Chesterfield Machine Services Limited 02360583 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the provision of engineering tools and equipment. Digita Accounts Production Advanced 6.30.9574.0 true false true 02360583 2023-09-01 2024-08-31 02360583 2024-08-31 02360583 core:RetainedEarningsAccumulatedLosses 2024-08-31 02360583 core:ShareCapital 2024-08-31 02360583 core:CurrentFinancialInstruments 2024-08-31 02360583 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02360583 core:Goodwill 2024-08-31 02360583 core:FurnitureFittings 2024-08-31 02360583 core:LandBuildings core:ShortLeaseholdAssets 2024-08-31 02360583 core:PlantMachinery 2024-08-31 02360583 bus:SmallEntities 2023-09-01 2024-08-31 02360583 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02360583 bus:FilletedAccounts 2023-09-01 2024-08-31 02360583 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02360583 bus:CompanySecretaryDirector1 2023-09-01 2024-08-31 02360583 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02360583 core:Goodwill 2023-09-01 2024-08-31 02360583 core:FurnitureFittings 2023-09-01 2024-08-31 02360583 core:LandBuildings core:ShortLeaseholdAssets 2023-09-01 2024-08-31 02360583 core:LeaseholdImprovements 2023-09-01 2024-08-31 02360583 core:PlantMachinery 2023-09-01 2024-08-31 02360583 1 2023-09-01 2024-08-31 02360583 countries:AllCountries 2023-09-01 2024-08-31 02360583 2023-08-31 02360583 core:Goodwill 2023-08-31 02360583 core:FurnitureFittings 2023-08-31 02360583 core:LandBuildings core:ShortLeaseholdAssets 2023-08-31 02360583 core:PlantMachinery 2023-08-31 02360583 2022-09-01 2023-08-31 02360583 2023-08-31 02360583 core:RetainedEarningsAccumulatedLosses 2023-08-31 02360583 core:ShareCapital 2023-08-31 02360583 core:CurrentFinancialInstruments 2023-08-31 02360583 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02360583 core:Goodwill 2023-08-31 02360583 core:FurnitureFittings 2023-08-31 02360583 core:LandBuildings core:ShortLeaseholdAssets 2023-08-31 02360583 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 02360583

Chesterfield Machine Services Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Chesterfield Machine Services Limited

(Registration number: 02360583)

Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,231

48,016

Current assets

 

Stocks

30,546

66,510

Debtors

5

615,539

547,705

Cash at bank and in hand

 

91,600

75,469

 

737,685

689,684

Creditors: Amounts falling due within one year

6

(71,957)

(73,527)

Net current assets

 

665,728

616,157

Total assets less current liabilities

 

707,959

664,173

Provisions for liabilities

(6,550)

(7,250)

Net assets

 

701,409

656,923

Capital and reserves

 

Called up share capital

11,000

11,000

Retained earnings

690,409

645,923

Shareholders' funds

 

701,409

656,923

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 4 March 2025
 

.........................................

C D Coe

Company secretary and director

 

Chesterfield Machine Services Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2024

1

Accounting policies

Statutory information

Chesterfield Machine Services Limited is a private company, limited by shares, domiciled in England and Wales, company number 02360583. The registered office is at Peak Unit 3, Foxwood Road, Sheepbridge, Chesterfield, S41 9RF.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Income is recognised when goods have been delivered to the customer such that risks and rewards of ownership have transferred to them.

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 income 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.

 

Chesterfield Machine Services Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2024 (continued)

1

Accounting policies (continued)

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

Leasehold improvements

10% reducing balance

Fixtures and fittings

10% reducing balance

Plant and machinery

15% reducing balance

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.

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.

 

Chesterfield Machine Services Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2024 (continued)

1

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

 

Chesterfield Machine Services Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2024 (continued)

3

Intangible assets

Goodwill
 £

Cost or valuation

At 1 September 2023

80,000

At 31 August 2024

80,000

Amortisation

At 1 September 2023

80,000

At 31 August 2024

80,000

Carrying amount

At 31 August 2024

-

At 31 August 2023

-

 

Chesterfield Machine Services Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 September 2023

4,960

292,456

18,795

316,211

Additions

-

1,722

-

1,722

At 31 August 2024

4,960

294,178

18,795

317,933

Depreciation

At 1 September 2023

4,960

245,227

18,008

268,195

Charge for the year

-

7,428

79

7,507

At 31 August 2024

4,960

252,655

18,087

275,702

Carrying amount

At 31 August 2024

-

41,523

708

42,231

At 31 August 2023

-

47,229

787

48,016

5

Debtors

2024
£

2023
£

Trade debtors

146,035

178,201

Amounts owed by group undertakings

469,502

369,502

Other debtors

2

2

 

615,539

547,705

 

Chesterfield Machine Services Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 August 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

35,622

27,173

Taxation and social security

32,069

34,130

Accruals and deferred income

3,500

3,500

Other creditors

766

768

Hire purchase contracts

-

7,956

71,957

73,527

At 31 August 2024 the assets of the company were subject to a legal mortgage in favour of P N Coe, the former ultimate controlling party.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £23,231 (2023 - £31,121).

8

Related party transactions

The company has taken advantage of the exemption under FRS 102 s33.1A not to disclosure transactions between wholly owned group companies.

9

Parent and ultimate parent undertaking

The company's immediate parent is Chesterfield Machine Services (Holdings) Limited, a company incorporated in England and Wales.

The company's ultimate parent is Zycor Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party of Zycor Holdings Limited is C D Coe, a director of the company.