Company registration number 05167936 (England and Wales)
CHRISTOPHER WARD LONDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CHRISTOPHER WARD LONDON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
CHRISTOPHER WARD LONDON LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
3
366
582
Tangible assets
4
101
129
467
711
Current assets
Stocks
2,161
1,566
Debtors
6
1,170
568
Cash at bank and in hand
5,954
348
9,285
2,482
Creditors: amounts falling due within one year
7
(9,898)
(3,384)
Net current liabilities
(613)
(902)
Total assets less current liabilities
(146)
(191)
Creditors: amounts falling due after more than one year
8
(3,852)
(3,435)
Net liabilities
(3,998)
(3,626)
Capital and reserves
Called up share capital
10
3,012
3,012
Profit and loss reserves
(7,010)
(6,638)
Total equity
(3,998)
(3,626)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

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 6 July 2023 and are signed on its behalf by:
P M Ellis
Director
Company Registration No. 05167936
CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Christopher Ward London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Park Street, Maidenhead, Berkshire, SL6 1SL.

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 £'000.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

Christopher Ward London Limited is a wholly owned subsidiary of Christopher Ward London (Holdings) Limited and the results of Christopher Ward London Limited are included in the consolidated financial statements of the Christopher Ward London (Holdings) Limited which are available from Companies House.

The financial statements are made up to the last Friday of the financial year being 31 March 2023 (2022: 25 March 2022).

1.2
Going concern

The financial statements have been prepared on the going concern basis as the directors have undertaken a review of the future financing requirements for on-going operations of the company, and are satisfied that sufficient cash facilities are secured to meet its working capital requirements for at least 12 months from the date of signing of these financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods, allowing for the subsequent dispatch of goods in the week following the year end for orders placed prior to that date), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

 

Assets are included in intangible fixed assets as the cost is incurred. Applicable amortisation is provided from the date of use.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
33% straight line
Trademarks
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

 

Assets are included in tangible fixed assets as the cost is incurred. Applicable depreciation is provided from the date of use.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold property improvements
Over the remaining term of the lease
Fixtures, fittings and equipment
20% straight line
Computer equipment
33% straight line and 20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, other direct costs that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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 balance sheet 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Basic financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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.

1.11
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.

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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
40
39
3
Intangible fixed assets
Other
£'000
Cost
At 1 April 2022
1,383
Additions
254
Transfers
55
At 31 March 2023
1,692
Amortisation and impairment
At 1 April 2022
801
Amortisation charged for the year
479
Transfers
46
At 31 March 2023
1,326
Carrying amount
At 31 March 2023
366
At 31 March 2022
582
CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£'000
£'000
£'000
Cost
At 1 April 2022
29
282
311
Additions
3
33
36
Disposals
-
0
(3)
(3)
Transfers
69
(121)
(52)
At 31 March 2023
101
191
292
Depreciation and impairment
At 1 April 2022
20
162
182
Depreciation charged in the year
21
32
53
Eliminated in respect of disposals
-
0
(1)
(1)
Transfers
24
(67)
(43)
At 31 March 2023
65
126
191
Carrying amount
At 31 March 2023
36
65
101
At 31 March 2022
9
120
129
5
Financial instruments
2023
2022
£'000
£'000
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
15
-
6
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
98
-
0
Derivative financial instruments
15
-
Other debtors
431
411
Prepayments and accrued income
626
157
1,170
568
CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Bank loans and overdrafts
9
-
0
34
Trade creditors
493
289
Amounts owed to group undertakings
1,773
1,956
Taxation and social security
311
197
Deferred income
7,042
526
Other creditors
88
153
Accruals and deferred income
191
229
9,898
3,384
8
Creditors: amounts falling due after more than one year
2023
2022
£'000
£'000
Amounts owed to group undertakings
3,852
3,435

Amounts due to group undertakings represents an interest free loan which is repayable in more than 12 months.

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
945
-
9
Loans and overdrafts
2023
2022
£'000
£'000
Bank overdrafts
-
0
34
Payable within one year
-
0
34
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 1p each
301,245,800
301,245,800
3,012
3,012

 

CHRISTOPHER WARD LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Susan Thomas-Walls BSc BFP FCA
Statutory Auditor:
Spencer Gardner Dickins Audit LLP
12
Financial commitments, guarantees and contingent liabilities

Christopher Ward London Limited is part of a group guarantor scheme regarding the investor loan notes and related interest. As at the reporting date, Christopher Ward London Limited has guaranteed the liabilities of the group totalling £3.391m (2022: £3.393m ). Christopher Ward London Limited is also part of a group guarantor scheme regarding balances with Barclays. As at the reporting date, Christopher Ward London Limited has guaranteed the liabilities of the group totalling £nil (2022: £nil).

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£'000
£'000
138
215
14
Related party transactions

The directors have provided personal guarantees over bank loans, overdrafts and other facilities limited to £1.2m (2022: £1.2m).

 

The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned subsidiaries within the group.

 

2023-03-312022-04-01false06 July 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedP M EllisM B FranceJ J KeechJ J Keechtruetruetrue051679362022-04-012023-03-31051679362023-03-31051679362022-03-3105167936core:IntangibleAssetsOtherThanGoodwill2023-03-3105167936core:IntangibleAssetsOtherThanGoodwill2022-03-3105167936core:LandBuildings2023-03-3105167936core:OtherPropertyPlantEquipment2023-03-3105167936core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105167936core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3105167936core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105167936core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3105167936core:CurrentFinancialInstruments2023-03-3105167936core:CurrentFinancialInstruments2022-03-3105167936core:ShareCapital2023-03-3105167936core:ShareCapital2022-03-3105167936core:RetainedEarningsAccumulatedLosses2023-03-3105167936core:RetainedEarningsAccumulatedLosses2022-03-3105167936bus:Director12022-04-012023-03-3105167936core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3105167936core:ComputerSoftware2022-04-012023-03-3105167936core:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3105167936core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3105167936core:FurnitureFittings2022-04-012023-03-3105167936core:ComputerEquipment2022-04-012023-03-310516793612022-04-012023-03-31051679362021-04-012022-03-3105167936core:IntangibleAssetsOtherThanGoodwill2022-03-3105167936core:LandBuildings2022-03-3105167936core:OtherPropertyPlantEquipment2022-03-31051679362022-03-3105167936core:LandBuildings2022-04-012023-03-3105167936core:OtherPropertyPlantEquipment2022-04-012023-03-3105167936core:Non-currentFinancialInstruments2023-03-3105167936core:Non-currentFinancialInstruments2022-03-3105167936bus:OrdinaryShareClass12022-04-012023-03-3105167936bus:OrdinaryShareClass12023-03-3105167936bus:OrdinaryShareClass12022-03-3105167936bus:OrdinaryShareClass12021-04-012022-03-3105167936bus:PrivateLimitedCompanyLtd2022-04-012023-03-3105167936bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105167936bus:FRS1022022-04-012023-03-3105167936bus:Audited2022-04-012023-03-3105167936bus:Director22022-04-012023-03-3105167936bus:Director32022-04-012023-03-3105167936bus:CompanySecretary12022-04-012023-03-3105167936bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP