CHLTC LTD - Accounts

Registered number

00562060

CHLTC LTD

Report and Accounts

31 March 2020

API Partnership Limited t/a Chandler & Georges

Chartered Accountants

75 Westow Hill

London

SE19 1TX

Ph. 0208 761 2213

web: www.chandlerandgeorges.co.uk

CHLTC LTD
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Independent auditors' report	4-5
Profit and loss account	6
Balance sheet	7
Statement of changes in equity	8
Notes to the accounts	9 - 12
The following does not for part of the statutory accounts:
Detailed Profit and loss account	13 - 15

CHLTC LTD

Company Information

Directors

E Erickson (resigned on 4 November 2019)

G Duncan

R Andrew Priest

F Boissel (resigned on 4 November 2019)

J Simon (resigned on 4 November 2019)

W Kennish (resigned on 3 November 2019)

B Wongpaiboon

F Mates

S Faulks

N Feeny (appointed on 04 November 2019)

J Fox

A Kim (appointed on 04 November 2019)

H David (appointed on 04 November 2019)

N Bonelli (appointed on 04 November 2019)

Secretary

J Fox (appointed on 04 November 2019)

Auditors

API Partnership Limited t/a Chandler & Georges

75 Westow Hill

London

SE19 1TX

Bankers

Coutts & Co

440 Strand

London WC2R 0QS

Registered office

9 Aubrey Walk

London

W8 7JH

Registered number

00562060

CHLTC LTD
Registered number:			00562060
Directors' Report
The directors present their report and accounts for the year ended 31 March 2020.
Directors
The following persons served as directors during the year:
	E Erickson (resigned on 4 November 2019)
	G Duncan
	R Andrew Priest
	F Boissel (resigned on 4 November 2019)
	J Simon (resigned on 4 November 2019)
	W Kennish (resigned on 3 November 2019)
	B Wongpaiboon
	F Mates
	S Faulks
	N Feeny (appointed on 04 November 2019)
	J Fox
	A Kim (appointed on 04 November 2019)
	H David (appointed on 04 November 2019)
	N Bonelli (appointed on 04 November 2019)
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 29 September 2020 and signed on its behalf.

S Faulks

Director

CHLTC LTD

Statement of Directors' Responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHLTC LTD

Independent auditors' report

to the members of CHLTC LTD

Opinion

We have audited the accounts of CHLTC LTD for the year ended 31 March 2020 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
●	the directors' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
●	the directors have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
Other information
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
●	the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Achilleas Sotiriou
(Senior Statutory Auditor)		75 Westow Hill
for and on behalf of		London
API Partnership Limited t/a Chandler & Georges		SE19 1TX
Accountants and Statutory Auditors
29 September 2020

CHLTC LTD
Profit and Loss Account
for the year ended 31 March 2020
						2020		2019
£							£
Total income						1,243,835		1,124,822
Administrative expenses						(1,192,048)		(1,128,689)
Operating surplus/(loss)						51,787		(3,867)
Interest receivable						2,395		1,718
Interest payable						(301)		-
Surplus/(loss) on ordinary activities before taxation						53,881		(2,149)
Tax on surplus/(loss) on ordinary activities						(455)		(326)
Surplus/(loss) for the financial year						53,426		(2,475)
Accumulated funds bought forward						1,097,483		1,099,958
Accumulated funds carried forward						1,150,909		1,097,483
All amounts relate to continuing activities
All recognised gains and losses are included within the profit & loss account.
The notes referred to above form part of these accounts.

