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
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
CHAMELEON SYSTEMS LTD.
Statement of financial position
as at 31 March 2024
Tangible assets
61,379
22,545
Debtors
1,351,766
1,445,770
Cash at bank and in hand
135,856
163,351
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
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
CHAMELEON SYSTEMS LTD.
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
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 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.
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 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.
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.
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.
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.
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.
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Tangible fixed assets
Plant & machinery
Charge for the year
20,460
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
CHAMELEON SYSTEMS LTD.
Notes to the Accounts
for the year ended 31 March 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
20,000
20,000
Obligations under finance leases and hire purchase contracts
6,451
-
Trade creditors
190,933
282,308
Taxes and social security
77,835
72,601
Deferred income
67,094
62,178
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Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
39,728
-
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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.
The company is controlled by the director, C Keating, by virtue of her majority shareholding in Chameleon Systems Holdings Limited.
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Average number of employees
During the year the average number of employees was 18 (2023: 21).