Registered number: 01929143
St. George's Chapel Bookshop Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 August 2024
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St. George's Chapel Bookshop Limited
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of St. George's Chapel Bookshop Limited for the Year Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of St. George's Chapel Bookshop Limited for the year ended 31 August 2024 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of St. George's Chapel Bookshop Limited, as a body, in accordance with the terms of our engagement letter dated 22 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of St. George's Chapel Bookshop Limited and state those matters that we have agreed to state to the Board of Directors of St. George's Chapel Bookshop Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St. George's Chapel Bookshop Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that St. George's Chapel Bookshop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of St. George's Chapel Bookshop Limited. You consider that St. George's Chapel Bookshop Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of St. George's Chapel Bookshop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
10 March 2025
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St. George's Chapel Bookshop Limited
Registered number: 01929143
Balance Sheet
As at 31 August 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The Right Reverend Dr Christopher J Cocksworth, Dean of Windsor
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The notes on pages 4 to 8 form part of these financial statements.
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St. George's Chapel Bookshop Limited
Statement of Changes in Equity
For the Year Ended 31 August 2024
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Comprehensive income for the year
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Distribution to parent charity under gift aid
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Comprehensive income for the year
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Distribution to parent charity under gift aid
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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St. George's Chapel Bookshop Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
St. George's Chapel Bookshop Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chapter Office, The Cloisters, Windsor Castle, Windsor, Berkshire, SL4 1NJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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 the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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St. George's Chapel Bookshop Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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12.5% to 33% straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
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St. George's Chapel Bookshop Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
2.Accounting policies (continued)
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Payment to parent charity under Gift Aid
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The company has adopted a policy of paying all its taxable profits to its parent charity, The King’s Free Chapel of St George in his Castle at Windsor under Gift Aid. These gift aid payments are recognised as distributions through equity rather than as an expense through the profit and loss, and therefore an operating profit exists at the balance sheet date, on which a tax liability arises. A deed of covenant is in place between the company and its parent charity, The King’s Free Chapel of St George in his Castle at Windsor. This creates a legally binding obligation for the company to pay any profit before taxation to the parent charity. This amount has been included in the Statement of Changes in Equity, in the year in which the profit was generated. Corporation tax relief is obtained on the payment of the qualifying charity contribution where this is made within nine months of the year end.
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Cost of defined contribution scheme
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The average monthly number of employees during the year was as follows:
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A Deed of Covenant is in place between the company and the parent charity. The company accrues for Gift Aid payable under the Deed of Covenant and distributes all taxable profits to the parent charity annually.
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Dividends and distributions
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Distributions to parent charity under gift aid
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Page 6
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St. George's Chapel Bookshop Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Charge for the year on owned assets
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Finished goods and goods for resale
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Cash and cash equivalents
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Page 7
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St. George's Chapel Bookshop Limited
Notes to the Financial Statements
For the Year Ended 31 August 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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30,000 (2023 - 30,000) Ordinary shares of £1.00 each
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The Company operates a defined contributions pension scheme. The pension contributions payable by the Company amounted to £3,585 (2023: £2,833).
Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date.
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Related party transactions
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A payment of Gift Aid of £532,901 (2023: £357,648) was made to the parent charity, The King’s Free Chapel of St George in his Castle at Windsor, along with a management charge of £36,000 (2023: £24,000). During the year, the company operated a loan with The King’s Free Chapel of St George in his Castle at Windsor and at the year end the balance due to The King’s Free Chapel of St George in his Castle at Windsor was £147,358 (2023: £444,169).
During the year, the company operated a loan with The Foundation of The College of St George, Windsor Castle. At the year end the balance due to The Foundation of The College of St George, Windsor Castle was £Nil (2023: £170).
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The ultimate controlling party are the Dean and Canons of Windsor who are the ecclesiastical body of The King’s Free Chapel of St George in his Castle at Windsor.
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