Chapel Finance Limited
Annual Report and Financial Statements
For the year ended 30 June 2024
Company Registration No. 09820721 (England and Wales)
Chapel Finance Limited
Company Information
Directors
B.R. Dunsterville
C. P. Winn
Company number
09820721
Registered office
Denso House
Chapel Road
West Norwood
London
SE27 0TR
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Chapel Finance Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Notes to the financial statements
10 - 13
Chapel Finance Limited
Directors' Report
For the year ended 30 June 2024
Page 1

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The company remained dormant throughout the year. The Board of Directors are currently considering whether to close the company once its filing obligations have been met.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B.R. Dunsterville
C. P. Winn
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C. P. Winn
Director
4 December 2024
Chapel Finance Limited
Directors' Responsibilities Statement
For the year ended 30 June 2024
Page 2

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Chapel Finance Limited
Independent Auditor's Report
To the Members of Chapel Finance Limited
Page 3
Opinion

We have audited the financial statements of Chapel Finance Limited (the 'company') for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Chapel Finance Limited
Independent Auditor's Report (Continued)
To the Members of Chapel Finance Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Chapel Finance Limited
Independent Auditor's Report (Continued)
To the Members of Chapel Finance Limited
Page 5
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

 

Chapel Finance Limited
Independent Auditor's Report (Continued)
To the Members of Chapel Finance Limited
Page 6
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Anna Matveeva (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
4 December 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Chapel Finance Limited
Profit and Loss Account
For the year ended 30 June 2024
Page 7
2024
2023
Notes
£
£
Turnover
-
255,034
Administrative expenses
-
0
(278,431)
Operating profit/(loss)
2
-
(23,397)
Interest payable and similar expenses
-
0
(81,955)
Loss before taxation
-
0
(105,352)
Tax on loss
-
0
-
0
Loss for the financial year
-
0
(105,352)
Chapel Finance Limited
Balance Sheet
As at 30 June 2024
Page 8
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
100
100
Net current assets
100
100
Capital and reserves
Called up share capital
4
100
100

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 December 2024 and are signed on its behalf by:
B.R.  Dunsterville
Director
Company Registration No. 09820721
Chapel Finance Limited
Statement of Changes in Equity
For the year ended 30 June 2024
Page 9
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
100
1,773,526
1,773,626
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(105,352)
(105,352)
Dividends
-
(1,668,174)
(1,668,174)
Balance at 30 June 2023
100
-
0
100
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
0
-
0
Balance at 30 June 2024
100
-
0
100
Chapel Finance Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 10
1
Accounting policies
Company information

Chapel Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Denso House, Chapel Road, West Norwood, London, SE27 0TR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Winn & Coales International Limited. These consolidated financial statements are available from its registered office, Denso House, Chapel Road, London, SE27 0TR.

1.2
Going concern

During the prior year the parent company, Winn & Coales International Limited, decided to restructure these finance arrangements and as part of this all the loans held in Chapel Finance were moved to other Group companies. Therefore, the company has effectively become dormant. The Board of Directors are currently considering whether to close the company once its filing obligations have been met. The financial statements have therefore been prepared on a going concern basis as no formal decision has been taken by the date of sign off.

 

 

Chapel Finance Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 11
1.3
Turnover

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.4
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 current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Chapel Finance Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 12

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditors for the audit of the company's financial statements
-
0
7,125
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
4
Called up share capital
2024
2023
£
£
Ordinary share capital
Authorised
100 Ordinary shares of £1 each
100
100
Chapel Finance Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 13
5
Related party transactions

The company has taken advantage of the exemption available in accordance for FRS102 'Related party disclosures' not to disclose transactions with other companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

6
Parent company

The ultimate parent company is Winn & Coales International Limited, a company incorporated in England and Wales. Winn & Coales International Limited prepares group financial statements and copies can be obtained from Denso House, Chapel Road, London, SE27 0TR.

2024-06-302023-07-01falsefalsetrueCCH SoftwareCCH Accounts Production 2024.301B.R. DunstervilleC. P. WinnStatement that company entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies0098207212023-07-012024-06-3009820721bus:Director12023-07-012024-06-3009820721bus:Director22023-07-012024-06-3009820721bus:RegisteredOffice2023-07-012024-06-30098207212024-06-30098207212022-07-012023-06-3009820721core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3009820721core:RetainedEarningsAccumulatedLosses2023-07-012024-06-30098207212023-06-3009820721core:ShareCapital2024-06-3009820721core:ShareCapital2023-06-3009820721core:ShareCapital2022-06-3009820721core:RetainedEarningsAccumulatedLosses2022-06-3009820721core:RetainedEarningsAccumulatedLosses2023-06-3009820721core:RetainedEarningsAccumulatedLosses2024-06-3009820721core:CurrentFinancialInstruments2023-06-3009820721bus:EntityNoLongerTradingButTradedInPast2023-07-012024-06-3009820721bus:PrivateLimitedCompanyLtd2023-07-012024-06-3009820721bus:FRS1022023-07-012024-06-3009820721bus:Audited2023-07-012024-06-3009820721bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP