Company registration number 10313339 (England and Wales)
CHART HILLS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
CHART HILLS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CHART HILLS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,185,874
1,068,855
Current assets
Inventories
155,560
151,748
Trade and other receivables
4
34,559
28,403
Cash and cash equivalents
83,951
344,102
274,070
524,253
Current liabilities
5
(1,223,096)
(772,703)
Net current liabilities
(949,026)
(248,450)
Total assets less current liabilities
236,848
820,405
Non-current liabilities
6
(6,576,456)
(6,396,824)
Net liabilities
(6,339,608)
(5,576,419)
Equity
Called up share capital
7
100
100
Retained earnings
(6,339,708)
(5,576,519)
Total equity
(6,339,608)
(5,576,419)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 26 November 2024 and are signed on its behalf by:
Mr J D C Hambling
Mr M McGuirk
Director
Director
Company registration number 10313339 (England and Wales)
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Chart Hills Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
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 and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statementstrue the company was in a net current liability and net liability position, however, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future on the basis that the company will continue to receive financial support from the parent and ultimate parent companies. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Revenue
Revenue 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.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Freehold land and buildings
10 years straight line
Plant and equipment
5 - 10 years straight line
Fixtures and fittings
5 years straight line
Motor vehicles
4 years straight line
Assets in the course of construction are not depreciated.
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.
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.7
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.
1.8
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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 37 (2023 - 37).
3
Property, plant and equipment
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
1,089,551
148,749
883,306
312,480
2,434,086
Additions
29,404
157,500
133,925
24,499
345,328
At 29 February 2024
1,118,955
306,249
1,017,231
312,480
24,499
2,779,414
Depreciation and impairment
At 1 March 2023
543,996
523,596
297,639
1,365,231
Depreciation charged in the year
108,260
111,584
6,934
1,531
228,309
At 29 February 2024
652,256
635,180
304,573
1,531
1,593,540
Carrying amount
At 29 February 2024
466,699
306,249
382,051
7,907
22,968
1,185,874
At 28 February 2023
545,555
148,749
359,710
14,841
1,068,855
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
6,162
954
Other receivables
28,397
27,449
34,559
28,403
5
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
351,611
Trade payables
246,637
164,217
Taxation and social security
15,222
12,549
Other payables
609,626
595,937
1,223,096
772,703
6
Non-current liabilities
2024
2023
£
£
Amounts owed to group undertakings
6,576,456
6,396,824
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
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
27 November 2024
Sumer Audit is the trading name of Sumer Auditco Limited
CHART HILLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
9
Financial commitments, guarantees and contingent liabilities
The company has entered into a composite accounting agreement with Barclays Bank plc. The amount due under this agreement has been secured by way of cross guarantee with the parent undertaking, Ramac Holdings (Trading) Limited, and its fellow subsidiary undertakings.
The total exposure under this agreement at the year end was £351,611 (2023 - £1,016,985).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
21,134
32,161
11
Parent company
The immediate parent company is Chart Hills (Holdings) Limited. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
The ultimate parent company is Ramac Holdings (Trading) Limited by virtue of 100% shareholding in the parent company. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
The financial results are included in Ramac Holdings (Trading) Limited consolidated financial statements. Copies can be obtained from Companies House.