Cheyney Design & Development Ltd.

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Cheyney Design & Development Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 04204533 . The registered office is New Cambridge House Bassingbourn Rd., Litlington, Royston, Herts, SG8 0SS.

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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Turnover

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.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Patents. They are amortised to profit and loss account over its estimated economic life of 10 years.

2.5. 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:

Leasehold	10% straight line
Plant & Machinery	20 - 25% straight line
Computer Equipment	10 - 33% straight line

2.6. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Cheyney Design & Development Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.9. 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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.11. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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.

2.12. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.13. Research and Development

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.

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2025: 15)

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Cheyney Design & Development Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

4. Intangible Assets

	Other - Patents
	£
Cost
As at 1 April 2025	49,430

As at 31 March 2026	49,430

Amortisation
As at 1 April 2025	22,153
Provided during the period	4,943

As at 31 March 2026	27,096

Net Book Value
As at 31 March 2026	22,334

As at 1 April 2025	27,277

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2025	107,160	245,306	113,195	465,661
Additions	-	-	938	938

As at 31 March 2026	107,160	245,306	114,133	466,599

Depreciation
As at 1 April 2025	105,852	224,419	113,187	443,458
Provided during the period	374	5,690	294	6,358

As at 31 March 2026	106,226	230,109	113,481	449,816

Net Book Value
As at 31 March 2026	934	15,197	652	16,783

As at 1 April 2025	1,308	20,887	8	22,203

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Cheyney Design & Development Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2025	144,463
Disposals	(104,407 )

As at 31 March 2026	40,056

Provision
As at 1 April 2025	-

As at 31 March 2026	-

Net Book Value
As at 31 March 2026	40,056

As at 1 April 2025	144,463

7. Stocks

	2026	2025
	£	£
Stock	1,766,212	1,721,156

8. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	303,218	238,643
Prepayments and accrued income	-	659,564
Other debtors	92,559	-
Corporation tax recoverable assets	94,735	31,202
VAT	-	15,008
Net wages	-	200

	490,512	944,617

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	250,153	296,468
Bank loans and overdrafts	6,667	10,000
Other taxes and social security	31,020	30,141
VAT	181,441	-
Other creditors	6,407	8,641
Accruals and deferred income	119,322	2,935
Director's loan account	-	99,989
Amounts owed to group undertakings	1,169,517	2,035,605

	1,764,527	2,483,779

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Cheyney Design & Development Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	-	6,667

11. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due within one year or on demand:
Bank loans	6,667	10,000

	2026	2025
	£	£
Amounts falling due between one and five years:
Bank loans	-	6,667

12. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	10,000	10,000

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		22,334		27,277
Tangible Assets	5		16,783		22,203
Investments	6		40,056		144,463

			79,173		193,943
CURRENT ASSETS
Stocks	7	1,766,212		1,721,156
Debtors	8	490,512		944,617
Cash at bank and in hand		967,067		432,120

		3,223,791		3,097,893
Creditors: Amounts Falling Due Within One Year	9	(1,764,527 )		(2,483,779 )

NET CURRENT ASSETS (LIABILITIES)			1,459,264		614,114

TOTAL ASSETS LESS CURRENT LIABILITIES			1,538,437		808,057

Creditors: Amounts Falling Due After More Than One Year	10		-		(6,667 )

NET ASSETS			1,538,437		801,390

CAPITAL AND RESERVES
Called up share capital	12		10,000		10,000
Profit and Loss Account			1,528,437		791,390

SHAREHOLDERS' FUNDS			1,538,437		801,390