CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Company Registration Number:
12841120 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The principal activity of the Company in the year under review was that of a finance company.



Directors

The directors shown below have held office during the whole of the period from
1 July 2023 to 30 June 2024

T L Cherry
A D Tapsell
J C Mould


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 December 2024

And signed on behalf of the board by:
Name: T L Cherry
Status: Director

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 1,493,838 667,421
Cost of sales: 0 0
Gross profit(or loss): 1,493,838 667,421
Distribution costs: 0 0
Administrative expenses: ( 1,250,638 ) ( 822,547 )
Other operating income: 0 0
Operating profit(or loss): 243,200 (155,126)
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 446,864 ) ( 165,405 )
Profit(or loss) before tax: (203,664) (320,531)
Tax: 0 0
Profit(or loss) for the financial year: (203,664) (320,531)

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 145,620 131,876
Investments:   0 0
Total fixed assets: 145,620 131,876
Current assets
Stocks:   0 0
Debtors: 4 8,015,175 4,146,388
Cash at bank and in hand: 155,143 30,019
Investments:   0 0
Total current assets: 8,170,318 4,176,407
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 9,155,032 ) ( 4,943,713 )
Net current assets (liabilities): (984,714) (767,306)
Total assets less current liabilities: (839,094) ( 635,430)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (839,094) (635,430)
Capital and reserves
Called up share capital: 100,000 100,000
Share premium account: 100,000 100,000
Other reserves: 0 0
Profit and loss account: (1,039,094 ) (835,430 )
Total Shareholders' funds: ( 839,094 ) (635,430)

The notes form part of these financial statements

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 December 2024
and signed on behalf of the board by:

Name: T L Cherry
Status: Director

The notes form part of these financial statements

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Bank interest receivable is accounted for on an accruals basis. Document fee income is accounted for on a receivable basis and is spread over the period of the loan. Loan interest income is recognised using the actuarial method and spread over the period of the loan. Interest shall not be treated as continuing to accrue or compound on any customer loan from this capital source which has been written off or in respect of which any payment is more than six months in arrears.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Leasehold improvements 20% on reducing balance Fixtures and fittings 20% on reducing balance Motor vehicles 20% on reducing balance Computer equipment 20% on reducing balance

    Other accounting policies

    Going concern The directors have prepared the financial statements on a going concern basis. The directors consider this to be appropriate as they have received assurances from the Company's parent company to the effect that the parent company will continue to make funds available to the Company for the foreseeable future and will continue to meet the Company's obligations to other creditors as and when they fall due. Cash flow statement The Company is classified as small and it has therefore elected to take advantage of the exemption allowed for under FRS102, Section 1A.7 and consequently it has not prepared a cash flow statement. Debtors Short measured term debtors are measured at transaction price, less any impairment. Loans receivable are cost initially at fair value, net of transaction costs, and are measured subsequently at amortised using the effective interest method, less any impairment. Bad debt provision Bad debt provision is determined by the directors on a line by line analysis basis. Loans which are significantly in arrears, but on which the directors have information available to them the balance will be fully recovered, are included in the balance sheet with no provision against amounts in arrears being recognised. Cash and cash equivalents Cash deposits and cash equivalents represent those balances held within the Company's bank accounts and in of three months or less. Creditors Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 6 6

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 105,719 0 14,606 41,105 9,995 171,425
Additions 21,416 0 0 22,902 0 44,318
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 30 June 2024 127,135 0 14,606 64,007 9,995 215,743
Depreciation
At 1 July 2023 24,020 0 3,504 7,965 4,060 39,549
Charge for year 17,302 0 2,329 9,459 1,484 30,574
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 30 June 2024 41,322 0 5,833 17,424 5,544 70,123
Net book value
At 30 June 2024 85,813 0 8,773 46,583 4,451 145,620
At 30 June 2023 81,699 0 11,102 33,140 5,935 131,876

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

2024 2023
£ £
Trade debtors 7,985,719 4,137,606
Prepayments and accrued income 29,456 8,782
Other debtors 0 0
Total 8,015,175 4,146,388
Debtors due after more than one year: 0 0

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 6,114 9,942
Taxation and social security 0 0
Accruals and deferred income 663,230 209,591
Other creditors 8,485,688 4,724,180
Total 9,155,032 4,943,713

CHERRY GODFREY FINANCE (ISLE OF WIGHT) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Financial Commitments

During the year the Company's parent company, which owns 100% (2023: 100%) of the issued share of the Company, was Cherry Godfrey Holdings Limited, a company incorporated in Guernsey. The Holdings parent company is under joint control of Mr D and Mrs S A Cherry, directors of Cherry Godfrey Limited. Mr and Mrs Cherry jointly have a beneficial interest in 84.90% (2023: 84.90%) of the issued share capital of the parent company. Administration fees, rent and salaries are paid centrally by Cherry Godfrey Services Limited and recharged to the group companies on the basis in which they are incurred. During the year, total expenses of £76,416 (2023: £117,666) were recharged by Cherry Godfrey Services Limited to the Company. .In addition to this £538,455 (2022: £265,436) was recharged by the Company to group companies in relation to salaries Amounts owed by related parties were Cherry Godfrey Finance Limited £8,479,320 (2023: £4,724,180), Cherry Godfrey Services Limited £6,368 (2023: £Nil). During the year the Company accrued interest payable on amounts borrowed from Cherry Godfrey Finance Limited totalling £448,864 (2023: £189,453) of which outstanding at year end was £636,318 (2023: £189,453).