Company registration number 13086286 (England and Wales)
CHANDELIER'S BY ANNETTE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHANDELIER'S BY ANNETTE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
CHANDELIER'S BY ANNETTE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,998
17,998
Tangible assets
4
1,348,510
1,411,436
1,360,508
1,429,434
Current assets
Stocks
11,253
13,490
Debtors
5
14,576
13,596
Cash at bank and in hand
31,036
26,353
56,865
53,439
Creditors: amounts falling due within one year
6
(1,400,657)
(1,523,898)
Net current liabilities
(1,343,792)
(1,470,459)
Net assets/(liabilities)
16,716
(41,025)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
16,715
(41,026)
Total equity
16,716
(41,025)

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 member has 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.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
S Sadler
Director
Company Registration No. 13086286
CHANDELIER'S BY ANNETTE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
(277,706)
(277,705)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
236,680
236,680
Balance at 31 March 2023
1
(41,026)
(41,025)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
57,741
57,741
Balance at 31 March 2024
1
16,715
16,716
CHANDELIER'S BY ANNETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Chandelier's by Annette Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connor House Pilgrims Way, Bede Industrial Estate, Tyne And Wear, England,, United Kingdom, NE32 3EW. The principal place of business is St Mary's Lane, St Mary's Park, Morpeth, Northumberland, NE61 6BL.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The turnover of St Mary's Inn is derived primarily from food and beverage sales, room hire and private functions. Turnover is recognised when services have been rendered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Business intellectual property
20% straight line
1.6
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.

CHANDELIER'S BY ANNETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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:

Freehold land and buildings
2% straight line
Property improvements
10% straight line
Plant and equipment
10% - 20% straight line
Fixtures and fittings
10% - 20% straight line
Computers
20% 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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 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. Financial assets classified as receivable within one year are not amortised.

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.

CHANDELIER'S BY ANNETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
29
CHANDELIER'S BY ANNETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Intangible fixed assets
Goodwill
Business intellectual property
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
25,000
4,998
29,998
Amortisation and impairment
At 1 April 2023
10,000
2,000
12,000
Amortisation charged for the year
5,000
1,000
6,000
At 31 March 2024
15,000
3,000
18,000
Carrying amount
At 31 March 2024
10,000
1,998
11,998
At 31 March 2023
15,000
2,998
17,998
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
1,228,798
306,811
1,535,609
Additions
1,054
18,081
19,135
Disposals
-
0
(11,710)
(11,710)
At 31 March 2024
1,229,852
313,182
1,543,034
Depreciation and impairment
At 1 April 2023
65,874
58,299
124,173
Depreciation charged in the year
35,017
37,578
72,595
Eliminated in respect of disposals
-
0
(2,244)
(2,244)
At 31 March 2024
100,891
93,633
194,524
Carrying amount
At 31 March 2024
1,128,961
219,549
1,348,510
At 31 March 2023
1,162,924
248,512
1,411,436
CHANDELIER'S BY ANNETTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
188
146
Other debtors
14,388
13,450
14,576
13,596
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
55,896
32,219
Taxation and social security
27,061
37,884
Other creditors
1,317,700
1,453,795
1,400,657
1,523,898
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Related party transactions
Transactions with related parties

 

The following amounts were outstanding at the reporting end date:

 

2024
2023
Amounts due to related parties
£
£
Other related parties
1,283,081
1,398,810

At the balance sheet date, the company owed £1,283,081 (2023: £1,398,810) to UTS Engineering Ltd, a company which is ultimately controlled by S Sadler. The loan is interest free and repayable on demand.

 

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