Chartcross Limited 02687840 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the provision of computer consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 02687840 2023-03-01 2024-02-29 02687840 2024-02-29 02687840 core:CurrentFinancialInstruments 2024-02-29 02687840 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 02687840 core:OfficeEquipment 2024-02-29 02687840 bus:SmallEntities 2023-03-01 2024-02-29 02687840 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02687840 bus:FilletedAccounts 2023-03-01 2024-02-29 02687840 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02687840 bus:RegisteredOffice 2023-03-01 2024-02-29 02687840 bus:Director1 2023-03-01 2024-02-29 02687840 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 02687840 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02687840 core:FurnitureFittings 2023-03-01 2024-02-29 02687840 core:OfficeEquipment 2023-03-01 2024-02-29 02687840 countries:EnglandWales 2023-03-01 2024-02-29 02687840 2023-02-28 02687840 core:OfficeEquipment 2023-02-28 02687840 2022-03-01 2023-02-28 02687840 2023-02-28 02687840 core:CurrentFinancialInstruments 2023-02-28 02687840 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 02687840 core:OfficeEquipment 2023-02-28 02687840 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 02687840

Chartcross Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Chartcross Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Chartcross Limited

Company Information

Director

M V Piggott

Registered office

37/39 Station Road
New Milton
Hampshire
BH25 6HR

Accountants

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Chartcross Limited

(Registration number: 02687840)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,869

2,372

Current assets

 

Intangible assets

7

1,515,293

726,347

Debtors

6

1,073

1,043

Cash at bank and in hand

 

61

1,144

 

1,516,427

728,534

Creditors: Amounts falling due within one year

8

(57,023)

(55,044)

Net current assets

 

1,459,404

673,490

Total assets less current liabilities

 

1,461,273

675,862

Provisions for liabilities

(294)

(294)

Net assets

 

1,460,979

675,568

Capital and reserves

 

Called up share capital

60

60

Capital redemption reserve

30

30

Retained earnings

1,460,890

675,478

Shareholders' funds

 

1,460,979

675,568

 

Chartcross Limited

(Registration number: 02687840)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 November 2024
 

.........................................
M V Piggott
Director

 

Chartcross Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

Principal activity

The principal activity of the Company is the provision of computer consultancy services.

The address of its registered office is:
37/39 Station Road
New Milton
Hampshire
BH25 6HR
United Kingdom

These financial statements were authorised for issue by the director on 21 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Chartcross Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Intangible assets

Intangible assets include cryptocurrencies which are held at fair value.

Gains or losses on revaluation are recognised through the statement of comprehensive income. Profit or losses on disposal are recognised through the profit and loss account.

 

Chartcross Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, current asset investments, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Chartcross Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 0 (2023 - 0).

 

Chartcross Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

14,517

14,517

At 29 February 2024

14,517

14,517

Depreciation

At 1 March 2023

12,145

12,145

Charge for the year

503

503

At 29 February 2024

12,648

12,648

Carrying amount

At 29 February 2024

1,869

1,869

At 28 February 2023

2,372

2,372

6

Debtors

Current

2024
£

2023
£

Other debtors

1,073

1,043

 

1,073

1,043

7

Current intangible assets

2024
£

2023
£

Other investments

1,515,293

726,347

Intangible assets held as current assets represent cryptocurrencies.
 

 

Chartcross Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

4,600

-

Taxation and social security

30,240

35,622

Accruals and deferred income

5,459

9,780

Other creditors

16,724

9,642

57,023

55,044

9

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £533 per each Ordinary share

5,176

31,959

     

10

Related party transactions

M V Piggott
(Director)
During the year, M V Piggott paid for expenses on behalf of the company totalling £265 (2023: £253) and the company paid expenses on behalf of M V Piggott totalling £nil (2023: £21,600). At the balance sheet date, the amount owed by the company to M V Piggott was £9,906 (2023: £9,641).