Chapel Gifts And Home Limited
Company Registration No. 14115024 (England And Wales)
Unaudited Financial Statements
Period Ended 31 August 2024
CHAPEL GIFTS AND HOME LIMITED
Chapel Gifts And Home Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CHAPEL GIFTS AND HOME LIMITED
Chapel Gifts And Home Limited
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
31 August 2024
31 May 2024
Notes
£
£
£
£
Current assets
Stocks
-
25,033
Debtors
3
290
Cash at bank and in hand
5,234
30,557
Creditors: amounts falling due within one year
4
(5,663)
(35,396)
Net current liabilities
(5,663)
(4,839)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(5,763)
(4,939)
Total equity
(5,663)
(4,839)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the Period 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 and signed by the director and authorised for issue on 15 April 2025
R Strange
Director
Company registration number 14115024 (England and Wales)
CHAPEL GIFTS AND HOME LIMITED
Chapel Gifts And Home Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Chapel Gifts and Home Limited is a private company limited by shares incorporated in England and Wales. The registered office is 70 Witton Street, Northwich, Cheshire, CW9 5AE.
1.1
Reporting period
The company ceased trading on 31 August 2024. The current reporting period is an 3 month period ended 31 August 2024. The comparative period is a 12 month period ended 31 May 2024. Due to the differing lengths of the reporting periods figures in the financial statements may not be directly 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
Going concern
The company ceased trading on 31 August 2024. These accounts have been prepared on a basis other than going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
CHAPEL GIFTS AND HOME LIMITED
Chapel Gifts And Home Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ ‘of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 trade debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. 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 trade creditors and other creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
1.8
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.
1.9
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.
1.10
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.
CHAPEL GIFTS AND HOME LIMITED
Chapel Gifts And Home Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2024
Number
Number
Total
2
2
3
Debtors
2024
2024
Amounts falling due within one year:
£
£
Prepayments and accrued income
290
4
Creditors: amounts falling due within one year
2024
2024
£
£
Trade creditors
458
Taxation and social security
7,055
Other creditors
5,663
26,446
Accruals and deferred income
1,437
5,663
35,396
5
Related party transactions
During the year the Director advanced the company £539 (May 2024 £1,887) and was repaid £21,302 (May 2024 £4,141). At 31 August 2024 the Company owed £5,663 to the Director (May 2024 £26,425). No interest has been charged on this loan which is included in other creditors due within one year.