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COMPANY REGISTRATION NUMBER: 08272435
Chagger & Sons Limited
Filleted Unaudited Financial Statements
31 March 2023
Chagger & Sons Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Chagger & Sons Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
457
Current assets
Debtors
5
15,470
49,417
Creditors: amounts falling due within one year
6
33,946
---------
---------
Net current assets
15,470
15,471
---------
---------
Total assets less current liabilities
15,470
15,928
Provisions
Taxation including deferred tax
87
---------
---------
Net assets
15,470
15,841
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
14,470
14,841
---------
---------
Shareholder funds
15,470
15,841
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chagger & Sons Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr Manraj Chagger
Director
Company registration number: 08272435
Chagger & Sons Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
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.
Income tax
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 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 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
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:
Computer Equipment
-
25% straight line
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.
Financial instruments
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.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022
915
915
Disposals
( 915)
( 915)
---------
---------
At 31 March 2023
---------
---------
Depreciation
At 1 April 2022
458
458
Charge for the year
229
229
Disposals
( 687)
( 687)
---------
---------
At 31 March 2023
---------
---------
Carrying amount
At 31 March 2023
---------
---------
At 31 March 2022
457
457
---------
---------
5. Debtors
2023
2022
£
£
Amounts owed by related party
15,470
49,417
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Director loan accounts
33,946
---------
---------
7. Directors' advances, credits and guarantees
Amounts due to the directors at the year end amounted to £Nil (2022: £33,946).
8. Related party transactions
The company was under the control of the directors throughout the current and previous year.