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CHISELWOOD LIMITED

Registered Number
03370003
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

CHISELWOOD LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Mr M J Holliday
Mrs M J Holliday

Company Secretary

Mrs M J Holliday

Registered Address

Fossdyke House Gainsborough Road
Saxilby
Lincoln
LN1 2JH

Registered Number

03370003 (England and Wales)
CHISELWOOD LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets422,861274,216
22,861274,216
Current assets
Stocks5114,263125,286
Debtors61,819,2212,507,919
Current asset investments744,72628,845
Cash at bank and on hand277,124176,241
2,255,3342,838,291
Creditors amounts falling due within one year8(256,972)(1,039,239)
Net current assets (liabilities)1,998,3621,799,052
Total assets less current liabilities2,021,2232,073,268
Creditors amounts falling due after one year9(404,571)(432,668)
Provisions for liabilities10(1,006)(2,124)
Net assets1,615,6461,638,476
Capital and reserves
Called up share capital22
Profit and loss account1,615,6441,638,474
Shareholders' funds1,615,6461,638,476
The financial statements were approved and authorised for issue by the Board of Directors on 19 March 2025, and are signed on its behalf by:
Mrs M J Holliday
Director
Registered Company No. 03370003
CHISELWOOD LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year1414
3.Further information regarding the company's income
Exceptional Item Impairment of Land & Buildings The impairment provision in administrative expenses of £200,000 results from a change in value in use of the land and buildings. Exceptional Item Online Fraud Against Company Included in administrative costs is an exceptional item of £42,078 in relation to an online payment fraud perpetrated against the company.
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 June 23241,589208,87068,35958,981577,799
Disposals(231,815)(17,801)(19,125)(30,452)(299,193)
At 31 May 249,774191,06949,23428,529278,606
Depreciation and impairment
At 01 June 23-198,32753,31251,944303,583
Charge for year-2,5653,1151,2016,881
On disposals(200,000)(17,392)(10,686)(26,641)(254,719)
Other adjustments200,000---200,000
At 31 May 24-183,50045,74126,504255,745
Net book value
At 31 May 249,7747,5693,4932,02522,861
At 31 May 23241,58910,54315,0477,037274,216
5.Stocks

2024

2023

££
Other stocks114,263125,286
Total114,263125,286
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables29,96312,682
Other debtors1,783,9812,489,819
Prepayments and accrued income5,2775,418
Total1,819,2212,507,919
Included in other debtors is a loan balance of £1,600,929 (2023 - £2,170,847) owed to the company by Fossdyke Developments Limited a company wholly owed by Fossdyke Holdings Limited a company in which both directors hold 50% shareholding.
7.Current asset investments
Balance as at 1st June 2023 £28,845 Invested £11,480 Fair value adjustment £4,401 Balance as at 31st May 2024 £44,726
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables39,98729,546
Bank borrowings and overdrafts27,98826,816
Taxation and social security10,371217,670
Finance lease and HP contracts-5,047
Other creditors6,833460,770
Accrued liabilities and deferred income171,793299,390
Total256,9721,039,239
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts404,571432,668
Total404,571432,668
Bank loan is denominated in £ with a nominal interest rate of market rate, and the final instalment is due on 24 June 2036. The carrying amount at year end is £432,559 (2023 - £459,484).
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,0062,124
Total1,0062,124