Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-2929042023-03-01falseManufacture of other builders' carpentry and joinery4240falsetruefalse 01925576 2023-03-01 2024-02-29 01925576 2022-03-01 2023-02-28 01925576 2024-02-29 01925576 2023-02-28 01925576 2022-03-01 01925576 c:Director1 2023-03-01 2024-02-29 01925576 d:Buildings d:LongLeaseholdAssets 2023-03-01 2024-02-29 01925576 d:Buildings d:LongLeaseholdAssets 2024-02-29 01925576 d:Buildings d:LongLeaseholdAssets 2023-02-28 01925576 d:PlantMachinery 2023-03-01 2024-02-29 01925576 d:PlantMachinery 2024-02-29 01925576 d:PlantMachinery 2023-02-28 01925576 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01925576 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 01925576 d:MotorVehicles 2023-03-01 2024-02-29 01925576 d:MotorVehicles 2024-02-29 01925576 d:MotorVehicles 2023-02-28 01925576 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01925576 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 01925576 d:ComputerEquipment 2023-03-01 2024-02-29 01925576 d:ComputerEquipment 2024-02-29 01925576 d:ComputerEquipment 2023-02-28 01925576 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01925576 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 01925576 d:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 01925576 d:OtherPropertyPlantEquipment 2024-02-29 01925576 d:OtherPropertyPlantEquipment 2023-02-28 01925576 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01925576 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 01925576 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01925576 d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 01925576 d:Goodwill 2024-02-29 01925576 d:Goodwill 2023-02-28 01925576 d:CurrentFinancialInstruments 2024-02-29 01925576 d:CurrentFinancialInstruments 2023-02-28 01925576 d:Non-currentFinancialInstruments 2024-02-29 01925576 d:Non-currentFinancialInstruments 2023-02-28 01925576 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 01925576 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01925576 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 01925576 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 01925576 d:UKTax 2023-03-01 2024-02-29 01925576 d:UKTax 2022-03-01 2023-02-28 01925576 d:ShareCapital 2024-02-29 01925576 d:ShareCapital 2023-02-28 01925576 d:RetainedEarningsAccumulatedLosses 2024-02-29 01925576 d:RetainedEarningsAccumulatedLosses 2023-02-28 01925576 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 01925576 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 01925576 c:OrdinaryShareClass1 2023-03-01 2024-02-29 01925576 c:OrdinaryShareClass1 2024-02-29 01925576 c:OrdinaryShareClass1 2023-02-28 01925576 c:OrdinaryShareClass2 2023-03-01 2024-02-29 01925576 c:OrdinaryShareClass2 2024-02-29 01925576 c:OrdinaryShareClass2 2023-02-28 01925576 c:FRS102 2023-03-01 2024-02-29 01925576 c:Audited 2023-03-01 2024-02-29 01925576 c:FullAccounts 2023-03-01 2024-02-29 01925576 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01925576 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 01925576 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 01925576 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 01925576 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 01925576 c:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01925576 d:Goodwill d:OwnedIntangibleAssets 2023-03-01 2024-02-29 01925576 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 01925576







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


CHILFEN JOINERY LIMITED






































img5197.png                        

 


CHILFEN JOINERY LIMITED
REGISTERED NUMBER:01925576



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
  
25,327
41,333

Tangible assets
 6 
444,139
529,725

  
469,466
571,058

Current assets
  

Stocks
 7 
351,670
394,233

Debtors: amounts falling due within one year
 8 
927,992
1,223,244

Cash at bank and in hand
  
4,561
113,344

  
1,284,223
1,730,821

Creditors: amounts falling due within one year
 9 
(883,243)
(1,124,629)

Net current assets
  
 
 
400,980
 
 
606,192

Total assets less current liabilities
  
870,446
1,177,250

Creditors: amounts falling due after more than one year
 10 
(106,877)
(159,901)

Provisions for liabilities
  

Deferred tax
  
(96,277)
(123,971)

  
 
 
(96,277)
 
 
(123,971)

Net assets
  
667,292
893,378


Capital and reserves
  

Called up share capital 
  
301,400
301,400

Profit and loss account
  
365,892
591,978

  
667,292
893,378


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 by: 




Page 1

 


CHILFEN JOINERY LIMITED
REGISTERED NUMBER:01925576


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

................................................
R B A Childs
Director

Date: 20 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Chilfen Joinery Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Goodwill

Goodwill, being the amounts paid in connection with buisneinss in 2019 and 2022 are being amortised evenly over their estimated useful economic lives of five years respectively.

