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Registration number: 03927998

Chamberlain Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Chamberlain Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Chamberlain Developments Limited

Company Information

Directors

Dr Jonathan Richard Powner

Mrs Lucie Powner

Company secretary

Dr Jonathan Richard Powner

Registered office

First Floor
6 Ferranti Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ

Accountants

Winton Bath Group Ltd
First Floor
6 Ferranti Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ

 

Chamberlain Developments Limited

(Registration number: 03927998)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

1,731,976

1,595,503

Cash at bank and in hand

 

47,950

18,721

 

1,779,926

1,614,224

Creditors: Amounts falling due within one year

5

(1,251,481)

(1,164,114)

Total assets less current liabilities

 

528,445

450,110

Creditors: Amounts falling due after more than one year

5

(404,000)

(78,118)

Net assets

 

124,445

371,992

Capital and reserves

 

Called up share capital

6

20,000

20,000

Retained earnings

104,445

351,992

Shareholders' funds

 

124,445

371,992

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 July 2024 and signed on its behalf by:
 

.........................................
Dr Jonathan Richard Powner
Company secretary and director

 

Chamberlain Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor
6 Ferranti Court
Staffordshire Technology Park
Stafford
Staffordshire
ST18 0LQ

These financial statements were authorised for issue by the Board on 20 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Chamberlain Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Long-Term Contracts
Long-term contracts are assessed on a contract-by-contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract and the business. Where it is considered that the outcome of a long-term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable proft is recognised in the profit and loss account as the difference between the reported turnover and the related costs of that contract.

The amount by which recorded turnover is in excess of the payments on account is classified as 'amounts recoverable on contracts' and seperately disclosed within debtors.

The balance of payments on account (in excess of amounts (i) matched with turnover, and (ii) offset against long-term contract balances) is classified as payments on account and seperately disclosed within creditors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Chamberlain Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Debtors

Current

2024
£

2023
£

Trade debtors

436,840

939,961

Prepayments

42,558

111,683

Other debtors

1,252,578

543,859

 

1,731,976

1,595,503

 

Chamberlain Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

672,118

678,935

Trade creditors

 

314,290

338,596

Taxation and social security

 

112,601

113,196

Accruals and deferred income

 

3,600

25,528

Other creditors

 

148,872

7,859

 

1,251,481

1,164,114

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

-

78,118

Other non-current financial liabilities

 

404,000

-

 

404,000

78,118

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

20,000

20,000

20,000

20,000

         
 

Chamberlain Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

78,118

2024
£

2023
£

Current loans and borrowings

Bank borrowings

78,118

84,935

Other borrowings

594,000

594,000

672,118

678,935

8

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £29,106 (2023 - £7,332).

9

Related party transactions

 

Chamberlain Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Dr Jonathan Richard Powner

82,311

26,891

(82,311)

26,891

         
       

Mrs Lucie Powner

78,002

-

(79,281)

(1,279)

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Dr Jonathan Richard Powner

(752)

102,875

(19,812)

82,311

         
       

Mrs Lucie Powner

-

90,611

(12,609)

78,002