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Registration number: 10603815

FLACK AND CHAPMAN LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

FLACK AND CHAPMAN LTD

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

FLACK AND CHAPMAN LTD

Company Information

Directors

David Flack

Mr James Flack

Company secretary

Mr James Flack

Registered office

AVON FIELDS
HAYDEN WAY
WILLINGHAM
CAMBRIDGE
CB24 5HB

 

FLACK AND CHAPMAN LTD

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

1,674,555

905,000

Cost of sales

 

(1,236,101)

(514,946)

Gross profit

 

438,454

390,054

Distribution costs

 

(244)

(75)

Administrative expenses

 

(28,160)

(60,683)

Operating profit

 

410,050

329,296

Interest payable and similar expenses

 

(109,562)

(234,392)

Profit before tax

300,488

94,904

Tax on profit

 

(70,768)

-

Profit for the financial year

 

229,720

94,904

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

FLACK AND CHAPMAN LTD

(Registration number: 10603815)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

90,940

113,741

Current assets

 

Stocks

4

584,614

1,500,000

Debtors

5

156,058

133,251

Cash at bank and in hand

 

11,506

4,052

 

752,178

1,637,303

Creditors: Amounts falling due within one year

6

(174,806)

(280,161)

Net current assets

 

577,372

1,357,142

Total assets less current liabilities

 

668,312

1,470,883

Creditors: Amounts falling due after more than one year

6

(336,164)

(1,368,456)

Net assets

 

332,148

102,427

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

332,146

102,425

Shareholders' funds

 

332,148

102,427

For the financial year ending 31 March 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 and 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 31 December 2024 and signed on its behalf by:
 

.........................................
David Flack
Director

 

FLACK AND CHAPMAN LTD

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

1

General information

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

The address of its registered office is:
AVON FIELDS
HAYDEN WAY
WILLINGHAM
CAMBRIDGE
CB24 5HB

These financial statements were authorised for issue by the Board on 31 December 2024.

2

Accounting policies

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Tax

The tax expense for the period comprises current 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.

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:

Plant and Machinery 20% RB
Motor Vehicles 25% RB

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.

 

FLACK AND CHAPMAN LTD

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 directors) during the year, was 2 (2023 - 2).

4

Stocks

2024
£

2023
£

Work in progress

400,000

1,500,000

Other inventories

184,614

-

584,614

1,500,000

5

Debtors

Current

2024
£

2023
£

Other debtors

156,058

133,251

 

156,058

133,251

 

FLACK AND CHAPMAN LTD

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

5,998

Trade creditors

 

103,401

186,611

Taxation and social security

 

70,768

36,112

Other creditors

 

637

51,440

 

174,806

280,161

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

336,164

1,368,456

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

NewRow_0 of £1 each

2

2

2

2