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REGISTERED NUMBER: 03292960












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
R N Ross held office during the whole of the period from 1 June 2023 to the date of this report.

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:





R N Ross - Director


27 November 2024

CHADWICKS LIMITED (REGISTERED NUMBER: 03292960)

ABRIDGED BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1 1
Tangible assets 6 91,819 40,792
Investments 7 22,241 22,241
114,061 63,034

CURRENT ASSETS
Debtors 202,875 161,516
Cash at bank 180,664 265,183
383,539 426,699
CREDITORS
Amounts falling due within one year 127,743 155,158
NET CURRENT ASSETS 255,796 271,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

369,857

334,575

CREDITORS
Amounts falling due after more than one
year

(10,867

)

(20,867

)

PROVISIONS FOR LIABILITIES (18,502 ) (7,182 )
NET ASSETS 340,488 306,526

CHADWICKS LIMITED (REGISTERED NUMBER: 03292960)

ABRIDGED BALANCE SHEET - continued
31 May 2024

2024 2023
Notes £    £    £    £   
RESERVES
Called up share capital 2 2
Retained earnings 340,486 306,524
SHAREHOLDERS' FUNDS 340,488 306,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





R N Ross - Director


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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 9 (2023 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 65,200
AMORTISATION
At 1 June 2023
and 31 May 2024 65,199
NET BOOK VALUE

At 31 May 2024 1
At 31 May 2023 1

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 100,833
Additions 65,591
At 31 May 2024 166,424
DEPRECIATION
At 1 June 2023 60,041
Charge for year 14,564
At 31 May 2024 74,605
NET BOOK VALUE
At 31 May 2024 91,819
At 31 May 2023 40,792

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