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REGISTERED NUMBER: 01925576 (England and Wales)















CHILFEN JOINERY LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023






CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company information 1

Abridged statement of financial position 2 to 3

Notes to the financial statements 4 to 8


CHILFEN JOINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







Directors: R B A Childs
M Dear





Registered office: Unit 1 Flint Road
Letchworth Garden City
Hertfordshire
SG6 1HJ





Registered number: 01925576 (England and Wales)





Auditors: Menzies LLP
Chartered Accountants and Statutory Auditors
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

ABRIDGED STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 41,333 57,613
Property, plant and equipment 6 529,725 455,829
571,058 513,442

CURRENT ASSETS
Inventories 298,529 240,663
Debtors 1,318,948 850,793
Cash at bank and in hand 113,344 265,868
1,730,821 1,357,324
CREDITORS
Amounts falling due within one year (1,124,629 ) (1,129,241 )
NET CURRENT ASSETS 606,192 228,083
TOTAL ASSETS LESS CURRENT LIABILITIES 1,177,250 741,525

CREDITORS
Amounts falling due after more than one
year

(159,901

)

(66,633

)

PROVISIONS FOR LIABILITIES (123,971 ) (80,530 )
NET ASSETS 893,378 594,362

CAPITAL AND RESERVES
Called up share capital 9 301,400 301,400
Retained earnings 591,978 292,962
SHAREHOLDERS' FUNDS 893,378 594,362

CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
28TH FEBRUARY 2023


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 Statement of financial position for the year ended 28th February 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 Board of Directors and authorised for issue on 21st November 2023 and were signed on its behalf by:





R B A Childs - Director


CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. STATUTORY INFORMATION

Chilfen Joinery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 under the historical cost convention.

Significant judgements and estimates
No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Revenue
Revenue represents the total invoice value, excluding value added tax, trade discounts and all other direct taxes made during the year.

Revenue recognition
Revenue is recognised when goods have been delivered or services supplied to customers such that risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amounts paid in connection with businesses in 2019 and 2022, are being amortised evenly over their estimated useful economic lives of five years respectively.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - over the life of the lease
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% on cost

Inventories
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the average cost method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


3. ACCOUNTING POLICIES - continued
Tax
Tax 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 tax 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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 the income statement on a straight line basis over the period of the lease.

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 the income statement in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 38 ) .

CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


5. INTANGIBLE FIXED ASSETS
Totals
£   
Cost
At 1st March 2022
and 28th February 2023 80,000
Amortisation
At 1st March 2022 22,387
Amortisation for year 16,280
At 28th February 2023 38,667
Net book value

At 28th February 2023 41,333
At 28th February 2022 57,613

6. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
Cost
At 1st March 2022 1,732,855
Additions 208,159
Disposals (3,855 )
At 28th February 2023 1,937,159
Depreciation
At 1st March 2022 1,277,026
Charge for year 134,263
Eliminated on disposal (3,855 )
At 28th February 2023 1,407,434
Net book value
At 28th February 2023 529,725
At 28th February 2022 455,829

CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 49,778 23,437
Between one and five years 159,901 66,633
209,679 90,070

Non-cancellable operating leases
2023 2022
£    £   
Within one year 167,463 7,463
Between one and five years 655,087 22,430
In more than five years 520,877 88
1,343,427 29,981

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 209,679 90,070

The ultimate holding company, Wiltonsign Properties Limited, has provided cross guarantees in respect of the company's banking facilities.

Amounts due under hire purchase contracts are secured against the assets concerned.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,400 Ordinary £1 1,400 1,400
300,000 Ordinary A £1 300,000 300,000
301,400 301,400

CHILFEN JOINERY LIMITED (REGISTERED NUMBER: 01925576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

M R Hubbocks FCA (Senior Statutory Auditor)
for and on behalf of Menzies LLP

11. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Rent was paid in the year to the ultimate holding company amounting to £179,108 (2021: £133,452).

12. PARENT RELATIONSHIPS

The parent undertaking is Chilfen Export Packaging Limited, a company incorporated in England and Wales at Unit 1 Flint Road, Letchworth Garden City, Hertfordshire, SG6 1HJ. The ultimate holding company is Wiltonsign Properties Limited, a company incorporated in England and Wales at 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, SG13 7HJ.

The smallest and largest group financial statements in which the results of the company are included are available from 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, SG13 7HJ.