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Registered number: 10404125
Chalkline Solutions Limited
Financial Statements
For The Year Ended 30 June 2024
Finling Associates Ltd
2 Printer's Yard
90a The Broadway
London
SW19 1RD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10404125
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,549 9,966
Tangible Assets 5 130,311 187,910
136,860 197,876
CURRENT ASSETS
Debtors 840,227 662,963
Cash at bank and in hand 1,908,536 1,200,554
2,748,763 1,863,517
Creditors: Amounts Falling Due Within One Year 6 (1,412,326 ) (984,576 )
NET CURRENT ASSETS (LIABILITIES) 1,336,437 878,941
TOTAL ASSETS LESS CURRENT LIABILITIES 1,473,297 1,076,817
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,842 ) (32,675 )
NET ASSETS 1,445,455 1,044,142
CAPITAL AND RESERVES
Called up share capital 7 3 3
Profit and Loss Account 1,445,452 1,044,139
SHAREHOLDERS' FUNDS 1,445,455 1,044,142
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
H M Boyne
Director
25 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Chalkline Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10404125 . The registered office is Unit 1 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
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 subscription income and the rendering of services. Turnover is reduced for estimated discounts, rebates and other similar allowances.
Subscription income and rendering of services
Turnover from subscription income is recognised rateably over the period of the subscription. 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. When the outcome of a contract cannot be estimated reliably, turnover is only recognised to the extent of recoverable expenses.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Leasehold Improvements 3.5 years straight line
Fixtures & Fittings 5 years straight line
Computer Equipment 3 years straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 32)
32 32
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 33,459
As at 30 June 2024 33,459
Amortisation
As at 1 July 2023 23,493
Provided during the period 3,417
As at 30 June 2024 26,910
Net Book Value
As at 30 June 2024 6,549
As at 1 July 2023 9,966
5. Tangible Assets
Leasehold Improvements Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 108,484 180,131 94,520 383,135
Additions - - 12,678 12,678
As at 30 June 2024 108,484 180,131 107,198 395,813
Depreciation
As at 1 July 2023 39,560 74,774 80,891 195,225
Provided during the period 27,567 31,731 10,979 70,277
As at 30 June 2024 67,127 106,505 91,870 265,502
Net Book Value
As at 30 June 2024 41,357 73,626 15,328 130,311
As at 1 July 2023 68,924 105,357 13,629 187,910
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 199,193 84,392
Bank loans and overdrafts 3,328 33,389
Corporation tax 344,190 92,498
Other taxes and social security 26,618 29,201
VAT 169,586 141,179
Other creditors 936 -
Accruals and deferred income 668,475 603,917
1,412,326 984,576
Page 4
Page 5
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 3 3
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 72,000 72,000
Later than one year and not later than five years 24,000 96,000
96,000 168,000
Page 5