Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activitytruetrue2023-03-01false33The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09188151 2023-03-01 2024-02-29 09188151 2022-03-01 2023-02-28 09188151 2024-02-29 09188151 2023-02-28 09188151 2022-03-01 09188151 c:Director1 2023-03-01 2024-02-29 09188151 c:Director3 2023-03-01 2024-02-29 09188151 c:Director4 2023-03-01 2024-02-29 09188151 c:RegisteredOffice 2023-03-01 2024-02-29 09188151 d:FurnitureFittings 2023-03-01 2024-02-29 09188151 d:FurnitureFittings 2024-02-29 09188151 d:FurnitureFittings 2023-02-28 09188151 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09188151 d:OfficeEquipment 2023-03-01 2024-02-29 09188151 d:OfficeEquipment 2024-02-29 09188151 d:OfficeEquipment 2023-02-28 09188151 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09188151 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09188151 d:CurrentFinancialInstruments 2024-02-29 09188151 d:CurrentFinancialInstruments 2023-02-28 09188151 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 09188151 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09188151 d:ShareCapital 2023-03-01 2024-02-29 09188151 d:ShareCapital 2024-02-29 09188151 d:ShareCapital 2022-03-01 2023-02-28 09188151 d:ShareCapital 2023-02-28 09188151 d:ShareCapital 2022-03-01 09188151 d:CapitalRedemptionReserve 2023-03-01 2024-02-29 09188151 d:CapitalRedemptionReserve 2024-02-29 09188151 d:CapitalRedemptionReserve 2022-03-01 2023-02-28 09188151 d:CapitalRedemptionReserve 2023-02-28 09188151 d:CapitalRedemptionReserve 2022-03-01 09188151 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 09188151 d:RetainedEarningsAccumulatedLosses 2024-02-29 09188151 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 09188151 d:RetainedEarningsAccumulatedLosses 2023-02-28 09188151 d:RetainedEarningsAccumulatedLosses 2022-03-01 09188151 c:OrdinaryShareClass1 2023-03-01 2024-02-29 09188151 c:OrdinaryShareClass1 2024-02-29 09188151 c:OrdinaryShareClass1 2023-02-28 09188151 c:OrdinaryShareClass2 2023-03-01 2024-02-29 09188151 c:OrdinaryShareClass2 2024-02-29 09188151 c:OrdinaryShareClass2 2023-02-28 09188151 c:FRS102 2023-03-01 2024-02-29 09188151 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09188151 c:FullAccounts 2023-03-01 2024-02-29 09188151 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09188151 2 2023-03-01 2024-02-29 09188151 4 2023-03-01 2024-02-29 09188151 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09188151









CHILLINGHAM CLASSICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CHILLINGHAM CLASSICS LIMITED
 
 
COMPANY INFORMATION


Directors
M E V Wakefield 
J R Davies 
W B Horlick 




Registered number
09188151



Registered office
Wayside Buxted Wood Lane
Buxted

Uckfield

East Sussex

England

TN22 4QE




Accountants
Donald Reid Limited

18a/20 King Street

Maidenhead

Berkshire

United Kingdom

SL6 1EF





 
CHILLINGHAM CLASSICS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10

 
CHILLINGHAM CLASSICS LIMITED
REGISTERED NUMBER: 09188151

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
873
1,427

  
873
1,427

Current assets
  

Stocks
 5 
698,913
564,571

Debtors: amounts falling due within one year
 6 
34,038
33,874

Cash at bank and in hand
 7 
528,433
578,797

  
1,261,384
1,177,242

Creditors: amounts falling due within one year
 8 
(87,948)
(38,711)

Net current assets
  
 
 
1,173,436
 
 
1,138,531

Total assets less current liabilities
  
1,174,309
1,139,958

  

Net assets
  
1,174,309
1,139,958


Capital and reserves
  

Called up share capital 
 9 
15,566
15,566

Capital redemption reserve
  
5,841
5,841

Profit and loss account
  
1,152,902
1,118,551

  
1,174,309
1,139,958

Page 1

 
CHILLINGHAM CLASSICS LIMITED
REGISTERED NUMBER: 09188151
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 November 2024.




M E V Wakefield
Director

Page 2

 
CHILLINGHAM CLASSICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 March 2022
21,393
14
1,726,346
1,747,753


Comprehensive income for the year

Loss for the year
-
-
(607,795)
(607,795)

Purchase of own shares
-
5,827
-
5,827

Shares cancelled during the year
(5,827)
-
-
(5,827)


Total transactions with owners
(5,827)
5,827
-
-



At 1 March 2023
15,566
5,841
1,118,551
1,139,958


Comprehensive income for the year

Profit for the year

-
-
34,351
34,351


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
34,351
34,351


Total transactions with owners
-
-
-
-


At 29 February 2024
15,566
5,841
1,152,902
1,174,309


The notes on pages 4 to 10 form part of these financial statements.

In the prior year, a partial exit for shareholders was completed. Chillingham Classics Limited advanced a short form loan to Arnage Chillingham Limited, allowing it to purchase 588,207 A Ordinary shares from the Company's shareholders.
Chillingham Classics Limited transferred to a distributable reserve to allow it to buy back and cancel Arnage Chillingham Limited's shares in consideration of the write off of the loan.

Page 3

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Chillingham Classics Limited is a private company limited by shares. The company was incorporated in the United Kingdom and registered in England and Wales. The company registration number is 09188151. The company's registered office is Wayside Buxted Wood Lane, Buxted, Uckfield, East Sussex, England, TN22 4QE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 6

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
3
3


4.


Tangible fixed assets







Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
3,927
4,671
8,598


Disposals
-
(1,223)
(1,223)



At 29 February 2024

3,927
3,448
7,375



Depreciation


At 1 March 2023
3,927
3,244
7,171


Charge for the year on owned assets
-
554
554


Disposals
-
(1,223)
(1,223)



At 29 February 2024

3,927
2,575
6,502



Net book value



At 29 February 2024
-
873
873



At 28 February 2023
-
1,427
1,427

Page 8

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Stocks

29 February
28 February
2024
2023
£
£

Work in progress (goods to be sold)
-
183,571

Finished goods and goods for resale
698,913
381,000

698,913
564,571



6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
23,124
23,039

Prepayments and accrued income
3,392
3,314

Tax recoverable
7,522
7,521

34,038
33,874



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
528,433
578,797

528,433
578,797


Page 9

 
CHILLINGHAM CLASSICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
44,795
1,744

Corporation tax
-
7,521

Other taxation and social security
12,115
-

Other creditors
-
71

Accruals and deferred income
31,038
29,375

87,948
38,711



9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1,555,506 (2023 - 1,555,506) A Ordinary shares of £0.010000 each
15,555
15,555
1,120,000 (2023 - 1,120,000) B Ordinary shares of £0.000010 each
11
11

15,566

15,566





10.


Transactions with directors

During the year, advances were made by the directors totalling £499 (2023: £22,131). There were also repayments totalling £71 (2023: £Nil).


11.


Related party transactions

At the year end, included within other debtors is an amount of £22,712 (2023: £22,284) owed by the directors to the company.

 
Page 10