Cheerent Ltd 02656576 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the management and letting of residential properties, the purchase, development and sale of property stocks and the rental of the company's freehold investment properties Digita Accounts Production Advanced 6.30.9574.0 true true 02656576 2022-03-01 2023-02-28 02656576 2023-02-28 02656576 bus:OrdinaryShareClass1 2023-02-28 02656576 core:CurrentFinancialInstruments 2023-02-28 02656576 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02656576 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 02656576 core:FurnitureFittingsToolsEquipment 2023-02-28 02656576 core:LandBuildings 2023-02-28 02656576 bus:SmallEntities 2022-03-01 2023-02-28 02656576 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 02656576 bus:FullAccounts 2022-03-01 2023-02-28 02656576 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 02656576 bus:RegisteredOffice 2022-03-01 2023-02-28 02656576 bus:Director2 2022-03-01 2023-02-28 02656576 bus:Director4 2022-03-01 2023-02-28 02656576 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 02656576 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02656576 core:Goodwill 2022-03-01 2023-02-28 02656576 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 02656576 core:LandBuildings 2022-03-01 2023-02-28 02656576 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 02656576 countries:AllCountries 2022-03-01 2023-02-28 02656576 2022-02-28 02656576 core:FurnitureFittingsToolsEquipment 2022-02-28 02656576 core:LandBuildings 2022-02-28 02656576 2021-03-01 2022-02-28 02656576 2022-02-28 02656576 bus:OrdinaryShareClass1 2022-02-28 02656576 core:CurrentFinancialInstruments 2022-02-28 02656576 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 02656576 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 02656576 core:FurnitureFittingsToolsEquipment 2022-02-28 02656576 core:LandBuildings 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02656576

Cheerent Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Cheerent Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Cheerent Ltd

Company Information

Directors

Mr Raymond Godfrey Fennell

Mr Daniel Fennell

Registered office

5 School Road
Tilehurst
Reading
RG31 5AR

Accountants

Tymar Associates Limited
Chartered Certified Accountants
44 London Street
Reading
Berkshire
RG1 4SQ

 

Cheerent Ltd

(Registration number: 02656576)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

249,879

250,139

Current assets

 

Debtors

201,454

219,897

Cash at bank and in hand

 

231,167

207,916

 

432,621

427,813

Creditors: Amounts falling due within one year

(91,730)

(119,620)

Net current assets

 

340,891

308,193

Total assets less current liabilities

 

590,770

558,332

Creditors: Amounts falling due after more than one year

(49,255)

(81,150)

Net assets

 

541,515

477,182

Capital and reserves

 

Called up share capital

4

2

2

Retained earnings

541,513

477,180

Shareholders' funds

 

541,515

477,182

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

.........................................
Mr Raymond Godfrey Fennell
Director

 

Cheerent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible fixed assets

25% reducing balance

Amortisation

 

Cheerent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Cheerent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

249,040

122,338

371,378

At 28 February 2023

249,040

122,338

371,378

Depreciation

At 1 March 2022

-

121,239

121,239

Charge for the year

-

260

260

At 28 February 2023

-

121,499

121,499

Carrying amount

At 28 February 2023

249,040

839

249,879

At 28 February 2022

249,040

1,099

250,139

Included within the net book value of land and buildings above is £249,040 (2022 - £249,040) in respect of freehold land and buildings.
 

4

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2