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Registration number: 10619587

Chartworth Surveying Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Chartworth Surveying Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 13

Detailed Profit and Loss Account

14 to 16

 

Chartworth Surveying Limited

Company Information

Directors

Mr Ian Fowler

Mrs Lesley Fowler

Registered office

4 Station Court
Cannock
Staffs
Cannock
Staffs
WS11 0EJ

Accountants

Chase Accountancy Ltd
4 Station Court
Girton Road
Cannock
Staffordshire
WS11 0EJ

 

Chartworth Surveying Limited

Directors' Report for the Year Ended 28 February 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Ian Fowler

Mrs Lesley Fowler

Principal activity

The principal activity of the company is Chartered Survey

Small companies provision statement

This report has 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 8 November 2023 and signed on its behalf by:
 

.........................................
Mr Ian Fowler
Director

.........................................
Mrs Lesley Fowler
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chartworth Surveying Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chartworth Surveying Limited for the year ended 28 February 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Chartworth Surveying Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chartworth Surveying Limited and state those matters that we have agreed to state to the Board of Directors of Chartworth Surveying Limited, as a body, in this report.. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chartworth Surveying Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chartworth Surveying Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chartworth Surveying Limited. You consider that Chartworth Surveying Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Chartworth Surveying Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Chase Accountancy Ltd
4 Station Court
Girton Road
Cannock
Staffordshire
WS11 0EJ

8 November 2023

 

Chartworth Surveying Limited

Profit and Loss Account for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

135,377

139,529

Cost of sales

 

(4,036)

(7,953)

Gross profit

 

131,341

131,576

Distribution costs

 

(12,741)

(16,500)

Administrative expenses

 

(45,024)

(68,261)

Operating profit

 

73,576

46,815

Other interest receivable and similar income

 

8

1

Profit before tax

4

73,584

46,816

Tax on profit

 

(16,629)

(6,119)

Profit for the financial year

 

56,955

40,697

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Chartworth Surveying Limited

(Registration number: 10619587)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

25,726

39,664

Current assets

 

Debtors

7

15,592

35,383

Cash at bank and in hand

 

119,433

86,311

 

135,025

121,694

Creditors: Amounts falling due within one year

8

(22,035)

(36,046)

Net current assets

 

112,990

85,648

Total assets less current liabilities

 

138,716

125,312

Creditors: Amounts falling due after more than one year

8

(4,387)

(5,023)

Net assets

 

134,329

120,289

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

134,229

120,189

Shareholders' funds

 

134,329

120,289

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.

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 8 November 2023 and signed on its behalf by:
 

 

Chartworth Surveying Limited

(Registration number: 10619587)
Balance Sheet as at 28 February 2023

.........................................
Mr Ian Fowler
Director

.........................................
Mrs Lesley Fowler
Director

 

Chartworth Surveying Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4 Station Court
Cannock
Staffs
Cannock
Staffs
WS11 0EJ
UK

These financial statements were authorised for issue by the Board on 8 November 2023.

2

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.

 

Chartworth Surveying Limited

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

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

Equipment

20% Straight line

Vehicles

25% Straight line

Office equipment

25% Straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Chartworth Surveying Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

13,938

16,176

 

Chartworth Surveying Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

12,751

47,400

5,683

65,834

At 28 February 2023

12,751

47,400

5,683

65,834

Depreciation

At 1 March 2022

10,758

11,850

3,562

26,170

Charge for the year

951

11,850

1,137

13,938

At 28 February 2023

11,709

23,700

4,699

40,108

Carrying amount

At 28 February 2023

1,042

23,700

984

25,726

At 28 February 2022

1,993

35,550

2,121

39,664

6

Investment properties

2023
£

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

2022
£

Trade debtors

11,436

32,554

Prepayments

2,829

2,829

Other debtors

1,327

-

 

15,592

35,383

 

Chartworth Surveying Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

12,000

Taxation and social security

 

19,600

13,297

Accruals and deferred income

 

2,435

2,295

Other creditors

 

-

8,454

 

22,035

36,046

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

4,387

5,023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

60

60

60

60

Ordinary B of £1 each

40

40

40

40

 

100

100

100

100

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,387

5,023

 

Chartworth Surveying Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

12,000

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £629.17 (2022 - £33.33) per each Ordinary A

 

37,750

 

2,000

Interim dividend of £129.13 (2022 - £50.00) per each Ordinary B

 

5,165

 

2,000

   

42,915

 

4,000

12

Related party transactions

 

Chartworth Surveying Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

13,342

25,887

Contributions paid to money purchase schemes

12,741

16,500

26,083

42,387

 

Chartworth Surveying Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
 £

2022
 £

turnover (analysed below)

135,377

139,529

Cost of sales (analysed below)

4,036

7,953

Gross profit

131,341

131,576

Gross profit (%)

97.02%

94.3%

Distribution costs (analysed below)

(12,741)

(16,500)

Administrative expenses

Employment costs (analysed below)

13,936

27,117

Establishment costs (analysed below)

462

436

General administrative expenses (analysed below)

16,603

22,992

Finance charges (analysed below)

85

88

Depreciation costs (analysed below)

13,938

16,176

Other expenses (analysed below)

-

1,452

45,024

68,261

Operating profit

73,576

46,815

Other interest receivable and similar income (analysed below)

8

1

Profit before tax

73,584

46,816

 

Chartworth Surveying Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
£

2022
£

   

Turnover

Turnover

135,377

137,060

Furlough

-

2,469

135,377

139,529

   

Cost of sales

Other direct labour

(4,036)

(7,953)

   

Distribution costs

Directors pensions (Defined contribution)

(12,741)

(16,500)

   

Employment costs

Directors remuneration

13,342

25,887

Directors NIC (Employers)

485

361

Training & Conference

109

869

13,936

27,117

   

Establishment costs

Business use of home

312

312

Consumables

150

124

462

436

   

General administrative expenses

Clothing costs

210

318

Telephone and Internet

1,140

900

Computer & IT costs

2,447

2,969

Printing, postage and stationery

305

1,201

Subscriptions & Licences

1,605

1,316

Charitable donations

-

25

Hire of Equipment

-

425

Sundry expenses

505

205

Cleaning & Laundry

120

-

Motor Expense- Tax & Insurance

-

1,206

Motor Expense- repairs

-

178

Motor Expense- Other

1,047

1,194

Motor Expenses - Mileage

2,576

4,500

Travel and subsistence

780

996

Rail, air and taxi fares

180

60

Hotel accommodation

480

392

Entertaining

116

607

 

Chartworth Surveying Limited

Detailed Profit and Loss Account for the Year Ended 28 February 2023

2023
£

2022
£

   

Accountancy fees

1,065

2,618

Book-Keeping

547

348

Insurance

2,880

2,772

Legal & Professional

600

762

16,603

22,992

   

Finance charges

Bank charges

85

88

   

Depreciation costs

Depreciation of plant and machinery (owned)

1,137

1,137

Depreciation of fixtures and fittings (owned)

143

179

Depreciation of motor vehicles (owned)

11,850

11,850

Depreciation of office equipment (owned)

808

3,010

13,938

16,176

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

-

1,452

   

Other interest receivable and similar income

Interest receivable

8

1