Charworth Limited - Accounts to registrar (filleted) - small 18.2

Charworth Limited - Accounts to registrar (filleted) - small 18.2

CHARWORTH LIMITED - Company Information

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REGISTERED NUMBER: 06530052 (England and Wales)















Financial Statements for the Year Ended 31 March 2021

for

Charworth Limited
Charworth Limited (Registered number: 06530052)

Contents of the Financial Statements
for the Year Ended 31 March 2021










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Charworth Limited

Company Information
for the Year Ended 31 March 2021







DIRECTORS: P K Sedani
Mrs N Sedani





SECRETARY: Mrs N Sedani





REGISTERED OFFICE: 15 Albany Crescent
Edgware
Middlesex
HA8 5AL





REGISTERED NUMBER: 06530052 (England and Wales)





Page 1
Charworth Limited (Registered number: 06530052)

Abridged Statement of Financial Position
31 March 2021

31.3.21 31.3.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 73,500 88,200
Tangible assets 5 46,886 60,602
120,386 148,802

CURRENT ASSETS
Stocks 88,568 90,683
Debtors 144 140
Cash at bank and in hand 598,783 377,720
687,495 468,543
CREDITORS
Amounts falling due within one year 115,546 81,187
NET CURRENT ASSETS 571,949 387,356
TOTAL ASSETS LESS CURRENT
LIABILITIES
692,335
536,158

PROVISIONS FOR LIABILITIES 5,703 7,727
NET ASSETS 686,632 528,431

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 686,532 528,331
SHAREHOLDERS' FUNDS 686,632 528,431

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 notes form part of these financial statements

Page 2 continued...
Charworth Limited (Registered number: 06530052)

Abridged Statement of Financial Position - continued
31 March 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 December 2021 and were signed on its behalf by:




P K Sedani - Director



Mrs N Sedani - Director


The notes form part of these financial statements

Page 3
Charworth Limited (Registered number: 06530052)

Notes to the Financial Statements
for the Year Ended 31 March 2021


1. STATUTORY INFORMATION

Charworth 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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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 arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life.

The company previously amortised goodwill over a life of 20 years, however in order to comply with the adoption of FRS 102 Section 1A, the company has changed the amortisation period to a life of within 10 years. The company did not adjust the carrying amount upon adoption which is in line with section 19.

Goodwill relates to the acquisition of business in 2008 and the carrying amount is now being evenly amortised over a finite life of 10 years from the date of the change in policy , being the 1 April 2016.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 20% on reducing balance
Motor van - 25% on cost
Computer equipment - 20% on reducing balance

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to 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.


Page 4 continued...
Charworth Limited (Registered number: 06530052)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2021


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Grants of a revenue nature are recognised in 'other income' under the 'performance model' within income statement in the same period once the recognition criteria have been met.

The company has benefitted from business grant from the local authority pursuant to covid-19 support measures announced by government to small businesses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 7 ) .

Page 5 continued...
Charworth Limited (Registered number: 06530052)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2021


4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2020
and 31 March 2021 245,000
AMORTISATION
At 1 April 2020 156,800
Amortisation for year 14,700
At 31 March 2021 171,500
NET BOOK VALUE

At 31 March 2021 73,500
At 31 March 2020 88,200

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2020
and 31 March 2021 138,975
DEPRECIATION
At 1 April 2020 78,373
Charge for year 13,716
At 31 March 2021 92,089
NET BOOK VALUE
At 31 March 2021 46,886
At 31 March 2020 60,602

6. LEASING AGREEMENTS
At the date of Statement of Financial Position, the company had total commitments under non-cancellable operating leases in the sum of £145,083 (2020: £174,537).

7. RELATED PARTY DISCLOSURES

The company was under the control of the directors, Mr P K Sedani & Mrs N P Sedani, during the current and previous accounting period by virtue of the fact that between them they own the entire issued share capital of the company.

At the date of Statement of Financial Position, the company owed the directors a sum of £426 (2020: £430).

Page 6