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Registration number: 01229058

P. Chester & Son (Bedford) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

P. Chester & Son (Bedford) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

P. Chester & Son (Bedford) Limited

Company Information

Directors

S W C Chester

A Holt

Registered office

Unit 6
Manton Lane
Manton Lane Industrial Estate
Bedford
Bedfordshire
MK41 7PB

Accountants

Levett & Associates Ltd
Chartered Certified Accountants
2nd Floor
46-46a High Street
Olney
Buckinghamshire
MK46 4BE

 

P. Chester & Son (Bedford) Limited

(Registration number: 01229058)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

213,959

218,499

Current assets

 

Stocks

5

14,384

33,977

Debtors

6

97,055

108,552

Cash at bank and in hand

 

10,959

35,446

 

122,398

177,975

Creditors: Amounts falling due within one year

7

(189,976)

(203,411)

Net current liabilities

 

(67,578)

(25,436)

Total assets less current liabilities

 

146,381

193,063

Creditors: Amounts falling due after more than one year

7

(56,827)

(72,666)

Provisions for liabilities

(1,685)

(1,685)

Net assets

 

87,869

118,712

Capital and reserves

 

Called up share capital

8

674

674

Capital redemption reserve

326

326

Retained earnings

86,869

117,712

Shareholders' funds

 

87,869

118,712

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 11 September 2024 and signed on its behalf by:
 

 

P. Chester & Son (Bedford) Limited

(Registration number: 01229058)
Balance Sheet as at 29 February 2024

.........................................
S W C Chester
Director

   
     
 

P. Chester & Son (Bedford) 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 & Wales.

The address of its registered office is:
Unit 6
Manton Lane
Manton Lane Industrial Estate
Bedford
Bedfordshire
MK41 7PB

These financial statements were authorised for issue by the Board on 11 September 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

P. Chester & Son (Bedford) Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

15% reducing balance

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years on cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

P. Chester & Son (Bedford) 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.

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 7 (2023 - 8).

 

P. Chester & Son (Bedford) Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2023

235,000

10,266

17,976

9,352

Additions

-

-

-

2,197

At 29 February 2024

235,000

10,266

17,976

11,549

Depreciation

At 1 March 2023

23,500

8,792

14,792

9,352

Charge for the year

4,700

227

493

732

At 29 February 2024

28,200

9,019

15,285

10,084

Carrying amount

At 29 February 2024

206,800

1,247

2,691

1,465

At 28 February 2023

211,500

1,474

3,184

-

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

19,599

292,193

Additions

-

2,197

At 29 February 2024

19,599

294,390

Depreciation

At 1 March 2023

17,258

73,694

Charge for the year

585

6,737

At 29 February 2024

17,843

80,431

Carrying amount

At 29 February 2024

1,756

213,959

At 28 February 2023

2,341

218,499

Included within the net book value of land and buildings above is £206,800 (2023 - £211,500) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

14,384

33,977

 

P. Chester & Son (Bedford) Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

94,453

105,745

Prepayments

2,602

2,807

 

97,055

108,552

 

P. Chester & Son (Bedford) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

15,563

14,143

Trade creditors

 

42,123

53,109

Taxation and social security

 

12,532

10,701

Accruals and deferred income

 

3,350

1,250

Other creditors

 

116,408

124,208

 

189,976

203,411

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

56,827

72,666

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

674

674

674

674

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

56,827

72,666

2024
£

2023
£

Current loans and borrowings

Bank borrowings

15,563

14,143