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Registration number: 06980046


M & J Chadwick Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

M & J Chadwick Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

M & J Chadwick Ltd

Company Information

Directors

Mr M Chadwick

Mrs J Chadwick

Registered office

C/O Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

M & J Chadwick Ltd

(Registration number: 06980046)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,397

9,638

Current assets

 

Debtors

6

2,517

3,154

Cash at bank and in hand

 

40,317

26,731

 

42,834

29,885

Creditors: Amounts falling due within one year

7

(37,923)

(33,164)

Net current assets/(liabilities)

 

4,911

(3,279)

Net assets

 

12,308

6,359

Capital and reserves

 

Called up share capital

100

100

Retained earnings

12,208

6,259

Shareholders' funds

 

12,308

6,359

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

.........................................
Mr M Chadwick
Director

 

M & J Chadwick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
C/O Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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:

 

M & J Chadwick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Asset class

Depreciation method and rate

Office equipment

33% straight line

Furniture and fittings

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, 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.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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 receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

 

M & J Chadwick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

10,000

10,000

At 31 August 2024

10,000

10,000

Amortisation

At 1 September 2023

10,000

10,000

At 31 August 2024

10,000

10,000

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 September 2023

13,384

4,757

18,141

Additions

-

1,011

1,011

At 31 August 2024

13,384

5,768

19,152

Depreciation

At 1 September 2023

4,427

4,076

8,503

Charge for the year

2,677

575

3,252

At 31 August 2024

7,104

4,651

11,755

Carrying amount

At 31 August 2024

6,280

1,117

7,397

At 31 August 2023

8,957

681

9,638

 

M & J Chadwick Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

2024
£

2023
£

Trade debtors

610

1,185

Prepayments

712

464

Other debtors

1,195

1,505

2,517

3,154

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Taxation and social security

 

169

162

Other creditors

 

12,825

9,880

Directors' loan account

 

24,929

23,122

 

37,923

33,164

8

Going Concern

The accounts have been prepared on a going concern basis. The company is supported by the directors.