Cherwell Group Construction Limited
Unaudited Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 05625120 (England and Wales)
Cherwell Group Construction Limited
Company Information
Directors
T G Holroyd
T C Costin
P J Duddridge
Secretary
T.G. Holroyd
Company number
05625120
Registered office
1 Cherwell Mews
London
England
SW11 1AF
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Cherwell Group Construction Limited
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,883
17,065
Current assets
Debtors
4
792,935
1,247,093
Cash at bank and in hand
3,803
792,935
1,250,896
Creditors: amounts falling due within one year
5
(2,098,813)
(2,394,995)
Net current liabilities
(1,305,878)
(1,144,099)
Net liabilities
(1,297,995)
(1,127,034)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(1,298,095)
(1,127,134)
Total equity
(1,297,995)
(1,127,034)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
T G Holroyd
Director
Company Registration No. 05625120
Cherwell Group Construction Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 2
1
Accounting policies
Company information
Cherwell Group Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Cherwell Mews, London, England, SW11 1AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end, the company had net liabilities of £1,297,995, including £true1,344,850 owing to Cherwell (Lillie Road) Limited and £503,117 owing to Cherwell Investments Limited, which are both companies under common control. Cherwell (Lillie Road) Limited and Cherwell Investments Limited have confirmed they will not seek repayment of the balances for a period of at least twelve months from the date of approval of these accounts. Cherwell (Lillie Road) Limited and Cherwell Investments Limited have also confirmed they will provide additional financial support to the company during the same period should it be required. On this basis, the directors consider it appropriate for the accounts to be prepared on the going concern basis.
1.3
Turnover
Turnover represents the invoiced value of goods and services provided net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are capitalised in the financial statements and are stated at cost less depreciation, subject to a de minimis limit of £1,000.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Cherwell Group Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
Cherwell Group Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
89,999
Depreciation and impairment
At 1 May 2023
72,934
Depreciation charged in the year
9,182
At 30 April 2024
82,116
Carrying amount
At 30 April 2024
7,883
At 30 April 2023
17,065
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
129,818
281,231
Other debtors
657,034
514,781
Prepayments and accrued income
6,083
451,081
792,935
1,247,093
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdrafts
94,980
94,812
Trade creditors
52,147
102,572
Other taxation and social security
46,087
45,743
Other creditors
1,905,599
2,151,868
2,098,813
2,394,995
The bank overdraft is secured by a legal charge held over properties owned by Cherwell Investments Limited, a company controlled by T G Holroyd.
Cherwell Group Construction Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 5
6
Called up share capital
2024
2023
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
Transactions with related parties
Trading in the year
At the year end
Sales
Management fees
Debtor
Creditor
£
£
£
£
During the year there were transactions with the following companies under common control:
Cherwell (Lillie Road) Limited
-
603,000
-
1,344,850
Cherwell Battersea Bridge Road Limited
19,945
-
543,914
-
Cherwell Axehayes Farms Limited
10,831
-
118,055
-
Cherwell Upton Towans Limited
32,317
-
-
-
Cherwell Wokingham Limited
214,467
-
18,271
-
Cherwell Bracknell Limited
3,593
-
3,593
Holroyd Investments Limited
-
-
1,770
-
281,153
603,000
685,603
1,344,850
All transactions are on an arms length basis.
During the year the company was charged rent of £10,000 (2023: £36,153) by Cherwell Investments Limited, a company under common control. During the year there was also construction services of £nil (2023: £300,000) charged to Cherwell Investments Limited. At the year end, there was a balance due to Cherwell Investments Limited of £503,117 (2023: £221,548).