Charioturn Limited 02716156 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is provision of property and other investment management services and investments. Digita Accounts Production Advanced 6.30.9574.0 false false 02716156 2023-01-01 2023-12-31 02716156 2023-12-31 02716156 bus:OrdinaryShareClass1 2023-12-31 02716156 core:RetainedEarningsAccumulatedLosses 2023-12-31 02716156 core:ShareCapital 2023-12-31 02716156 core:CurrentFinancialInstruments 2023-12-31 02716156 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02716156 core:AdditionsToInvestments 2023-12-31 02716156 core:CostValuation 2023-12-31 02716156 core:FurnitureFittingsToolsEquipment 2023-12-31 02716156 core:OtherRelatedParties 2023-12-31 02716156 bus:SmallEntities 2023-01-01 2023-12-31 02716156 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02716156 bus:FilletedAccounts 2023-01-01 2023-12-31 02716156 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02716156 bus:RegisteredOffice 2023-01-01 2023-12-31 02716156 bus:CompanySecretary1 2023-01-01 2023-12-31 02716156 bus:Director1 2023-01-01 2023-12-31 02716156 bus:Director3 2023-01-01 2023-12-31 02716156 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02716156 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02716156 bus:Agent1 2023-01-01 2023-12-31 02716156 core:Associate1 2023-01-01 2023-12-31 02716156 core:Associate1 countries:AllCountries 2023-01-01 2023-12-31 02716156 core:FurnitureFittings 2023-01-01 2023-12-31 02716156 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 02716156 core:OtherRelatedParties 2023-01-01 2023-12-31 02716156 1 2023-01-01 2023-12-31 02716156 countries:England 2023-01-01 2023-12-31 02716156 core:CostValuation 2022-12-31 02716156 core:FurnitureFittingsToolsEquipment 2022-12-31 02716156 core:OtherRelatedParties 2022-12-31 02716156 2022-01-01 2022-12-31 02716156 2022-12-31 02716156 bus:OrdinaryShareClass1 2022-12-31 02716156 core:RetainedEarningsAccumulatedLosses 2022-12-31 02716156 core:ShareCapital 2022-12-31 02716156 core:CurrentFinancialInstruments 2022-12-31 02716156 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02716156 core:FurnitureFittingsToolsEquipment 2022-12-31 02716156 core:OtherRelatedParties 2022-12-31 02716156 core:Associate1 2022-01-01 2022-12-31 02716156 core:OtherRelatedParties 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02716156

Charioturn Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Charioturn Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Charioturn Limited

Company Information

Directors

B Chandaria

K K Chandaria

Company secretary

K Chandaria

Registered office

1st Floor, Unitec House
2 Albert Place
Finchley Central
London
N3 1QB

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Charioturn Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charioturn Limited for the year ended 31 December 2023 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Charioturn Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Charioturn Limited. You consider that Charioturn Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Charioturn Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Charioturn Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Charioturn Limited and state those matters that we have agreed to state to the Board of Directors of Charioturn Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charioturn Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

9 August 2024

 

Charioturn Limited

(Registration number: 02716156)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed asset

 

Tangible assets

4

64

80

Investments

5

275,107

263,150

 

275,171

263,230

Current assets

 

Debtors

6

189,571

159,230

Cash at bank and in hand

 

66,879

68,404

 

256,450

227,634

Creditors: Amounts falling due within one year

7

(14,090)

(5,755)

Net current assets

 

242,360

221,879

Net assets

 

517,531

485,109

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

516,531

484,109

Shareholders' funds

 

517,531

485,109

For the financial year ended 31 December 2023 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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................

B Chandaria
Director

 

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

- Determine to what extent there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments.

There were no other significant judgements.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover represents property and other investment management fees receivable for services provided during the year.

Foreign currency transactions and balances

Foreign currency transactions are translated at the rates ruling when they occurred unless the average rate for the period approximate to the actual rate, in which case the average rate is used. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to profit or loss. Non-monetary items that are measured at historic cost in a foreign currency are not re-translated.

 

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that they are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, evenly over their estimated useful lives, as follows:

Asset class

Depreciation rate and method

Furniture, fittings and equipment

20% on reducing balance

Investments

Investments are measured in the company's balance sheet at cost less any accumulated impairment. Any impairment in value is written off to profit or loss.

An entity is treated as a subsidiary undertaking where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.

An entity is treated as an associate where the company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

An entity is treated as other investment if it does not satisfy the criteria to be treated as a subsidiary undertaking or an associate.

Cash at bank and in hand

This comprises cash at bank.

 

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank, other debtors and other creditors are measured initially at transaction price and subsequently at amortised cost using the effective interest method, where appropriate.

Dividends

Final equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

Pensions

Contributions payable by the company to private pension schemes of its employees are charged in the profit or loss in the year in which they are paid.

3

Employee information

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2023

5,555

At 31 December 2023

5,555

Depreciation

At 1 January 2023

5,475

Charge for the year

16

At 31 December 2023

5,491

Carrying amount

At 31 December 2023

64

At 31 December 2022

80

 

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investment in associate

275,107

263,150

Associate

£

Cost

At 1 January 2023

263,150

Additions in the year

11,957

At 31 December 2023

275,107

Carrying amount

At 31 December 2023

275,107

At 31 December 2022

263,150

Details of associate are as follows:

Name

Registered office

Holding

Percentage of voting rights held

     

2023

2022

Charioturn Capital LLP

1st Floor
Unitec House
2 Albert Place
London
N3 1QB

Members' A capital

26.36%

27.98%

 

England

     

Associate
 

Charioturn Capital LLP

The principal activity of Charioturn Capital LLP, an LLP registered in England, is making investments.

 

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Amounts due from associate

64,571

34,230

Other debtors

125,000

125,000

189,571

159,230

£125,000 (2022 - £125,000) of other debtors is due after more than one year.

7

Creditors: amounts due within one year

Note

2023
£

2022
£

Shareholders' loans

9

2,878

878

Corporation tax payable

 

3,547

-

Other taxes and social security

 

765

1,577

Accruals

 

6,900

3,300

 

14,090

5,755

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Loans from shareholders

2023

£

At start of year

878

Advanced during the year

2,000

At end of year

2,878

2022

£

At start of year

878

At end of year

878

Terms of loans from shareholders

The loans from shareholders are unsecured, interest free and repayable on demand.

10

Controlling party

There is no controlling party as no shareholder has more than 50% beneficial holding in the company.