2022-03-012023-02-282023-02-28false05721166JOHN CHAPMAN 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JOHN CHAPMAN LIMITED

Registered Number
05721166
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

JOHN CHAPMAN LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

STONEX, Cato Henning
STONEX, Cedric Christopher

Registered Address

James Watson House Montgomery Way
Rosehill Industrial Estate
Carlisle
CA1 2UU

Place of Business

Eden Suite, Gallary House

Tannery Road

Harraby Green Business Park

Carlisle, Cumbria

CA1 2SS


Registered Number

05721166 (England and Wales)
JOHN CHAPMAN LIMITED
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets5148,930170,892
Tangible assets648,55841,918
197,488212,810
Current assets
Stocks210,895186,211
Debtors10143,011142,780
Cash at bank and on hand40,64591,254
394,551420,245
Creditors amounts falling due within one year11(365,346)(400,283)
Net current assets (liabilities)29,20519,962
Total assets less current liabilities226,693232,772
Creditors amounts falling due after one year12(24,411)(33,784)
Net assets202,282198,988
Capital and reserves
Called up share capital549,430549,430
Share premium1,013,2801,013,280
Profit and loss account(1,360,428)(1,363,722)
Shareholders' funds202,282198,988
The financial statements were approved and authorised for issue by the Board of Directors on 28 November 2023, and are signed on its behalf by:
STONEX, Cedric Christopher
Director
Registered Company No. 05721166
JOHN CHAPMAN LIMITED
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows: Leasehold property improvements - over the term of the lease Plant and machinery - 15% reducing balance Fixtures and fittings - 15% reducing balance
Intangible assets policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful cannot be made, the useful life shall not exceed ten years, Website and branding costs are amortised over 3 years or 10 years, product development costs and trademarks are amortised over 10 years.
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Leases policy
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the lease term.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year2827
5.Intangible assets

Other

Total

££
Cost or valuation
At 01 March 22329,553329,553
Additions13,45713,457
At 28 February 23343,010343,010
Amortisation and impairment
At 01 March 22158,661158,661
Charge for year35,41935,419
At 28 February 23194,080194,080
Net book value
At 28 February 23148,930148,930
At 28 February 22170,892170,892
6.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 March 2273,83072,22129,505175,556
Additions-11,6352,05413,689
Disposals(5,063)-(1,150)(6,213)
At 28 February 2368,76783,85630,409183,032
Depreciation and impairment
At 01 March 2273,37640,06220,200133,638
Charge for year1135,1971,4216,731
On disposals(5,063)-(832)(5,895)
At 28 February 2368,42645,25920,789134,474
Net book value
At 28 February 2334138,5979,62048,558
At 28 February 2245432,1599,30541,918
7.Description of financial commitments other than capital commitments
At 28 February 2023 the company had future minimum lease payments under non-cancellable operating of £109,292 (2022 - £139,792).
8.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £14,584 (2022 - £13,292).
9.Description of nature of transactions and balances with related parties
Included within other creditors is a balance of £60,020 (2022 - £67,665) owed to one of the directors in respect of their director's current account maintained with the company during the year. Included within other creditors is a balance of £68,265 (2022 - £68,265) loaned to the company from a company in which one of the directors is also a director and majority shareholder. These balances are unsecured, interest free and have no set date for repayment.
10.Debtors

2023

2022

££
Trade debtors / trade receivables134,404134,675
Other debtors-1,608
Prepayments and accrued income8,6076,497
Total143,011142,780
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables144,952179,658
Bank borrowings and overdrafts9,68610,000
Taxation and social security57,27849,863
Finance lease and HP contracts5,6915,458
Other creditors131,548139,100
Accrued liabilities and deferred income16,19116,204
Total365,346400,283
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts creditors within one year are secured against the assets to which they relate.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts24,41133,784
Total24,41133,784