0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,465,000 155,000 4,620,000 4,620,000 4,465,000 xbrli:pure xbrli:shares iso4217:GBP 03912628 2023-04-01 2024-03-31 03912628 2024-03-31 03912628 2023-03-31 03912628 2022-04-01 2023-03-31 03912628 2023-03-31 03912628 2022-03-31 03912628 bus:Director2 2023-04-01 2024-03-31 03912628 core:WithinOneYear 2024-03-31 03912628 core:WithinOneYear 2023-03-31 03912628 core:ShareCapital 2024-03-31 03912628 core:ShareCapital 2023-03-31 03912628 core:SharePremium 2024-03-31 03912628 core:SharePremium 2023-03-31 03912628 core:RetainedEarningsAccumulatedLosses 2024-03-31 03912628 core:RetainedEarningsAccumulatedLosses 2023-03-31 03912628 core:LandBuildings 2024-03-31 03912628 core:LandBuildings 2023-03-31 03912628 core:LandBuildings 2023-03-31 03912628 core:LandBuildings 2023-04-01 2024-03-31 03912628 bus:SmallEntities 2023-04-01 2024-03-31 03912628 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03912628 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03912628 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03912628 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 03912628
CHAIN-MOVERS LTD
Filleted Unaudited Financial Statements
31 March 2024
CHAIN-MOVERS LTD
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
4,620,000
4,465,000
Current assets
Debtors
5
937
899
Cash at bank and in hand
142,907
71,431
---------
--------
143,844
72,330
Creditors: amounts falling due within one year
6
152,467
191,160
---------
---------
Net current liabilities
8,623
118,830
------------
------------
Total assets less current liabilities
4,611,377
4,346,170
Provisions
Taxation including deferred tax
282,736
195,225
------------
------------
Net assets
4,328,641
4,150,945
------------
------------
Capital and reserves
Called up share capital
54
54
Share premium account
2,587,498
2,587,498
Profit and loss account
1,741,089
1,563,393
------------
------------
Shareholders funds
4,328,641
4,150,945
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHAIN-MOVERS LTD
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mr P A Bown
Director
Company registration number: 03912628
CHAIN-MOVERS LTD
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chearsley House, Church Lane, Chearsley, Aylesbury, Buckinghamshire, HP18 0DF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit and loss account. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets include debtors, cash and bank balances and basic financial liabilities include creditors and loans. Basic financial instruments are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts or payments discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
4. Tangible assets
Land and buildings
£
Cost or valuation
At 1 April 2023
4,465,000
Revaluations
155,000
------------
At 31 March 2024
4,620,000
------------
Depreciation
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
4,620,000
------------
At 31 March 2023
4,465,000
------------
Investment property comprises residential properties. The investment properties were valued by the director, Mr P Bown, on 31 March 2024. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the directors, this valuation is considered to be appropriate, and has been applied as at 31 March 2024. On an historical cost basis, the investment properties would have been included at an original cost of £3,437,500 (2023 £3,437,500).
5. Debtors
2024
2023
£
£
Other debtors
937
899
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
34,632
67,612
Other creditors
117,835
123,548
---------
---------
152,467
191,160
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors' made a joint interest free loan to the Company. As at 31 March 2024, the loan amount was £108,647 (2023 £114,200). This loan in unsecured, interest free and payable on demand.