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Registered number: 00764976
CHASESTEAD LIMITED
AUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2025
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CHASESTEAD LIMITED
REGISTERED NUMBER: 00764976
BALANCE SHEET
AS AT 31 AUGUST 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 12 form part of these financial statements.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Chasestead Limited (the 'Company') is a private company, limited by shares and incorporated in England and Wales.
The Company's registered office and principal place of business is Icknield Way, Letchworth Garden City, SG6 1JX. The Company's registered number is 00764976.
The principal activity of the Company during the current and prior year was that of light engineering, specialising in the manufacture of prototype and experimental parts and low volume production components.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
The Company has net assets at the reporting date of £3,312,826 (As restated 2024 - £1,921,464). The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that the Company will be able to meet its liabilities as they fall due, for at least 12 months from the date of signing these financial statements.
Based on the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is GBP and monetary amounts included in these financial statements are rounded to the nearest pound (£).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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Current and deferred taxation (continued)
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Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The Company has entered into an invoice discounting facility with a third-party finance provider to manage its working capital requirements. Under the terms of the facility, the Company assigns certain trade receivables to the provider in exchange for an immediate cash advance, typically representing a percentage of the invoice value.
The Company retains substantially all the risks and rewards associated with the assigned receivables, including the risk of slow payment, credit default, and the obligation to repay the advance. Accordingly, the facility does not qualify for derecognition of the trade receivables under Section 11 of FRS 102. The Company therefore adopts the separate presentation approach as its accounting policy.
Initial measurement
Trade receivables subject to the facility continue to be recognised as financial assets on the Statement of Financial Position at their transaction price (net of any trade discounts) in accordance with the Company's policy for trade debtors.
The cash advance received from the provider is recognised as a financial liability (a collateralised loan) at the fair value of the proceeds received, which is the amount of cash advanced.
Subsequent measurement
The trade receivables are subsequently measured at amortised cost using the effective interest method, less any impairment losses for expected credit losses (bad debts), in accordance with the Company's impairment policy.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
The liability for the advance is subsequently measured at amortised cost. The difference between the cash received and the total amount repayable (including discount/interest charges and service fees) is recognised in the profit or loss over the period of the facility using the effective interest method.
Presentation (receivable position)
The Company operates the facility on a dynamic basis where cash collections from customers are periodically remitted to the provider to reduce the drawn balance.
Where, at the reporting date, the cumulative collections from assigned debtors exceed the cumulative advances drawn down (resulting in a net credit balance in favour of the Company), this excess is presented as a current asset within "Other receivables" or "Prepayments and accrued income". This reflects the Company's contractual right to either draw down further funds or receive a cash refund from the provider. Conversely, where advances drawn exceed collections, the resulting net obligation is presented within "Creditors: amounts falling due within one year" as a financial liability.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade creditors and other creditors, are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The Company has a fixed and floating charge registered at Companies House in relation to the invoice discounting facility provided by Lloyds Bank Commercial Finance Limited.
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The average monthly number of employees, including Directors, during the year was 65 (2024 - 66).
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Raw materials and consumables
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Work in progress (goods to be sold)
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Debtors: amounts falling due within one year
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Amounts owed by group undertakings
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Corporation tax recoverable (note 11)
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Deferred taxation (note 11)
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Included within other debtors at the reporting date is an amount of £788,341 (2024 - £212,984) representing a net debit balance arising from the Company's invoice discounting facility. This balance reflects the excess of collections from trade debtors assigned under the facility over the advances drawn down from the provider. As the Company is therefore in a net receivable position with the facility provider, this amount is recoverable and has been classified as a current asset within other debtors.
Certain comparative amounts have been reclassified to conform with the current year presentation. £529,386 (2024 - £529,386) included within other debtors have been reclassified to be presented within corporation tax recoverable due to the nature of these balances. These reclassifications have no impact on previously reported profits or net assets.
