CHLTC LTD - Accounts

Registered number

00562060

CHLTC LTD

Report and Accounts

31 March 2022

API Partnership Limited t/a Chandler & Georges

Chartered Accountants

75 Westow Hill

London

SE19 1TX

0208 761 2213

www.cgca.co.uk

CHLTC LTD
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Independent auditors' report	4-6
Profit and loss account	7
Balance sheet	8
Statement of changes in equity	9
Notes to the accounts	10 - 13
The following does not for part of the statutory accounts:
Detailed Profit and loss account	14 - 16

CHLTC LTD

Company Information

Directors

N Bonelli

J Fox

P Holloway

A MacCormick

R Millar

A Sola

R A Priest

B Wongpaiboon

Secretary

B Wongpaiboon

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 2022.
Directors
The following persons served as directors during the year:
	N Bonelli
	H David	resigned 12.10.21
	G Duncan	resigned 12.10.21
	S Faulks	resigned 01.11.21
	N Feeny	resigned 01.11.21
	J Fox
	P Holloway	appointed 12.10.21
	A Kim	resigned 01.11.21
	A MacCormick	appointed 08.11.21
	R Millar	appointed 12.10.21
	A Sola	appointed 08.11.21
	R A Priest
	B Wongpaiboon
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 June 2022 and signed on its behalf.

R A Priest

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 2022 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 2022 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.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
●	the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
●	we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the not-for-profit sports clubs;
●	we focused on laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and environmental and health and safety legislation;
●	we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
●	identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
	We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
●	making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
●	considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
	To address the risk of fraud through management bias and override of controls, we:
●	performed analytical procedures to identify any unusual or unexpected relationships;
●	tested journal entries to identify unusual transactions;
●	assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
●	investigated the rationale behind significant or unusual transactions.
	In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
●	agreeing financial statement disclosures to underlying supporting documentation;
●	reading the minutes of meetings of those charged with governance;
●	enquiring of management as to actual and potential litigation and claims; and
●	reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 June 2022

CHLTC LTD
Profit and Loss Account
for the year ended 31 March 2022
						2022		2021
£							£
Revenues						1,308,278		1,242,755
Administrative expenses						(1,136,981)		(1,126,955)
Operating surplus						171,297		115,800
Interest receivable						99		334
Interest payable						(451)		(446)
Surplus on ordinary activities before taxation						170,945		115,688
Tax on surplus on ordinary activities						(19)		(63)
Surplus for the financial year						170,926		115,625
Accumulated funds bought forward						1,266,534		1,150,909
Accumulated funds carried forward						1,437,460		1,266,534
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 2022
Notes				2022			2021
£					£
Fixed assets
Tangible assets	4			2,623,917			2,675,531
Current assets
Stocks			11,137			11,137
Debtors	5		15,775			69,923
Cash at bank and in hand			578,053			381,187
			604,965			462,247
Creditors: amounts falling due within one year	6		(134,898)			(186,114)
Net current assets				470,067			276,133
Total assets less current liabilities				3,093,984			2,951,664
Creditors: amounts falling due after more than one year	7			(1,656,524)			(1,685,130)
Net assets				1,437,460			1,266,534
Capital and reserves
Accumulated revenue fund				1,437,460			1,266,534
Members' funds				1,437,460			1,266,534
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.
N Bonelli
Director
Approved by the board on 29 June 2022

CHLTC LTD
Statement of Changes in Equity
for the year ended 31 March 2022
Share			Share		Re-		Profit		Total
capital			premium		valuation		and loss
reserve							account
£			£		£		£		£
At 1 April 2020		-		-		-		1,150,909		1,150,909
Surplus for the financial year								115,625		115,625
At 31 March 2021		-		-		-		1,266,534		1,266,534
At 1 April 2021		-		-		-		1,266,534		1,266,534
Surplus for the financial year								170,926		170,926
At 31 March 2022		-		-		-		1,437,460		1,437,460

CHLTC LTD
Notes to the Accounts
for the year ended 31 March 2022
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.
	Grant Income
	During the year the company benefited from receipts under the Coronavirus Job Retention Scheme (CJRS) and local authority grants. The company also benefited from Business Rates Relief. Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
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 June 2022
3	Employees					2022		2021
Number							Number
	Average number of persons employed by the company					23		19
4	Tangible fixed assets
				Land and buildings		Plant and machinery etc		Total
£					£		£
	Cost
	At 1 April 2021			2,445,431		772,639		3,218,070
	Additions			-		15,597		15,597
	At 31 March 2022			2,445,431		788,236		3,233,667
	Depreciation
	At 1 April 2021			-		542,539		542,539
	Charge for the year			-		67,211		67,211
	At 31 March 2022			-		609,750		609,750
	Net book value
	At 31 March 2022			2,445,431		178,486		2,623,917
	At 31 March 2021			2,445,431		230,100		2,675,531
5	Debtors					2022		2021
£							£
	Other debtors					15,775		69,923
	Amounts due after more than one year included above					4,460		5,947
6	Creditors: amounts falling due within one year					2022		2021
£							£
	Obligations under finance lease and hire purchase contracts					2,193		-
	Trade creditors					27,309		70,123
	Corporation tax					82		63
	Other taxes and social security costs					15,799		5,397
	Other creditors					89,515		110,531
						134,898		186,114
7	Creditors: amounts falling due after one year					2022		2021
£							£
	Obligations under finance lease and hire purchase contracts					1,474		5,530
	Other creditors (see note 8)					1,655,050		1,679,600
						1,656,524		1,685,130
8	Loans					2022		2021
£							£
	Creditors include:
	Falling due for payment after more than one year					1,655,050		1,679,600
	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 and Noteholders).
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 2022.
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.