Company registration number:
05007210
Chainkey Limited
Unaudited filleted financial statements
31 January 2024
Chainkey Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Chainkey Limited
Directors and other information
|
|
|
|
Directors |
Mr A C Gokani |
|
|
Mr K Gokani |
|
|
|
|
|
|
|
Secretary |
A C Gokani |
|
|
|
|
|
|
|
Company number |
05007210 |
|
|
|
|
|
|
|
Registered office |
Amba House, 4th Floor |
|
|
15 College Road |
|
|
Harrow, Middlesex |
|
|
HA1 1BA |
|
|
|
|
|
|
|
Accountants |
Nagle James Associates Limited |
|
|
Amba House, 4th Floor Kings Suite |
|
|
15 College Road |
|
|
Harrow |
|
|
Middlesex |
|
|
HA1 1BA |
|
|
|
Chainkey Limited
Statement of financial position
31 January 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Investments |
|
4 |
- |
|
|
|
1,700,000 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
- |
|
|
|
1,700,000 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
5 |
403,595 |
|
|
|
5,191 |
|
|
Cash at bank and in hand |
|
|
22,994 |
|
|
|
637 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
426,589 |
|
|
|
5,828 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
254,676) |
|
|
|
(
558,948) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets/(liabilities) |
|
|
|
|
171,913 |
|
|
|
(
553,120) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
171,913 |
|
|
|
1,146,880 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
7 |
|
|
(
1,371,183) |
|
|
|
(
1,287,496) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
1,199,270) |
|
|
|
(
140,616) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1,098 |
|
|
|
1,098 |
Profit and loss account |
|
8 |
|
|
(
1,200,368) |
|
|
|
(
141,714) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
1,199,270) |
|
|
|
(
140,616) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 January 2024 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 August 2024
, and are signed on behalf of the board by:
Mr A C Gokani
Director
Company registration number:
05007210
Chainkey Limited
Statement of changes in equity
Year ended 31 January 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 February 2022 |
|
1,098 |
|
98,148 |
99,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(
239,862) |
(
239,862) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
239,862) |
(
239,862) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2023 and 1 February 2023 |
|
1,098 |
|
(
141,714) |
(
140,616) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
(
1,058,654) |
(
1,058,654) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
1,058,654) |
(
1,058,654) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
|
1,098 |
|
(
1,200,368) |
(
1,199,270) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chainkey Limited
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chainkey Limited, Amba House, 4th Floor, 15 College Road, Harrow, Middlesex, HA1 1BA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost or valuation |
|
|
|
|
|
|
|
At 1 February 2023 |
1,700,000 |
1,700,000 |
|
|
|
|
|
Disposals |
(
2,500,000) |
(
2,500,000) |
|
|
|
|
|
Revaluations |
800,000 |
800,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 February 2023 and 31 January 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 January 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2023 |
1,700,000 |
1,700,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
402,000 |
- |
|
Prepayments and accrued income |
|
1,595 |
854 |
|
|
|
_______ |
_______ |
|
|
|
403,595 |
5,191 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
5,420 |
1,500 |
|
Corporation tax |
|
- |
68,866 |
|
Social security and other taxes |
|
131,856 |
- |
|
Director loan accounts |
|
117,400 |
449,400 |
|
Other creditors |
|
- |
39,182 |
|
|
|
_______ |
_______ |
|
|
|
254,676 |
558,948 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Loan from director is interest free, unsecured and repayable on demand.
7.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
1,371,183 |
1,287,496 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Other creditors also includes unsecured loans from Gokani Rubins Pty Limited Vishram Trust £685,592 (2023 - £643,748) and Gokani Rubins Pty Limited Gokani Family Trust £685,592 (2023 - £643,748), both of whom are shareholders of the company. These loans have no fixed repayment terms. Interest is charged on these loans at the rate of 6.5% per annum on the cumulative balance outstanding at the end of the previous year.
8.
Reserves
Called-up share capital – represents the nominal value of shares that have been issued.Profit and loss account – includes all current and prior period retained profits and losses.
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr A C Gokani |
(
449,400) |
332,000 |
(
117,400) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr A C Gokani |
(
1,870,400) |
1,421,000 |
(
449,400) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|