Certain comparative amounts have been reclassified to conform with the current year presentation. £481,157 (2024 - £481,157) included within amounts owed to group undertakings have been reclassified to be presented within amounts owed by group undertakings due to the nature of these balances. These reclassifications have no impact on previously reported profits or net assets.
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Cash and cash equivalents
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Certain comparative amounts have been reclassified to conform with the current year presentation. £74,380 (2024 - £61,922) included within other creditors have been reclassified to be presented within accruals due to the nature of these balances. These reclassifications have no impact on previously reported profits or net assets.
Certain comparative amounts have been reclassified to conform with the current year presentation. £256,036 (2024 - £256,036) included within corporation tax liability have been reclassified to be presented within corporation tax recoverable. These reclassifications have no impact on previously reported profits or net assets.
Certain comparative amounts have been reclassified to conform with the current year presentation. £481,157 (2024 - £481,157) included within amounts owed by group undertakings have been reclassified to be presented within amounts owed to group undertakings due to the nature of these balances. These reclassifications have no impact on previously reported profits or net assets.
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Deferred tax assets have been recognised in respect of all temporary difference giving rise to deferred tax assets where he Directors believe it is probable that these assets will be recovered. Deferred taxation in respect of the timing differences which are expected to reverse on or after 1 September 2025 is therefore measured at 25%.
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to offset current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. The Company has capital tax losses that arose in the UK of £268,742 (2024 - £268,742) available to carry forward for offset against future chargeable gains.
No deferred tax asset has been recognised due to the uncertainty as to the timing and quantum of the recovery of these capital losses within the company. The total amount of unprovided deferred tax £67,186 (2024 - £67,186).
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Allotted, called up and fully paid
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130 (2024 - 130) Ordinary shares of £1.00 each
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The capital and reserves of the Company are as follows:
Called up share capital
Called up share capital represents the nominal value of shares that have been issued.
Capital redemption reserve
The capital redemption reserve represents shares purchased by the Company and subsequently cancelled.
Profit and loss account
The profit and loss account represents cumulative profits, losses and total other recognised gains or losses made by the Company, including the distributions to, and contributions from, other group companies.
In the prior year, the comparative figures have been restated to include the deferred tax movement and this has resulted in an increase of the deferred tax asset by £5,045 with a corresponding decrease in deferred tax credit of £5,045. The impact on the current year has increased net assets by £5,045, increased retained earnings b/fwd by £5,045 and has had no impact on the profit before tax of the Company.
In the prior year, the comparative figures have been restated to correct an underprovision of corporation tax recoverable and this has resulted in an increase in other operating income by £306,620, an increase in interest receivable by £4,722, a decrease in the corporation tax charge by £195,606, with a corresponding increase in corporation tax recoverable by £115,736. The impact on the current year has increased net assets by £115,736, increased retained earnings b/fwd by £115,736 and has had no impact on the profit before tax of the Company.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £15,539 (2024 - £12,269) were payable to the fund at the reporting date and are included in other creditors.
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CHASESTEAD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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Commitments under operating leases
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At the reporting date the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company has taken advantage of the exemption available in accordance with Section 33 "Related party disclosure" of FRS 102 not to disclose transactions entered into between two or more members of the group that are wholly owned.
At the reporting date, the Company was owed £155,395 (2024 - £28,720) from Chasestead Special Projects LLP, a company under common control. This amount is included in trade debtors.
During the year, the Company received sales of £595,435 (2024 - £Nil) from Chasestead Special Project LLP.
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The immediate parent undertaking is Chasestead Group Limited, a company registered in England and Wales.
The ultimate parent undertaking is Chasestead Holdings Limited, a company registered in England and Wales.
The Company's ultimate controlling parties are Mr Robin Moore and Mr Justin Sedgwick by virtue of their majority shareholdings in Chasestead Holdings Limited.
The auditor's report on the financial statements for the year ended 31 August 2025 was unqualified.
The audit report was signed on 26 August 2026 by Glenn Armon-Jones ACA FCCA (Senior Statutory Auditor) on behalf of Barrow LLP.
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