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COMPANY REGISTRATION NUMBER: 03252610
Charisse Limited
Filleted Unaudited Financial Statements
31 December 2022
Charisse Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Charisse Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
26,437
16,605
Current assets
Stocks
52,042
49,025
Debtors
6
70,021
41,009
Cash at bank and in hand
92,608
103,220
---------
---------
214,671
193,254
Creditors: amounts falling due within one year
7
120,895
95,939
---------
---------
Net current assets
93,776
97,315
---------
---------
Total assets less current liabilities
120,213
113,920
Creditors: amounts falling due after more than one year
8
38,604
38,127
Provisions
Taxation including deferred tax
5,023
3,155
---------
---------
Net assets
76,586
72,638
---------
---------
Capital and reserves
Called up share capital
31
31
Profit and loss account
76,555
72,607
--------
--------
Shareholders funds
76,586
72,638
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Charisse Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:
Mrs R Hutchings
Mr L Hutchings
Director
Director
Company registration number: 03252610
Charisse Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oxford Fireplace Centre, Dunmore Court, Wootton Road, Abingdon, Oxfordshire, OX13 6BH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the amounts receivable during the year, exclusive of Value Added Tax.
Income tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
2,348
37,722
25,567
65,637
Additions
16,495
1,826
18,321
-------
--------
--------
--------
At 31 December 2022
2,348
54,217
27,393
83,958
-------
--------
--------
--------
Depreciation
At 1 January 2022
2,287
24,030
22,715
49,032
Charge for the year
13
7,543
933
8,489
-------
--------
--------
--------
At 31 December 2022
2,300
31,573
23,648
57,521
-------
--------
--------
--------
Carrying amount
At 31 December 2022
48
22,644
3,745
26,437
-------
--------
--------
--------
At 31 December 2021
61
13,692
2,852
16,605
-------
--------
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
61,522
31,708
Other debtors
8,499
9,301
--------
--------
70,021
41,009
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,323
9,481
Trade creditors
39,947
24,828
Corporation tax
85
4,787
Social security and other taxes
33,435
21,261
Other creditors
38,105
35,582
---------
--------
120,895
95,939
---------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
29,562
34,989
Other creditors
9,042
3,138
--------
--------
38,604
38,127
--------
--------
9. Related party transactions
The company was under the control of Mrs Hutchings throughout the current and previous year. Mrs Hutchings is the managing director and majority shareholder. During the year dividends totalling £7,500 (2021: £12,000) was paid to the directors.