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REGISTERED NUMBER: 14073885 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CHESTPAL LTD

CHESTPAL LTD (REGISTERED NUMBER: 14073885)

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


CHESTPAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S W Atkinson
L Binetskaya
R J Kempson
M Harty
E Molder





REGISTERED OFFICE: 63 Ship Street
Brighton
BN1 1AE





REGISTERED NUMBER: 14073885 (England and Wales)





ACCOUNTANTS: Galloways Accounting
15 West Street
Brighton
East Sussex
BN1 2RL

CHESTPAL LTD (REGISTERED NUMBER: 14073885)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 433,184 127,062
Tangible assets 5 30,394 37,429
Investments 6 40,174 -
503,752 164,491

CURRENT ASSETS
Stocks 24,623 64,797
Debtors 7 10,085 11,931
Cash at bank 40,905 386,506
75,613 463,234
CREDITORS
Amounts falling due within one year 8 98,407 51,053
NET CURRENT (LIABILITIES)/ASSETS (22,794 ) 412,181
TOTAL ASSETS LESS CURRENT
LIABILITIES

480,958

576,672

CAPITAL AND RESERVES
Called up share capital 1,480 1,262
Share premium 1,619,025 860,553
Retained earnings (1,139,547 ) (285,143 )
480,958 576,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Income Statement 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:





S W Atkinson - Director


CHESTPAL LTD (REGISTERED NUMBER: 14073885)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Chestpal Ltd 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually upon completion of delivery), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of five years.

The directors assess when expenses meet the criteria to be classed as an intangible asset.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 5 years
Computer equipment - Straight line over 5 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of
operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.


CHESTPAL LTD (REGISTERED NUMBER: 14073885)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current tax payable. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Research and development
Research expenditure is written off against profits in the year in this is it incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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
Having considered the company's projected performance and expected cashflows through equity funding, the directors have concluded that the company will be able to meet its liabilities as they fall due and is a going concern. As a result, these financial statements are prepared on a going concern basis.

3. EMPLOYEES

The average number of employees during the year was 3 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 April 2023 133,274 - 133,274
Additions 45,751 276,323 322,074
At 31 March 2024 179,025 276,323 455,348
AMORTISATION
At 1 April 2023 6,212 - 6,212
Amortisation for year 15,952 - 15,952
At 31 March 2024 22,164 - 22,164
NET BOOK VALUE
At 31 March 2024 156,861 276,323 433,184
At 31 March 2023 127,062 - 127,062

CHESTPAL LTD (REGISTERED NUMBER: 14073885)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 April 2023 42,373 - 42,373
Additions - 1,799 1,799
At 31 March 2024 42,373 1,799 44,172
DEPRECIATION
At 1 April 2023 4,944 - 4,944
Charge for year 8,474 360 8,834
At 31 March 2024 13,418 360 13,778
NET BOOK VALUE
At 31 March 2024 28,955 1,439 30,394
At 31 March 2023 37,429 - 37,429

6. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
Additions 40,174
At 31 March 2024 40,174
NET BOOK VALUE
At 31 March 2024 40,174

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,581 -
Other debtors 8,504 11,931
10,085 11,931

Amounts owed by group undertakings are provided interest free and are repayable upon demand.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 68,216 49,354
Taxation and social security 8,500 -
Other creditors 21,691 1,699
98,407 51,053