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REGISTERED NUMBER: 09784864 (England and Wales)





















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

CHESS P H LIMITED

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained Earnings 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


CHESS P H LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr G D Olden
Mr G Olden





REGISTERED OFFICE: Unit 2 George Baylis Road
Berry Hill Industrial Estate
Droitwich
Worcestershire
WR9 9RB





REGISTERED NUMBER: 09784864 (England and Wales)





AUDITORS: E R Grove & Co Limited
Chartered Accountants and Statutory Auditors
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and complexity of our business and is written in the context of the risks and uncertainties that we face. The principal activities of the group during the year remained that of manufacturing and trading of plastics and allied products. The main operating facility continues to be based in Droitwich.

We consider that our key performance indicators are those that communicate the financial performance and strength of the group as a whole and some of these are set out below:

2024 2023
Sales growth -4.1% -8.7%
Gross margin £1,834,530 £1,595,670
Gross profit % 17.4% 14.5%
Profit after tax £4,221 £169,602

The group's been facing a challenging operating environment, and the financial results for the year reflect these difficulties. Despite the best efforts of our skilled and experienced professionals, the group experienced a decline in revenue and profitability. After the impact of covid the trading performance significantly improved in 2021 due to the bounce back affect from lockdown and the high demand for products. However, for the last three years the group's turnover has dropped, in 2024 it dropped by 4.1% (2023: 8.7%) as demand has now fallen back to normal levels.

The group has continued to experience price increases in polymers, energy and transport. Sales prices have been increased to absorb some of these costs, therefore, increasing this year's gross profit margin to 17.4% (2023: 14.5%).

In this coming year, the group is expecting profitability to remain under pressure due to the risk and uncertainty surrounding the war in Ukraine and the current levels of high inflation being experienced in the UK. Polymer prices have continued to increase along with the continuing energy price rises.

Future Developments
The group continues to invest in improvements to its moulding facilities, increasing production capacity and making production more efficient. During the year the group had problems with its electrical transformer and had to invest in a new one in order to continue with production.

The group's balance sheet as detailed on page 8 shows a healthy position with equity shareholders' funds increasing to £2,982,822 (2023: £2,980,601). The overall order book remains healthy and the board believes that the continued investment in plant will further strengthen the group's ability to increase market share.

Post balance sheet events
We anticipate the business environment will remain competitive and believe that the group is in a good financial position and that the risks that have been identified are being well managed. With careful focus on new markets and new products, as well as continuing to review the state of the market and the activities of competitors, we are confident in the group's ability to maintain and build on the current position.

Going concern
The directors have considered the financial position of the group which shows healthy reserves and cash balances. They have not identified any material uncertainties that may cast significant doubt over the ability of the group to continue as a going concern for the foreseeable future, which is deemed to be at least 12 months from the date of signing these accounts. In forming their opinion, they have considered current and anticipated turnover, profit and cashflow.


CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the group's operations.

In respect of bank balances, the liquidity risk is managed by the continuity of funding and through the potential use of overdrafts at floating rates of interest. All of the group's cash balances are held in such a way that achieves a competitive rate of interest but with no risk to capital loss.

Trade debtors are managed in respect of credit offered to customers and monitoring of amounts outstanding. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:





Mr G D Olden - Director


10 June 2025

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company. The principal activity of the group is the manufacture of large plastic moulded products.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 2,000 .

RESEARCH AND DEVELOPMENT
The group continues to commit resources to research and development where this activity is necessary to the evolution of its business and in order to keep at the forefront of the marketplace.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr G D Olden
Mr G Olden

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, E R Grove & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr G D Olden - Director


10 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHESS P H LIMITED

Opinion
We have audited the financial statements of Chess P H Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHESS P H LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risks of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, the principles of United Kingdom Generally Accepted Accounting Practice and tax legislation.

