CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Company Registration Number:
12841120 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2023

Period of accounts

Start date: 1 July 2022

End date: 30 June 2023

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Directors' report period ended 30 June 2023

The directors present their report with the financial statements of the company for the period ended 30 June 2023

Principal activities of the company

The principal activity of the Company in the year under review was that of a finance company



Directors

The directors shown below have held office during the whole of the period from
1 July 2022 to 30 June 2023

T L Cherry
A D Tapsell
J C Mould


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
28 December 2023

And signed on behalf of the board by:
Name: J C Mould
Status: Director

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Profit And Loss Account

for the Period Ended 30 June 2023

2023 2022


£

£
Turnover: 667,421 65,694
Cost of sales: 0 0
Gross profit(or loss): 667,421 65,694
Distribution costs: 0 0
Administrative expenses: ( 822,547 ) ( 342,385 )
Other operating income: 0 0
Operating profit(or loss): (155,126) (276,691)
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 165,405 ) ( 24,048 )
Profit(or loss) before tax: (320,531) (300,739)
Tax: 0 0
Profit(or loss) for the financial year: (320,531) (300,739)

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Balance sheet

As at 30 June 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 131,876 69,913
Investments:   0 0
Total fixed assets: 131,876 69,913
Current assets
Stocks:   0 0
Debtors: 4 4,146,388 1,323,983
Cash at bank and in hand: 30,019 99,650
Investments:   0 0
Total current assets: 4,176,407 1,423,633
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 4,943,713 ) ( 1,808,445 )
Net current assets (liabilities): (767,306) (384,812)
Total assets less current liabilities: (635,430) ( 314,899)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (635,430) (314,899)
Capital and reserves
Called up share capital: 100,000 100,000
Share premium account: 100,000 100,000
Other reserves: 0 0
Profit and loss account: (835,430 ) (514,899 )
Total Shareholders' funds: ( 635,430 ) (314,899)

The notes form part of these financial statements

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 28 December 2023
and signed on behalf of the board by:

Name: J C Mould
Status: Director

The notes form part of these financial statements

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,rebates, value added tax and other sales taxes.Bank interest receivable is accounted for on an accruals basis.Document fee income is accounted for on a receivable basis and is spread over the period of the loan.Loan interest income is recognised using the actuarial method and spread over the period of the loan.Interest shall not be treated as continuing to accrue or compound on any customer loan from this capitalsource which has been written off or in respect of which any payment is more than six months in arrears.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimateduseful life.Leasehold improvements - 20% on reducing balanceFixtures and fittings - 20% on reducing balanceMotor vehicles - 25% on reducing balanceComputer equipment - 20% on cost

    Other accounting policies

    Going concernThe directors have prepared the financial statements on a going concern basis. The directors consider this to be appropriate as they have received assurances from the Company's parent company to the effect that the parent company will continue to make funds available to the Company for the foreseeable future and will continue to meet the Company's obligations to other creditors as and when they fall due.Cash flow statementThe Company is classified as small and it has therefore elected to take advantage of the exemption allowed for under FRS102, Section 1A.7 and consequently it has not prepared a cash flow statement.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.Bad debt provisionBad debt provision is determined by the directors on a line by line analysis basis. Loans which are significantly in arrears, but on which the directors have information available to them indicates the balance will be fully recovered, are included in the balance sheet with no provision against amounts in arrears being recognised.Cash and cash equivalentsCash and cash equivalents represent those balances held within the Company's bank accounts and in term deposits of three months or less.CreditorsShort term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 6 7

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2022 50,877 8,242 14,880 9,995 83,994
Additions 54,842 6,364 26,225 0 87,431
Disposals 0 0
Revaluations
Transfers
At 30 June 2023 105,719 14,606 41,105 9,995 171,425
Depreciation
At 1 July 2022 8,479 1,301 2,219 2,082 14,081
Charge for year 15,541 2,203 5,746 1,978 25,468
On disposals
Other adjustments
At 30 June 2023 24,020 3,504 7,965 4,060 39,549
Net book value
At 30 June 2023 81,699 11,102 33,140 5,935 131,876
At 30 June 2022 42,398 6,941 12,661 7,913 69,913

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Debtors

2023 2022
£ £
Trade debtors 4,137,606 1,319,544
Prepayments and accrued income 8,782 4,439
Total 4,146,388 1,323,983
Debtors due after more than one year: 3,086,906 984,665

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 9,942 1,122
Accruals and deferred income 209,591 34,048
Other creditors 4,724,180 1,773,275
Total 4,943,713 1,808,445

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Financial Commitments

The amounts owed to related parties are interest free, unsecured and have no fixed dates for repayment