Six Chairmen Limited
Company Registration No. 09538864 (England And Wales)
Unaudited Financial Statements
Year Ended 31 March 2024
SIX CHAIRMEN LIMITED
Six Chairmen Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SIX CHAIRMEN LIMITED
Six Chairmen Limited
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
658
Current assets
Debtors
4
15,602
20,175
Cash at bank and in hand
15,184
19,327
30,786
39,502
Creditors: amounts falling due within one year
5
(38,659)
(43,337)
Net current liabilities
(7,873)
(3,835)
Net liabilities
(7,873)
(3,177)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,973)
(3,277)
Total equity
(7,873)
(3,177)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SIX CHAIRMEN LIMITED
Six Chairmen Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mr C Rigg
Director
Company registration number 09538864 (England and Wales)
SIX CHAIRMEN LIMITED
Six Chairmen Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Six Chairmen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Drake House, Gadbrook Park, Rudheath, Northwich, United Kingdom, CW9 7RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future due to their guarantee that they will continue to fund the business for at least the next twelve months, and provide further funds to cover any liabilities.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
SIX CHAIRMEN LIMITED
Six Chairmen Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade creditors and other creditors, are initially recognised at transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SIX CHAIRMEN LIMITED
Six Chairmen Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Computers
£
Cost
At 1 April 2023
9,966
Disposals
(3,013)
At 31 March 2024
6,953
Depreciation and impairment
At 1 April 2023
9,308
Depreciation charged in the year
658
Eliminated in respect of disposals
(3,013)
At 31 March 2024
6,953
Carrying amount
At 31 March 2024
At 31 March 2023
658
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
5,055
Other debtors
15,602
15,120
15,602
20,175
SIX CHAIRMEN LIMITED
Six Chairmen Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
694
Other creditors
38,659
42,643
38,659
43,337
6
Related Party Transactions
During the year the Directors advanced the company £nil (2023: £19,566) and were repaid £5,010 (2023: £55,949). At 31 March 2024 the Company owed £37,633 (2023: £42,643) to the Directors. This loan is classified in creditors due within more than one year.