|
|
|
Registered number: 06221105
|
CHIMNEY HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
|
|
CHIMNEY HOLDINGS LIMITED
CHAIRMAN'S STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2020
The chairman presents his statement for the period.
This is the holding company for the wholly owned trading subsidiary Rangemoors Ltd.
It is non trading with only payments for directors costs and professional fees which are then covered by a management charge. For the short period ended 30 June 2020, this totals £58,000, equivalent to an annual fee of £80,000.
Please see my statement in the Rangemoors accounts for more detail on trading.
NameMr A J Vodden
Chairman
Date17 September 2020
Page 1
|
|
CHIMNEY HOLDINGS LIMITED
REGISTERED NUMBER:06221105
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital redemption reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 comprehensive income 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 4 to 7 form part of these financial statements.
Page 2
|
|
CHIMNEY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2020
|
|
|
|
Capital redemption reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed during the period
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 7 form part of these financial statements.
|
Page 3
|
|
CHIMNEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
Chimney Holdings Limited is a private company, limited by shares. The Company is incorporated in the United Kingdom and its registered office is Senate Court, Southernhay Gardens, Exeter, Devon, EX1 1NT.
2.ACCOUNTING POLICIES
|
|
|
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
In 2019, the directors elected to extend the accounting period of the Company to 16 months. During this period the Company received dividends from its subsidiary, Rangemoors Limited and reduced the carrying value of the investment in that company.
In 2020, the financial statements are drawn up for the eight month period to June 2020. The period has been shortened to ensure the end of the financial period is again co-terminus with that of its subsidiary.
The following principal accounting policies have been applied:
The Company is the parent entity of Rangemoors Limited and at the balance sheet date, a balance of £1,167,571(2019: £1,166,118) was owed to that company.
Having made appropriate enquiry, the directors are satisfied that re-payment of this balance will not be sought in the foreseeable future and as such, consider it appropriate for the financial statements to be prepared on a going concern basis.
|
|
|
EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
|
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Revenue comprises management charges received by the Company during the period.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 4
|
|
CHIMNEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
2.ACCOUNTING POLICIES (continued)
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.
|
|
|
CASH AND CASH EQUIVALENTS
|
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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
Dividend income is recognised when the right to receive payment is established.
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.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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 reporting date in the countries where the Company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Page 5
|
|
CHIMNEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
These financial statements have been audited by Bishop Fleming Chartered Accountants & Statutory Auditors, with an unqualified audit opinion being issued. The audit report was signed on 17/09/2020 by Mark Munro FCA as senior statutory auditor.
In accordance with the provisions applicable to companies subject to the small companies' regime and s444 of the Companies Act 2006, this audit report has not been filed.
|
|
The average monthly number of employees, including directors, during the period was 3 (2019: 3).
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
CHIMNEY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOTTED, CALLED UP AND FULLY PAID
|
|
|
|
|
|
|
|
|
|
|
|
445,000 (2019: 445,000) Ordinary shares of £0.10 each
|
|
|
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 and amounted to £986 (2019: £1,585). Contributions totalling £Nil (2018: £Nil) were payable to the fund at the reporting date and are included in creditors.
|
|
RELATED PARTY TRANSACTIONS
|
|
|
During the period, the Company received a management charge of £58,000 (2019: £87,000) and dividends of £nil (2019: £745,000) from Rangemoors Limited, a wholly owned subsidiary. The Company also maintained a loan account with Rangemoors Limited. At the period end, the Company owed £1,167,571(2019: £1,166,118) to its subsidiary. No interest is charged on this loan and it is payable on demand.
|
Page 7
|
|
|