CHLTC LTD
Registered number:			00562060
Balance Sheet
as at 31 March 2020
Notes				2020			2019
£					£
Fixed assets
Tangible assets	4			2,695,017			2,697,405
Current assets
Stocks			11,137			11,137
Debtors	5		46,837			21,375
Cash at bank and in hand			269,085			234,944
			327,059			267,456
Creditors: amounts falling due within one year	6		(156,289)			(147,778)
Net current assets				170,770			119,678
Total assets less current liabilities				2,865,787			2,817,083
Creditors: amounts falling due after more than one year	7			(1,714,878)			(1,719,600)
Net assets				1,150,909			1,097,483
Capital and reserves
Accumulated revenue fund				1,150,909			1,097,483
Members' funds				1,150,909			1,097,483
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N Feeny
Director
Approved by the board on 29 September 2020

CHLTC LTD
Statement of Changes in Equity
for the year ended 31 March 2020
Share			Share		Re-		Profit		Total
capital			premium		valuation		and loss
reserve							account
£			£		£		£		£
At 1 April 2018		-		-		-		1,099,958		1,099,958
Loss for the financial year								(2,475)		(2,475)
At 31 March 2019		-		-		-		1,097,483		1,097,483
At 1 April 2019		-		-		-		1,097,483		1,097,483
Surplus for the financial year								53,426		53,426
At 31 March 2020		-		-		-		1,150,909		1,150,909

CHLTC LTD
Notes to the Accounts
for the year ended 31 March 2020
1	Accounting policies
	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
	Turnover
	Gross subscription income is credited to income by reference to the membership year. Where applicable, other income is credited to income net of value added tax.
	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Freehold land and buildings			not depreciated (see below)
	Furniture, fixtures and equipment			10% - 20% straight line
	The company did not provide for depreciation in respect of the freehold property, as it considers that the useful economic life and residual value of the building is such that any depreciation charge would be immaterial. The logic supporting this decision is that there is a policy of regular maintenance, thereby extending the useful economic life more or less indefinitely and preserving the residual values of the company’s assets.
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Audit information
	The audit report is unqualified.
	Senior statutory auditor:	Achilleas Sotiriou
	Firm:	API Partnership Limited t/a Chandler & Georges
	Date of audit report:	29 September 2020
3	Employees					2020		2019
Number							Number
	Average number of persons employed by the company					15		15
4	Tangible fixed assets
				Land and buildings		Plant and machinery etc		Total
£					£		£
	Cost
	At 1 April 2019			2,445,431		1,448,887		3,894,318
	Additions			-		70,936		70,936
	Disposals			-		(802,185)		(802,185)
	At 31 March 2020			2,445,431		717,638		3,163,069
	Depreciation
	At 1 April 2019			-		1,196,913		1,196,913
	Charge for the year			-		73,324		73,324
	On disposals			-		(802,185)		(802,185)
	At 31 March 2020			-		468,052		468,052
	Net book value
	At 31 March 2020			2,445,431		249,586		2,695,017
	At 31 March 2019			2,445,431		251,974		2,697,405
5	Debtors					2020		2019
£							£
	Other debtors					46,837		21,375
	Amounts due after more than one year included above					7,433		8,920
6	Creditors: amounts falling due within one year					2020		2019
£							£
	Trade creditors					38,548		83,531
	Corporation tax					455		326
	Other taxes and social security costs					11,926		11,312
	Other creditors					105,360		52,609
						156,289		147,778
7	Creditors: amounts falling due after one year					2020		2019
£							£
	Obligations under finance lease and hire purchase contracts					7,278		-
	Other creditors					1,707,600		1,719,600
						1,714,878		1,719,600
8	Loans					2020		2019
£							£
	Creditors include:
	Instalments falling due for payment after more than five years					1,707,600		1,719,600
	Loan notes are issued to members in return for the cancellation or substantial reduction in their membership fees. The level of reduction in membership fees stands at 5% of the loan note amount but will in future have some reference to the prevailing interest rates. The loan notes are non-transferable, non-secured and are automatically redeemable at par in 2025 (or earlier at the discretion of the Directors).
9	Other information
	CHLTC LTD is a private company limited by guarantee and incorporated in England. Its registered office is:
	9 Aubrey Walk
	London
	W8 7JH
10	Directors emoluments
	Neither the Chairman nor any of the directors received any emoluments during the year ended 31 March 2020.
11	Members' guarantee
	Under the constitution of the company, the guarantee is limited to £1.
12	Transactions with directors
	All directors are also club members and are required to pay subscriptions for membership on an arms length basis.