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REGISTERED NUMBER: 02549079 (England and Wales)















Unaudited Financial Statements for the Year Ended 5 April 2023

for

Chaplin Farrant Limited

Chaplin Farrant Limited (Registered number: 02549079)

Contents of the Financial Statements
for the Year Ended 5 April 2023










Page

Balance Sheet 1

Notes to the Financial Statements 4


Chaplin Farrant Limited (Registered number: 02549079)

Balance Sheet
5 April 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 5 207,159 183,007
Investments 6 4,504 20,575
211,663 203,582

Current assets
Debtors 7 375,774 317,910
Prepayments and accrued income 184,945 197,449
Cash at bank and in hand 254,683 259,251
815,402 774,610
Creditors
Amounts falling due within one year 8 (527,519 ) (462,324 )
Net current assets 287,883 312,286
Total assets less current liabilities 499,546 515,868

Creditors
Amounts falling due after more than one
year

9

(24,166

)

(34,161

)

Provisions for liabilities (17,001 ) (1,765 )
Net assets 458,379 479,942

Chaplin Farrant Limited (Registered number: 02549079)

Balance Sheet - continued
5 April 2023

2023 2022
Notes £ £
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 10 3,351 11,741
Capital redemption reserve 730 730
Retained earnings 453,298 466,471
458,379 479,942

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

Chaplin Farrant Limited (Registered number: 02549079)

Balance Sheet - continued
5 April 2023



The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2023 and were signed on its behalf by:





Mr M J Nolan - Director


Chaplin Farrant Limited (Registered number: 02549079)

Notes to the Financial Statements
for the Year Ended 5 April 2023


1. Statutory information

Chaplin Farrant Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02549079

Registered office: 51 Yarmouth Road
Thorpe
Norwich
Norfolk
NR7 0ET

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

In respect of long-term contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to stage of completion.

Chaplin Farrant Limited (Registered number: 02549079)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed 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.

The company's freehold property is revalued annually by the directors on an open market basis.

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 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:

Plant and machinery - 20% or 33% on cost
Motor vehicles - 25% on cost

Freehold property is not depreciated. The directors carry out impairment reviews each year.

Investments in associates
Investments in associate undertakings are recognised at cost.

Chaplin Farrant Limited (Registered number: 02549079)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income, such as property revaluations, or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that is probable that they will be recovered against the reversal of deferred tax liability or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.


Chaplin Farrant Limited (Registered number: 02549079)

Notes to the Financial Statements - continued
for the Year Ended 5 April 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.

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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

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.

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.

Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred 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.

4. Employees and directors

The average number of employees during the year was 29 (2022 - 27 ) .

Chaplin Farrant Limited (Registered number: 02549079)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023


5. Tangible fixed assets
Freehold Plant and Motor
property machinery vehicles Totals
£ £ £ £
Cost
At 6 April 2022 177,510 168,568 - 346,078
Additions - 12,127 20,550 32,677
At 5 April 2023 177,510 180,695 20,550 378,755
Depreciation
At 6 April 2022 - 163,071 - 163,071
Charge for year - 4,672 3,853 8,525
At 5 April 2023 - 167,743 3,853 171,596
Net book value
At 5 April 2023 177,510 12,952 16,697 207,159
At 5 April 2022 177,510 5,497 - 183,007

6. Fixed asset investments
Other
investment
£
Cost
At 6 April 2022 20,575
Impairments (16,071 )
At 5 April 2023 4,504
Net book value
At 5 April 2023 4,504
At 5 April 2022 20,575

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 367,222 313,952
Other debtors 8,552 3,958
375,774 317,910

Chaplin Farrant Limited (Registered number: 02549079)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2023


8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 149,387 114,027
Amounts owed to participating interests 14,025 17,055
Taxation and social security 162,939 119,643
Other creditors 191,168 201,599
527,519 462,324

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 24,166 34,161

10. Reserves
Revaluation
reserve
£
At 6 April 2022 11,741
Deferred tax movement (8,390 )

At 5 April 2023 3,351

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

11. Financial commitments, guarantees and contingencies

Operating lease commitments not included in the balance sheet amount to £57,731 (2022: £91,110). The balance of £57,731 relates to a lease with a term of 5 years.

12. Provisions


Deferred Tax
£

At 6 April 2022 1,765
Charge against provision 15,236
At 5 April 2023 17,001