Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-312025-05-27true2023-11-01falseNo description of principal activity77falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08701953 2023-11-01 2024-10-31 08701953 2022-11-01 2023-10-31 08701953 2024-10-31 08701953 2023-10-31 08701953 c:Director1 2023-11-01 2024-10-31 08701953 d:MotorVehicles 2023-11-01 2024-10-31 08701953 d:MotorVehicles 2024-10-31 08701953 d:MotorVehicles 2023-10-31 08701953 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 08701953 d:FurnitureFittings 2023-11-01 2024-10-31 08701953 d:FurnitureFittings 2024-10-31 08701953 d:FurnitureFittings 2023-10-31 08701953 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 08701953 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 08701953 d:PatentsTrademarksLicencesConcessionsSimilar 2024-10-31 08701953 d:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 08701953 d:Goodwill 2023-11-01 2024-10-31 08701953 d:Goodwill 2024-10-31 08701953 d:Goodwill 2023-10-31 08701953 d:CurrentFinancialInstruments 2024-10-31 08701953 d:CurrentFinancialInstruments 2023-10-31 08701953 d:Non-currentFinancialInstruments 2024-10-31 08701953 d:Non-currentFinancialInstruments 2023-10-31 08701953 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 08701953 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 08701953 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 08701953 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 08701953 d:ShareCapital 2024-10-31 08701953 d:ShareCapital 2023-10-31 08701953 d:RetainedEarningsAccumulatedLosses 2024-10-31 08701953 d:RetainedEarningsAccumulatedLosses 2023-10-31 08701953 d:AcceleratedTaxDepreciationDeferredTax 2024-10-31 08701953 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 08701953 c:OrdinaryShareClass1 2023-11-01 2024-10-31 08701953 c:OrdinaryShareClass1 2024-10-31 08701953 c:FRS102 2023-11-01 2024-10-31 08701953 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 08701953 c:FullAccounts 2023-11-01 2024-10-31 08701953 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08701953 d:HirePurchaseContracts d:WithinOneYear 2024-10-31 08701953 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 08701953 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-10-31 08701953 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 08701953 2 2023-11-01 2024-10-31 08701953 d:Goodwill d:OwnedIntangibleAssets 2023-11-01 2024-10-31 08701953 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-11-01 2024-10-31 08701953 e:PoundSterling 2023-11-01 2024-10-31 08701953 d:EntityControlledByKeyManagementPersonnel1 2023-11-01 2024-10-31 08701953 d:EntityControlledByKeyManagementPersonnel1 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08701953









CHALLIS MARITIME SECURITIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
CHALLIS MARITIME SECURITIES LIMITED
REGISTERED NUMBER: 08701953

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
4,728
5,611

Tangible assets
 5 
26,503
32,281

  
31,231
37,892

Current assets
  

Stocks
 6 
155,882
171,066

Debtors: amounts falling due within one year
 7 
258,167
279,468

Cash at bank and in hand
 8 
219,220
208,253

  
633,269
658,787

Creditors: amounts falling due within one year
 9 
(438,767)
(450,090)

Net current assets
  
 
 
194,502
 
 
208,697

Creditors: amounts falling due after more than one year
 10 
-
(16,234)

Provisions for liabilities
  

Deferred tax
 12 
(6,626)
(8,070)

  
 
 
(6,626)
 
 
(8,070)

Net assets
  
219,107
222,285


Capital and reserves
  

Called up share capital 
 13 
3
3

Profit and loss account
  
219,104
222,282

  
219,107
222,285


Page 1

 
CHALLIS MARITIME SECURITIES LIMITED
REGISTERED NUMBER: 08701953
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2025.




S M B Challis
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Challis Maritime Securities Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Europower House, Lower Road, Cookham, Maidenhead, SL6 9EH.
The company specialises in supply of plumbing fittings and the design, manufacture and distribution of water-saving products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the factors which impact the company's future development, performance, cash flow, and financial position in forming their opinion on the going concern basis. The directors believe that the company has adequate resources to continue to operate and meet obligations as they fall due for the foreseeable future and therefore use of the going concern assumption is appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 3

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 5

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
reducing balance
Fixtures & fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

Page 6

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
7
7

Page 7

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Intangible assets




Patents
Goodwill
Total

£
£
£



Cost


At 1 November 2023
6,827
2,000
8,827



At 31 October 2024

6,827
2,000
8,827



Amortisation


At 1 November 2023
2,036
1,180
3,216


Charge for the year
683
200
883



At 31 October 2024

2,719
1,380
4,099



Net book value



At 31 October 2024
4,108
620
4,728



At 31 October 2023
4,791
820
5,611



Page 8

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost


At 1 November 2023
34,645
23,279
57,924


Additions
-
143
143



At 31 October 2024

34,645
23,422
58,067



Depreciation


At 1 November 2023
13,212
12,431
25,643


Charge for the year
4,287
1,634
5,921



At 31 October 2024

17,499
14,065
31,564



Net book value



At 31 October 2024
17,146
9,357
26,503



At 31 October 2023
21,433
10,848
32,281


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
155,882
171,066

155,882
171,066


Page 9

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
177,965
202,188

Other debtors
76,006
73,084

Prepayments and accrued income
4,196
4,196

258,167
279,468



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
219,220
208,253

219,220
208,253



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
90,054
113,184

Corporation tax
51,571
81,221

Other taxation and social security
36,318
22,733

Obligations under finance lease and hire purchase contracts
16,232
2,577

Other creditors
227,318
226,375

Accruals and deferred income
17,274
4,000

438,767
450,090



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
16,234

-
16,234


Page 10

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
16,232
2,577

Between 1-5 years
-
16,234

16,232
18,811


12.


Deferred taxation




2024


£






At beginning of year
8,070


Credited to the Statement of comprehensive income
(1,444)



At end of year
6,626

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
6,626
8,070

6,626
8,070


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30 Ordinary shares of £0.10 each
3
3


Page 11

 
CHALLIS MARITIME SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,947 (2023 - £2,877). Contributions totalling £44 (2023 - £44) were payable to the fund at the year end date and are included in creditors.


15.


Transactions with directors

At the year end, the other debtors balance of £76,006 (2023 - £71,201) is due from the directors


16.


Related party transactions

At the year end, included in other creditors is an amount of £215,873 (2023 - £218,850) due to a director. The loan is interest free and repayable on demand.
 
At the year end, included in other debtors is an amount of £Nil (2022 - £1,883) due from a company with common directors. A balance of £4,569 that was not recoverable was written off during the year.


17.


Controlling party

There is no ultimate controlling party.
 
Page 12