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COMPANY REGISTRATION NUMBER: 02036577
Chatsworth Industrial Limited
Filleted Unaudited Financial Statements
30 June 2023
Chatsworth Industrial Limited
Financial Statements
Year Ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Chatsworth Industrial Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
758
1,171
Investment Property
6
200,000
200,000
---------
---------
200,758
201,171
Current Assets
Debtors
7
818,687
886,220
Cash at bank and in hand
696
3,789
---------
---------
819,383
890,009
Creditors: amounts falling due within one year
8
99,243
112,163
---------
---------
Net Current Assets
720,140
777,846
---------
---------
Total Assets Less Current Liabilities
920,898
979,017
Creditors: amounts falling due after more than one year
9
35,294
96,515
Provisions
12,854
12,679
---------
---------
Net Assets
872,750
869,823
---------
---------
Capital and Reserves
Called up share capital
10
100
100
Profit and loss account
11
872,650
869,723
---------
---------
Shareholders Funds
872,750
869,823
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chatsworth Industrial Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 April 2024 , and are signed on behalf of the board by:
Mr M Adams
Director
Company registration number: 02036577
Chatsworth Industrial Limited
Notes to the Financial Statements
Year Ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of Value Added Tax and represents amounts receivable for rental of properties owned by the business.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33% straight line
Improvements to property
-
10% straight line
Fixed asset investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss within other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Equipment
Property Improvement
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
261
4,131
4,392
----
-------
-------
Depreciation
At 1 July 2022
261
2,960
3,221
Charge for the year
413
413
----
-------
-------
At 30 June 2023
261
3,373
3,634
----
-------
-------
Carrying amount
At 30 June 2023
758
758
----
-------
-------
At 30 June 2022
1,171
1,171
----
-------
-------
6. Investment property
Investment property
£
Cost
At 1 July 2022 and 30 June 2023
200,000
---------
Impairment
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
200,000
---------
At 30 June 2022
200,000
---------
The fair value of the properties were made in the year by the directors, who have experience in the location and class of properties, on an open market value for existing use basis. No further input from an independent valuer was deemed to be required.
7. Debtors
2023
2022
£
£
Other debtors
818,687
886,220
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,882
5,882
Trade creditors
3,061
Corporation tax
55,338
60,368
Other creditors
38,023
42,852
--------
---------
99,243
112,163
--------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,294
41,177
Corporation tax
55,338
--------
--------
35,294
96,515
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Reserves
Profit and loss account Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in the revaluation reserve, which is an unrealised surplus that does not form part of the company's distributable reserve. FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Consequently, the Profit and Loss Account reserve at 30 June 2023 includes a non-distributable amount of £102,646 (2022 - £102,821).
12. Directors' advances, credits and guarantees
There are no directors guarantees, credits or advances that require disclosure.
13. Related party transactions
Included within debtors; amounts falling due within one year are the following assets; - An amount of £4,710 (2022: £3,710) due from Wolf Licences Ltd, a company in which Mr M Irwin is a director and shareholder. The amount is unsecured, interest free and repayable on demand. - An amount of £813,477 (2022: £885,744) due from Tools To Go Ltd, a company in which Mr M Irwin is a director and shareholder. The amount is unsecured, interest free and repayable on demand. - An amount of £500 (2022: £500) due from Crikey Mikey Ltd, a company in which Mr M Irwin is a director and shareholder. The amount is unsecured, interest free and repayable on demand.