REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Chartwell Controls (Midlands) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Chartwell Controls (Midlands) Limited |
Chartwell Controls (Midlands) Limited (Registered number: 10714861) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartwell Controls (Midlands) Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
Cedar House |
63 Napier Street |
Sheffield |
S11 8HA |
Chartwell Controls (Midlands) Limited (Registered number: 10714861) |
Balance Sheet |
31 March 2024 |
31.3.23 | 31.3.24 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
7 |
( |
) | PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
Chartwell Controls (Midlands) Limited (Registered number: 10714861) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Chartwell Controls (Midlands) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised: |
Turnover from a contract to provide goods and services is recognised in the period in which the services are |
provided in accordance with the stage of completion of the contract. |
Tangible fixed assets |
Plant and machinery etc | - |
Financial instruments |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow companies are |
initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipt discounted at a market rate. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised costing using the effective interest method. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial |
instruments. |
Derivative are initially recognised at fair value on the date a derivative contract is entered into and are |
subsequently re-measured at their fair value. Changes in the fair value are recognised in the financial costs or financial income as appropriate, unless they are included in a hedging arrangement. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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 balance sheet date. |
Chartwell Controls (Midlands) Limited (Registered number: 10714861) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value. During the year the trade of the company has been transferred to Chartwell Controls Limited and it is the intention to transfer the remaining assets and liabilities to Chartwell Controls Limited in due course. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Chartwell Controls (Midlands) Limited (Registered number: 10714861) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
Chartwell Controls (Midlands) Limited (Registered number: 10714861) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for opinion |
Following the acquisition of the company by the Albireo Group in April 2021, the day to day accounting for the company was transferred to the United States in June 2022. At that time the accounting records for the company were merged with the other two Chartwell UK companies (Chartwell Controls Limited and Chartwell Energy Solutions Limited) and overlaid with a number of US GAAP adjustments, including acquisition accounting entries. This has resulted in management being unable to provide detailed supporting information behind significant figures in the financial statements, including work in progress, debtors, creditors, sales and purchases. We were unable to satisfy ourselves via alternative means of the accuracy and integrity of these figures in the financial statements. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded work in progress, debtors, creditors, sales and purchases and the elements making up the Statement of Income and Retained Earnings and the Balance Sheet. |
Matters required to report by exception |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Albireo Energy LLC, incorporated in the United States. |