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REGISTERED NUMBER: 03297940 (England and Wales)















Financial Statements for the Year Ended 30 April 2024

for

R.M. Chancellor & Company Limited

R.M. Chancellor & Company Limited (Registered number: 03297940)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R.M. Chancellor & Company Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr A D Burt ACA FCCA
Mr J Ward ACA FCCA
Mr D P Chaffey FCCA





SECRETARY: Mr D P Chaffey FCCA





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





REGISTERED NUMBER: 03297940 (England and Wales)

R.M. Chancellor & Company Limited (Registered number: 03297940)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 22,380 26,240
Tangible assets 6 529,946 531,673
Investments 7 102 7,779
Investment property 8 200,372 200,372
752,800 766,064

CURRENT ASSETS
Stocks 27,384 27,357
Debtors 9 320,762 261,157
Cash at bank 76,638 146,487
424,784 435,001
CREDITORS
Amounts falling due within one year 10 287,634 312,448
NET CURRENT ASSETS 137,150 122,553
TOTAL ASSETS LESS CURRENT
LIABILITIES

889,950

888,617

CREDITORS
Amounts falling due after more than one
year

11

(395,578

)

(432,533

)

PROVISIONS FOR LIABILITIES (17,785 ) (17,784 )
NET ASSETS 476,587 438,300

CAPITAL AND RESERVES
Called up share capital 333 333
Revaluation reserve 95,112 95,112
Capital redemption reserve 667 667
Retained earnings 380,475 342,188
SHAREHOLDERS' FUNDS 476,587 438,300

R.M. Chancellor & Company Limited (Registered number: 03297940)

Balance Sheet - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2024 and were signed on its behalf by:




Mr A D Burt ACA FCCA - Director Mr J Ward ACA FCCA - Director




Mr D P Chaffey FCCA - Director


R.M. Chancellor & Company Limited (Registered number: 03297940)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

R.M. Chancellor & Company 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. 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about R.M. Chancellor & Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.

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 the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 50 years straight line
Plant and machinery etc - 25% - 50% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

R.M. Chancellor & Company Limited (Registered number: 03297940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


3. ACCOUNTING POLICIES - continued

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 32 (2023 - 31 ) .

R.M. Chancellor & Company Limited (Registered number: 03297940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 260,530
AMORTISATION
At 1 May 2023 234,290
Charge for year 3,860
At 30 April 2024 238,150
NET BOOK VALUE
At 30 April 2024 22,380
At 30 April 2023 26,240

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 May 2023 511,628 56,818 568,446
Additions - 6,421 6,421
Disposals - (8,940 ) (8,940 )
At 30 April 2024 511,628 54,299 565,927
DEPRECIATION
At 1 May 2023 - 36,773 36,773
Charge for year - 6,106 6,106
Eliminated on disposal - (6,898 ) (6,898 )
At 30 April 2024 - 35,981 35,981
NET BOOK VALUE
At 30 April 2024 511,628 18,318 529,946
At 30 April 2023 511,628 20,045 531,673

Cost or valuation at 30 April 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2021 (8,496 ) - (8,496 )
Valuation in 2022 (14,372 ) - (14,372 )
Cost 534,496 54,299 588,795
511,628 54,299 565,927

R.M. Chancellor & Company Limited (Registered number: 03297940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


6. TANGIBLE FIXED ASSETS - continued

If the building had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 534,496 534,496
Aggregate depreciation 38,469 32,119

Freehold land and buildings were valued on an open market basis on 30 April 2024 by the Directors .

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023 7,779
Impairments (7,677 )
At 30 April 2024 102
NET BOOK VALUE
At 30 April 2024 102
At 30 April 2023 7,779

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 200,372
NET BOOK VALUE
At 30 April 2024 200,372
At 30 April 2023 200,372

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,885 59,000
Amounts owed by group undertakings 143,377 157,166
Other debtors 121,500 44,991
320,762 261,157

Other debtors consists of accrued income of £86,117 (2023 - £2,621), prepayments of £30,566 (2023 - £38,970) and other debtors of £4,817 (2023 - £3,400).

R.M. Chancellor & Company Limited (Registered number: 03297940)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 17,606 35,005
Trade creditors 19,997 43,385
Taxation and social security 132,137 127,264
Other creditors 117,894 106,794
287,634 312,448

Other creditors consists of accruals of £5,285 (2023 - £10,578), directors loan accounts of £86,598 (2023 - £64,903) and other loans of £26,011 (2023 - £31,313).

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 341,844 359,458
Other creditors 53,734 73,075
395,578 432,533

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 300,587 302,511

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 16,077 18,536
Between one and five years 6,658 9,251
22,735 27,787

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Property mortgage 338,616 346,527
Property loan - 16,201
338,616 362,728

The debts are secured in favour of Lloyds Bank plc by way of legal charge over the freehold property and fixed plant and machinery on the freehold property (fixed charge) and book debts and any other assets (floating charge).