Chorus IT Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03836029 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2020

for

Chorus IT Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Sherry

M Taylor

S Sprason

N Saner

REGISTERED OFFICE:

1 Serbert Way

Portishead

Bristol

City of Bristol

BS20 7GD

REGISTERED NUMBER:

03836029 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

127,863

162,272

127,863

162,272

CURRENT ASSETS

Stocks

19,568

12,123

Debtors

6

1,071,299

938,898

Cash at bank and in hand

954,320

746,605

2,045,187

1,697,626

CREDITORS

Amounts falling due within one year

7

908,310

638,508

NET CURRENT ASSETS

1,136,877

1,059,118

TOTAL ASSETS LESS CURRENT LIABILITIES

1,264,740

1,221,390

CREDITORS

Amounts falling due after more than one year

8

(506,653

)

(383,375

)

PROVISIONS FOR LIABILITIES

(13,459

)

(17,265

)

NET ASSETS

744,628

820,750

CAPITAL AND RESERVES

Called up share capital

10

21

21

Capital redemption reserve

11

79

79

Retained earnings

11

744,528

820,650

SHAREHOLDERS' FUNDS

744,628

820,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2021 and were signed on its behalf by:

S Sprason - Director

1.	STATUTORY INFORMATION

Chorus IT 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

The Directors confirmed that the estimation technique used for calculating the depreciation of computer equipment of 25% reducing balance basis does not best reflect the useful economic life of the equipment and therefore as of 1st October 2019 the estimation technique was changed to 33% straight line basis.

The Directors confirmed that the estimation technique used for calculating the depreciation of fixtures and fittings of 15% reducing balance basis does not best reflect the useful economic life of the fixtures and fittings and therefore as of 1st October 2019 the estimation technique was changed to 20% straight line basis.

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 2014, is being amortised evenly over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

100% on cost, 50% on cost and 33.33% 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 50 (2019 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

59,650

AMORTISATION

At 1 October 2019

and 30 September 2020

59,650

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

132,336

44,213

-

211,818

388,367

Additions

12,171

3,553

11,698

34,211

61,633

At 30 September 2020

144,507

47,766

11,698

246,029

450,000

DEPRECIATION

At 1 October 2019

60,933

23,460

-

141,702

226,095

Charge for year

17,324

12,487

2,681

63,550

96,042

At 30 September 2020

78,257

35,947

2,681

205,252

322,137

NET BOOK VALUE

At 30 September 2020

66,250

11,819

9,017

40,777

127,863

At 30 September 2019

71,403

20,753

-

70,116

162,272

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Long

leasehold

£

COST

Additions

9,248

At 30 September 2020

9,248

DEPRECIATION

Charge for year

1,541

At 30 September 2020

1,541

NET BOOK VALUE

At 30 September 2020

7,707

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

640,935

394,068

Other debtors

373

40,520

Inter-company debtors

330,669

389,600

Prepayments and accrued income

99,322

114,710

1,071,299

938,898

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

16,667

-

Other loans

87,875

55,717

Hire purchase contracts

4,624

-

Trade creditors

344,390

233,585

Tax

42,734

134,619

Social security and other taxes

46,707

27,562

VAT

214,572

96,762

Other creditors

18,882

17,152

Directors' current accounts

350

350

Accruals and deferred income

131,509

72,761

908,310

638,508

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans - 1-2 years

50,000

-

Bank loans - 2-5 years

150,000

-

Bank loans more 5 yr by instal

33,333

-

Other loans - 1-2 years

91,382

59,470

Other loans - 2-5 years

178,470

146,975

Other loans more 5yrs instal

-

176,930

Hire purchase contracts

3,468

-

506,653

383,375

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

33,333

-

Other loans more 5yrs instal

-

176,930

33,333

176,930

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Other loans

357,727

439,092

The company loans are secured by joint and personal guarantees.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number

Class

Nominal value

30.9.20

30.9.19

104

Ordinary A

.20p

20.80

20.80

1

Ordinary D

.20p

.20

.20

1

Ordinary E

.20p

.20

.20

1

Ordinary F

.20p

.20

.20

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2019

820,650

79

820,729

Profit for the year

196,114

196,114

Dividends

(272,236

)

(272,236

)

At 30 September 2020

744,528

79

744,607

12.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had other financial commitments in the form of operating leases totalling £421,980 (2019 - £614,122)

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14.	ULTIMATE CONTROLLING PARTY

Chorus Global Holdings Limited owns 97% of the issued share capital and is the ultimate controlling party.