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COMPANY REGISTRATION NUMBER: 07109236
CHF (NW) Limited
Filleted Unaudited Financial Statements
28 December 2023
CHF (NW) Limited
Financial Statements
Year Ended 28 December 2023
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
CHF (NW) Limited
Statement of Financial Position
28 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
57,650
76,441
Current Assets
Stocks
24,370
28,750
Debtors
6
12,856
29,723
Cash at bank and in hand
1,434
--------
--------
37,226
59,907
Creditors: amounts falling due within one year
7
366,550
254,856
---------
---------
Net Current Liabilities
329,324
194,949
---------
---------
Total Assets Less Current Liabilities
( 271,674)
( 118,508)
Creditors: amounts falling due after more than one year
8
19,740
41,868
---------
---------
Net Liabilities
( 291,414)
( 160,376)
---------
---------
Capital and Reserves
Called up share capital
1
1
Profit and loss account
( 291,415)
( 160,377)
---------
---------
Shareholders Deficit
( 291,414)
( 160,376)
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 28 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHF (NW) Limited
Statement of Financial Position (continued)
28 December 2023
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
G Sillitoe
Director
Company registration number: 07109236
CHF (NW) Limited
Notes to the Financial Statements
Year Ended 28 December 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 Village Institute Yard, Hulme Hall Road, Cheadle Hulme, Stockport, SK8 6LQ.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
There was a net deficiency of £291,415 at the balance sheet date. The director has confirmed his continued support and considers the going concern basis to be appropriate.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold improvements
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.
Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible Assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 29 December 2022
34,200
80,179
66,782
181,161
Additions
760
760
Disposals
( 10,300)
( 10,300)
--------
--------
--------
----
---------
At 28 December 2023
34,200
80,179
56,482
760
171,621
--------
--------
--------
----
---------
Depreciation
At 29 December 2022
26,968
64,227
13,525
104,720
Charge for the year
1,085
2,393
13,041
148
16,667
Disposals
( 7,416)
( 7,416)
--------
--------
--------
----
---------
At 28 December 2023
28,053
66,620
19,150
148
113,971
--------
--------
--------
----
---------
Carrying amount
At 28 December 2023
6,147
13,559
37,332
612
57,650
--------
--------
--------
----
---------
At 28 December 2022
7,232
15,952
53,257
76,441
--------
--------
--------
----
---------
6. Debtors
2023
2022
£
£
Trade debtors
12,856
29,723
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
29,894
26,718
Trade creditors
51,333
35,594
Corporation tax
10,953
Social security and other taxes
41,140
49,519
Wages control account
1,218
1,181
Pension control
543
Other creditors
231,469
141,844
---------
---------
366,550
254,856
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,500
14,500
Other creditors
11,240
27,368
--------
--------
19,740
41,868
--------
--------
9. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
G Sillitoe
( 112,116)
( 31,477)
( 143,593)
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
G Sillitoe
( 98,751)
( 13,365)
( 112,116)
--------
--------
---------
10. Related Party Transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
CHF Autos Ltd
100,836
95,630
12,856
19,081
Cheadle Hulme Fencing Ltd
243,709
411,498
( 56,040)
177
---------
---------
--------
--------