Company registration number 01123509 (England and Wales)
CHATSWORTH FORGE & ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CHATSWORTH FORGE & ENGINEERING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CHATSWORTH FORGE & ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
3
4,862
5,721
Property, plant and equipment
4
221,177
33,422
Investments
5
100,000
100,000
326,039
139,143
Current assets
Trade and other receivables
6
68,800
140,011
Cash and cash equivalents
5,210
25,542
74,010
165,553
Current liabilities
7
(323,606)
(188,010)
Net current liabilities
(249,596)
(22,457)
Net assets
76,443
116,686
Equity
Called up share capital
8
7,500
7,500
Capital redemption reserve
2,500
2,500
Retained earnings
66,443
106,686
Total equity
76,443
116,686

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr S Stephens
Director
Company registration number 01123509 (England and Wales)
CHATSWORTH FORGE & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Chatsworth Forge & Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woods Way, Goring by Sea, Worthing, West Sussex, BN12 4RE.

1.1
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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Revenue

Revenue represents management services and the hire of assets provided to subsidiaries, excluding value added tax, recognised on a time apportioned basis in the period to which they relate.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Software
15% diminishing balance per annum
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% diminishing balance per annum
Fixtures, fittings & equipment
15% diminishing balance per annum
Motor vehicles
25% diminishing balance per annum
CHATSWORTH FORGE & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the income statement.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charges as an expense as they fall due.

1.13
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CHATSWORTH FORGE & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Employees

The average monthly number of persons employed by the company during the year was 0 (2023 - 4)

3
Intangible fixed assets
Software
£
Cost
At 1 October 2023 and 30 September 2024
16,119
Amortisation and impairment
At 1 October 2023
10,398
Amortisation charged for the year
859
At 30 September 2024
11,257
Carrying amount
At 30 September 2024
4,862
At 30 September 2023
5,721
4
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
76,889
43,044
7,500
127,433
Additions
222,102
-
0
-
0
222,102
Disposals
(19,866)
-
0
-
0
(19,866)
At 30 September 2024
279,125
43,044
7,500
329,669
Depreciation and impairment
At 1 October 2023
56,438
35,206
2,367
94,011
Depreciation charged in the year
24,869
1,181
1,283
27,333
Eliminated in respect of disposals
(12,852)
-
0
-
0
(12,852)
At 30 September 2024
68,455
36,387
3,650
108,492
Carrying amount
At 30 September 2024
210,670
6,657
3,850
221,177
At 30 September 2023
20,451
7,838
5,133
33,422
CHATSWORTH FORGE & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
100,000
100,000
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 & 30 September 2024
100,000
Carrying amount
At 30 September 2024
100,000
At 30 September 2023
100,000
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
12,100
520
Amounts owed by group undertakings
27,739
85,990
Other receivables
4,561
22,501
44,400
109,011
Deferred tax asset
24,400
31,000
68,800
140,011
7
Current liabilities
2024
2023
£
£
Trade payables
24
43
Amounts owed to group undertakings
260,247
118,063
Taxation and social security
5,787
1,386
Other payables
57,548
68,518
323,606
188,010
CHATSWORTH FORGE & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
7,500
7,500
7,500
7,500
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Statutory Auditor:
Sumer Audit
Date of audit report:
17 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £6,973 (2023 - £7,294).

11
Financial commitments, guarantees and contingent liabilities

Banking facilities are secured by a debenture on the banks standard form dated 27 January 1978. There is also an unlimited guarantee given by Wastadel Limited dated 30 January 1984.

 

Banking facilities are secured by a cross guarantee and debenture dated 17 November 2022 between, the company, Chatsworth Forge Group Limited, Lund Bros (Holdings) Limited, Lund Bros & Co Limited and Wastadel Limited. The extent of the contingent liability at the year end amounted to £610,471 (2023: £672,173).

12
Related party transactions

At the period end date, the company owed £39,600 (2023 - £39,600) to a connected company, under the control of a director. This amount is included within other payables.

13
Parent company

The ultimate parent company is Chatsworth Forge Group Limited. Their registered office is Lunds, Brookside Avenue, Rustington, West Sussex BN16 3LF.

 

Chatsworth Forge Group Limited prepares consolidated financial statements and copies can be obtained from Companies House.

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