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Company Registration No. 2779070 (England and Wales)
CHAMELEON SYSTEMS LTD. Unaudited accounts for the year ended 31 March 2024
CHAMELEON SYSTEMS LTD. Unaudited accounts Contents
Page
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CHAMELEON SYSTEMS LTD. Company Information for the year ended 31 March 2024
Directors
Christina Keating Gary Craig Kavanagh Neil Shrubsole
Company Number
2779070 (England and Wales)
Registered Office
Congress House 14 Lyon Road Harrow HA1 2EN England
Accountants
Evolve Accounting and Tax Solutions Ltd Congress House 14 Lyon Road Harrow Middlesex HA1 2EN
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CHAMELEON SYSTEMS LTD. Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
61,379 
22,545 
Current assets
Inventories
5,000 
5,000 
Debtors
1,351,766 
1,445,770 
Cash at bank and in hand
135,856 
163,351 
1,492,622 
1,614,121 
Creditors: amounts falling due within one year
(503,824)
(591,495)
Net current assets
988,798 
1,022,626 
Total assets less current liabilities
1,050,177 
1,045,171 
Creditors: amounts falling due after more than one year
(66,395)
(46,667)
Net assets
983,782 
998,504 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
983,682 
998,404 
Shareholders' funds
983,782 
998,504 
For the year ending 31 March 2024 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2024 and were signed on its behalf by
Christina Keating Director Company Registration No. 2779070
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CHAMELEON SYSTEMS LTD. Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
CHAMELEON SYSTEMS LTD. is a private company, limited by shares, registered in England and Wales, registration number 2779070. The registered office is Congress House, 14 Lyon Road, Harrow, HA1 2EN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
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. Depreciation is provided on the following basis:
Plant & machinery
- 25% Reducing balance
Motor vehicles
- 25% Reducing balance
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.
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.
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CHAMELEON SYSTEMS LTD. Notes to the Accounts for the year ended 31 March 2024
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.
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.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2023
198,979 
Additions
59,294 
At 31 March 2024
258,273 
Depreciation
At 1 April 2023
176,434 
Charge for the year
20,460 
At 31 March 2024
196,894 
Net book value
At 31 March 2024
61,379 
At 31 March 2023
22,545 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
526,776 
568,663 
Amounts due from group undertakings etc.
733,827 
860,675 
Other debtors
91,163 
16,432 
1,351,766 
1,445,770 
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CHAMELEON SYSTEMS LTD. Notes to the Accounts for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
20,000 
20,000 
VAT
66,006 
72,245 
Obligations under finance leases and hire purchase contracts
6,451 
- 
Trade creditors
190,933 
282,308 
Taxes and social security
77,835 
72,601 
Accruals
75,505 
82,163 
Deferred income
67,094 
62,178 
503,824 
591,495 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
26,667 
46,667 
Obligations under finance leases and hire purchase contracts
39,728 
- 
66,395 
46,667 
8
Transactions with related parties
At the balance sheet date a balance of £733,827 (2023: £860,675) was owed by the parent company Chameleon Systems Holdings Limited. This amount is unsecured, Interest free and repayable on demand, with 12 months notice. At the balance sheet date a balance of Nil (2023: £26,420) was owed by Chameleon Installations Limited, a company in which director C Keating has a material interest. This amount is unsecured, interest free and repayable on demand.
9
Controlling party
The company is controlled by the director, C Keating, by virtue of her majority shareholding in Chameleon Systems Holdings Limited.
10
Average number of employees
During the year the average number of employees was 18 (2023: 21).
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