REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
CHADWICKS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
CHADWICKS LIMITED |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
REPORT OF THE DIRECTOR |
for the Year Ended 31 May 2024 |
The director presents his report with the financial statements of the company for the year ended 31 May 2024. |
REVIEW OF BUSINESS |
Our 2023 summer social for clients and supporters featured a lecture on the discovery of the lost treasure that was HMS Gloucester. It proved a good analogy for our experience of the first half - there were opportunities out there but they were not easy to find or to bring back to port. |
Although, compared with the previous period, sales were virtually flat, adjusted EBITDA (the principal adjustment being Director's Pension Contributions) rose 14%, mainly through controlling costs tightly. The headline turnover figure conceals a year of two halves. The first continued the subdued trajectory established during the previous period, which saw clients and prospects delaying investment decisions against a backdrop of lacklustre market performance and relatively high deposit rates. The second half saw markets recover and investors' confidence return. Overall, assets under advice increased by 15% although being weighted towards the end of the period it had little immediate impact on overall turnover. Other significant metrics, such as client retention, average investment and client age, were maintained or improved. The company ended the period with strong momentum and high levels of new business pipeline. |
The firm continued to enjoy wider recognition, not least the selection by Citywire as a Top 100 firm for a fourth year. Sadly, although a finalist for Citywire's East of England title we were pipped at the post, failing to make three in a row. |
Following her move from the Ukraine in the wake of the war, we supported Yuliia Vasylenko in her PR apprenticeship. We were delighted that she was awarded the title of Norfolk Apprentice of the Year. |
We continued to engage with our community, supporting the arts and creativity through sponsorship of the Norfolk and Norwich Festival and Art Fair East. We also supported the Norfolk Community Foundation, for whom our Sounding Board project continues to raise funds, the Magdalene Group and Pricilla Bacon Lodge. |
Our links with the UEA, in particular the Schools of Economics and Business, continued to strengthen. We gave undergraduates opportunities for work experience and longer placements and provided dissertation mentoring. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
ABRIDGED BALANCE SHEET |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
ABRIDGED BALANCE SHEET - continued |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Chadwicks Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03292960 and the registered office is The Studio, Wattle Cottage, Mangreen, Norwich, Norfolk, NR14 8DD. |
The presentation currency of the financial statements is sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises of fees charged to clients and the gross value of commissions on policies put on risk. |
Goodwill |
Goodwill is determined by comparing the amount paid on the acquisition of a business and the aggregate fair value of its separable net assets, and is written off over 5 years being its estimate economic life. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings - 25% on reducing balance |
Computer equipment - 25% on cost |
Motor vehicles - 10% on reducing balance |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
CHADWICKS LIMITED (REGISTERED NUMBER: 03292960) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
7. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | 22,241 |
NET BOOK VALUE |
At 31 May 2024 | 22,241 |
At 31 May 2023 | 22,241 |