| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Chestnut Holdings Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Chestnut Holdings Ltd |
| Chestnut Holdings Ltd (Registered number: 06514800) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chestnut Holdings Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 173 Cleveland Street |
| London |
| W1T 6QR |
| Chestnut Holdings Ltd (Registered number: 06514800) |
| Balance Sheet |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Equity reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Chestnut Holdings Ltd (Registered number: 06514800) |
| Balance Sheet - continued |
| 31 August 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Chestnut Holdings Ltd (Registered number: 06514800) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Chestnut Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Consolidation |
| In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken an advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare the group accounts. |
| Going concern |
| The company has net liabilities of £926,995 (2023: £690,891) as at 31 August 2024. The director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of his assessment of the company's financial position and the financial position of the trading subsidiary, the director has reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. The parent companies have also indicated that they do not intend to seek repayment of the amounts due at the Balance Sheet date in the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
| Financial instruments |
| Investment in subsidiary |
| Investment in subsidiary is stated at the net asset value of the subsidiary company, which is considered to be the its fair value, unless the net asset value is negative, in which case the investment's carrying value is considered to be nil. Difference between the net asset value and the historical cost is recognised in other comprehensive income (OCI), with net revaluation gain recognised in OCT and net revaluation loss in profit and loss to the extent that this is not reversal of previous revaluation gain. |
| Borrowings classified as basic financial instruments |
| Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Chestnut Holdings Ltd (Registered number: 06514800) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| The loan to subsidiary undertaking is available at an average rate of finance to the group plus a margin of 0.25% per annum. Terms of the loan were reviewed and extended to a further period of 3 years from 1 September 2022. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| Taxation and social security |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to group undertakings |
| 8. | RELATED PARTY DISCLOSURES |
| The company received an interest bearing loan from its shareholders which was renewed for 3 years from 1 September 2022 to 31 August 2025 and is interest free from this date. The loan has been discounted at a rate of 4.02% per annum and the total balances outstanding at the Balance Sheet date were £1,199,257 and £964,909 respectively. The total gross loan balances outstanding at the Balance Sheet date were £1,243,125 and £1,000,205 respectively (2023: £1,243,125 and £1,000,205). |
| The director confirms that there were no other material related party transactions during the year that require disclosure. |
| Other than the transactions disclosed above, the company's other related party transactions were with wholly owned subsidiaries and so have not been disclosed. |
| Chestnut Holdings Ltd (Registered number: 06514800) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | ULTIMATE CONTROLLING PARTY |
| The parent company is Sycamore Ltd, a company registered in Isle of Man. |
| The ultimate controlling party is The Blue Waters Trust, a trust registered in Isle of Man. |