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Company No: 07690452 (England and Wales)

CHARTERBANK CAPITAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CHARTERBANK CAPITAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CHARTERBANK CAPITAL LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
CHARTERBANK CAPITAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS Mr T N Branson
Mr C J Eccles
SECRETARY Mrs L S Eccles
REGISTERED OFFICE Blackbrook Gate 1
Blackbrook Park Avenue
Taunton
TA1 2PX
England
United Kingdom
COMPANY NUMBER 07690452 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
CHARTERBANK CAPITAL LIMITED

BALANCE SHEET

As at 30 June 2024
CHARTERBANK CAPITAL LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,120 1,697
1,120 1,697
Current assets
Debtors 5 9,903,508 9,558,638
Cash at bank and in hand 2,331,941 2,260,728
12,235,449 11,819,366
Creditors: amounts falling due within one year 6 ( 8,536,097) ( 8,353,157)
Net current assets 3,699,352 3,466,209
Total assets less current liabilities 3,700,472 3,467,906
Creditors: amounts falling due after more than one year 7 ( 618,459) ( 689,876)
Provision for liabilities ( 280) ( 424)
Accruals and deferred income ( 59,573) ( 66,749)
Net assets 3,022,160 2,710,857
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 3,022,060 2,710,757
Total shareholders' funds 3,022,160 2,710,857

For the financial year ending 30 June 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 Charterbank Capital Limited (registered number: 07690452) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Mr C J Eccles
Director
CHARTERBANK CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CHARTERBANK CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Charterbank Capital 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 Blackbrook Gate 1, Blackbrook Park Avenue, Taunton, TA1 2PX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 represents interest receivable on loans advanced to customers and fees charged. The turnover of the company is not subject to VAT.

Interest receivable is recognised as revenue immediately upon the advancing of loans to the extent that it is non-refundable and will accrue over the minimum term of the underlying agreement. Interest accruing subsequent to the minimum term is recognised as revenue over the remaining term of the agreement in proportion to the capital amount outstanding.

Fees are recognised as revenue over the remaining term of the related loan agreement.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 4 years straight line
Other property, plant and equipment 4 years straight line

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.

Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Office equipment Other property, plant
and equipment
Total
£ £ £
Cost
At 01 July 2023 4,069 1,859 5,928
At 30 June 2024 4,069 1,859 5,928
Accumulated depreciation
At 01 July 2023 2,372 1,859 4,231
Charge for the financial year 577 0 577
At 30 June 2024 2,949 1,859 4,808
Net book value
At 30 June 2024 1,120 0 1,120
At 30 June 2023 1,697 0 1,697

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 10,296 10,296
At 30 June 2024 10,296 10,296
Provisions for impairment
At 01 July 2023 10,296 10,296
At 30 June 2024 10,296 10,296
Carrying value at 30 June 2024 0 0
Carrying value at 30 June 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 8,773,200 8,606,577
Prepayments and accrued income 1,129,558 952,061
Other debtors 750 0
9,903,508 9,558,638

Trade debtor balances are in relation to finance and bridging loans provided.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 72,306 73,196
Other loans 7,999,057 7,884,847
Accruals 203,322 197,708
Taxation and social security 261,412 196,760
Other creditors 0 646
8,536,097 8,353,157

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

2024 2023
£ £
Bank loans 618,459 689,876

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 329,234 407,666

Bank loans are guaranteed by Residential Trust Limited, a company in which a director is a director and shareholder, up to a maximum of £709,271 (2023: £779,728).

Residential Trust Limited has been paid £10,000 (2023: £10,000) in respect of this guarantee.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £22,161 (2023: £39,889).