Company Registration No. 09401100 (England and Wales)
AD Chester Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
AD Chester Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
AD Chester Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,250
8,250
Tangible assets
4
3,527,165
3,790,233
3,534,415
3,798,483
Current assets
Stocks
54,029
54,029
Debtors
5
627,846
547,742
Cash at bank and in hand
326,801
156,132
1,008,676
757,903
Creditors: amounts falling due within one year
6
(139,160)
(380,840)
Net current assets
869,516
377,063
Total assets less current liabilities
4,403,931
4,175,546
Creditors: amounts falling due after more than one year
7
(893,270)
(1,022,627)
Net assets
3,510,661
3,152,919
Capital and reserves
Called up share capital
4,925,538
4,925,538
Profit and loss reserves
(1,414,877)
(1,772,619)
Total equity
3,510,661
3,152,919
AD Chester Limited
Statement of financial position (continued)
As at 30 June 2024
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 26 March 2025 and are signed on its behalf by:
Lord Moray
Director
Company Registration No. 09401100
AD Chester Limited
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information
AD Chester Limited is a private company limited by shares incorporated in England and Wales. The registered office is 89 King Street, Maidstone, Kent, United Kingdom, ME14 1BG.
1.1
Reporting period
During the prior year the financial year of the company was changed from 31 December 2022 to 30 June 2023 so as to be coterminous with the year end of its parent company. Accordingly, the prior year financial statements were prepared for 18 months from 1 January 2022 to 30 June 2023 and, as a result, the comparative figures stated in the income statement and the related notes are not comparable.
1.2
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% straight line basis per annum
AD Chester Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5% - 20% straight line basis per annum
Computers
20% straight line basis per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
AD Chester Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
1.9
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 statement of financial position 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, 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
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.
1.10
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
AD Chester Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
10,000
Amortisation and impairment
At 1 July 2023
1,750
Amortisation charged for the year
1,000
At 30 June 2024
2,750
Carrying amount
At 30 June 2024
7,250
At 30 June 2023
8,250
AD Chester Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
5,442,340
Additions
12,500
At 30 June 2024
5,454,840
Depreciation and impairment
At 1 July 2023
1,652,107
Depreciation charged in the year
275,568
At 30 June 2024
1,927,675
Carrying amount
At 30 June 2024
3,527,165
At 30 June 2023
3,790,233
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
302,064
953
Other debtors
325,782
546,789
627,846
547,742
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
29,357
62,496
Trade creditors
40,801
136,408
Amounts owed to group undertakings
1,982
178,921
Taxation and social security
59,270
Other creditors
7,750
3,015
139,160
380,840
AD Chester Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
793,270
822,627
Other creditors
100,000
200,000
893,270
1,022,627
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
513,836
471,063
9
Parent company
The parent undertaking of the company is Moray Estates Developments Limited, a private limited company registered in the United Kingdom. The registered office of Moray Estates Developments Limited is 5 Atholl Crescent, Edinburgh, EH3 8EJ.
The company's ultimate controlling party is Lord Doune.