Company Registration No. 10692949 (England and Wales)
CHELCOL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CHELCOL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CHELCOL LIMITED
BALANCE SHEET
AS AT
24 DECEMBER 2023
24 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,159,681
6,172,427
Current assets
-
-
Creditors: amounts falling due within one year
4
(5,861,167)
(5,823,680)
Net current liabilities
(5,861,167)
(5,823,680)
Net assets
298,514
348,747
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
298,513
348,746
Total equity
298,514
348,747

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
PT Johnston
Director
Company Registration No. 10692949
CHELCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Chelcol Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Although the company has a net current liability position, it also holds land and buildings in excess of this liability and could therefore sell these in order to meet its liabilities if required. The company remains in an overall positive equity position, and given that the majority of creditors relate to amounts owed to group undertakings, this does not cast any doubt over the going concern status of the company.

1.3
Reporting period

The accounting reference date is 24 December (2022 - 25 December). The company prepares its management accounts on a 4 weekly basis and these annual accounts are made up to 24 December 2023 (2022 - 25 December). Given that the previous period also consists of 13 periods of 4 weeks each, there are no issues with regard to comparability of figures.

1.4
Revenue recognition

Rental income is recognised in the profit and loss account as operating income and is recognised on a straight line basis.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

The entity has opted to recognise land and buildings rented to group entities as properties under the cost model.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Freehold buildings
2% straight line
Freehold improvements
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CHELCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CHELCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 3 (2022: 3).

CHELCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 26 December 2022
6,246,181
Additions
20,101
At 24 December 2023
6,266,282
Depreciation and impairment
At 26 December 2022
73,754
Depreciation charged in the period
32,847
At 24 December 2023
106,601
Carrying amount
At 24 December 2023
6,159,681
At 25 December 2022
6,172,427
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
5,792,581
5,755,094
Other creditors
68,586
68,586
5,861,167
5,823,680
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Brewer
Statutory Auditor:
Rickard Luckin Limited
Date of audit report:
6 August 2024
6
Financial commitments, guarantees and contingent liabilities

There is a contingent liability in respect of companies within the group secured by an intercompany cross guarantee over the bank loans and a fixed and floating charge over all assets. The amount outstanding at 24 December 2023 was £8,877,144 (2022: £10,288,575).

CHELCOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 6 -
7
Related party transactions

In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group.

8
Parent company

The parent company of Chelcol Limited is J&J Restaurants Limited, a company incorporated in England and Wales; the registered office of Kefco Group Limited is First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

 

The ultimate parent company of the group is Kefco Group Limited, a company incorporated in England and Wales; the registered office of Kefco Group Limited is First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

The company's results are included in the consolidated accounts of Kefco Group Limited which is both the smallest and largest group into which the entity is consolidated. The consolidated accounts of Kefco Group Limited are publically available from Companies House, Crown Way, Cardiff CF14 3UZ.

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