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Company No: 06221105 (England and Wales)

CHIMNEY HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CHIMNEY HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CHIMNEY HOLDINGS LIMITED

CHAIRMAN'S STATEMENT

For the financial year ended 30 June 2024
CHIMNEY HOLDINGS LIMITED

CHAIRMAN'S STATEMENT (continued)

For the financial year ended 30 June 2024

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.

CHIMNEY HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
CHIMNEY HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 830,000 0
Investments 4 1,302,869 1,302,869
2,132,869 1,302,869
Current assets
Debtors 5 330 0
330 0
Creditors: amounts falling due within one year 6 ( 2,011,289) ( 1,179,669)
Net current liabilities (2,010,959) (1,179,669)
Total assets less current liabilities 121,910 123,200
Net assets 121,910 123,200
Capital and reserves
Called-up share capital 7 20,575 20,575
Share premium account 67,500 67,500
Capital redemption reserve 30,425 30,425
Profit and loss account 3,410 4,700
Total shareholders' funds 121,910 123,200

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 06221105) were approved and authorised for issue by the Board of Directors on 17 March 2025. They were signed on its behalf by:

Andrew John Baker
Director
Allan John Vodden
Director
CHIMNEY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CHIMNEY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

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.

Taxation

Current tax
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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 0
Additions 830,000
As at 30 June 2024 830,000

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.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 1,302,869
At 30 June 2024 1,302,869
Carrying value at 30 June 2024 1,302,869
Carrying value at 30 June 2023 1,302,869

5. Debtors

2024 2023
£ £
Prepayments 330 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to fellow subsidiaries 2,000,443 1,170,656
Accruals 10,846 8,332
Taxation and social security 0 681
2,011,289 1,179,669

Bank loans are secured by a debenture over the assets of the group excluding book debts contains fixed and floating charges with a negative pledge.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
113,450 A ordinary shares of £ 0.10 each 11,345 11,345
10,000 B ordinary shares of £ 0.10 each 1,000 1,000
82,300 C ordinary shares of £ 0.10 each 8,230 8,230
20,575 20,575

8. Related party transactions

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.