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Registration number: 05392580

Cherryman Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Cherryman Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Cherryman Limited

Company Information

Director

Mr R Cherryman

Company secretary

Wellesley Services Limited

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Cherryman Limited

(Registration number: 05392580)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

354,178

356,202

Investments

6

900,000

900,000

 

1,254,178

1,256,202

Current assets

 

Debtors

7

849,625

780,113

Cash at bank and in hand

 

13,887

42,518

 

863,512

822,631

Creditors: Amounts falling due within one year

8

(413,465)

(264,623)

Net current assets

 

450,047

558,008

Total assets less current liabilities

 

1,704,225

1,814,210

Creditors: Amounts falling due after more than one year

8

(23,951)

-

Provisions for liabilities

(1,078)

(858)

Net assets excluding pension asset/(liability)

 

1,679,196

1,813,352

Net pension liability 1

(521,000)

(521,000)

Net assets

 

1,158,196

1,292,352

Capital and reserves

 

Called up share capital

9

301

301

Retained earnings

1,157,895

1,292,051

Shareholders' funds

 

1,158,196

1,292,352

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

 

Cherryman Limited

(Registration number: 05392580)
Balance Sheet as at 28 February 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 

.........................................
Mr R Cherryman
Director

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
c/o Suite 8 Beaufort Court
Admirals Way
London
E14 9XL
England

These financial statements were authorised for issue by the director on 27 November 2023.

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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate

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

Land and Buildings

not depreciated

Fixtures and fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Property

25% reducing balance

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

fully amortised

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

5,000

5,000

At 28 February 2023

5,000

5,000

Amortisation

At 1 March 2022

5,000

5,000

At 28 February 2023

5,000

5,000

Carrying amount

At 28 February 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

374,217

69,225

16,485

459,927

At 28 February 2023

374,217

69,225

16,485

459,927

Depreciation

At 1 March 2022

22,529

65,369

15,827

103,725

Charge for the year

868

991

165

2,024

At 28 February 2023

23,397

66,360

15,992

105,749

Carrying amount

At 28 February 2023

350,820

2,865

493

354,178

At 28 February 2022

351,688

3,856

658

356,202

Included within the net book value of land and buildings above is £350,819 (2022 - £351,687) in respect of freehold land and buildings.
 

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

900,000

900,000

Subsidiaries

£

Cost or valuation

At 1 March 2022

900,000

Provision

Carrying amount

At 28 February 2023

900,000

At 28 February 2022

900,000

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

28,456

24,113

Amounts owed by related parties

390,269

305,490

Prepayments

 

5,900

24,615

Other debtors

 

425,000

425,895

   

849,625

780,113

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,377

-

Trade creditors

 

32,460

39,661

Taxation and social security

 

48,526

113,512

Accruals and deferred income

 

47,159

47,785

Other creditors

 

275,943

63,665

 

413,465

264,623

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

23,951

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

100

100

100

100

Ordinary D shares of £1 each

100

100

100

100

 

301

301

301

301

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,951

-

 

Cherryman Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,377

-