Charioteer Limited Filleted accounts for Companies House (small and micro)

CHARIOTEER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI038821

Charioteer Limited

Filleted Unaudited Financial Statements

30 September 2019

Charioteer Limited

Financial Statements

Year ended 30 September 2019

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Charioteer Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Charioteer Limited

Year ended 30 September 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charioteer Limited for the year ended 30 September 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of Charioteer Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Charioteer Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charioteer Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Charioteer Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charioteer Limited. You consider that Charioteer Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Charioteer Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MANEELY Mc CANN Chartered accountant

Aisling House 50 Stranmillis Embankment Belfast BT9 5FL

29 June 2020

Charioteer Limited

Statement of Financial Position

30 September 2019

	2019	2018
		(restated)
Note	£	£

Fixed assets

Intangible assets	5	855,926	287,500
Tangible assets	6	5,871,505	5,415,695
		------------	------------
		6,727,431	5,703,195

Current assets

Stocks		213,967	126,793
Debtors	7	137,293	811,062
Cash at bank and in hand		1,126,453	1,209,173
		------------	------------
		1,477,713	2,147,028

Creditors: amounts falling due within one year	8	4,676,973	4,683,227
		------------	------------
Net current liabilities		3,199,260	2,536,199
		------------	------------
Total assets less current liabilities		3,528,171	3,166,996

Provisions	426,893	407,392
	------------	------------
Net assets	3,101,278	2,759,604
	------------	------------

Capital and reserves

Called up share capital	6,983,368	6,983,368
Profit and loss account	( 3,882,090)	( 4,223,764)
	------------	------------
Shareholders funds	3,101,278	2,759,604
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Charioteer Limited

Statement of Financial Position (continued)

30 September 2019

These financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:

Mr. P Mc Cormack

Director

Company registration number: NI038821

Charioteer Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Amortised over 18 years and 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Fixtures and fittings	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 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 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 profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 39 (2018: 30 ).

5. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 October 2018 (as restated)	200,000	100,000	300,000
Additions	500,000	90,000	590,000
	---------	---------	---------
At 30 September 2019	700,000	190,000	890,000
	---------	---------	---------
Amortisation
At 1 October 2018	12,500	–	12,500
Charge for the year	21,574	–	21,574
	---------	---------	---------
At 30 September 2019	34,074	–	34,074
	---------	---------	---------
Carrying amount
At 30 September 2019	665,926	190,000	855,926
	---------	---------	---------
At 30 September 2018	187,500	100,000	287,500
	---------	---------	---------

6. Tangible assets

	Land and Buildings	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 October 2018 (as restated)	5,158,066	545,581	5,703,647
Additions	116,321	464,690	581,011
	------------	------------	------------
At 30 September 2019	5,274,387	1,010,271	6,284,658
	------------	------------	------------
Depreciation
At 1 October 2018	73,325	214,627	287,952
Charge for the year	38,131	87,070	125,201
	------------	------------	------------
At 30 September 2019	111,456	301,697	413,153
	------------	------------	------------
Carrying amount
At 30 September 2019	5,162,931	708,574	5,871,505
	------------	------------	------------
At 30 September 2018	5,084,741	330,954	5,415,695
	------------	------------	------------

7. Debtors

	2019	2018
		(restated)
	£	£
Trade debtors	8,812	7,738
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	636,480
Other debtors	128,481	166,844
	---------	---------
	137,293	811,062
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
		(restated)
	£	£
Trade creditors	527,917	271,794
Corporation tax	16,483	–
Social security and other taxes	14,032	7,295
Amounts owed to related parties	3,731,554	4,154,034
Other creditors	386,987	250,104
	------------	------------
	4,676,973	4,683,227
	------------	------------

9. Prior period restatements

In the year ended 30 September 2018 included in fixed assets is a balance of £300,000 which has now been corrected and restated as Goodwill and Licence under Intangible assets. The comparative figures have been amended to correct the disclosure. 30 September 2018 30 September 2018 (restated) Goodwill brought forward NIL 200,000 Licence brought forward NIL 100,000 Land and building brought forward 5,432,333 5,132,333

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. P Mc Cormack	( 15,694)	–	( 15,694)
	--------	----	--------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr. P Mc Cormack	( 231,764)	216,070	( 15,694)
	---------	---------	--------

11. Related party transactions

Included within creditors are amounts owing to companies under common control. The total amount outstanding at the balance sheet date was £3,731,554 (2018:£4,154,034). These balances relate to general intercompany transactions and loans in the year.