Chainkey Limited 31/01/2022 iXBRL

Chainkey Limited 31/01/2022 iXBRL

CHAINKEY LIMITED - Company Information

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Company registration number: 05007210
Chainkey Limited
Unaudited filleted financial statements
31 January 2022
Chainkey Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Chainkey Limited
Directors and other information
Directors Mr A C Gokani
Mr K Gokani
Secretary A C Gokani
Company number 05007210
Registered office Amba House, 4th Floor
15 College Road
Harrow, Middlesex
HA1 1BA
Accountants Nagle James Associates Limited
Amba House, 4th Floor Kings Suite
15 College Road
Harrow
Middlesex
HA1 1BA
Chainkey Limited
Statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 4 3,499,660 5,179,660
_______ _______
3,499,660 5,179,660
Current assets
Debtors 5 17,509 42,675
Cash at bank and in hand 1,291 2,613
_______ _______
18,800 45,288
Creditors: amounts falling due
within one year 6 ( 1,960,297) ( 2,093,873)
_______ _______
Net current liabilities ( 1,941,497) ( 2,048,585)
_______ _______
Total assets less current liabilities 1,558,163 3,131,075
Creditors: amounts falling due
after more than one year 7 ( 1,458,917) ( 1,369,875)
_______ _______
Net assets 99,246 1,761,200
_______ _______
Capital and reserves
Called up share capital 1,098 1,098
Profit and loss account 8 98,148 1,760,102
_______ _______
Shareholders funds 99,246 1,761,200
_______ _______
For the year ending 31 January 2022 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2022 , and are signed on behalf of the board by:
Mr A C Gokani
Director
Company registration number: 05007210
Chainkey Limited
Statement of changes in equity
Year ended 31 January 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2020 1,098 1,770,089 1,771,187
Loss for the year ( 9,987) ( 9,987)
_______ _______ _______
Total comprehensive income for the year - ( 9,987) ( 9,987)
_______ _______ _______
At 31 January 2021 and 1 February 2021 1,098 1,760,102 1,761,200
Loss for the year ( 1,661,954) ( 1,661,954)
_______ _______ _______
Total comprehensive income for the year - ( 1,661,954) ( 1,661,954)
_______ _______ _______
At 31 January 2022 1,098 98,148 99,246
_______ _______ _______
Chainkey Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chainkey Limited, Amba House, 4th Floor, 15 College Road, Harrow, Middlesex, HA1 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 February 2021 5,179,660 5,179,660
Revaluations ( 1,680,000) ( 1,680,000)
_______ _______
At 31 January 2022 3,499,660 3,499,660
_______ _______
Impairment
At 1 February 2021 and 31 January 2022 - -
_______ _______
Carrying amount
At 31 January 2022 3,499,660 3,499,660
_______ _______
At 31 January 2021 5,179,660 5,179,660
_______ _______
The investment properties were valued by the directors of the company.
5. Debtors
2022 2021
£ £
Other debtors 17,509 42,675
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts - 800,000
Accruals and deferred income 38,012 66,050
Social security and other taxes 7,903 7,723
Director loan accounts 1,870,400 1,169,400
Other creditors 43,982 50,700
_______ _______
1,960,297 2,093,873
_______ _______
Loan from director is interest free, unsecured and repayable on demand.
7. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 1,458,917 1,369,875
_______ _______
Other creditors also includes unsecured loans from Gokani Rubins Pty Limited Vishram Trust £729,458 (2021 - £684,937) and Gokani Rubins Pty Limited Gokani Family Trust £729,459 (2021 - £684,938), both of whom are shareholders of the company. These loans have no fixed repayment terms. Interest is charged on these loans at the rate of 6.5% per annum on the cumulative balance outstanding at the end of the previous year.
8. Reserves
Called-up share capital – represents the nominal value of shares that have been issued.Profit and loss account – includes all current and prior period retained profits and losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A C Gokani ( 1,169,400) ( 701,000) ( 1,870,400)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr A C Gokani ( 869,400) ( 300,000) ( 1,169,400)
_______ _______ _______