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Registered number: 00236592
Chiswick Furniture Galleries Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Hub Accountants Limited
Chartered Accountants
Innovation House
Wincombe Lane
Shaftesbury
Dorset
SP7 8FG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00236592
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,250,361 5,250,452
5,250,361 5,250,452
CURRENT ASSETS
Debtors 5 15,849 17,177
Cash at bank and in hand 180,707 144,328
196,556 161,505
Creditors: Amounts Falling Due Within One Year 6 (120,469 ) (1,547,065 )
NET CURRENT ASSETS (LIABILITIES) 76,087 (1,385,560 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,326,448 3,864,892
Creditors: Amounts Falling Due After More Than One Year 7 (1,449,876 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (662,103 ) (662,103 )
NET ASSETS 3,214,469 3,202,789
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Fair Value Reserve 11 2,822,077 2,822,077
Profit and Loss Account 391,392 379,712
SHAREHOLDERS' FUNDS 3,214,469 3,202,789
Page 1
Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Leo
Director
5th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Chiswick Furniture Galleries Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00236592 . The registered office is 26 Gravel Close, Downton, Salisbury, Wiltshire, SP5 3JQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents amounts receivable for rents receivable net of VAT.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Fixtures & Fittings 20% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2023 5,250,000 57,179 5,307,179
As at 31 March 2024 5,250,000 57,179 5,307,179
Depreciation
As at 1 April 2023 - 56,727 56,727
Provided during the period - 91 91
As at 31 March 2024 - 56,818 56,818
Net Book Value
As at 31 March 2024 5,250,000 361 5,250,361
As at 1 April 2023 5,250,000 452 5,250,452
The properties are held at current market value based on the directors valuation.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,982 9,934
Prepayments and accrued income 3,145 5,941
VAT 1,722 1,302
15,849 17,177
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,089 12,636
Bank loans and overdrafts - 1,450,000
Corporation tax 17,169 11,814
...CONTINUED
Page 4
Page 5
Other loan 1,650 -
Accruals and deferred income 98,561 70,965
Directors' loan accounts - 1,650
120,469 1,547,065
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,449,876 -
8. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by a legal charge over the properties.
2024 2023
£ £
Bank loans and overdrafts 1,450,000 1,450,000
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 50,000 50,000
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 2,822,077
As at 31 March 2024 2,822,077
Page 5