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REGISTERED NUMBER: 03292960












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
R N Ross held office during the whole of the period from 1 June 2022 to the date of this report.

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:





R N Ross - Director


28 September 2023

CHADWICKS LIMITED (REGISTERED NUMBER: 03292960)

ABRIDGED BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1 1
Tangible assets 6 40,792 34,846
Investments 7 22,241 22,241
63,034 57,088

CURRENT ASSETS
Debtors 161,516 122,116
Cash at bank 265,183 267,748
426,699 389,864
CREDITORS
Amounts falling due within one year 155,158 170,004
NET CURRENT ASSETS 271,541 219,860
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,575

276,948

CREDITORS
Amounts falling due after more than one
year

(20,867

)

(41,116

)

PROVISIONS FOR LIABILITIES (7,182 ) (5,413 )
NET ASSETS 306,526 230,419

CHADWICKS LIMITED (REGISTERED NUMBER: 03292960)

ABRIDGED BALANCE SHEET - continued
31 May 2023

2023 2022
Notes £    £    £    £   
RESERVES
Called up share capital 2 2
Retained earnings 306,524 230,417
SHAREHOLDERS' FUNDS 306,526 230,419

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 September 2023 and were signed by:





R N Ross - Director


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

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 under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

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 10 (2022 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022
and 31 May 2023 65,200
AMORTISATION
At 1 June 2022
and 31 May 2023 65,199
NET BOOK VALUE

At 31 May 2023 1
At 31 May 2022 1

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 118,283
Additions 11,864
Disposals (29,314 )
At 31 May 2023 100,833
DEPRECIATION
At 1 June 2022 83,437
Charge for year 5,918
Eliminated on disposal (29,314 )
At 31 May 2023 60,041
NET BOOK VALUE
At 31 May 2023 40,792
At 31 May 2022 34,846

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.