14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 143,140 30,000 113,140 95,128 11,314 30,000 76,442 36,698 48,012 xbrli:pure xbrli:shares iso4217:GBP 04764091 2023-06-01 2024-05-31 04764091 2024-05-31 04764091 2023-05-31 04764091 2022-06-01 2023-05-31 04764091 2023-05-31 04764091 2022-05-31 04764091 core:NetGoodwill 2023-06-01 2024-05-31 04764091 core:PlantMachinery 2023-06-01 2024-05-31 04764091 core:FurnitureFittings 2023-06-01 2024-05-31 04764091 bus:Director1 2023-06-01 2024-05-31 04764091 bus:Director2 2023-06-01 2024-05-31 04764091 core:NetGoodwill 2023-05-31 04764091 core:NetGoodwill 2024-05-31 04764091 core:PlantMachinery 2023-05-31 04764091 core:FurnitureFittings 2023-05-31 04764091 core:FurnitureFittings 2024-05-31 04764091 core:WithinOneYear 2024-05-31 04764091 core:WithinOneYear 2023-05-31 04764091 core:AfterOneYear 2024-05-31 04764091 core:AfterOneYear 2023-05-31 04764091 core:ShareCapital 2024-05-31 04764091 core:ShareCapital 2023-05-31 04764091 core:RetainedEarningsAccumulatedLosses 2024-05-31 04764091 core:RetainedEarningsAccumulatedLosses 2023-05-31 04764091 1 2023-06-01 2024-05-31 04764091 1 core:NetGoodwill 2023-06-01 2024-05-31 04764091 core:NetGoodwill 2023-05-31 04764091 core:FurnitureFittings 2023-05-31 04764091 bus:Director1 2023-05-31 04764091 bus:Director1 2024-05-31 04764091 bus:Director1 2022-05-31 04764091 bus:Director1 2023-05-31 04764091 bus:Director1 2022-06-01 2023-05-31 04764091 bus:SmallEntities 2023-06-01 2024-05-31 04764091 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04764091 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04764091 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04764091 bus:FullAccounts 2023-06-01 2024-05-31 04764091 core:OfficeEquipment 2023-06-01 2024-05-31 04764091 core:OfficeEquipment 2023-05-31 04764091 core:OfficeEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 04764091
Chartwells Accountants Limited
Filleted Unaudited Financial Statements
31 May 2024
Chartwells Accountants Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
36,698
48,012
Tangible assets
6
3,758
1,433
-------
-------
40,456
49,445
Current assets
Stocks
20,349
40,271
Debtors
7
721,820
718,641
Cash at bank and in hand
81,786
61,162
--------
--------
823,955
820,074
Creditors: amounts falling due within one year
8
161,888
161,961
--------
--------
Net current assets
662,067
658,113
--------
--------
Total assets less current liabilities
702,523
707,558
Creditors: amounts falling due after more than one year
9
29,408
34,922
Provisions
Taxation including deferred tax
939
358
--------
--------
Net assets
672,176
672,278
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
672,076
672,178
--------
--------
Shareholders funds
672,176
672,278
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31st May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chartwells Accountants Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
Mrs D Westwood
Mr C P Goldie
Director
Director
Company registration number: 04764091
Chartwells Accountants Limited
Notes to the Financial Statements
Year ended 31st May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 217 Long Lane, Halesowen, West Midlands, B62 9JT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill -Acquired
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
10% straight line
Fixtures and Fittings
-
15% straight line
Office Equipment
-
33% straight line
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1st June 2023
143,140
Additions
Disposals of previously acquired businesses
( 30,000)
--------
At 31st May 2024
113,140
--------
Amortisation
At 1st June 2023
95,128
Charge for the year
11,314
Disposals of previously acquired businesses
( 30,000)
--------
At 31st May 2024
76,442
--------
Carrying amount
At 31st May 2024
36,698
--------
At 31st May 2023
48,012
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1st June 2023
4,695
1,257
3,439
9,391
Additions
2,937
1,338
4,275
Disposals
( 4,695)
( 4,695)
------
------
------
------
At 31st May 2024
4,194
4,777
8,971
------
------
------
------
Depreciation
At 1st June 2023
4,695
1,187
2,076
7,958
Charge for the year
459
1,491
1,950
Disposals
( 4,695)
( 4,695)
------
------
------
------
At 31st May 2024
1,646
3,567
5,213
------
------
------
------
Carrying amount
At 31st May 2024
2,548
1,210
3,758
------
------
------
------
At 31st May 2023
70
1,363
1,433
------
------
------
------
7. Debtors
2024
2023
£
£
Trade debtors
32,410
24,735
Amounts owed by group undertakings and undertakings in which the company has a participating interest
676,615
669,818
Other debtors
12,795
24,088
--------
--------
721,820
718,641
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,514
5,514
Trade creditors
59,928
63,524
Corporation tax
48,291
42,029
Social security and other taxes
30,143
28,867
Other creditors
18,012
22,027
--------
--------
161,888
161,961
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,408
34,922
-------
-------
10. Financial instruments
There are debt instruments held at the year end that with repayments due beyond one year. These debt instruments have been measured at Fair Value through Profit and Loss, as to adopt the amortised cost method would result in a measurement inconsistency, as per the provisions of FRS102 paragraph 11.14(b).
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs D Westwood
( 7,760)
7,666
( 94)
------
------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs D Westwood
455
( 8,215)
( 7,760)
----
------
------
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Chartwells Accountants Holdings Limited
6,797
101,651
676,615
669,818
------
--------
--------
--------
Chartwells Accountants Holdings Limited is the 100% shareholder of Chartwells Accountants Limited . As at 31 May 2024, Chartwells Accountants Holdings Limited owed £676,615 (2023 - £669,818) to Chartwells Accountants Limited .
13. Controlling party
The company was under the control of Chartwells Accountants Holdings Limited for the accounting period.