We designed audit procedures to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the Company financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- review of minutes of Directors' board meetings throughout the year; and
- obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals, assessing and challenging the accounting estimates made and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHESS P H LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Lomas (Senior Statutory Auditor)
for and on behalf of E R Grove & Co Limited
Chartered Accountants and Statutory Auditors
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

10 June 2025

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 10,543,385 10,991,079

Cost of sales 8,708,855 9,395,409
GROSS PROFIT 1,834,530 1,595,670

Administrative expenses 1,846,291 1,397,576
(11,761 ) 198,094

Other operating income 78,776 17,667
OPERATING PROFIT 5 67,015 215,761

Interest receivable and similar income 6,268 226
73,283 215,987

Interest payable and similar expenses 6 51,840 61,376
PROFIT BEFORE TAXATION 21,443 154,611

Tax on profit 7 17,222 (14,991 )
PROFIT FOR THE FINANCIAL YEAR 4,221 169,602

Retained earnings at beginning of year 2,960,101 2,794,499

Dividends 9 (2,000 ) (4,000 )

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

2,962,322

2,960,101

Profit attributable to:
Owners of the parent 4,221 169,602

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 3,017,556 3,225,142
Investments 11 - -
3,017,556 3,225,142

CURRENT ASSETS
Stocks 12 387,152 548,289
Debtors 13 1,303,240 1,500,990
Cash at bank and in hand 1,062,009 874,112
2,752,401 2,923,391
CREDITORS
Amounts falling due within one year 14 1,923,790 2,009,715
NET CURRENT ASSETS 828,611 913,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,846,167

4,138,818

CREDITORS
Amounts falling due after more than one year 15 (514,627 ) (784,033 )

PROVISIONS FOR LIABILITIES 19 (348,718 ) (374,184 )
NET ASSETS 2,982,822 2,980,601

CAPITAL AND RESERVES
Called up share capital 20 20,500 20,500
Retained earnings 21 2,962,322 2,960,101
SHAREHOLDERS' FUNDS 2,982,822 2,980,601

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





Mr G D Olden - Director


CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 1,375,819 1,406,938
Investments 11 20,500 20,500
1,396,319 1,427,438

CURRENT ASSETS
Debtors 13 3,812 3,812
Cash at bank 25,046 17,158
28,858 20,970
CREDITORS
Amounts falling due within one year 14 262,137 149,309
NET CURRENT LIABILITIES (233,279 ) (128,339 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,163,040

1,299,099

CREDITORS
Amounts falling due after more than one year 15 324,027 460,305
NET ASSETS 839,013 838,794

CAPITAL AND RESERVES
Called up share capital 20 20,500 20,500
Retained earnings 21 818,513 818,294
SHAREHOLDERS' FUNDS 839,013 838,794

Company's profit for the financial year 2,219 68,204

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





Mr G D Olden - Director


CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 622,496 657,964
Interest paid (27,732 ) (31,969 )
Interest element of hire purchase payments
paid

(24,108

)

(29,407

)
Tax paid (19,486 ) 73,078
Net cash from operating activities 551,170 669,666

Cash flows from investing activities
Purchase of tangible fixed assets (122,158 ) (114,341 )
Interest received 6,268 226
Net cash from investing activities (115,890 ) (114,115 )

Cash flows from financing activities
Loan repayments in year (139,981 ) (104,995 )
Government grants - 2,500
Capital repayments in year (156,402 ) (183,683 )
Amount introduced by directors 55,000 4,000
Amount withdrawn by directors (4,000 ) (21,200 )
Equity dividends paid (2,000 ) (4,000 )
Net cash from financing activities (247,383 ) (307,378 )

Increase in cash and cash equivalents 187,897 248,173
Cash and cash equivalents at beginning of
year

