Company registration number 10313339 (England and Wales)
CHART HILLS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CHART HILLS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
CHART HILLS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,068,855
1,154,246
Current assets
Inventories
151,748
111,116
Trade and other receivables
4
28,403
38,431
Cash and cash equivalents
344,102
45,003
524,253
194,550
Current liabilities
5
(772,703)
(303,690)
Net current liabilities
(248,450)
(109,140)
Total assets less current liabilities
820,405
1,045,106
Non-current liabilities
6
(6,396,824)
(6,137,771)
Net liabilities
(5,576,419)
(5,092,665)
Equity
Called up share capital
7
100
100
Retained earnings
(5,576,519)
(5,092,765)
Total equity
(5,576,419)
(5,092,665)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr J D C Hambling
Mr M McGuirk
Director
Director
Company registration number 10313339 (England and Wales)
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Chart Hills Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statementstrue the company was in a net current liability and net liability position, however, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future on the basis that the company will continue to receive financial support from the parent and ultimate parent companies. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10 years straight line
Plant and equipment
5 - 10 years straight line
Fixtures and fittings
5 years straight line
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 37 (2022 - 37).
3
Property, plant and equipment
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 March 2022
1,089,551
881,346
312,480
2,283,377
Additions
148,749
1,960
150,709
At 28 February 2023
1,089,551
148,749
883,306
312,480
2,434,086
Depreciation and impairment
At 1 March 2022
437,451
415,422
276,258
1,129,131
Depreciation charged in the year
106,545
108,174
21,381
236,100
At 28 February 2023
543,996
523,596
297,639
1,365,231
Carrying amount
At 28 February 2023
545,555
148,749
359,710
14,841
1,068,855
At 28 February 2022
652,100
465,924
36,222
1,154,246
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
954
8,106
Other receivables
27,449
30,325
28,403
38,431
5
Current liabilities
2023
2022
£
£
Trade payables
164,217
91,125
Taxation and social security
12,549
18,740
Other payables
595,937
193,825
772,703
303,690
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
6
Non-current liabilities
2023
2022
£
£
Amounts owed to group undertakings
6,396,824
6,137,771
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Carpenter Box
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
32,161
43,188
10
Parent company
The immediate parent company is Chart Hills (Holdings) Limited. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
The ultimate parent company is Ramac Holdings (Trading) Limited by virtue of 100% shareholding in the parent company. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
The financial results are included in Ramac Holdings (Trading) Limited consolidated financial statements. Copies can be obtained from Companies House.