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Registration number: 11145131

Chiefer & Co Limited

Unaudited Filleted Financial Statements

for the Period from 1 February 2023 to 11 May 2023

 

Chiefer & Co Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Chiefer & Co Limited

Company Information

Directors

Mr K A A Appiah

Mr J J J Hadley

Registered office

Sanderlings
Becketts Farm Alcester Road
Wythall
Birmingham
B47 6AJ

 

Chiefer & Co Limited

(Registration number: 11145131)
Balance Sheet as at 11 May 2023

Note

2023
£

2023
£

Fixed assets

 

Tangible assets

4

1,056,500

268,764

Current assets

 

Debtors

5

80,000

102,500

Cash at bank and in hand

 

14

-

 

80,014

102,500

Creditors: Amounts falling due within one year

6

(1,296,554)

(465,928)

Net current liabilities

 

(1,216,540)

(363,428)

Net liabilities

 

(160,040)

(94,664)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(160,140)

(94,764)

Shareholders' deficit

 

(160,040)

(94,664)

For the financial period ending 11 May 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2024 and signed on its behalf by:
 

 

Chiefer & Co Limited

(Registration number: 11145131)
Balance Sheet as at 11 May 2023

.........................................
Mr K A A Appiah
Director

.........................................
Mr J J J Hadley
Director

 

Chiefer & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 11 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Sanderlings
Becketts Farm Alcester Road
Wythall
Birmingham
B47 6AJ

These financial statements were authorised for issue by the Board on 27 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The company was placed into Administration on 12 May 2023.

At the date of approval of these financial statements, the directors are taking all necessary steps to assist the Administrators to make an application to court to remove the company from Administration.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Chiefer & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 11 May 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

10 years

Fixtures and fittings

25% reducing balance

Office equipment

33.33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Chiefer & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 11 May 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

138,205

130,559

268,764

Additions

765,336

22,400

787,736

At 11 May 2023

903,541

152,959

1,056,500

Depreciation

Carrying amount

At 11 May 2023

903,541

152,959

1,056,500

At 31 January 2023

138,205

130,559

268,764

Included within the net book value of land and buildings above is £903,541 (2023 - £138,205) in respect of short leasehold land and buildings.
 

5

Debtors

2023
£

2023
£

Other debtors

80,000

80,000

Prepayments

-

22,500

80,000

102,500

 

Chiefer & Co Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 11 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2023
£

Due within one year

 

Loans and borrowings

8

-

160

Taxation and social security

 

9,022

9,022

Accruals and deferred income

 

2,400

1,600

Other creditors

 

1,285,132

455,146

 

1,296,554

465,928

Creditors include loans from a director which are secured of £1,268,615 (2021 - £438,629).

7

Share capital

Allotted, called up and fully paid shares

2023

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

2023
£

2023
£

Bank overdrafts

-

160

9

Non adjusting events after the financial period

The company was placed into Administration on 12 May 2023.

At the date of approval of these financial statements, the directors are taking all necessary steps to assist the Administrators to make an application to court to remove the company from Administration.