2

874,112

625,939

Cash and cash equivalents at end of year 2 1,062,009 874,112

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 21,443 154,611
Depreciation charges 313,009 346,043
Loss on disposal of fixed assets 16,737 -
Government grants - (2,500 )
Finance costs 51,840 61,376
Finance income (6,268 ) (226 )
396,761 559,304
Decrease in stocks 161,137 35,680
Decrease in trade and other debtors 197,750 1,063,575
Decrease in trade and other creditors (133,152 ) (1,000,595 )
Cash generated from operations 622,496 657,964

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,062,009 874,112
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 874,112 625,939


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 874,112 187,897 1,062,009
874,112 187,897 1,062,009
Debt
Finance leases (533,742 ) 156,402 (377,340 )
Debts falling due within 1 year (86,676 ) 3,701 (82,975 )
Debts falling due after 1 year (460,305 ) 136,278 (324,027 )
(1,080,723 ) 296,381 (784,342 )
Total (206,611 ) 484,278 277,667

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Chess P H Limited 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

-Useful economic lives of tangible assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

-Stock provision
The company manufactures plastic products. As a result, it is necessary to consider recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated sale of finished goods and future usage of raw materials.

-Trade debtors
Trade debtors consist of amounts due from customers. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the company's management based on prior experience and their assessment of the current economic environment.

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised once the principle benefits and risks have passed to the customer, in particular that the goods are available and ready for delivery, and therefore legal title to the stock has passed.

Rental income is billed in advance and then allocated to the appropriate period. Rental income is measured as the fair value of the consideration received or receivable , excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

The carrying value of freehold property is not materially different to market value based on an open market valuation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,824,908 10,114,824
Europe 718,477 876,255
10,543,385 10,991,079

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,792,169 2,577,640
Social security costs 275,434 235,629
Other pension costs 142,063 121,923
3,209,666 2,935,192

The average number of employees during the year was as follows:
2024 2023

Production 58 60
Administration 11 10
69 70

2024 2023
£    £   
Directors' remuneration 526,260 406,375
Directors' pension contributions to money purchase schemes 76,311 82,422

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 272,914 208,886
Pension contributions to money purchase schemes 58,100 41,211

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 181,412 181,022
Depreciation - assets on hire purchase contracts 131,595 165,022
Loss on disposal of fixed assets 16,737 -
Auditors' remuneration 15,500 16,000
Foreign exchange differences 32 96
Operating lease charges 63,380 90,308
Research and development - current year's expenditure - 220,560
Government grants - revenue in nature - 2,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 27,877 31,969
Other interest (145 ) -
Hire purchase 24,108 29,407
51,840 61,376

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 40,764 17,513
(Under)/over provision 1,924 -
Total current tax 42,688 17,513

Deferred tax (25,466 ) (32,504 )
Tax on profit 17,222 (14,991 )

UK corporation tax has been charged at 25 % (2023 - 25 %).

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 21,443 154,611
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

5,361

38,653

Effects of:
Expenses not deductible for tax purposes (2,028 ) 12,370
Depreciation in excess of capital allowances 37,431 36,008
Adjustments to tax charge in respect of previous periods 1,924 (7,224 )
Research and development enhanced deduction - (59,518 )
Deferred tax movement (25,466 ) (32,504 )
credit
Marginal relief - (2,776 )
Total tax charge/(credit) 17,222 (14,991 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Interim 2,000 4,000

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 1,555,976 5,480,498 5,351 59,858 7,101,683
Additions - 93,543 - 28,615 122,158
Disposals - (279,265 ) - - (279,265 )
At 30 September 2024 1,555,976 5,294,776 5,351 88,473 6,944,576
DEPRECIATION
At 1 October 2023 149,038 3,687,912 1,621 37,970 3,876,541
Charge for year 31,119 275,533 746 5,609 313,007
Eliminated on disposal - (262,528 ) - - (262,528 )
At 30 September 2024 180,157 3,700,917 2,367 43,579 3,927,020
NET BOOK VALUE
At 30 September 2024 1,375,819 1,593,859 2,984 44,894 3,017,556
At 30 September 2023 1,406,938 1,792,586 3,730 21,888 3,225,142

