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Registration number: 02627169

Chapman Commercial Vehicles Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Chapman Commercial Vehicles Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Chapman Commercial Vehicles Limited

(Registration number: 02627169)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,159

1,546

Current assets

 

Stocks

6

139,501

201,844

Debtors

7

333,934

429,976

Cash at bank and in hand

 

838

838

 

474,273

632,658

Creditors: Amounts falling due within one year

8

(271,872)

(416,475)

Net current assets

 

202,401

216,183

Total assets less current liabilities

 

203,560

217,729

Creditors: Amounts falling due after more than one year

8

(7,500)

(17,500)

Provisions for liabilities

(220)

(293)

Net assets

 

195,840

199,936

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

195,740

199,836

Shareholders' funds

 

195,840

199,936

 

Chapman Commercial Vehicles Limited

(Registration number: 02627169)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2025 and signed on its behalf by:
 

.........................................
Mr N A Chapman
Director

 

Chapman Commercial Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 2
Worrall Street
Salford
Manchester
M5 4TH

These financial statements were authorised for issue by the Board on 6 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customer.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Chapman Commercial Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to leasehold property

Over the period of the lease

Equipment, fixtures and fittings

25% per annum reducing balance basis

Motor vehicles

25% per annum reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Chapman Commercial Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Chapman Commercial Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 September 2023

10,000

10,000

At 31 August 2024

10,000

10,000

Amortisation

At 1 September 2023

10,000

10,000

At 31 August 2024

10,000

10,000

Net book value

At 31 August 2024

-

-

At 31 August 2023

-

-

5

Tangible assets

Equipment, fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

34,894

3,000

37,894

At 31 August 2024

34,894

3,000

37,894

Depreciation

At 1 September 2023

33,882

2,466

36,348

Charge for the year

253

134

387

At 31 August 2024

34,135

2,600

36,735

Net book value

At 31 August 2024

759

400

1,159

At 31 August 2023

1,012

534

1,546

 

Chapman Commercial Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Stocks

139,501

201,844

7

Debtors

2024
£

2023
£

Trade debtors

92,733

168,066

Other debtors

218,183

220,297

Prepayments

23,018

41,613

333,934

429,976

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

92,775

55,817

Trade creditors

 

99,400

257,798

Taxation and social security

 

25,970

48,664

Accruals and deferred income

 

27,457

27,673

Other creditors

 

26,270

26,523

 

271,872

416,475

Creditors falling due within one year include bank loans and overdrafts which are secured of £92,775 (2023 - £55,817).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

7,500

17,500

Creditors falling due after more than one year include bank loans which are secured of £7,500 (2023 - £17,500).

 

Chapman Commercial Vehicles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,500

17,500

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

82,775

45,817

92,775

55,817

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Repayments by director
£

At 31 August 2024
£

Mr N A Chapman

Overdrawn loan account

148,160

(1,886)

146,274

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Mr N A Chapman

Overdrawn loan account

144,441

3,719

148,160