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COMPANY REGISTRATION NUMBER: 11810284
Chetwood Investment Management Limited
Financial Statements
30 June 2024
Chetwood Investment Management Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12
Chetwood Investment Management Limited
Officers and Professional Advisers
The board of directors
Mr R J Hansell
Mr M W Pendarves
Registered office
St Denys House
22 East Hill
St Austell
Cornwall
PL25 4TR
Auditor
Wills Bingley LLP
Chartered accountants & statutory auditor
St Denys House
22 East Hill
St Austell
Cornwall
PL25 4TR
Chetwood Investment Management Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the financial statements of the company for the year ended 30 June 2024 .
Principal activities
The principal activity of the company during the year was that of investment company
Directors
The directors who served the company during the year were as follows:
Mr R J Hansell
Mr M W Pendarves
(Appointed 13 October 2023)
Mr R J Hansell held office during the whole of the period from 1 July 2023 to the date of this report .
Dividends
Particulars of recommended dividends are detailed in note 9 to the financial statements.
Directors' responsibilities statement
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable laws and regulations. Company law requires the director to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently - make judgements and accounting estimates that are reasonable and prudent - prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
The auditors, Wills Bingley LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report was approved by the board of directors on 11 October 2024 and signed on behalf of the board by:
Mr R J Hansell
Director
Registered office:
St Denys House
22 East Hill
St Austell
Cornwall
PL25 4TR
Chetwood Investment Management Limited
Independent Auditor's Report to the Members of Chetwood Investment Management Limited
Year ended 30 June 2024
Opinion
We have audited the financial statements of Chetwood Investment Management Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - we identified the laws and regulations applicable to the company from our knowledge and experience of the financial investment sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation, legislation, anti-bribery and employment; and - identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assess the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we; - performed analytical procedures to identify any unusual or unexpected relationships; and - tested journal entries to identify any unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statements to underlying supporting documentation; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at wwww.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of Auditors. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Ian Wood
(Senior Statutory Auditor)
For and on behalf of
Wills Bingley LLP
Chartered accountants & statutory auditor
St Denys House
22 East Hill
St Austell
Cornwall
PL25 4TR
11 October 2024
Chetwood Investment Management Limited
Statement of Comprehensive Income
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
736,226
631,600
---------
---------
Gross profit
736,226
631,600
Administrative expenses
536,488
487,078
---------
---------
Operating profit
5
199,738
144,522
Interest payable and similar expenses
7
736
948
---------
---------
Profit before taxation
199,002
143,574
Taxation
8
49,406
29,576
---------
---------
Profit for the financial year and total comprehensive income
149,596
113,998
---------
---------
All the activities of the company are from continuing operations.
Chetwood Investment Management Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
10
7,506
6,862
Current assets
Debtors
11
297,064
276,718
Cash at bank and in hand
315,000
257,193
---------
---------
612,064
533,911
Creditors: amounts falling due within one year
12
101,732
86,880
---------
---------
Net current assets
510,332
447,031
---------
---------
Total assets less current liabilities
517,838
453,893
Creditors: amounts falling due after more than one year
13
30,000
40,000
Provisions
14
1,426
1,301
---------
---------
Net assets
486,412
412,592
---------
---------
Capital and reserves
Called up share capital
17
50,000
50,000
Profit and loss account
436,412
362,592
---------
---------
Shareholders funds
486,412
412,592
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
Mr R J Hansell
Director
Company registration number: 11810284
Chetwood Investment Management Limited
Statement of Changes in Equity
Year ended 30 June 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 July 2022
50,000
248,594
298,594
Profit for the year
113,998
113,998
--------
---------
---------
Total comprehensive income for the year
113,998
113,998
At 30 June 2023
50,000
362,592
412,592
Profit for the year
149,596
149,596
--------
---------
---------
Total comprehensive income for the year
149,596
149,596
Dividends paid and payable
9
( 75,776)
( 75,776)
----
--------
--------
Total investments by and distributions to owners
( 75,776)
( 75,776)
--------
---------
---------
At 30 June 2024
50,000
436,412
486,412
--------
---------
---------
Chetwood Investment Management Limited
Statement of Cash Flows
Year ended 30 June 2024
2024
2023
Note
£
£
Cash generated from operations
18
172,925
( 72,320)
Interest paid
( 736)
( 948)
Tax paid
( 28,998)
( 29,987)
---------
---------
Net cash from/(used in) operating activities
143,191
( 103,255)
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 3,729)
( 4,503)
---------
---------
Net cash used in investing activities
( 3,729)
( 4,503)
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 5,879)
( 10,000)
Dividends paid
( 75,776)
---------
---------
Net cash used in financing activities
( 81,655)
( 10,000)
---------
---------
Net increase/(decrease) in cash and cash equivalents
57,807
( 117,758)
Cash and cash equivalents at beginning of year
257,193
374,951
---------
---------
Cash and cash equivalents at end of year
315,000
257,193
---------
---------
Chetwood Investment Management Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. Statutory information
Chetwood Investment Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office addresses can be found on the Company Information page.
