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REGISTERED NUMBER: 05450306 (England and Wales)










CHIEL DEVELOPMENTS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






CHIEL DEVELOPMENTS LTD (REGISTERED NUMBER: 05450306)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHIEL DEVELOPMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr S Conopo
Mr M C Rush
Mr B M Kelly





SECRETARY: Mr M C Rush





REGISTERED OFFICE: Bailey House Curriers Close
Charter Avenue Industrial Estate
Coventry
West Midlands
CV4 8AW





REGISTERED NUMBER: 05450306 (England and Wales)





ACCOUNTANTS: Shah & Co (Accountants) Ltd
Chartered Certified Accountants
Cash's Business Centre
1st Floor
228 Widdrington Road
Coventry
West Midlands
CV1 4PB

CHIEL DEVELOPMENTS LTD (REGISTERED NUMBER: 05450306)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,525 13,616

CURRENT ASSETS
Stocks 14,158 23,540
Debtors 5 85,743 91,618
Cash at bank and in hand 88,940 73,256
188,841 188,414
CREDITORS
Amounts falling due within one year 6 130,728 148,373
NET CURRENT ASSETS 58,113 40,041
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,638

53,657

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 68,488 53,507
68,638 53,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHIEL DEVELOPMENTS LTD (REGISTERED NUMBER: 05450306)

BALANCE SHEET - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:




Mr M C Rush - Director



Mr S Conopo - Director


CHIEL DEVELOPMENTS LTD (REGISTERED NUMBER: 05450306)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Chiel Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CHIEL DEVELOPMENTS LTD (REGISTERED NUMBER: 05450306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 2,609 2,463 44,281 49,353
Additions - 620 - 620
Disposals - (666 ) - (666 )
At 31 October 2023 2,609 2,417 44,281 49,307
DEPRECIATION
At 1 November 2022 1,649 1,134 32,954 35,737
Charge for year 240 264 2,832 3,336
Eliminated on disposal - (291 ) - (291 )
At 31 October 2023 1,889 1,107 35,786 38,782
NET BOOK VALUE
At 31 October 2023 720 1,310 8,495 10,525
At 31 October 2022 960 1,329 11,327 13,616

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 84,875 89,778
Other debtors 868 1,840
85,743 91,618

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts - 361
Trade creditors 61,146 102,942
Taxation and social security 45,033 40,590
Other creditors 24,549 4,480
130,728 148,373

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors the amount owed to Mr S Conopo is £15,000 (2022: £0). The amount is unsecured and interest free with no set terms for repayment.

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Conopo.