 
2.8

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.

Page 4

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the life of the team
Plant and machinery
-
33% on reducing balance, 25% on reducing balance, 15% on reducing balance and 10% on cost

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.

 
2.9

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 42 (2023 - 40).


4.


Taxation

29 February
28 February
2024
2023
£
£

Corporation tax

Adjustments in respect of previous periods
(58,938)
-


(58,938)
-

Deferred tax

Deferred tax
(27,694)
43,441

(27,694)
43,441

Total tax charge
(86,632)
43,441


Page 6

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
80,000



At 29 February 2024

80,000



Amortisation


At 1 March 2023
38,667


Charge for the year on owned assets
16,006



At 29 February 2024

54,673



Net book value



At 29 February 2024
25,327



At 28 February 2023
41,333



Page 7

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Tangible fixed assets







Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Impr. to property
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
14,467
1,770,761
6,708
100,046
49,032
1,941,014


Additions
-
15,611
-
37,384
-
52,995



At 29 February 2024

14,467
1,786,372
6,708
137,430
49,032
1,994,009



Depreciation


At 1 March 2023
1,089
1,288,311
2,208
92,996
26,685
1,411,289


Charge for the year on owned assets
2,904
82,759
2,208
13,458
2,772
104,101


Charge for the year on financed assets
-
34,480
-
-
-
34,480



At 29 February 2024

3,993
1,405,550
4,416
106,454
29,457
1,549,870



Net book value



At 29 February 2024
10,474
380,822
2,292
30,976
19,575
444,139



At 28 February 2023
13,378
482,450
4,500
7,050
22,347
529,725


7.


Stocks

29 February
28 February As restated
2024
2023
£
£

Raw materials and consumables
239,899
298,529

Work in progress (goods to be sold)
111,771
95,704

351,670
394,233


Page 8

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Debtors

29 February
28 February As restated
2024
2023
£
£


Trade debtors
512,526
1,061,688

Amounts owed by group undertakings
263,239
101,748

Other debtors
100,358
16,822

Prepayments and accrued income
51,869
42,986

927,992
1,223,244



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
322,634
443,468

Amounts owed to group undertakings
4,108
146,439

Other taxation and social security
61,430
68,720

Obligations under finance lease and hire purchase contracts
53,023
49,778

Other creditors
417,236
343,573

Accruals and deferred income
24,812
72,651

883,243
1,124,629


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Hire Purchase And Finance Leases
159,900
209,679

159,900
209,679

Details of security provided:

The ultimate holding company, Wiltonsign Properties Limited, has provided cross guarantees inrespect of the company's banking facilities.
Amounts due under hire purchase contracts are secured against the assets concerned.

Page 9

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
106,877
159,901

106,877
159,901



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
53,022
49,778

Between 1-5 years
106,878
159,901

159,900
209,679


12.


Deferred taxation






2024
2023


£

£






At beginning of year
(123,971)
(80,530)


Charged to profit or loss
27,694
(43,441)



At end of year
(96,277)
(123,971)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(96,277)
(123,971)

(96,277)
(123,971)

Page 10

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Share capital

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



1,400 (2023 - 1,400) Ordinary shares shares of £1.00 each
1,400
1,400
300,000 (2023 - 300,000) Ordinary A shares shares of £1.00 each
300,000
300,000

301,400

301,400



14.


Prior year reclassification

Amounts recoverable under contract have been reclassified to work in progress in the current year and prior year. This reclassification was made to better reflect the nature of these amounts in accordance with FRS 102 Section 1A. The comparative figures for the prior year have been restated to conform with the current year’s presentation. This reclassification has no impact on the net assets or the results of the company for the prior year.


15.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. 
Rent was paid in the year to the ultimate holding company amounting to £160,000 (2022: £179,108).

Page 11

 


CHILFEN JOINERY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

16.


Controlling party

The parent undertaking is Chilfen Export Packaging Limited, a company incorporated in England and Wales at Unit 1 Flint Road, Letchworth Garden City, Hertfordshire, SG6 1HJ. The ultimate holding company is Wiltonsign Properties Limited, a company incorporated in England and Wales at 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, SG13 7HJ.
The smallest and largest group financial statements in which the results of the company are included are available from 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, SG13 7HJ.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 27 November 2024 by James Fox FCCA ACA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 12