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Registration number: 09536160

Chez Fred Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Chez Fred Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Chez Fred Limited

Company Information

Directors

Mr F Capel

Mrs C A Capel

Mr T J Capel

Registered office

The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Chez Fred Limited

(Registration number: 09536160)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,000

6,000

Tangible assets

5

46,161

73,616

 

49,161

79,616

Current assets

 

Stocks

6

42,237

80,857

Debtors

7

175,430

36,413

Cash at bank and in hand

 

271,874

515,466

 

489,541

632,736

Creditors: Amounts falling due within one year

8

(438,923)

(493,684)

Net current assets

 

50,618

139,052

Total assets less current liabilities

 

99,779

218,668

Creditors: Amounts falling due after more than one year

8

(46,667)

(131,284)

Provisions for liabilities

(5,413)

(10,310)

Net assets

 

47,699

77,074

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

46,699

76,074

Shareholders' funds

 

47,699

77,074

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.

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.

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 27 November 2024 and signed on its behalf by:
 

.........................................
Mr F Capel
Director

 

Chez Fred Limited

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:
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

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

Revenue recognition

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Government grants

Government grants of a revenue nature are recognised when there is a reasonable assurance that conditions attaching to them have been met and the grants will be received. The accruals model has been adopted for recognition.

Tax

The tax expense for the period comprises current and deferred 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.

 

Chez Fred Limited

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

2

Accounting policies (continued)

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

Leasehold land and buildings

over the lease term

Furniture and Equipment

between 5 and 10 years on a straight line basis

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

Equal annual installments over 10 years

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Borrowings

 

Chez Fred Limited

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

2

Accounting policies (continued)

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 44).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

30,000

30,000

At 30 April 2024

30,000

30,000

Amortisation

At 1 May 2023

24,000

24,000

Amortisation charge

3,000

3,000

At 30 April 2024

27,000

27,000

Carrying amount

At 30 April 2024

3,000

3,000

At 30 April 2023

6,000

6,000

 

Chez Fred Limited

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

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

461,544

316,745

778,289

Additions

-

15,024

15,024

At 30 April 2024

461,544

331,769

793,313

Depreciation

At 1 May 2023

439,963

264,710

704,673

Charge for the year

21,581

20,898

42,479

At 30 April 2024

461,544

285,608

747,152

Carrying amount

At 30 April 2024

-

46,161

46,161

At 30 April 2023

21,581

52,035

73,616

Included within the net book value of land and buildings above is £Nil (2023 - £21,581) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

42,237

80,857

7

Debtors

2024
£

2023
£

Trade debtors

5,182

15,235

Prepayments

20,061

10,862

Other debtors

150,187

10,316

175,430

36,413

 

Chez Fred Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

86,358

100,778

Trade creditors

 

152,681

214,236

Taxation and social security

 

161,475

125,098

Accruals and deferred income

 

13,775

46,451

Other creditors

 

24,634

7,121

 

438,923

493,684

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

46,667

131,284

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

46,667

131,284

2024
£

2023
£

Current loans and borrowings

Bank borrowings

83,677

100,778

Bank overdrafts

2,681

-

86,358

100,778


Security
Bank borrowings are secured by a fixed and floating charge over the assets of the company.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £85,000 (2023 - £85,000). This includes an annual rental commitment of £85,000 due under a lease for premises expiring in 2025.

 

Chez Fred Limited

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

11

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr F Capel

Loan interest charged, unsecured and repayable on demand

-

139,869

(139,869)

-

         
       

Mrs C A Capel

Loan interest charged, unsecured and repayable on demand

-

32,227

(32,227)

-

         
       

Mr T J Capel

Loan unsecured and repayable on demand

-

5,251

(5,251)

-

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr F Capel

Loan interest charged, unsecured and repayable on demand

-

60,363

(60,363)

-

         
       

Mrs C A Capel

Loan interest charged, unsecured and repayable on demand

-

16,544

(16,544)

-

         
       

Mr T J Capel

Loan unsecured and repayable on demand

-

4,003

(4,003)

-