14 false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08170041 2022-09-01 2023-08-31 08170041 2023-08-31 08170041 2022-08-31 08170041 2021-09-01 2022-08-31 08170041 2022-08-31 08170041 2021-08-31 08170041 core:PlantMachinery 2022-09-01 2023-08-31 08170041 core:FurnitureFittings 2022-09-01 2023-08-31 08170041 core:MotorVehicles 2022-09-01 2023-08-31 08170041 bus:LeadAgentIfApplicable 2022-09-01 2023-08-31 08170041 bus:Director1 2022-09-01 2023-08-31 08170041 bus:Director2 2022-09-01 2023-08-31 08170041 core:PlantMachinery 2022-08-31 08170041 core:FurnitureFittings 2022-08-31 08170041 core:MotorVehicles 2022-08-31 08170041 core:PlantMachinery 2023-08-31 08170041 core:FurnitureFittings 2023-08-31 08170041 core:MotorVehicles 2023-08-31 08170041 core:WithinOneYear 2023-08-31 08170041 core:WithinOneYear 2022-08-31 08170041 core:AfterOneYear 2023-08-31 08170041 core:AfterOneYear 2022-08-31 08170041 core:ShareCapital 2023-08-31 08170041 core:ShareCapital 2022-08-31 08170041 core:RetainedEarningsAccumulatedLosses 2023-08-31 08170041 core:RetainedEarningsAccumulatedLosses 2022-08-31 08170041 core:BetweenOneFiveYears 2023-08-31 08170041 core:BetweenOneFiveYears 2022-08-31 08170041 core:MoreThanFiveYears 2023-08-31 08170041 core:MoreThanFiveYears 2022-08-31 08170041 core:PlantMachinery 2022-08-31 08170041 core:FurnitureFittings 2022-08-31 08170041 core:MotorVehicles 2022-08-31 08170041 bus:Director1 2022-08-31 08170041 bus:Director2 2023-08-31 08170041 bus:Director1 2021-08-31 08170041 bus:Director1 2022-08-31 08170041 bus:Director2 2021-08-31 08170041 bus:Director1 2021-09-01 2022-08-31 08170041 bus:Director2 2021-09-01 2022-08-31 08170041 bus:SmallEntities 2022-09-01 2023-08-31 08170041 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 08170041 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 08170041 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08170041 bus:FullAccounts 2022-09-01 2023-08-31 08170041 core:ComputerEquipment 2022-09-01 2023-08-31 08170041 core:ComputerEquipment 2023-08-31
COMPANY REGISTRATION NUMBER: 08170041
Charnwood Research Centre Limited
Filleted Unaudited Financial Statements
31 August 2023
Charnwood Research Centre Limited
Financial Statements
Year ended 31 August 2023
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 8
Charnwood Research Centre Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Charnwood Research Centre Limited
Year ended 31 August 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 Charnwood Research Centre Limited for the year ended 31 August 2023, which comprise the balance sheet 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Charnwood Research Centre Limited, as a body, in accordance with the terms of our engagement letter dated 20 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Charnwood Research Centre Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charnwood Research Centre Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Charnwood Research Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Charnwood Research Centre Limited. You consider that Charnwood Research Centre 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 Charnwood Research Centre 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 financial statements.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
29 August 2024
Charnwood Research Centre Limited
Balance Sheet
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
126,932
158,338
Current assets
Debtors
6
130,972
178,587
Cash at bank and in hand
363
13,611
---------
---------
131,335
192,198
Creditors: amounts falling due within one year
7
233,789
84,983
---------
---------
Net current (liabilities)/assets
( 102,454)
107,215
---------
---------
Total assets less current liabilities
24,478
265,553
Creditors: amounts falling due after more than one year
8
316,172
262,421
---------
---------
Net (liabilities)/assets
( 291,694)
3,132
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 291,695)
3,131
---------
-------
Shareholders (deficit)/funds
( 291,694)
3,132
---------
-------
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 profit and loss account has not been delivered.
For the year ending 31 August 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 .
Charnwood Research Centre Limited
Balance Sheet (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Dr R. G. Wood
Mr J. Wood
Director
Director
Company registration number: 08170041
Charnwood Research Centre Limited
Notes to the Financial Statements
Year ended 31 August 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 Ridgeway Farm, South Croxton Road, Queniborough, Leicester, LE7 3RX.
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 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Computer 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: Nil).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 September 2022
154,069
9,000
65,826
228,895
Additions
12,007
2,081
14,088
---------
-------
--------
-------
---------
At 31 August 2023
166,076
9,000
65,826
2,081
242,983
---------
-------
--------
-------
---------
Depreciation
At 1 September 2022
53,200
900
16,457
70,557
Charge for the year
27,618
900
16,456
520
45,494
---------
-------
--------
-------
---------
At 31 August 2023
80,818
1,800
32,913
520
116,051
---------
-------
--------
-------
---------
Carrying amount
At 31 August 2023
85,258
7,200
32,913
1,561
126,932
---------
-------
--------
-------
---------
At 31 August 2022
100,869
8,100
49,369
158,338
---------
-------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
52,894
53,855
Amounts owed by group undertakings and undertakings in which the company has a participating interest
77,173
120,384
Other debtors
905
4,348
---------
---------
130,972
178,587
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
75,959
9,000
Trade creditors
82,446
36,583
Social security and other taxes
8,414
Other creditors
66,970
39,400
---------
--------
233,789
84,983
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
211,040
122,515
Other creditors
105,132
139,906
---------
---------
316,172
262,421
---------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
131,334
192,198
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
538,997
347,406
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
43,147
40,000
Later than 1 year and not later than 5 years
172,589
160,000
Later than 5 years
579,999
619,999
---------
---------
795,735
819,999
---------
---------
11. 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
Balance outstanding
£
£
£
Dr R. G. Wood
2,500
( 2,500)
Mr J. Wood
( 1,830)
( 1,830)
-------
-------
-------
2,500
( 4,330)
( 1,830)
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr R. G. Wood
( 19,188)
21,688
2,500
Mr J. Wood
498
( 498)
--------
--------
-------
( 18,690)
21,190
2,500
--------
--------
-------
12. Related party transactions
The company paid £Nil during the year to East Midlands Orthodontics Limited (formally Ortho Management Services Limited) (2022 - £605,000), a company within the same group and with the same directors as Charnwood Research Centre Limited . At the year end Charnwood Research Centre Limited was owed £77,173 by East Midlands Orthodontics Limited (2022 - £120,384). Charnwood Research Centre Limited pays rent to Ridgeway Farm, a partnership which includes the two directors. During the year the company paid rent of £19,900 (2022 - £18,500). Charnwood Research Centre Limited also pays rent to Dr R G Wood for the use of the offices at Regent's Street. During the year the company paid £34,667 (2021 - £Nil). Charnwood Research Centre Limited also pays for consulting services from Ortho Business Limited. Mr J Wood is the sole director and shareholder of Ortho Business Limited. During the year the company paid £14,517 (2022 - £Nil).
13. Controlling party
The company's ultimate parent company is Seven Silva Limited, a company incorporated in England and Wales.