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REGISTERED NUMBER: 03438466 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CHAPMANS OF SEVENOAKS LTD

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHAPMANS OF SEVENOAKS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: K R Chapman
D Theze
D M Glock
J McGinn
T A Lambeth
G J Theze





SECRETARY: D M Glock





REGISTERED OFFICE: Units 5 & 6
Hornet Business Estate
Quarry Hill Road, Borough Green
Sevenoaks
Kent
TN15 8QW





REGISTERED NUMBER: 03438466 (England and Wales)





ACCOUNTANTS: Cassidys Chartered Accountants
South Stour Offices
Roman Road
Mersham
Ashford
Kent
TN25 7HS

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 142,014 226,017
Investments 6 1,100 1,100
143,114 227,117

CURRENT ASSETS
Stocks 226,261 236,155
Debtors 7 1,337,807 1,657,630
Cash at bank and in hand 61,657 115,236
1,625,725 2,009,021
CREDITORS
Amounts falling due within one year 8 1,476,695 1,649,256
NET CURRENT ASSETS 149,030 359,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

292,144

586,882

CREDITORS
Amounts falling due after more than one year 9 (139,962 ) (222,354 )

PROVISIONS FOR LIABILITIES 11 (16,559 ) (15,206 )
NET ASSETS 135,623 349,322

CAPITAL AND RESERVES
Called up share capital 45,000 45,000
Share premium 86,360 86,360
Retained earnings 4,263 217,962
SHAREHOLDERS' FUNDS 135,623 349,322

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

BALANCE SHEET - continued
31 OCTOBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





K R Chapman - Director


CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Chapmans of Sevenoaks Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 45 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 21,590
AMORTISATION
At 1 November 2022
and 31 October 2023 21,590
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 November 2022 456,743 218,736 60,481
Additions - - -
Disposals - - -
At 31 October 2023 456,743 218,736 60,481
DEPRECIATION
At 1 November 2022 344,712 171,279 50,251
Charge for year 51,707 11,872 2,561
Eliminated on disposal - - -
At 31 October 2023 396,419 183,151 52,812
NET BOOK VALUE
At 31 October 2023 60,324 35,585 7,669
At 31 October 2022 112,031 47,457 10,230

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 82,136 103,637 921,733
Additions 21,775 12,898 34,673
Disposals (73,311 ) - (73,311 )
At 31 October 2023 30,600 116,535 883,095
DEPRECIATION
At 1 November 2022 48,894 80,580 695,716
Charge for year 3,827 9,000 78,967
Eliminated on disposal (33,602 ) - (33,602 )
At 31 October 2023 19,119 89,580 741,081
NET BOOK VALUE
At 31 October 2023 11,481 26,955 142,014
At 31 October 2022 33,242 23,057 226,017

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 22,785
Disposals (22,785 )
At 31 October 2023 -
DEPRECIATION
At 1 November 2022 5,696
Eliminated on disposal (9,968 )
At 31 October 2023 (4,272 )
NET BOOK VALUE
At 31 October 2023 4,272
At 31 October 2022 17,089

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 1,100
NET BOOK VALUE
At 31 October 2023 1,100
At 31 October 2022 1,100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,168,524 1,259,147
Other debtors 169,283 398,483
1,337,807 1,657,630

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 106,688 77,058
Hire purchase contracts - 6,903
Trade creditors 1,222,418 1,393,463
Amounts owed to group undertakings 38,300 52,084
Taxation and social security 85,647 93,418
Other creditors 23,642 26,330
1,476,695 1,649,256

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 139,962 216,732
Hire purchase contracts - 5,622
139,962 222,354

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 246,650 293,790

The bank loan and overdraft facility are secured by fixed and floating charges over the company's assets.

11. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 16,559 15,206

Deferred
tax
£   
Balance at 1 November 2022 15,206
Provided during year 1,353
Balance at 31 October 2023 16,559

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
K R Chapman and D Theze
Balance outstanding at start of year 160,550 104,269
Amounts advanced 30,050 160,550
Amounts repaid (160,550 ) (104,269 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,050 160,550

N K King
Balance outstanding at start of year 26,000 -
Amounts advanced - 26,000
Amounts repaid (26,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 26,000

J McGinn
Balance outstanding at start of year 5,000 -
Amounts advanced 3,500 5,000
Amounts repaid (5,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,500 5,000

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £241,500 were paid to the directors .

CHAPMANS OF SEVENOAKS LTD (REGISTERED NUMBER: 03438466)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


13. RELATED PARTY DISCLOSURES - continued

K Chapman Director

At the balance sheet date K Chapman owed Chapmans of Sevenoaks Ltd £12,891 (2022 - £107,659).

D Theze Director

At the balance sheet date D Theze owed Chapmans of Sevenoaks Ltd £17,159 (2022 - £52,891).

J McGinn

At the balance sheet date J McGinn owed Chapmans of Sevenoaks Ltd £3,500 (2022 - £5,000).

Chapmans of Rye Limited
Subsidiary

During the year, Chapmans of Sevenoaks Limited made purchases from Chapmans of Rye Limited totalling £280,078 (2022 - £274,321).


At the balance sheet date Chapmans of Rye Limited owed Chapmans of Sevenoaks Ltd £4,821 (2022 - £100,986).

14. ULTIMATE CONTROLLING PARTY

The controlling party is K R Chapman.