Chestnut Restoration Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Chestnut Restoration Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15112308 . The registered office is Unit B4 Loughton Seedbed Centre, Langston Road, Loughton, Essex, IG10 3TQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are presented in £ sterling, rounded to the nearest £1.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% per annum reducing balance
Computer Equipment	33% per annum straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Chestnut Restoration Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2024: 1)

4. Prior Period Adjustment

Deferred taxation was not recognised in the financial statements for the year ended 30 September 2024. The comparative figures have been restated to correct this error. The restatement increases the tax charge for the year ended 30 September 2024 by £1,718, reducing the profit for that year from £18,650 to £16,932. A deferred taxation provision of £1,718 has been recognised at that date, reducing net assets and shareholders' funds from £8,653 to £6,935. There was no effect on the company's financial position as at 1 October 2023.

The comparative figures have also been reclassified to present the loan from Acorn Building & Decorating Ltd of £29,777 and the Corporation Tax liability of £2,254 within creditors falling due within one year. This reclassification had no effect on the profit or net assets for that year.

The A, B and C Ordinary share classes were created by special resolution on 31 March 2025, when the company's three existing Ordinary shares were redesignated. Share capital was unchanged at £3 throughout both years.

5. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 1 October 2024	12,055	-	12,055
Additions	11,390	316	11,706

As at 30 September 2025	23,445	316	23,761

Depreciation
As at 1 October 2024	3,014	-	3,014
Provided during the period	5,108	105	5,213

As at 30 September 2025	8,122	105	8,227

...CONTINUED

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Chestnut Restoration Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

Net Book Value
As at 30 September 2025	15,323	211	15,534

As at 1 October 2024	9,041	-	9,041

6. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	6,420	2,670
Prepayments and accrued income	500	500
CIS deductions suffered	6,502	3,069
PAYE and NIC recoverable	19,231	12,973
VAT repayment due	2,154	39
Directors' loan accounts	142	8,822

	34,949	28,073

7. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	179	466
Corporation tax	12,232	2,254
Other creditors	36,777	29,777
Accruals and deferred income	1,200	1,015

	50,388	33,512

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024 as restated
	£	£
Other timing differences	4,117	1,718

9. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
1 Ordinary A shares of £ 1.00 each	1	1
1 Ordinary B shares of £ 1.00 each	1	1
1 Ordinary C shares of £ 1.00 each	1	1

	3	3

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Chestnut Restoration Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024 as restated
	£	£
Not later than one year	1,682	-
Later than one year and not later than five years	1,261	-

	2,943	-

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors: £142 (2024: £8,822).

	As at 1 October 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 September 2025
	£	£	£	£	£
Mr Dane Barry	8,822	39,166	47,846	-	142

The above loan is unsecured, interest free and repayable on demand.

12. Post Balance Sheet Events

On 30 April 2026, after the end of the reporting period, the company entered into a vehicle lease agreement, incorporating a binding purchase obligation, with Acorn Building & Decorating Ltd, in respect of a Ford Transit Custom (registration GX73 HXW). James Smart and Lee Smart, directors of the company, are also directors and shareholders of Acorn Building & Decorating Ltd. Under the terms of the agreement the company acquires the use of the vehicle and is obliged to purchase it on completion of the payment term.

As the agreement was concluded after the end of the reporting period, no asset or liability has been recognised in these financial statements. The arrangement will be accounted for as a finance lease in the year ending 30 September 2026, at which date an asset and corresponding liability of approximately £17,144 will be brought onto the balance sheet. Monthly payments of £533.81 plus VAT are payable to Acorn Building & Decorating Ltd, with a final payment of £7,002 plus VAT due in December 2027.

13. Related Party Transactions

James Smart and Lee Smart are directors of the company and each hold shares in it. They are also directors of Acorn Building & Decorating Ltd and each hold one half of its issued share capital. During the period the company borrowed a further £7,000 from Acorn Building & Decorating Ltd. The loan is interest free, unsecured and repayable on demand. Together with the balance of £29,777 brought forward from the previous period, the amount owed to Acorn Building & Decorating Ltd at the year end was £36,777.

During the period the company had the use of a Ford Transit Custom (registration GX73 HXW) owned by Acorn Building & Decorating Ltd. No charge was made for the use of the vehicle during the period and the company met all running costs directly. After the end of the reporting period the parties entered into a formal written agreement under which the vehicle is to be acquired by the company.

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		15,534		9,041

			15,534		9,041
CURRENT ASSETS
Debtors	6	34,949		28,073
Cash at bank and in hand		20,733		5,051

		55,682		33,124
Creditors: Amounts Falling Due Within One Year	7	(50,388 )		(33,512 )

NET CURRENT ASSETS (LIABILITIES)			5,294		(388 )

TOTAL ASSETS LESS CURRENT LIABILITIES			20,828		8,653

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(4,117 )		(1,718 )

NET ASSETS			16,711		6,935

CAPITAL AND RESERVES
Called up share capital	9		3		3
Profit and Loss Account			16,708		6,932

SHAREHOLDERS' FUNDS			16,711		6,935