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REGISTERED NUMBER: 05326219 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Chadds of Bude Limited

Chadds of Bude Limited (Registered number: 05326219)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Chadds of Bude Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N E Chadd
Mrs G E S Chadd
N J Chadd





SECRETARY: Mrs G E S Chadd





REGISTERED OFFICE: Stratton View Business Park
Stratton
Bude
Cornwall
EX23 9NR





REGISTERED NUMBER: 05326219 (England and Wales)





ACCOUNTANTS: Metherell Gard Ltd
Chartered Accountants
Burn View
Bude
Cornwall
EX23 8BX

Chadds of Bude Limited (Registered number: 05326219)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 14,750 26,550
Tangible assets 5 131,697 138,896
146,447 165,446

CURRENT ASSETS
Stocks 259,761 280,438
Debtors 335,756 305,176
Cash at bank and in hand 1,860 2,331
597,377 587,945
CREDITORS
Amounts falling due within one year 344,636 325,665
NET CURRENT ASSETS 252,741 262,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

399,188

427,726

CREDITORS
Amounts falling due after more than one
year

(85,522

)

(99,247

)

PROVISIONS FOR LIABILITIES (19,500 ) (20,500 )
NET ASSETS 294,166 307,979

CAPITAL AND RESERVES
Called up share capital 7 300,134 300,134
Retained earnings (5,968 ) 7,845
SHAREHOLDERS' FUNDS 294,166 307,979

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Chadds of Bude Limited (Registered number: 05326219)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by:





N J Chadd - Director


Chadds of Bude Limited (Registered number: 05326219)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Chadds of Bude Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade
discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is twenty years. Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold property - 2% on cost
Plant and machinery etc - 15% to 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


Chadds of Bude Limited (Registered number: 05326219)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
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 that 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments
All financial instruments are recognised initially at transaction price excluding transaction costs and subsequently at amortised cost. These include cash at bank, trade and other debtors and trade and other creditors.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 236,000
AMORTISATION
At 1 January 2023 209,450
Amortisation for year 11,800
At 31 December 2023 221,250
NET BOOK VALUE

At 31 December 2023 14,750
At 31 December 2022 26,550

Chadds of Bude Limited (Registered number: 05326219)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 794,159
Additions 24,929
At 31 December 2023 819,088
DEPRECIATION
At 1 January 2023 655,263
Charge for year 32,128
At 31 December 2023 687,391
NET BOOK VALUE
At 31 December 2023 131,697
At 31 December 2022 138,896

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 122,940
Additions 21,248
At 31 December 2023 144,188
DEPRECIATION
At 1 January 2023 12,225
Charge for year 24,949
At 31 December 2023 37,174
NET BOOK VALUE
At 31 December 2023 107,014
At 31 December 2022 110,715

6. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 30,374 24,145
Between one and five years 61,340 65,976
91,714 90,121

Hire purchase contracts are secured over individual fixed assets of the company.

Chadds of Bude Limited (Registered number: 05326219)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200,134 Ordinary £1 200,134 200,134
100,000 Class B non voting £1 100,000 100,000
300,134 300,134

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
N E Chadd and Mrs G E S Chadd
Balance outstanding at start of year - -
Amounts advanced 12,557 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,557 -

9. RELATED PARTY DISCLOSURES

Foodsmiths Ltd
A company in which Mr N E Chadd and Mr N J Chadd are directors.

Chadds of Bude Ltd sold goods to Foodsmiths Ltd during the year amounting to £0 (2022: £5,777). At the year end the balance outstanding was £76,002 (2022: £92,803).

Chadds of Bude Ltd have not charged Foodsmiths Ltd for managerial services provided during the year. The total amount charged was £0 (2022: £0). At the year end the balance outstanding was £92,803 (2022: £92,803).

Turnover and cost of sales have been netted to exclude purchases between Chadds of Bude Ltd and Foodsmiths Ltd.