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Company registration number: 06060352
Chagstock Limited
Company limited by guarantee
Unaudited filleted financial statements
31 May 2023
CHAGSTOCK LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MAY 2023
31/05/23 30/11/21
Note £ £ £ £
Current assets
Stocks - 90
Debtors 6 675 3,493
Cash at bank and in hand 602 2,357
_______ _______
1,277 5,940
Creditors: amounts falling due
within one year 7 ( 160,467) ( 102,690)
_______ _______
Net current liabilities ( 159,190) ( 96,750)
_______ _______
Total assets less current liabilities ( 159,190) ( 96,750)
Creditors: amounts falling due
after more than one year 8 - ( 41,500)
_______ _______
Net liabilities ( 159,190) ( 138,250)
_______ _______
Capital and reserves
Profit and loss account 9 ( 159,190) ( 138,250)
_______ _______
Members deficit ( 159,190) ( 138,250)
_______ _______
For the period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr Simon Antony Ford
Director
Company registration number: 06060352
CHAGSTOCK LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 MAY 2023
1. General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Westcotts, 7c Cranmere Road, Exeter Road Industrial Estate, Okehampton, Devon, Ex20 1UE.
Principal activity
The principal activity of the company is the organisation of a music festival.
The company ceased trading on the 31st May 2023.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Limited by guarantee
Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
5. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2021: 1 ).
6. Debtors
31/05/23 30/11/21
£ £
Other debtors 675 3,493
_______ _______
7. Creditors: amounts falling due within one year
31/05/23 30/11/21
£ £
Bank loans and overdrafts 43,859 8,915
Trade creditors 14,000 -
Accruals and deferred income 2,500 41,313
Social security and other taxes 13,102 15,826
Other creditors 87,006 36,636
_______ _______
160,467 102,690
_______ _______
8. Creditors: amounts falling due after more than one year
31/05/23 30/11/21
£ £
Bank loans and overdrafts - 16,601
Other creditors - 24,899
_______ _______
- 41,500
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 31/05/23
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director ( 34,536) - ( 52,470) ( 87,006)
_______ _______ _______ _______
Year ended 30/11/21
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director ( 35,656) 1,120 - ( 34,536)
_______ _______ _______ _______
11. Related party transactions
At the year end, the company was owed £675(2021: Nil) from Smiley Bars (SW) Ltd. This loan is a nil rate loan and payable on demand. The company is under common control.