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REGISTERED NUMBER: 05766948 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st May 2024

for

Chancellor Financial Management Limited

Chancellor Financial Management Limited (Registered number: 05766948)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Chancellor Financial Management Limited

Company Information
for the Year Ended 31st May 2024







DIRECTORS: G Farnell
D A Torkington





SECRETARY: Mrs P D Farnell





REGISTERED OFFICE: 6 The Courtyard
Calvin Street
The Valley
Bolton
BL1 8PB





REGISTERED NUMBER: 05766948 (England and Wales)

Chancellor Financial Management Limited (Registered number: 05766948)

Balance Sheet
31st May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 66,891 86,983

CURRENT ASSETS
Debtors 5 80,683 66,842
Cash at bank and in hand 287,339 281,412
368,022 348,254
CREDITORS
Amounts falling due within one year 6 173,609 130,335
NET CURRENT ASSETS 194,413 217,919
TOTAL ASSETS LESS CURRENT
LIABILITIES

261,304

304,902

PROVISIONS FOR LIABILITIES 16,723 17,399
NET ASSETS 244,581 287,503

CAPITAL AND RESERVES
Called up share capital 7 3 3
Capital redemption reserve 3 3
Retained earnings 244,575 287,497
SHAREHOLDERS' FUNDS 244,581 287,503

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

Chancellor Financial Management Limited (Registered number: 05766948)

Balance Sheet - continued
31st May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th September 2024 and were signed on its behalf by:





G Farnell - Director


Chancellor Financial Management Limited (Registered number: 05766948)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Chancellor Financial Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents both commission receivable from financial institutions and fees invoiced net of Value Added Tax for work undertaken in respect of independent financial services activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% Straight Line Basis
Motor vehicles - 25% on Reducing Balance
Computer equipment - 25% Straight Line Basis

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statements of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Chancellor Financial Management Limited (Registered number: 05766948)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates death in service and sickness insurance schemes for staff together with offering to contribute to employee personal pension schemes as part of their employment package. Contributions payable by the company are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st June 2023 16,311 57,500 78,312 152,123
Additions - - 4,138 4,138
At 31st May 2024 16,311 57,500 82,450 156,261
DEPRECIATION
At 1st June 2023 15,760 7,188 42,192 65,140
Charge for year 219 12,578 11,433 24,230
At 31st May 2024 15,979 19,766 53,625 89,370
NET BOOK VALUE
At 31st May 2024 332 37,734 28,825 66,891
At 31st May 2023 551 50,312 36,120 86,983

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 26,195 13,089
Other debtors 54,488 53,753
80,683 66,842

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 7,517 7,488
Taxation and social security 137,906 92,903
Other creditors 28,186 29,944
173,609 130,335

Chancellor Financial Management Limited (Registered number: 05766948)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.05.24 31.05.23
value: £ £
180 Ordinary £0.01 1.80 1.80
90 A Ordinary £0.01 0.90 0.90
30 B Ordinary £0.01 0.30 0.30
3 3



The Ordinary, Ordinary A and Ordinary B shares have full voting and capital rights.

8. ULTIMATE CONTROLLING PARTY

The controlling party is G Farnell.