Company Registration No. 00573355 (England and Wales)
G CHANDLER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
G CHANDLER LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
G CHANDLER LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs C. Hebard
Mr M. Chandler
Secretary
Mrs. C Hebard
Company number
00573355
Registered office
The Garage
The Green
Elstead
Godalming
Surrey
GU8 6DA
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
G CHANDLER LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,545
32,577
Current assets
Stocks
30,166
48,355
Debtors
4
5,868
4,403
Investments
5
122,401
123,881
Cash at bank and in hand
171,564
143,005
329,999
319,644
Creditors: amounts falling due within one year
6
(75,803)
(77,627)
Net current assets
254,196
242,017
Total assets less current liabilities
291,741
274,594
Provisions for liabilities
8
(7,084)
(4,028)
Net assets
284,657
270,566
Capital and reserves
Called up share capital
400
400
Revaluation reserve
17,400
17,400
Profit and loss reserves
266,857
252,766
Total equity
284,657
270,566

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

G CHANDLER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 1 February 2024 and are signed on its behalf by:
Mrs C. Hebard
Director
Company Registration No. 00573355
The notes on pages 4 to 9 form part of these financial statements
G CHANDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

G Chandler Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Garage, The Green, Elstead, Godalming, Surrey, United Kingdom, GU8 6DA.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The turnover shown in the profit and loss accounts represents amounts invoiced during the year, exclusive of Value Added Tax.

1.4
Tangible fixed assets

Tangible fixed assets 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:

Improvements to property
4% on cost
Plant and machinery
20% on cost
Computer equipment
33% on cost
Motor vehicles
33% on cost

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.

G CHANDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks 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 stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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 at bank and in hand

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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

G CHANDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax or to receive more tax.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

G CHANDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 7 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Improvements to property
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
96,470
89,377
8,063
10,775
204,685
Additions
-
0
11,128
769
-
0
11,897
Disposals
-
0
(28,379)
-
0
(3,275)
(31,654)
At 31 October 2023
96,470
72,126
8,832
7,500
184,928
Depreciation and impairment
At 1 November 2022
83,008
71,180
7,145
10,775
172,108
Depreciation charged in the year
2,363
3,953
613
-
0
6,929
Eliminated in respect of disposals
-
0
(28,379)
-
0
(3,275)
(31,654)
At 31 October 2023
85,371
46,754
7,758
7,500
147,383
Carrying amount
At 31 October 2023
11,099
25,372
1,074
-
0
37,545
At 31 October 2022
13,463
18,197
917
-
0
32,577
G CHANDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,462
4,041
Prepayments and accrued income
406
362
5,868
4,403
5
Current asset investments
2023
2022
£
£
Other investments
122,401
123,881
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
28,425
24,522
Corporation tax
18,389
21,216
Other taxation and social security
19,931
19,106
Other creditors
6,143
10,058
Accruals and deferred income
2,915
2,725
75,803
77,627
7
Financial instruments
Included in the amounts shown as Debtors and Creditors above are financial assets and financial liabilities, the classification of which are further analysed below:
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
122,401
123,881
G CHANDLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
7,084
4,028
2023
Movements in the year:
£
Liability at 1 November 2022
4,028
Charge to profit or loss
3,056
Liability at 31 October 2023
7,084
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Total commitments
10,878
14,406
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