Company Registration No. 01350189 (England and Wales)
CHESTERFELT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
CHESTERFELT LIMITED
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
4 - 10
CHESTERFELT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHESTERFELT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,102,602
2,256,240
Current assets
Stocks
1,120,266
1,241,729
Debtors
5
1,577,487
1,111,094
Cash at bank and in hand
2,077,698
864,939
4,775,451
3,217,762
Creditors: amounts falling due within one year
6
(1,626,096)
(1,116,986)
Net current assets
3,149,355
2,100,776
Total assets less current liabilities
5,251,957
4,357,016
Provisions for liabilities
7
(633,222)
(623,393)
Net assets
4,618,735
3,733,623
Capital and reserves
Called up share capital
2,205
2,205
Revaluation reserve
1,966,595
2,076,500
Profit and loss reserves
2,649,935
1,654,918
Total equity
4,618,735
3,733,623

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr L B O Verheyden
Director
Company Registration No. 01350189
CHESTERFELT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 December 2021
2,205
1,718,040
1,209,842
2,930,087
Period ended 31 December 2022:
Profit for the period
-
-
1,000,795
1,000,795
Other comprehensive income:
Revaluation of tangible fixed assets
-
395,095
-
395,095
Deferred tax on revaluation reserve
-
-
345,340
345,340
Total comprehensive income for the period
-
395,095
1,346,135
1,741,230
Dividends
-
-
(542,599)
(542,599)
Transfers
-
(36,635)
(358,460)
(395,095)
Balance at 31 December 2022
2,205
2,076,500
1,654,918
3,733,623
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
-
885,112
885,112
Transfers
-
(109,905)
109,905
-
Balance at 31 December 2023
2,205
1,966,595
2,649,935
4,618,735
CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Chesterfelt Limited is a private company limited by shares incorporated in England and Wales. The registered office is Foxwood Way, Sheepbridge, Chesterfield, S41 9RX.

1.1
Reporting period

The prior period end was extended to a 13 month period and therefore the prior period figures are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

As at the year end, Chesterfelt Limited is a wholly owned subsidiary of Chesterfelt Holdings Limited, which is itself a wholly owned subsidiary of Holding Soprema SA who produces publicly available consolidated accounts. These consolidated financial statements are available from its registered office, 14 Rue de Saint Nazaire, 67100 Strasbourg, France.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from signing the statement of financial position. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of bituminous roofing products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
5-10%
Fixtures and fittings
10-25%
Computer equipment
25-100%
Motor vehicles
25-33%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

Plant and Machinery is the only class of asset that is held at valuation. Excess depreciation charged on revalued assets, above the historic cost depreciation, is transferred from retained earnings to the revaluation reserve each year

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents is represented by cash in hand repayable without penalty or notice of not more than 24 hours.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In preparing these financial statements, the directors have considered the requirement for any provision for impairment in respect of stock held at the balance sheet date. To identify any impairment, the client reviews items which have not been used or sold in the past year and items where the consumption period of the stock is less than one pallet per month.

 

The directors have also considered the requirement for any provision for dilapidations in respect of the lease of property held at the balance sheet date. These are measured based on recent valuations of cost expected to be incurred in relation to returning the property to its original state.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
25
25
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
2,198,107
314,697
114,826
121,783
2,749,413
Additions
38,031
14,299
1,806
52,106
106,242
Disposals
(91,341)
-
0
(15,150)
(35,019)
(141,510)
At 31 December 2023
2,144,797
328,996
101,482
138,870
2,714,145
Depreciation and impairment
At 1 January 2023
36,635
270,187
111,732
74,619
493,173
Depreciation charged in the year
109,905
16,778
1,017
28,811
156,511
Eliminated in respect of disposals
(17,154)
-
0
(15,150)
(5,837)
(38,141)
At 31 December 2023
129,386
286,965
97,599
97,593
611,543
Carrying amount
At 31 December 2023
2,015,411
42,031
3,883
41,277
2,102,602
At 31 December 2022
2,161,472
44,510
3,094
47,164
2,256,240
CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Tangible fixed assets
(Continued)
- 8 -

Plant and Machinery was first revalued at 30 November 2019 by management based on a replacement cost approach.

