6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,580 8,396 3,927 15,049 5,995 1,911 3,927 3,979 11,070 4,585 xbrli:pure xbrli:shares iso4217:GBP 04896836 2022-12-01 2023-11-30 04896836 2023-11-30 04896836 2022-11-30 04896836 2021-12-01 2022-11-30 04896836 2022-11-30 04896836 2021-11-30 04896836 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 04896836 bus:Director1 2022-12-01 2023-11-30 04896836 bus:Director2 2022-12-01 2023-11-30 04896836 core:WithinOneYear 2023-11-30 04896836 core:WithinOneYear 2022-11-30 04896836 core:ShareCapital 2023-11-30 04896836 core:ShareCapital 2022-11-30 04896836 core:RetainedEarningsAccumulatedLosses 2023-11-30 04896836 core:RetainedEarningsAccumulatedLosses 2022-11-30 04896836 bus:Director1 2021-11-30 04896836 bus:Director2 2021-11-30 04896836 bus:Director1 2021-12-01 2022-11-30 04896836 bus:Director2 2021-12-01 2022-11-30 04896836 bus:SmallEntities 2022-12-01 2023-11-30 04896836 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 04896836 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 04896836 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04896836 bus:FullAccounts 2022-12-01 2023-11-30 04896836 bus:OrdinaryShareClass1 2023-11-30 04896836 bus:OrdinaryShareClass1 2022-11-30 04896836 core:OfficeEquipment 2022-12-01 2023-11-30 04896836 core:OfficeEquipment 2022-11-30 04896836 core:OfficeEquipment 2023-11-30 04896836 core:OtherRelatedParties 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 04896836
CHOWN COMMERCIAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
CHOWN COMMERCIAL LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
11,070
4,585
Current assets
Debtors
6
194,121
116,646
Cash at bank and in hand
239,218
137,473
---------
---------
433,339
254,119
Creditors: amounts falling due within one year
7
194,694
54,403
---------
---------
Net current assets
238,645
199,716
---------
---------
Total assets less current liabilities
249,715
204,301
Provisions
2,103
871
---------
---------
Net assets
247,612
203,430
---------
---------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
247,610
203,428
---------
---------
Shareholders funds
247,612
203,430
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
CHOWN COMMERCIAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 8 August 2024 , and are signed on behalf of the board by:
Mr S R Chown
Mr S P Chown
Director
Director
Company registration number: 04896836
CHOWN COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Saxon Court, Northampton, NN1 1SX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer & office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 7 ).
5. Tangible assets
Equipment
£
Cost
At 1 December 2022
10,580
Additions
8,396
Disposals
( 3,927)
--------
At 30 November 2023
15,049
--------
Depreciation
At 1 December 2022
5,995
Charge for the year
1,911
Disposals
( 3,927)
--------
At 30 November 2023
3,979
--------
Carrying amount
At 30 November 2023
11,070
--------
At 30 November 2022
4,585
--------
6. Debtors
2023
2022
£
£
Trade debtors
80,525
10,365
Other debtors
113,596
106,281
---------
---------
194,121
116,646
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
108,738
4,880
Corporation tax
55,973
25,367
Social security and other taxes
1,196
12,680
Other creditors
28,787
11,476
---------
--------
194,694
54,403
---------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S R Chown
34,148
( 34,148)
Mr S P Chown
34,048
( 34,048)
----
--------
--------
----
68,196
( 68,196)
----
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S R Chown
( 859)
32,220
( 31,361)
Mr S P Chown
( 3,313)
32,668
( 29,355)
-------
--------
--------
----
( 4,172)
64,888
( 60,716)
-------
--------
--------
----
10. Related party transactions
Chowns Limited At the year end and included within debtors are loan advances outstanding from Chowns Limited totalling £98,487 (2022: £98,487). No interest has been charged on the loan and the loan is repayable on demand.