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Registered number: 08696818
Chapel Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Chapel Engineering Limited for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chapel Engineering Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Chapel Engineering Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Chapel Engineering Limited and state those matters that we have agreed to state to the director of Chapel Engineering Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chapel Engineering Limited and its director as a body for our work or for this report.
It is your duty to ensure that Chapel Engineering Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Chapel Engineering Limited . You consider that Chapel Engineering Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Chapel Engineering Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
24 September 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 08696818
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 30,474 35,651
30,474 35,651
CURRENT ASSETS
Stocks 5 18,750 22,000
Debtors 6 28,070 41,766
Cash at bank and in hand 34,127 42,285
80,947 106,051
Creditors: Amounts Falling Due Within One Year 7 (44,656 ) (45,815 )
NET CURRENT ASSETS (LIABILITIES) 36,291 60,236
TOTAL ASSETS LESS CURRENT LIABILITIES 66,765 95,887
PROVISIONS FOR LIABILITIES
Deferred Taxation - (3,441 )
NET ASSETS 66,765 92,446
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 66,764 92,445
SHAREHOLDERS' FUNDS 66,765 92,446
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Page 3
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 24 September 2024 and were signed on its behalf by:
Mr J R Turner
Director
24 September 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Chapel Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08696818 . The registered office is The Brambles Chesters Green, Morton Bagot, Studley, Warwickshire, B80 7EB.
The presentation currency is pounds sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 15% on cost and 15% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 20% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 14,000 20,370 44,845 514 79,729
As at 31 December 2023 14,000 20,370 44,845 514 79,729
Depreciation
As at 1 January 2023 - 16,461 27,488 129 44,078
Provided during the period - 736 4,339 102 5,177
As at 31 December 2023 - 17,197 31,827 231 49,255
Net Book Value
As at 31 December 2023 14,000 3,173 13,018 283 30,474
As at 1 January 2023 14,000 3,909 17,357 385 35,651
5. Stocks
2023 2022
£ £
Stock 18,750 22,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 28,070 40,737
Other debtors - 1,029
28,070 41,766
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 6,973 10,955
Other creditors 33,408 28,407
Taxation and social security 4,275 6,453
44,656 45,815
Page 5
Page 6
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 3,441 3,441
Utilised (3,441 ) (3,441)
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1 each 1 1
10. Related Party Transactions
The director of the company had dividends during the year of £15,000 (2022 - £15,000)
The director has made an interest free loan to the company.  The balance at 31 December 2023 was £30,578 (2022 £25,684).  The loan is interest free and repayable on demand.
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