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COMPANY REGISTRATION NUMBER: 07034639
CHELBURN HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
CHELBURN HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
CHELBURN HOLDINGS LIMITED
BALANCE SHEET
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
3,428,217
3,677,457
Investments
5
13,650
13,650
------------
------------
3,441,867
3,691,107
Current assets
Debtors
6
447,989
355,577
Cash at bank and in hand
10,210
10,662
------------
------------
458,199
366,239
Creditors: amounts falling due within one year
7
( 411,009)
( 446,368)
------------
------------
Net current assets/(liabilities)
47,190
( 80,129)
------------
------------
Total assets less current liabilities
3,489,057
3,610,978
Creditors: amounts falling due after more than one year
8
( 1,060,546)
( 1,534,239)
Provisions
Taxation including deferred tax
( 758,660)
( 510,631)
------------
------------
Net assets
1,669,851
1,566,108
------------
------------
Capital and reserves
Called up share capital
10
12,495
13,923
Capital redemption reserve
1,428
Profit and loss account
1,655,928
1,552,185
------------
------------
Shareholders funds
1,669,851
1,566,108
------------
------------
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 profit and loss account has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHELBURN HOLDINGS LIMITED
BALANCE SHEET (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 31 January 2024 , and are signed on behalf of the board by:
N R Travis
Director
Company registration number: 07034639
CHELBURN HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, Transpennine Trading Estate, Gorrels Way, Rochdale, OL11 2PX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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
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 or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
7.5%-15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities .
4. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
5,573,808
199,353
94,901
5,868,062
Additions
79,499
79,499
Disposals
( 17,888)
( 25,226)
( 43,114)
------------
------------
------------
------------
At 30 June 2023
5,555,920
199,353
149,174
5,904,447
------------
------------
------------
------------
Depreciation
At 1 July 2022
1,999,261
147,188
44,156
2,190,605
Charge for the year
282,418
7,824
29,025
319,267
Disposals
( 8,416)
( 25,226)
( 33,642)
------------
------------
------------
------------
At 30 June 2023
2,273,263
155,012
47,955
2,476,230
------------
------------
------------
------------
Carrying amount
At 30 June 2023
3,282,657
44,341
101,219
3,428,217
------------
------------
------------
------------
At 30 June 2022
3,574,547
52,165
50,745
3,677,457
------------
------------
------------
------------
Leased assets Included within the net book value of tangible fixed assets is £1,932,523 (2022:£2,036,095) in respect of assets held under finance leases and similar hire purchase contract. Depreciation for the year on these assets was £182,919 (2022: £159,776).
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
13,650
------------
Impairment
At 1 July 2022 and 30 June 2023
------------
Carrying amount
At 30 June 2023
13,650
------------
At 30 June 2022
13,650
------------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
429,159
355,577
Prepayments and accrued income
1,091
Directors loan accounts (note 13)
17,739
------------
------------
447,989
355,577
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
270
Accruals and deferred income
2,000
2,000
Social security and other taxes
28,827
15,284
Obligations under finance leases and hire purchase contracts
379,132
428,814
Other creditors
1,050
------------
------------
411,009
446,368
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
579,522
741,804
Obligations under finance leases and hire purchase contracts
481,024
792,435
------------
------------
1,060,546
1,534,239
------------
------------
The amounts owing under finance lease and hire purchase contracts are secured over the assets to which they relate.
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
758,660
510,631
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
758,660
510,631
------------
------------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
12,495
12,495
13,923
13,923
------------
------------
------------
------------
11. Related party transactions
The loans owed by directors included in debtors are unsecured, repayable on demand and currently interest free.
12. Contingencies
The company has granted security over its assets in support of certain borrowings of Chelburn Precision Limited.
13. Controlling party
Chelburn Holdings Limited is a subsidiary of NKT Holdings Limited.