REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
Chalkbay Services Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2024 |
for |
Chalkbay Services Limited |
Chalkbay Services Limited (Registered number: 02471013) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chalkbay Services Limited |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
209 Liverpool Road |
Birkdale |
Southport |
Merseyside |
PR8 4PH |
Chalkbay Services Limited (Registered number: 02471013) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Chalkbay Services Limited (Registered number: 02471013) |
Balance Sheet - continued |
31 August 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Chalkbay Services Limited (Registered number: 02471013) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Chalkbay Services Limited is a private limited company, incorporated and registered in England and Wales (registered number 02471013). The address of the registered office is Grosvenor House, 1 Crowland Close, Southport, Merseyside, PR9 7RR. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company's functional and presentational currency is GBP. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of rents receivable during the year. |
Investment property |
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the investment property is sold. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Chalkbay Services Limited (Registered number: 02471013) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities. |
Financial assets that are measured at cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors are measured at the transaction price. Other financial liabilities are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Financial assets are derecognised when the rights to receive cash flows from the asset have expired. Provision is made when there is objective evidence that the company will not be able to collect certain debts. Bad debts are written off when identified. Financial liabilities are derecognised when the obligations under the liability is discharged, cancelled or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
Fair Value Adjustment | 110,000 |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
The investment property was valued on an open market value basis on 4 December 2024 by MO Valuations Limited. The Company Directors consider the open market value of the investment property to equate to its fair value at 31 August 2024 of £900,000 (2023: £790,000). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Amounts owed by participating interests | 37,600 | 37,600 |
Other debtors |
Chalkbay Services Limited (Registered number: 02471013) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
The company does not have a bank overdraft. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 24,989 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.24 | 31.8.23 |
£ | £ |
Bank loans |
The bank loans are secured by fixed and floating charges over the leasehold property 1 to 7 Crowland Close, Southport, Merseyside, PR9 7RR together with all buildings & fixtures, fixed plant & machinery, all present and future book and other debts, moveable plant & machinery and goodwill of the business and an unlimited debenture from Chalkbay Services Limited. |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £30,000 (2023 - £45,000) were paid to the directors . |
Bulldog Products Limited is a company related by virtue of the Directors' associated shareholdings. During the year ended 31 August 2024 the company received rent of £88,855 (2023: £95,000) from Bulldog Products Limited. |
Included within Debtors as at 31 August 2024 is an amount of £37,600 (2023: £37,600) receivable by Chalkbay Services Limited from Bulldog Products Limited |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are the Directors', Mr & Mrs A Graham, by virtue of their shareholding in the company. |
Chalkbay Services Limited (Registered number: 02471013) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
11. | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
The preparation of the financial statements, in conformity with generally accepted accounting principles, requires the use of estimates and judgements that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the directors' best knowledge of current events and results, actual results ultimately may differ from those estimates. |
In preparing these financial statements the directors reviewed the carrying value of the company's investment property as at 31 August 2024 for indicators of impairment. The company directors consider the fair value of the company's investment property as at 31 August 2024 to be £900,000. |
The directors do not consider there to be any additional estimates and judgements in connection with the preparation of the company's year ended 31 August 2024 financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities at the balance sheet date of 31 August 2024. |