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COMPANY REGISTRATION NUMBER: 02578206
CHARTWELL FINANCIAL SERVICES LIMITED
Unaudited Financial Statements
31 December 2023
CHARTWELL FINANCIAL SERVICES LIMITED
Financial Statements
Year ended 31st December 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
CHARTWELL FINANCIAL SERVICES LIMITED
Directors' Report
Year ended 31st December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was the provision of financial advice.
Directors
The directors who served the company during the year were as follows:
G R Newton
S A Browne
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 April 2024 and signed on behalf of the board by:
S A Browne
Company Secretary
Registered office:
Chapel House Barn
Pillmoss Lane
Lower Whitley
Warrington
WA4 4DW
CHARTWELL FINANCIAL SERVICES LIMITED
Statement of Income and Retained Earnings
Year ended 31st December 2023
2023
2022
Note
£
£
Turnover
1,231,574
1,244,086
Cost of sales
449,574
409,733
------------
------------
Gross profit
782,000
834,353
Administrative expenses
754,496
809,488
---------
---------
Operating profit
27,504
24,865
---------
---------
Profit before taxation
5
27,504
24,865
Tax on profit
6,263
4,981
--------
--------
Profit for the financial year and total comprehensive income
21,241
19,884
--------
--------
Retained earnings at the start of the year
323,597
303,713
---------
---------
Retained earnings at the end of the year
344,838
323,597
---------
---------
All the activities of the company are from continuing operations.
CHARTWELL FINANCIAL SERVICES LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
7
211,519
234,218
Cash at bank and in hand
559,446
454,407
---------
---------
770,965
688,625
Creditors: amounts falling due within one year
8
416,127
355,028
---------
---------
Net current assets
354,838
333,597
---------
---------
Total assets less current liabilities
354,838
333,597
---------
---------
Net assets
354,838
333,597
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
344,838
323,597
---------
---------
Shareholders funds
354,838
333,597
---------
---------
These financial statements have been prepared 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'.
For the year ending 31st December 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 .
These financial statements were approved by the board of directors and authorised for issue on 9 April 2024 , and are signed on behalf of the board by:
G R Newton
Director
Company registration number: 02578206
CHARTWELL FINANCIAL SERVICES LIMITED
Notes to the Financial Statements
Year ended 31st December 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 Chapel House Barn, Pillmoss Lane, Lower Whitley, Warrington, WA4 4DW.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
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:
-
20% reducing balance
-
20% reducing balance
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
8,375
2,170
-------
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st January 2023
4,519
15,889
20,408
Additions
8,375
8,375
--------
--------
--------
At 31st December 2023
12,894
15,889
28,783
--------
--------
--------
Depreciation
At 1st January 2023
4,519
15,889
20,408
Charge for the year
8,375
8,375
--------
--------
--------
At 31st December 2023
12,894
15,889
28,783
--------
--------
--------
Carrying amount
At 31st December 2023
--------
--------
--------
At 31st December 2022
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
206,519
199,218
Other debtors
5,000
35,000
---------
---------
211,519
234,218
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,620
7,159
Amounts owed to group undertakings and undertakings in which the company has a participating interest
399,644
339,288
Social security and other taxes
6,263
4,981
Other creditors
3,600
3,600
---------
---------
416,127
355,028
---------
---------
9. Related party transactions
The company was under the control of Lindley Group Holdings Limited a company registered in the United Kingdom.
10. Controlling party
The company is a wholly owned subsidiary of Lindley Group Holdings Limited a company registered in the United Kingdom.