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REGISTERED NUMBER: 06514800 (England and Wales)















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: K S Obhrai





REGISTERED OFFICE: 173 Cleveland Street
London
W1T 6QR





REGISTERED NUMBER: 06514800 (England and Wales)





ACCOUNTANTS: Shah Dodhia & Co
173 Cleveland Street
London
W1T 6QR

Chestnut Holdings Ltd (Registered number: 06514800)

Balance Sheet
31 August 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Investments 4 100 100

CURRENT ASSETS
Debtors 5 3,776,868 3,548,339

CREDITORS
Amounts falling due within one year 6 916,383 883,252
NET CURRENT ASSETS 2,860,485 2,665,087
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,860,585

2,665,187

CREDITORS
Amounts falling due after more than one
year

7

(2,164,167

)

(2,088,062

)

PROVISIONS FOR LIABILITIES (1,623,413 ) (1,268,016 )
NET LIABILITIES (926,995 ) (690,891 )

CAPITAL AND RESERVES
Called up share capital 100 100
Equity reserves 521,931 521,931
Retained earnings (1,449,026 ) (1,212,922 )
SHAREHOLDERS' FUNDS (926,995 ) (690,891 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 May 2025 and were signed by:





K S Obhrai - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1 (2023 - 1 ) .

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 100
NET BOOK VALUE
At 31 August 2024 100
At 31 August 2023 100

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Amounts owed by group undertakings 3,776,868 3,548,339

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 876,619 809,747
Taxation and social security 39,764 73,505
916,383 883,252

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Amounts owed to group undertakings 2,164,167 2,088,062

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.