Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| Investments | 5 |
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| 368,842 | 421,874 | |||
| Current assets | ||||
| Stocks |
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| Debtors | ||||
| - due within one year | 6 |
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| - due after more than one year | 6 |
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| Cash at bank and in hand |
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| 1,148,972 | 1,037,566 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 434,083 | 375,746 | ||
| Total assets less current liabilities | 802,925 | 797,620 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Chunk of Devon Limited (registered number:
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Mr S Bryon Edmond
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Chunk of Devon Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 4-5 Alansway, Finnimore Ind Est, Ottery St Mary, EX11 1NR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Goodwill |
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| Development costs |
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| Leasehold improvements |
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| Plant and machinery |
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| Vehicles |
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Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Goodwill | Development costs | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 October 2023 |
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| Additions |
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| At 30 September 2024 |
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| Accumulated amortisation | |||||
| At 01 October 2023 |
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| Charge for the financial year |
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| At 30 September 2024 |
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| Net book value | |||||
| At 30 September 2024 |
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| At 30 September 2023 |
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| Leasehold improve- ments |
Plant and machinery | Vehicles | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 October 2023 |
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| Additions |
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| Disposals |
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| At 30 September 2024 |
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| Accumulated depreciation | |||||||
| At 01 October 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 30 September 2024 |
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| Net book value | |||||||
| At 30 September 2024 | 18,426 | 287,396 | 40,743 | 346,565 | |||
| At 30 September 2023 | 16,256 | 324,164 | 52,478 | 392,898 |
Investments in subsidiaries
| 2024 | |
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| Cost | |
| At 01 October 2023 |
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| Additions |
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| At 30 September 2024 |
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| Carrying value at 30 September 2024 |
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| Carrying value at 30 September 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| VAT recoverable |
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| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Amounts owed by Group undertakings |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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Included in the total bank borrowings at the year end is £88,000 (2022: £120,000} on which security has been provided by the government.
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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| after five years |
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Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Loan due from subsidiary undertaking | 275,667 | 196,853 |
No interest has been charged on this balance and there are no fixed dates for repayment.