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Registered number: 00185304










CHAPLIN BROS (BIRMINGHAM) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
CHAPLIN BROS (BIRMINGHAM) LIMITED
REGISTERED NUMBER: 00185304

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,526,117
1,573,055

  
1,526,117
1,573,055

Current assets
  

Stocks
  
728,326
1,194,254

Debtors: amounts falling due within one year
 5 
929,061
975,065

Current asset investments
 6 
531
489

Cash at bank and in hand
  
821,570
851,110

  
2,479,488
3,020,918

Creditors: amounts falling due within one year
 7 
(546,077)
(1,130,778)

Net current assets
  
 
 
1,933,411
 
 
1,890,140

Total assets less current liabilities
  
3,459,528
3,463,195

Provisions for liabilities
  

Deferred tax
 8 
(168,500)
(165,000)

Net assets
  
3,291,028
3,298,195


Capital and reserves
  

Called up share capital 
  
14,300
14,300

Capital redemption reserve
  
14,300
14,300

Other reserves
  
9,016
9,016

Profit and loss account
  
3,253,412
3,260,579

  
3,291,028
3,298,195


Page 1

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
REGISTERED NUMBER: 00185304
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Hamilton
Director

Date: 10 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Chaplin Bros. (Birmingham) Limited (the company) is a private company, limited by shares, incorporated and domiciled in England. The address of its registered office is Reddicap Trading Estate, Sutton Coldfield, West Midlands, B75 7BU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income is recognised on a receivable basis.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and  reducing balance basis methods.

Depreciation is provided on the following basis:

Freehold property
-
5%
straight line
Plant & machinery etc.
-
15%
- 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period under income from current asset investments.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and investments in ordinary shares.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 16).

Page 6

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery etc
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
1,223,896
2,124,616
40,460
3,388,972


Additions
26,682
84,540
-
111,222



At 31 March 2024

1,250,578
2,209,156
40,460
3,500,194



Depreciation


At 1 April 2023
363,863
1,446,996
5,058
1,815,917


Charge for the year on owned assets
51,192
101,652
5,316
158,160



At 31 March 2024

415,055
1,548,648
10,374
1,974,077



Net book value



At 31 March 2024
835,523
660,508
30,086
1,526,117



At 31 March 2023
860,033
677,620
35,402
1,573,055


5.


Debtors

2024
2023
£
£


Trade debtors
922,443
968,672

Other debtors
-
558

Prepayments and accrued income
6,618
5,835

929,061
975,065



6.


Current asset investments

2024
2023
£
£

Listed investments
531
489


Page 7

 
CHAPLIN BROS (BIRMINGHAM) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
298,067
828,420

Corporation tax
79,472
126,968

Other taxation and social security
149,198
158,872

Other creditors
3,772
786

Accruals and deferred income
15,568
15,732

546,077
1,130,778



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(165,000)
(135,000)


Charged to profit or loss
(3,500)
(30,000)



At end of year
(168,500)
(165,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(168,500)
(165,000)


9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £220,160 (2023: £59,568). Contributions totalling £3,772 (2023: £786) were payable to the fund at the balance sheet date.

 
Page 8