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 October 2023 1,437,334 - 1,437,334
Additions 25,900 18,777 44,677
Transfer to ownership (541,300 ) - (541,300 )
At 30 September 2024 921,934 18,777 940,711
DEPRECIATION
At 1 October 2023 564,277 - 564,277
Charge for year 131,282 313 131,595
Transfer to ownership (337,443 ) - (337,443 )
At 30 September 2024 358,116 313 358,429
NET BOOK VALUE
At 30 September 2024 563,818 18,464 582,282
At 30 September 2023 873,057 - 873,057

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 October 2023
and 30 September 2024 1,555,976
DEPRECIATION
At 1 October 2023 149,038
Charge for year 31,119
At 30 September 2024 180,157
NET BOOK VALUE
At 30 September 2024 1,375,819
At 30 September 2023 1,406,938

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 October 2023
and 30 September 2024 20,500
NET BOOK VALUE
At 30 September 2024 20,500
At 30 September 2023 20,500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Chess Plastics Limited
Registered office: Unit 2, Berry Hill Industrial Estate, George Baylis Road Droitwich, Worcestershire, WR9 9RB
Nature of business: Trading
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,164,310 2,162,307
Profit for the year 67,003 171,397


CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12. STOCKS

Group
2024 2023
£    £   
Stocks 387,152 548,289

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,191,562 1,395,013 - -
Other debtors 15,194 6,812 3,812 3,812
Prepayments 96,484 99,165 - -
1,303,240 1,500,990 3,812 3,812

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 82,975 86,676 82,975 86,676
Hire purchase contracts (see note 17) 186,740 210,014 - -
Trade creditors 1,073,513 1,318,090 - -
Amounts owed to group undertakings - - 173,662 55,032
Tax 40,715 17,513 - 101
Social security and other taxes 158,529 71,944 - -
VAT 149,959 158,780 - -
Other creditors 74,702 75,472 - -
Directors' current accounts 55,000 4,000 2,000 4,000
Accrued expenses 101,657 67,226 3,500 3,500
1,923,790 2,009,715 262,137 149,309

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 324,027 460,305 324,027 460,305
Hire purchase contracts (see note 17) 190,600 323,728 - -
514,627 784,033 324,027 460,305

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 82,975 86,676 82,975 86,676
Amounts falling due between one and two years:
Bank loans - 1-2 years 85,752 89,625 85,752 89,625
Amounts falling due between two and five years:
Bank loans - 2-5 years 238,275 286,189 238,275 286,189
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 84,491 - 84,491

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 207,554 233,834
Between one and five years 217,219 364,349
424,773 598,183

Finance charges repayable:
Within one year 20,814 23,820
Between one and five years 26,619 40,621
47,433 64,441

Net obligations repayable:
Within one year 186,740 210,014
Between one and five years 190,600 323,728
377,340 533,742

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 108,253 77,634
Between one and five years 73,174 94,697
181,427 172,331

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 407,002 546,981 407,002 546,981

The company has a debenture incorporating a fixed and floating charge in favour of the company's bank.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 348,718 374,184

Group
Deferred
tax
£   
Balance at 1 October 2023 374,184
Increase /(Decrease) in (25,466 )
provision
Balance at 30 September 2024 348,718

The deferred tax liability set out above relates to accelerated capital allowances.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,500 Ordinary £1.00 20,500 20,500

CHESS P H LIMITED (REGISTERED NUMBER: 09784864)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21. RESERVES

Group
Retained
earnings
£   

At 1 October 2023 2,960,101
Profit for the year 4,221
Dividends (2,000 )
At 30 September 2024 2,962,322

Company
Retained
earnings
£   

At 1 October 2023 818,294
Profit for the year 2,219
Dividends (2,000 )
At 30 September 2024 818,513


22. POST BALANCE SHEET EVENTS

There are no matters to report as post balance sheet events.

23. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors who own 100% of the share capital.