Chimemill Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03174698 (England and Wales)

Financial Statements for the Year Ended 31 August 2018

for

CHIMEMILL LIMITED

TRADING AS

ASHWELL PHARMACY

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B Deal

REGISTERED OFFICE:

Ashwell Pharmacy

22 High Street

Ashwell

Hertfordshire

SG7 5NW

REGISTERED NUMBER:

03174698 (England and Wales)

ACCOUNTANTS:

Liric Chartered Accountants

Wyndmere House

Ashwell Road

Steeple Morden

Hertfordshire

SG8 0NZ

FIXED ASSETS

Intangible assets

4

13,224

19,836

Tangible assets

5

3,338

4,718

16,562

24,554

CURRENT ASSETS

Stocks

41,848

43,048

Debtors

67,545

86,127

Cash at bank and in hand

9,326

6,968

118,719

136,143

CREDITORS

Amounts falling due within one year

100,226

123,719

NET CURRENT ASSETS

18,493

12,424

TOTAL ASSETS LESS CURRENT LIABILITIES

35,055

36,978

CREDITORS

Amounts falling due after more than one year

36,991

41,001

NET LIABILITIES

(1,936

)

(4,023

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(2,036

)

(4,123

)

SHAREHOLDERS' FUNDS

(1,936

)

(4,023

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 26 March 2019 and were signed by:

B Deal - Director

1.	STATUTORY INFORMATION

Chimemill Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 2000, 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but

not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to

the company's pension scheme are charged to profit or loss in the period to which they

relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2017

and 31 August 2018

132,227

AMORTISATION

At 1 September 2017

112,391

Amortisation for year

6,612

At 31 August 2018

119,003

NET BOOK VALUE

At 31 August 2018

13,224

At 31 August 2017

19,836

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2017

and 31 August 2018

83,223

DEPRECIATION

At 1 September 2017

78,505

Charge for year

1,380

At 31 August 2018

79,885

NET BOOK VALUE

At 31 August 2018

3,338

At 31 August 2017

4,718

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

40,845

44,855

The bank loan is secured by an unlimited debenture from Chimemill Ltd with a first legal

charge over leasehold property owned by Mr Deal, a personal guarantee from Mr Deal for

£100,000 and a guarantee from AAH Pharmaceuticals Ltd for £100,000.

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 August 2018 and 31 August 2017:

2018

2017

£

£

B Deal

Balance outstanding at start of year

2,077

26,818

Amounts advanced

76,305

-

Amounts repaid

(61,201

)

(24,741

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,181

2,077

8.	ULTIMATE CONTROLLING PARTY

The controlling party is B Deal.