Charnwood Research Centre Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08170041

Charnwood Research Centre Limited

Filleted Unaudited Financial Statements

31 August 2024

Charnwood Research Centre Limited

Financial Statements

Year ended 31 August 2024

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Balance sheet	2 to 3

Notes to the financial statements	4 to 8

Charnwood Research Centre Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Charnwood Research Centre Limited

Year ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charnwood Research Centre Limited for the year ended 31 August 2024, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Charnwood Research Centre Limited, as a body, in accordance with the terms of our engagement letter dated 20 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Charnwood Research Centre Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charnwood Research Centre Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Charnwood Research Centre Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Charnwood Research Centre Limited. You consider that Charnwood Research Centre Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Charnwood Research Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MILLER DAVIES LLP Chartered accountants

A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN

27 March 2025

Charnwood Research Centre Limited

Balance Sheet

31 August 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		81,435	126,932

Current assets

Debtors	6	137,743	130,972
Cash at bank and in hand		277	363
		---------	---------
		138,020	131,335

Creditors: amounts falling due within one year	7	392,963		233,789
		---------		---------
Net current liabilities			254,943	102,454
			---------	---------
Total assets less current liabilities			( 173,508)	24,478

Creditors: amounts falling due after more than one year	8	152,911	316,172
		---------	---------
Net liabilities		( 326,419)	( 291,694)
		---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 326,420)	( 291,695)
	---------	---------
Shareholders deficit	( 326,419)	( 291,694)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

Charnwood Research Centre Limited

Balance Sheet (continued)

31 August 2024

These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:

Dr R. G. Wood

Director

Company registration number: 08170041

Charnwood Research Centre Limited

Notes to the Financial Statements

Year ended 31 August 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ridgeway Farm, South Croxton Road, Queniborough, Leicester, LE7 3RX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line
Computer equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2023: 14 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 September 2023 and 31 August 2024	166,076	9,000	65,826	2,081	242,983
	---------	-------	--------	-------	---------
Depreciation
At 1 September 2023	80,818	1,800	32,913	520	116,051
Charge for the year	27,619	900	16,457	521	45,497
	---------	-------	--------	-------	---------
At 31 August 2024	108,437	2,700	49,370	1,041	161,548
	---------	-------	--------	-------	---------
Carrying amount
At 31 August 2024	57,639	6,300	16,456	1,040	81,435
	---------	-------	--------	-------	---------
At 31 August 2023	85,258	7,200	32,913	1,561	126,932
	---------	-------	--------	-------	---------

6. Debtors

	2024	2023
	£	£
Trade debtors	59,137	52,894
Amounts owed by group undertakings and undertakings in which the company has a participating interest	77,173	77,173
Other debtors	1,433	905
	---------	---------
	137,743	130,972
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	122,385	75,959
Trade creditors	74,642	82,446
Social security and other taxes	11,580	8,414
Other creditors	184,356	66,970
	---------	---------
	392,963	233,789
	---------	---------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	109,720	211,040
Other creditors	43,191	105,132
	---------	---------
	152,911	316,172
	---------	---------

9. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	138,019	131,334
	---------	---------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	534,295	541,546
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	43,147	43,147
Later than 1 year and not later than 5 years	171,540	172,589
Later than 5 years	539,999	579,999
	---------	---------
	754,686	795,735
	---------	---------

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Dr R. G. Wood	–	( 88,500)	( 88,500)
Mr J. Wood	1,830	( 1,830)	–
	-------	--------	--------
	1,830	( 90,330)	( 88,500)
	-------	--------	--------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Dr R. G. Wood	2,500	( 2,500)	–
Mr J. Wood	–	( 1,830)	( 1,830)
	-------	-------	-------
	2,500	( 4,330)	( 1,830)
	-------	-------	-------

12. Related party transactions

The company paid £Nil during the year to East Midlands Orthodontics Limited (formally Ortho Management Services Limited) (2023 - £Nil), a company within the same group and with the same directors as Charnwood Research Centre Limited . At the year end Charnwood Research Centre Limited was owed £77,173 by East Midlands Orthodontics Limited (2023 - £77,173). Charnwood Research Centre Limited pays rent to Ridgeway Farm, a partnership which includes the two directors. During the year the company paid rent of £18,200 (2023 - £19,900). Charnwood Research Centre Limited also pays rent to Dr R G Wood for the use of the offices at Regent's Street. During the year the company paid £10,000 (2023 - £34,667). Charnwood Research Centre Limited also pays for consulting services from Ortho Business Limited. Mr J Wood is the sole director and shareholder of Ortho Business Limited. During the year the company paid £45,050 (2023 - £14,517).

13. Controlling party

The company's ultimate parent company is Seven Silva Limited, a company incorporated in England and Wales.