Company registration number 13931945 (England and Wales)
CHAPMORES DRAINAGE SUPPLIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CHAPMORES DRAINAGE SUPPLIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CHAPMORES DRAINAGE SUPPLIES LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,600
26,620
Current assets
Stocks
3,000
5,590
Debtors
4
62
722
Cash at bank and in hand
1,144
3,782
4,206
10,094
Creditors: amounts falling due within one year
5
(538)
(1,637)
Net current assets
3,668
8,457
Total assets less current liabilities
5,268
35,077
Creditors: amounts falling due after more than one year
6
(18,039)
(41,019)
Net liabilities
(12,771)
(5,942)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(12,871)
(6,042)
Total equity
(12,771)
(5,942)
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
W Farrell
Director
Company registration number 13931945 (England and Wales)
CHAPMORES DRAINAGE SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Chapmores Drainage Supplies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Rawmec Business Park, Plumpton Road, Hoddesdon, EN11 0EE.
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
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, providing the company will continue to be supported by the director and not call in their loan within the next twelve months. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
1.4
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:
Plant and equipment
20% reducing balance
Motor vehicles
20% reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
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.
1.7
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.
CHAPMORES DRAINAGE SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Basic financial liabilities
Basic financial liabilities, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
30,370
Disposals
(27,870)
At 29 February 2024
2,500
Depreciation and impairment
At 1 March 2023
3,750
Depreciation charged in the year
400
Eliminated in respect of disposals
(3,250)
At 29 February 2024
900
Carrying amount
At 29 February 2024
1,600
At 28 February 2023
26,620
CHAPMORES DRAINAGE SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
62
722
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
34
570
Taxation and social security
4
67
Other creditors
500
1,000
538
1,637
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
18,039
41,019
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100