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Company No: 00769641 (England and Wales)

G B CHADD (HOLDINGS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

G B CHADD (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

G B CHADD (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
G B CHADD (HOLDINGS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 655 247
Investment property 4 730,000 1,612,642
Investments 5 700 700
731,355 1,613,589
Current assets
Debtors 6 3,471,892 2,515,856
Cash at bank and in hand 18,887 15,344
3,490,779 2,531,200
Creditors: amounts falling due within one year 7 ( 407,988) ( 452,933)
Net current assets 3,082,791 2,078,267
Total assets less current liabilities 3,814,146 3,691,856
Creditors: amounts falling due after more than one year 8 0 ( 40,416)
Net assets 3,814,146 3,651,440
Capital and reserves
Called-up share capital 10,000 10,000
Capital redemption reserve 11,750 11,750
Profit and loss account 3,792,396 3,629,690
Total shareholders' funds 3,814,146 3,651,440

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of G B Chadd (Holdings) Limited (registered number: 00769641) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

R J Chadd
Director

17 September 2024

G B CHADD (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
G B CHADD (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

G B Chadd (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 High Street, Southwold, IP18 6DN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Income Statement. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

Pension

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 February 2023 6,643 6,643
Additions 499 499
At 31 January 2024 7,142 7,142
Accumulated depreciation
At 01 February 2023 6,396 6,396
Charge for the financial year 91 91
At 31 January 2024 6,487 6,487
Net book value
At 31 January 2024 655 655
At 31 January 2023 247 247

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 1,612,642
Fair value movement 80,000
Transfers intra group (962,642)
As at 31 January 2024 730,000

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 February 2023 700
At 31 January 2024 700
Carrying value at 31 January 2024 700
Carrying value at 31 January 2023 700

6. Debtors

2024 2023
£ £
Trade debtors 564 729
Amounts owed by own subsidiaries 3,467,026 2,507,499
Prepayments 3,920 7,259
Other debtors 382 369
3,471,892 2,515,856

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 0 51,949
Trade creditors 13,382 1,617
Amounts owed to own subsidiaries 281,778 217,139
Amounts owed to directors 42,408 60,020
Accruals and deferred income 35,617 13,985
Corporation tax 4,687 7,746
Deferred tax liability 18,460 91,382
Other taxation and social security 8,626 5,186
Other creditors 3,030 3,909
407,988 452,933

Details of security provided:

The company has raised additional finance that has been secured against the freehold property owned at 31 High Street, Southwold, IP18 6AD.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 40,416

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 91,382) ( 141,972)
Credited to the Income Statement 72,922 50,590
At the end of financial year ( 18,460) ( 91,382)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 164) ( 62)
Tax losses carry forward 17,742 17,742
Investment properties ( 36,038) ( 109,062)
( 18,460) ( 91,382)