and similar expenses 5 948 873
PROFIT BEFORE TAXATION 143,574 159,826

Tax on profit 6 29,576 30,484
PROFIT FOR THE FINANCIAL YEAR 113,998 129,342

Chetwood Investment Management Limited (Registered number: 11810284)

Other Comprehensive Income
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

PROFIT FOR THE YEAR 113,998 129,342


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

113,998

129,342

Chetwood Investment Management Limited (Registered number: 11810284)

Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 6,862 3,810

CURRENT ASSETS
Debtors 8 276,718 54,253
Cash at bank 257,193 374,951
533,911 429,204
CREDITORS
Amounts falling due within one year 9 86,880 83,696
NET CURRENT ASSETS 447,031 345,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

453,893

349,318

CREDITORS
Amounts falling due after more than one
year

10

(40,000

)

(50,000

)

PROVISIONS FOR LIABILITIES 12 (1,301 ) (724 )
NET ASSETS 412,592 298,594

CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Retained earnings 14 362,592 248,594
SHAREHOLDERS' FUNDS 412,592 298,594

The financial statements were approved by the director and authorised for issue on 16 October 2023 and were signed by:





Mr R J Hansell - Director


Chetwood Investment Management Limited (Registered number: 11810284)

Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 July 2021 50,000 119,252 169,252

Changes in equity
Total comprehensive income - 129,342 129,342
Balance at 30 June 2022 50,000 248,594 298,594

Changes in equity
Total comprehensive income - 113,998 113,998
Balance at 30 June 2023 50,000 362,592 412,592

Chetwood Investment Management Limited (Registered number: 11810284)

Cash Flow Statement
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (72,319 ) 152,873
Interest paid (948 ) (873 )
Tax paid (29,987 ) (18,291 )
Net cash from operating activities (103,254 ) 133,709

Cash flows from investing activities
Purchase of tangible fixed assets (4,503 ) (3,266 )
Net cash from investing activities (4,503 ) (3,266 )

Cash flows from financing activities
Loan repayments in year (10,001 ) (7,500 )
Net cash from financing activities (10,001 ) (7,500 )

(Decrease)/increase in cash and cash equivalents (117,758 ) 122,943
Cash and cash equivalents at
beginning of year

2

374,951

252,008

Cash and cash equivalents at end of
year

2

257,193

374,951

Chetwood Investment Management Limited (Registered number: 11810284)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30/6/23 30/6/22
£    £   
Profit before taxation 143,574 159,826
Depreciation charges 1,452 649
Finance costs 948 873
145,974 161,348
Increase in trade and other debtors (222,465 ) (17,692 )
Increase in trade and other creditors 4,172 9,217
Cash generated from operations (72,319 ) 152,873

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 257,193 374,951
Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 374,951 252,008


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/22 Cash flow At 30/6/23
£    £    £   
Net cash
Cash at bank 374,951 (117,758 ) 257,193
374,951 (117,758 ) 257,193
Debt
Debts falling due within 1 year (10,000 ) - (10,000 )
Debts falling due after 1 year (50,000 ) 10,000 (40,000 )
(60,000 ) 10,000 (50,000 )
Total 314,951 (107,758 ) 207,193

Chetwood Investment Management Limited (Registered number: 11810284)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Chetwood Investment Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions payable into to employees pension's are charged to profit or loss in the period to which they relate.

Chetwood Investment Management Limited (Registered number: 11810284)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS
30/6/23 30/6/22
£    £   
Wages and salaries 304,902 228,046
Social security costs 34,575 21,802
Other pension costs 9,722 9,052
349,199 258,900

The average number of employees during the year was as follows:
30/6/23 30/6/22

Director 1 1
Other employees 6 6
7 7

30/6/23 30/6/22
£    £   
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

30/6/23 30/6/22
£    £   
Office space rent 270 -
Depreciation - owned assets 1,451 649
Sponsorships 23,142 12,827

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/23 30/6/22
£    £   
Bank loan interest 948 873

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/23 30/6/22
£    £   
Current tax:
UK corporation tax 28,999 29,987

Deferred tax 577 497
Tax on profit 29,576 30,484

Chetwood Investment Management Limited (Registered number: 11810284)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2022 4,773
Additions 4,503
At 30 June 2023 9,276
DEPRECIATION
At 1 July 2022 963
Charge for year 1,451
At 30 June 2023 2,414
NET BOOK VALUE
At 30 June 2023 6,862
At 30 June 2022 3,810

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade debtors 54,793 47,075
LMG 216,297 -
Prepayments 5,628 7,178
276,718 54,253

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Bank loan (see note 11) 10,000 10,000
Trade creditors 6,586 1,382
Credit Card a/c 3,313 1,198
Tax 28,999 29,987
Social security and other taxes 10,224 8,798
VAT 11,258 9,395
LMG - 5,448
DWM 4,608 4,608
CWM 2,317 1,480
Accrued expenses 9,575 11,400
86,880 83,696

Chetwood Investment Management Limited (Registered number: 11810284)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/23 30/6/22
£    £   
Bank loans (see note 11) 22,500 32,500
Other loans (see note 11) 17,500 17,500
40,000 50,000

11. LOANS

An analysis of the maturity of loans is given below:

30/6/23 30/6/22
£    £   
Amounts falling due within one year or on demand:
Bounceback loan 10,000 10,000

Amounts falling due between two and five years:
Bounceback loan 22,500 32,500
CWM loan 17,500 17,500
40,000 50,000

12. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£    £   
Deferred tax 1,301 724

Deferred
tax
£   
Balance at 1 July 2022 724
Charge to Income Statement during year 577
Balance at 30 June 2023 1,301

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
5,000,000 Ordinary 0.01 50,000 50,000

Chetwood Investment Management Limited (Registered number: 11810284)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

14. RESERVES
Retained
earnings
£   

At 1 July 2022 248,594
Profit for the year 113,998
At 30 June 2023 362,592

15. RELATED PARTY DISCLOSURES

During the year the company had transactions with Chetwood Wealth Management Ltd (CWM), a related entity.

Balances due to related entities at the year end were as follows:
20222021
Chetwood Wealth Management Ltd (CWM)1,480463
Darnells Wealth Management Ltd (DWM)4,6084,608
Langley Marsh Ltd (LGM)5,4485,448

Included in creditors over 1 year is a subordinated loan from CWM of £17,500 (2021: £17,500).