REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
CHADWICKS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
CHADWICKS LIMITED |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
REPORT OF THE DIRECTOR |
for the Year Ended 31 May 2023 |
The director presents his report with the financial statements of the company for the year ended 31 May 2023. |
REVIEW OF BUSINESS |
This was a challenging period as exogenous factors weighed on company performance. However, when adjusted for exceptional items (in particular, the 25th anniversary celebrations and the timing of Director's pension contributions), turnover, costs and underlying earnings were broadly flat and we were able to grow the balance sheet. New business inflows remained robust and were sufficient to offset the underlying falls in invested asset values. Around 95% of our income is now from recurring fees, which are typically linked to asset values and so immediately impacted by any falls. |
The firm continued to receive wider recognition. It was included in Citywire's Top 100 firms for a third year and received the Citywire East of England title for a second consecutive year. The firm was a finalist in the Next Gen category at the Money Marketing awards, also reaching the final of the Norfolk Business Awards. Most importantly, the team walked away with the coveted Best Stand award at the Chambers of Commerce B2B Exhibition. |
Our Masterclasses remained an important showcase and source of new enquiries. Partnering with the Norwich Business School increased our profile and credibility. While in person Masterclasses achieve better engagement, we continued some online events which have proven popular, particularly with clients. |
We engaged with our community. We supported Art in the East by sponsoring the Norfolk and Norwich Festival, Art Fair East and the Out There Festival. Our director is a trustee of the Norfolk Community Foundation which we helped by raising money via our Sounding Board project and by funding Yuliia (our PR apprentice) to create the foundation's website for Ukrainian refugees. |
We supported young people. We offered work experience and a longer internship; gave dissertation support to economics undergraduates and our Director continued to sit on the strategic board of the UEA School of Economics. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
ABRIDGED BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
ABRIDGED BALANCE SHEET - continued |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Chadwicks Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03292960 and the registered office is The Studio, Wattle Cottage, Mangreen, Norwich, Norfolk, NR14 8DD. |
The presentation currency of the financial statements is sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises of fees charged to clients and the gross value of commissions on policies put on risk. |
Goodwill |
Goodwill is determined by comparing the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets, and is written off over 5 years being its estimate economic life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2023 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
7. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 | 22,241 |
NET BOOK VALUE |
At 31 May 2023 | 22,241 |
At 31 May 2022 | 22,241 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 9,449 | 21,515 |
The hire purchase liabilities are secured against the motor vehicles. |