Company No:
Contents
This is the holding company for the wholly owned trading subsidiaries Rangemoors Limited and West Country Stoves 2016 Limited.
It is a non-trading company which receives management charges from its subsidiaries. The commercial property based at Winkleigh was transferred during the year from Rangemoors Limited, and the company now receives rental income in relation to this property.
The only outgoings are for directors’ costs and professional fees.
Please see my statement in the subsidiary companies accounts for more detail on trading.
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
Investments | 4 |
|
|
|
2,132,869 | 1,302,869 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
330 | 0 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (2,010,959) | (1,179,669) | ||
Total assets less current liabilities | 121,910 | 123,200 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Share premium account |
|
|
||
Capital redemption reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Chimney Holdings Limited (registered number:
Andrew John Baker
Director |
Allan John Vodden
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Chimney Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Airfield, Torrington Road, Winkleigh, EX19 8DW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
|
Additions | 830,000 |
As at 30 June 2024 |
|
Valuation
The valuation of the properties at the balance sheet date were made by the directors based on open market value for existing use basis.
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 July 2023 |
|
At 30 June 2024 |
|
Carrying value at 30 June 2024 |
|
Carrying value at 30 June 2023 |
|
2024 | 2023 | ||
£ | £ | ||
Prepayments |
|
|
2024 | 2023 | ||
£ | £ | ||
Amounts owed to fellow subsidiaries |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
20,575 | 20,575 |
Transactions with entities in which the entity itself has a participating interest
As the Company is a 100% parent of Rangemoors Limited and West Country Stoves 2016 Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with its subsidiary company.