 

At 31 December 2023 management have reviewed the value of assets held and confirmed the current valuation remains in line with market value based on a further valuation which took place in 2022. This valuation was concluded in 2023 and therefore posted as a prior period adjustment to correct the brought forward values in 2023. The entire class of plant & machinery were included in the valuation.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Plant & Machinery
2023
2022
£
£
Cost
1,643,770
1,735,111
Accumulated depreciation
(1,394,464)
(1,385,723)
Carrying value
249,306
349,388
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,409,809
1,045,693
Other debtors
167,678
65,401
1,577,487
1,111,094
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
459,464
420,514
Amounts owed to group undertakings
-
0
176,434
Corporation tax
177,403
25,753
Other taxation and social security
279,688
240,750
Other creditors
709,541
253,535
1,626,096
1,116,986
CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Provisions for liabilities
2023
2022
£
£
Dilapidation provision
501,279
491,450
Deferred tax liabilities
131,943
131,943
633,222
623,393
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group Limited (Colchester)
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
45,333
244,148
10
Prior period adjustment
CHESTERFELT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in equity
1 December
31 December
2021
2022
£
£
Adjustments to prior year
Reversal of capitalisation dilapidation movement
-
(280,365)
Removal of depreciation on capitalised dilapidation change
-
78,703
Revaluation of Plant & Machinery
-
379,877
Deferred tax on revaluation
-
296,875
Total adjustments
-
475,090
Equity as previously reported
2,930,087
3,258,533
Equity as adjusted
2,930,087
3,733,623
Analysis of the effect upon equity
Revaluation reserve
-
552,321
Profit and loss reserves
-
(77,231)
-
475,090
11
Related party transactions

The company has taken the exemption under paragraph 33.1A of FRS 102 which permits non disclosure of transactions that have taken place between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

12
Parent company

The company's immediate parent company is Chesterfelt Holdings Limited.

 

Chesterfelt Holdings Limited is owned by Holding Soprema SA, a company incorporated in France. The smallest group into which Chesterfelt Limited is consolidated is Holding Soprema SA.

2023-12-312023-01-01false22 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr L B O VerheydenMr P BindschedlerMr L E HoekstraMr D M GlattfelderMr T YeoMs M Herve De VogueMr J FriedrichsMr C A HanleyMs T M McLeanMr K G Munrofalsefalse013501892023-01-012023-12-31013501892023-12-31013501892022-12-3101350189core:PlantMachinery2023-12-3101350189core:FurnitureFittings2023-12-3101350189core:ComputerEquipment2023-12-3101350189core:MotorVehicles2023-12-3101350189core:PlantMachinery2022-12-3101350189core:FurnitureFittings2022-12-3101350189core:ComputerEquipment2022-12-3101350189core:MotorVehicles2022-12-3101350189core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101350189core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101350189core:CurrentFinancialInstruments2023-12-3101350189core:CurrentFinancialInstruments2022-12-3101350189core:ShareCapital2023-12-3101350189core:ShareCapital2022-12-3101350189core:RevaluationReserve2023-12-3101350189core:RevaluationReserve2022-12-3101350189core:RetainedEarningsAccumulatedLosses2023-12-3101350189core:RetainedEarningsAccumulatedLosses2022-12-3101350189core:ShareCapital2021-11-3001350189core:RevaluationReserve2021-11-3001350189core:RetainedEarningsAccumulatedLosses2021-11-3001350189bus:Director12023-01-012023-12-3101350189core:RetainedEarningsAccumulatedLosses2021-12-012022-12-31013501892021-12-012022-12-3101350189core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101350189core:RevaluationReserve2021-12-012022-12-3101350189core:RevaluationReserve2023-01-012023-12-3101350189core:PlantMachinery2023-01-012023-12-3101350189core:FurnitureFittings2023-01-012023-12-3101350189core:ComputerEquipment2023-01-012023-12-3101350189core:MotorVehicles2023-01-012023-12-3101350189core:PlantMachinery2022-12-3101350189core:FurnitureFittings2022-12-3101350189core:ComputerEquipment2022-12-3101350189core:MotorVehicles2022-12-31013501892022-12-3101350189core:WithinOneYear2023-12-3101350189core:WithinOneYear2022-12-3101350189bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101350189bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101350189bus:FRS1022023-01-012023-12-3101350189bus:Audited2023-01-012023-12-3101350189bus:Director22023-01-012023-12-3101350189bus:Director32023-01-012023-12-3101350189bus:Director42023-01-012023-12-3101350189bus:Director52023-01-012023-12-3101350189bus:Director62023-01-012023-12-3101350189bus:Director72023-01-012023-12-3101350189bus:Director82023-01-012023-12-3101350189bus:Director92023-01-012023-12-3101350189bus:Director102023-01-012023-12-3101350189bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP