REGISTERED NUMBER: 06378753 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CHAPS (SOUTHERN) LIMITED

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mr N R McLeod

SECRETARY:

Mrs A M Simmen

REGISTERED OFFICE:

Unit 1

Hernes Farm Estate

Greys Road

Henley-on-Thames

Oxfordshire

RG9 4NT

REGISTERED NUMBER:

06378753 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Limited

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE

FIXED ASSETS

Intangible assets

4

32,431

44,923

Tangible assets

5

22,642

25,511

55,073

70,434

CURRENT ASSETS

Stocks

6

18,378

16,338

Debtors

7

44,630

49,856

Cash at bank and in hand

937,231

850,832

1,000,239

917,026

CREDITORS

Amounts falling due within one year

8

111,453

119,030

NET CURRENT ASSETS

888,786

797,996

TOTAL ASSETS LESS CURRENT LIABILITIES

943,859

868,430

PROVISIONS FOR LIABILITIES

6,237

6,377

NET ASSETS

937,622

862,053

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

937,621

862,052

SHAREHOLDERS' FUNDS

937,622

862,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 5 September 2025 and were signed by:

Mr N R McLeod - Director

1.	STATUTORY INFORMATION

Chaps (Southern) Ltd is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is Unit 1, Hernes Farm Estate, Greys Road, Henley-on-Thames, Oxfordshire, RG9 4NT. The registered number is 06378753.

The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimate useful life:

Asset class

Depreciation method and rate

Plant and machinery

-

Straight line over 4 years

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the statement of financial position date as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and the amount can be reliably estimated. Provisions are recognised as a liability in the statement of financial position and the relevant amount included as an expense in the statement of comprehensive income.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision or contingency is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in the statement of comprehensive income in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

250,000

AMORTISATION

At 1 April 2024

205,077

Amortisation for year

12,492

At 31 March 2025

217,569

NET BOOK VALUE

At 31 March 2025

32,431

At 31 March 2024

44,923

Goodwill was purchased by the company upon its acquisition of the trade, assets and liabilities of the business formally known as Chaps on 1 November 2007.

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

4,436

7,282

13,643

144,925

170,286

Additions

-

4,921

2,795

-

7,716

Disposals

-

(904

)

-

(16,240

)

(17,144

)

At 31 March 2025

4,436

11,299

16,438

128,685

160,858

DEPRECIATION

At 1 April 2024

4,436

5,918

13,414

121,007

144,775

Charge for year

-

1,685

927

7,973

10,585

Eliminated on disposal

-

(904

)

-

(16,240

)

(17,144

)

At 31 March 2025

4,436

6,699

14,341

112,740

138,216

NET BOOK VALUE

At 31 March 2025

-

4,600

2,097

15,945

22,642

At 31 March 2024

-

1,364

229

23,918

25,511

6.

STOCKS

2025

2024

£

£

Stocks

18,378

16,338

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

33,657

39,359

Amounts recoverable on contract

2,131

2,729

Other debtors

8,842

7,768

44,630

49,856

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

18,246

21,023

Taxation and social security

85,378

89,187

Other creditors

7,829

8,820

111,453

119,030

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

12,800

10,000

Between one and five years

23,467

-

36,267

10,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1