Chartwell Telecom Limited
Unaudited Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 02716860 (England and Wales)
Chartwell Telecom Limited
Company Information
Directors
M. Zelman
J. Smith
Company number
02716860
Registered office
Holden House, 4th Floor
Rathbone Place
London
W1T 1JU
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Chartwell Telecom Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
3 - 6
Chartwell Telecom Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,766
9,006
Current assets
Debtors
4
250,831
463,017
Cash at bank and in hand
318,932
110,067
569,763
573,084
Creditors: amounts falling due within one year
5
(130,205)
(283,478)
Net current assets
439,558
289,606
Net assets
445,324
298,612
Capital and reserves
Called up share capital
6
250,000
250,000
Other reserves
5,520
5,520
Profit and loss reserves
189,804
43,092
Total equity
445,324
298,612
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 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 6 March 2024 and are signed on its behalf by:
M. Zelman
Director
Company Registration No. 02716860
Chartwell Telecom Limited
Statement of Changes in Equity
For the year ended 31 December 2022
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2021
250,000
5,520
13,373
268,893
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
288,089
288,089
Dividends
-
-
(258,370)
(258,370)
Balance at 31 December 2021
250,000
5,520
43,092
298,612
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
146,712
146,712
Balance at 31 December 2022
250,000
5,520
189,804
445,324
Chartwell Telecom Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
Chartwell Telecom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Holden House, 4th Floor, Rathbone Place, London, W1T 1JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
1.2
Going concern
The financial statements are prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The directors have reviewed the company’s financial position and activities in the light of truethe current economic climate. The directors are satisfied that the company has sufficient resources to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements, and have therefore continued to adopt the going concern basis in the preparation of the financial statements
There are no further events after the balance sheet date that require disclosure.
1.3
Turnover
Turnover represents amounts receivable for the provision of international communication services net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently also at cost, 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:
Plant and machinery
25% - Straight Line
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.
1.5
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.
1.6
Financial instruments
Basic financial instruments are measured at amortised cost. The Company has no other financial instruments or basic financial instruments held at fair value.
Chartwell Telecom Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.9
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.
1.10
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
Chartwell Telecom Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
254,759
Depreciation and impairment
At 1 January 2022
245,753
Depreciation charged in the year
3,240
At 31 December 2022
248,993
Carrying amount
At 31 December 2022
5,766
At 31 December 2021
9,006
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
240,938
454,567
Other debtors
9,893
8,450
250,831
463,017
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
73,101
86,900
Corporation tax
43,544
67,369
Other taxation and social security
68,425
Other creditors
1,770
56,384
Accruals and deferred income
11,790
4,400
130,205
283,478
Chartwell Telecom Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 6
6
Share capital
2022
2021
£
£
Ordinary share capital
250,000 Ordinary shares of £1 each
250,000
250,000
250,000
250,000