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Registration number: 10320904

Chatsbrook Finance Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Chatsbrook Finance Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Chatsbrook Finance Limited

Registration number: 10320904

Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,744

24,762

Current assets

 

Debtors

6

97,929

102,106

Other financial assets

5

-

3,909

Cash at bank and in hand

 

99,035

166,599

 

196,964

272,614

Creditors: Amounts falling due within one year

7

(52,098)

(94,931)

Net current assets

 

144,866

177,683

Total assets less current liabilities

 

167,610

202,445

Creditors: Amounts falling due after more than one year

7

(38,944)

(48,419)

Provisions for liabilities

(3,376)

(4,705)

Net assets

 

125,290

149,321

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

125,090

149,121

Total equity

 

125,290

149,321



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Chatsbrook Finance Limited

Registration number: 10320904

Balance Sheet as at 31 August 2023 (continued)

For the financial year ending 31 August 2023 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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 


A P Brooks
Director

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Ketteringham Hall
Church Road
Ketteringham
Norfolk
NR18 9RS
England

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities 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 and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

12,714

32,565

45,279

Additions

1,547

-

1,547

At 31 August 2023

14,261

32,565

46,826

Depreciation

At 1 September 2022

6,044

14,473

20,517

Charge for the year

3,565

4,975

8,540

Impairment/(reversal)

-

(4,975)

(4,975)

At 31 August 2023

9,609

14,473

24,082

Carrying amount

At 31 August 2023

4,652

18,092

22,744

At 31 August 2022

6,670

18,092

24,762

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

Other financial assets (current and non-current)

Financial assets at amortised cost
£

Total
£

Current financial assets

Cost or valuation

At 1 September 2022

3,909

3,909

Disposals

(3,909)

(3,909)

At 31 August 2023

-

-

Impairment

Carrying amount

At 31 August 2023

-

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

18,819

28,084

Prepayments

4,554

5,021

Other debtors

74,556

69,001

 

97,929

102,106

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

9

10,577

10,394

Trade creditors

 

11,773

33,936

Directors loan account

10

2,026

2,026

Taxation and social security

 

1,180

21,967

Other creditors

 

26,542

26,608

 

52,098

94,931

Due after one year

 

Loans and borrowings

9

38,944

48,419


Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £8,454 (2022 - £12,229).

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

38,944

48,419

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,448

39,964

HP and finance lease liabilities

4,496

8,455

38,944

48,419

 

Chatsbrook Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

9

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,618

6,618

HP and finance lease liabilities

3,959

3,776

10,577

10,394

10

Related party transactions

Summary of transactions with other related parties

During the year the company incurred management and expense recharges from a company under the control of the directors amounting to £15,896 (2022 - £28,926). The company received loans from this company and as at 31st August 2023 the company owed this company £59,601 (2022 - £69,001). The company also received management and expenses recharges from a company under the control of the directors amounting to £4,000 (2022 - £nil).