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REGISTERED NUMBER: 02948937 (England and Wales)














Chisletts (Spalding) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024






Chisletts (Spalding) Limited (Registered number: 02948937)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


Chisletts (Spalding) Limited

Company Information
for the Year Ended 30 June 2024







Directors: J Woodfield
M Woodfield
S H Chislett
S Chislett





Secretary: J Woodfield





Registered office: Chislett Hire
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR





Registered number: 02948937 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Chisletts (Spalding) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chisletts (Spalding) Limited for the year ended 30 June 2024 which comprise the Statement of income and retained earnings, Statement of financial position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Chisletts (Spalding) Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Chisletts (Spalding) Limited and state those matters that we have agreed to state to the Board of Directors of Chisletts (Spalding) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chisletts (Spalding) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chisletts (Spalding) 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 Chisletts (Spalding) Limited. You consider that Chisletts (Spalding) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chisletts (Spalding) 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


27 March 2025

Chisletts (Spalding) Limited (Registered number: 02948937)

Statement of Financial Position
30 June 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 784,857 692,891

Current assets
Stocks 112,693 110,925
Debtors 6 398,417 532,555
Cash at bank and in hand 236,036 198,599
747,146 842,079
Creditors
Amounts falling due within one year 7 409,402 482,668
Net current assets 337,744 359,411
Total assets less current liabilities 1,122,601 1,052,302

Creditors
Amounts falling due after more than one
year

8

(188,019

)

(95,850

)

Provisions for liabilities (132,762 ) (108,168 )
Net assets 801,820 848,284

Capital and reserves
Called up share capital 11 100 100
Retained earnings 801,720 848,184
Shareholders' funds 801,820 848,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Chisletts (Spalding) Limited (Registered number: 02948937)

Statement of Financial Position - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:




M Woodfield - Director



J Woodfield - Director


Chisletts (Spalding) Limited (Registered number: 02948937)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. Statutory information

Chisletts (Spalding) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold landnot depreciated
Freehold property 2% straight line
Equipment33.33% straight line
Computer equipment33.33% straight line
Fixtures and fittings 15% reducing balance
Motor vehicles 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Chisletts (Spalding) Limited (Registered number: 02948937)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employees and directors

The average number of employees during the year was 18 (2023 - 17 ) .

Chisletts (Spalding) Limited (Registered number: 02948937)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. Tangible fixed assets
Fixtures
Freehold and Motor
property Equipment fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 July 2023 336,891 2,999,546 106,297 233,710 3,676,444
Additions - 392,096 4,734 137,000 533,830
Disposals - (297,867 ) - (75,495 ) (373,362 )
At 30 June 2024 336,891 3,093,775 111,031 295,215 3,836,912
Depreciation
At 1 July 2023 102,420 2,665,089 51,200 164,844 2,983,553
Charge for year 5,904 330,354 10,646 41,392 388,296
Eliminated on disposal - (253,762 ) - (66,032 ) (319,794 )
At 30 June 2024 108,324 2,741,681 61,846 140,204 3,052,055
Net book value
At 30 June 2024 228,567 352,094 49,185 155,011 784,857
At 30 June 2023 234,471 334,457 55,097 68,866 692,891

Included within in the Freehold property net book value of £228,567 is an amount of £41,655 relating to non-depreciating land situated at Fleming Road, Pinchbeck, Spalding, Lincolnshire.

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 387,393 522,712
Prepayments 11,024 9,843
398,417 532,555

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts (see note 9) 139,844 112,023
Trade creditors 197,184 235,537
Corporation tax 16,623 60,344
Social security and other taxes 33,926 62,122
Other creditors 8,188 2,460
Accruals and deferred income 13,637 10,182
409,402 482,668

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 9) 188,019 95,850

Chisletts (Spalding) Limited (Registered number: 02948937)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 139,844 112,023
Between one and five years 188,019 95,850
327,863 207,873

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,875 1,875

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 327,863 207,873

The hire purchase agreements are secured on the assets they relate to.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100