2. Statement of compliance
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is possible they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Equipment
-
25% straight line
Pension costs and other post-retirement benefits
Contributions payable into employees pension's are charged to profit or loss in the period to which they relate.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
736,226
631,600
---------
---------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
3,085
1,451
Office space rent
270
Sponsorships
14,861
23,142
--------
--------
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Director
1
1
Other employees
7
6
----
----
8
7
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
317,261
304,902
Social security costs
35,024
34,575
Other pension costs
9,593
9,722
---------
---------
361,878
349,199
---------
---------
7. Interest payable and similar expenses
2024
2023
£
£
Other interest payable and similar charges
736
948
----
----
8. Taxation
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
49,281
28,999
Deferred tax:
Origination and reversal of timing differences
125
577
--------
--------
Taxation
49,406
29,576
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
199,002
143,574
---------
---------
Profit on ordinary activities by rate of tax
49,406
29,576
---------
---------
9. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
75,776
--------
----
10. Tangible assets
Equipment
£
Cost
At 1 July 2023
9,276
Additions
3,729
--------
At 30 June 2024
13,005
--------
Depreciation
At 1 July 2023
2,414
Charge for the year
3,085
--------
At 30 June 2024
5,499
--------
Carrying amount
At 30 June 2024
7,506
--------
At 30 June 2023
6,862
--------
11. Debtors
2024
2023
£
£
Trade debtors
71,978
54,793
Amounts owed by group undertakings
216,297
216,297
Prepayments and accrued income
8,789
5,628
---------
---------
297,064
276,718
---------
---------
12. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
5,134
6,589
Accruals and deferred income
10,831
9,575
Corporation tax
49,282
28,999
Social security and other taxes
15,009
21,479
Director loan accounts
4,121
Other creditors
7,355
10,238
---------
--------
101,732
86,880
---------
--------
13. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
17,500
17,500
--------
--------
30,000
40,000
--------
--------
14. Provisions
Deferred tax (note 15)
£
At 1 July 2023
1,301
Charge against provision
125
-------
At 30 June 2024
1,426
-------
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 14)
1,426
1,301
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Balance b/f
1,301
724
Charge to Income Statement during year
125
577
-------
-------
1,426
1,301
-------
-------
16. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 9,593 (2023: £ 9,722 ).
17. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
5,000,000
50,000
5,000,000
50,000
------------
--------
------------
--------
18. Cash generated from operations
2024
2023
£
£
Profit for the financial year
149,596
113,998
Adjustments for:
Depreciation of tangible assets
3,085
1,451
Interest payable and similar expenses
736
948
Taxation
49,406
29,576
Accrued expenses/(income)
1,256
( 1,825)
Changes in:
Trade and other debtors
( 20,346)
( 222,465)
Trade and other creditors
( 10,808)
5,997
---------
---------
172,925
( 72,320)
---------
---------
19. Analysis of changes in net debt
At 1 Jul 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
257,193
57,807
315,000
Debt due within one year
(10,000)
(4,121)
(14,121)
Debt due after one year
(40,000)
10,000
(30,000)
---------
--------
---------
207,193
63,686
270,879
---------
--------
---------
Chetwood Investment Management Limited
Notes to the Financial Statements (continued)
Year ended 30 June 2024
20. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M W Pendarves
( 4,121)
( 4,121)
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M W Pendarves
----
----
----
21. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Chetwood Wealth Management Ltd (CWM)
2,341
1,480
Darnells Wealth Management Ltd (DWM)
4,608
4,608
Langley Marsh Ltd (LGM)
5,448
5,448
----
----
-------
-------
During the year the company had transactions with Chetwood Wealth Management Ltd (CWM), a related entity Included in creditors over 1 year is a subordinated loan from CWM of £17,500 (2023: £17,500).