Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-312022-09-01false4Manufacture of soap and detergents3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02768529 2022-09-01 2023-08-31 02768529 2021-09-01 2022-08-31 02768529 2023-08-31 02768529 2022-08-31 02768529 c:Director3 2022-09-01 2023-08-31 02768529 d:PlantMachinery 2022-09-01 2023-08-31 02768529 d:PlantMachinery 2023-08-31 02768529 d:PlantMachinery 2022-08-31 02768529 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02768529 d:ComputerEquipment 2022-09-01 2023-08-31 02768529 d:ComputerEquipment 2023-08-31 02768529 d:ComputerEquipment 2022-08-31 02768529 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02768529 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 02768529 d:CurrentFinancialInstruments 2023-08-31 02768529 d:CurrentFinancialInstruments 2022-08-31 02768529 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 02768529 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 02768529 d:ShareCapital 2023-08-31 02768529 d:ShareCapital 2022-08-31 02768529 d:RetainedEarningsAccumulatedLosses 2023-08-31 02768529 d:RetainedEarningsAccumulatedLosses 2022-08-31 02768529 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 02768529 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-08-31 02768529 c:FRS102 2022-09-01 2023-08-31 02768529 c:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 02768529 c:FullAccounts 2022-09-01 2023-08-31 02768529 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 02768529 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 02768529









CHELA LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
CHELA LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHELA LTD
FOR THE YEAR ENDED 31 AUGUST 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chela Ltd for the year ended 31 August 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Chela Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Chela Ltd and state those matters that we have agreed to state to the Board of Directors of Chela Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chela Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Chela Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chela Ltd. You consider that Chela Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Chela Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Haslers
 
Chartered Accountants
  
Old Station Road
Loughton
Essex
IG10 4PL
16 April 2024
Page 1

 
CHELA LTD
REGISTERED NUMBER: 02768529

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
2,943
-

  
2,943
-

Current assets
  

Stocks
 5 
66,058
78,134

Debtors: amounts falling due within one year
 6 
367,844
398,086

Cash at bank and in hand
 7 
215,825
251,912

  
649,727
728,132

Creditors: amounts falling due within one year
 8 
(297,611)
(307,227)

Net current assets
  
 
 
352,116
 
 
420,905

Total assets less current liabilities
  
355,059
420,905

  

Net assets
  
355,059
420,905


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
354,959
420,805

  
355,059
420,905


Page 2

 
CHELA LTD
REGISTERED NUMBER: 02768529
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2024.




I C U Fisher
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Chela Ltd is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 02768529. The registered business address of 68 Bilton Way, Enfield, Middlesex, EN3 7NH. The principal activity of the company is the manufacture of chemical goods including soaps and detergents. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Computer equipment
-
25%
straight line

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term 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.

 
2.12

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 6

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 7

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).


4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


Additions
3,054
575
3,629



At 31 August 2023

3,054
575
3,629



Depreciation


Charge for the year on owned assets
555
132
687



At 31 August 2023

555
132
687



Net book value



At 31 August 2023
2,499
443
2,942



At 31 August 2022
-
-
-

Page 8

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
66,058
78,134

66,058
78,134



6.


Debtors

2023
2022
£
£


Trade debtors
361,753
394,479

Amounts owed by group undertakings
1,250
1,250

Prepayments and accrued income
4,841
2,357

367,844
398,086



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
215,825
251,912

215,825
251,912



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
97,674
98,681

Amounts owed to group undertakings
105,759
103,181

Corporation tax
68,688
53,457

Other taxation and social security
8,567
20,240

Accruals and deferred income
16,923
31,668

297,611
307,227


Page 9

 
CHELA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
215,825
251,912




Financial assets measured at fair value through profit or loss comprise comprise of cash and cash equivalents


10.


Related party transactions

During the year, sales and purchases to group companies totalled £4,416 and £395,291 respectively. At the year end the following amounts were due to related parties:


2023
2022
£
£

Group companies
(104,509)
(79,133)
(104,509)
(79,133)


11.


Controlling party

The company is a wholly owned subsidiary of Fisher Darville Holding Limited. Fisher Darville Holdings Limited is controlled by Mr A C U Fisher.

 
Page 10