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Registration number: 11299873

Chambers Direct Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Chambers Direct Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Chambers Direct Ltd

Company Information

Director

Mr Harjit Chambers

Registered office

20 Wenlock Road
London
N1 7GU

Accountants

Clever Accounts Limited
Brookfield Court
Selby Road
Leeds
LS25 1NB

 

Chambers Direct Ltd

(Registration number: 11299873)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

2

1

Current assets

 

Debtors

5

411

266

Cash at bank and in hand

 

6

22

 

417

288

Creditors: Amounts falling due within one year

6

(8,651)

(7,531)

Net current liabilities

 

(8,234)

(7,243)

Net liabilities

 

(8,232)

(7,242)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(8,233)

(7,243)

Shareholders' deficit

 

(8,232)

(7,242)

For the financial year ending 30 April 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 27 January 2025
 

.........................................

Mr Harjit Chambers
Director

 

Chambers Direct Ltd

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

1

General information

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

The address of its registered office is:
20 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the director on 27 January 2025.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Chambers Direct Ltd

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

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investments

2024
£

2023
£

Investments in subsidiaries

2

1

 

Chambers Direct Ltd

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

Subsidiaries

£

Cost or valuation

At 1 May 2023

1

Additions

1

At 30 April 2024

2

Provision

Carrying amount

At 30 April 2024

2

At 30 April 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Won Shot Ltd

20 Wenlock road
London

England

Ordinary shares

100%

100%

Chambers Autos Ltd

20 Wenlock road
London

England

Ordinary sharea

100%

0%

Subsidiary undertakings

Won Shot Ltd

The principal activity of Won Shot Ltd is other services activities not elsewhere classified.. The profit for the financial period of Won Shot Ltd was £- and the aggregate amount of Capital and reserves at the end of the period was £(1).

Chambers Autos Ltd

The principal activity of Chambers Autos Ltd is other services activities not elsewhere classified.. Its financial period end is 31 May. The profit for the financial period of Chambers Autos Ltd was £- and the aggregate amount of Capital and reserves at the end of the period was £(1).

 

Chambers Direct Ltd

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

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

411

266

   

411

266

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

116

-

Other creditors

 

8,535

7,531

 

8,651

7,531

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

116

-

9

Related party transactions

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

266

266

Advanced

145

145

At end of period

411

411

 

Chambers Direct Ltd

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

2023

Subsidiary
£

Total
£

At start of period

26

26

Advanced

240

240

At end of period

266

266

Terms of loans to related parties

Included in other debtors are loans of £120 (2023: £120) due by Chambers Autos Ltd and £291 (2023: £146) due by Won Shot Ltd. The company is a director of both companies as well as owns 100% of the share capital.
The company director is also a director of Chambers Autos Ltd and Won Shot Ltd.
The loans are currently interest free and repayable on demand.

 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

7,531

7,531

Advanced

1,005

1,005

At end of period

8,536

8,536

2023

Other related parties
£

Total
£

At start of period

5,378

5,378

Advanced

2,153

2,153

At end of period

7,531

7,531

Terms of loans from related parties

Included in other creditors is a loan due to the director of the company of £8,536 (2023: £7,531)

The loan is interest free and repayable on demand