Chichester Bond Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05885824 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

CHICHESTER BOND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P W Hilder

F R Welkerling

REGISTERED OFFICE:

Unit 3 Crompton Way

Segensworth West

Fareham

Hampshire

PO15 5SS

REGISTERED NUMBER:

05885824 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

744

5,306

CURRENT ASSETS

Debtors

5

85,997

125,906

Cash at bank

91,151

241,705

177,148

367,611

CREDITORS

Amounts falling due within one year

6

159,266

363,226

NET CURRENT ASSETS

17,882

4,385

TOTAL ASSETS LESS CURRENT LIABILITIES

18,626

9,691

PROVISIONS FOR LIABILITIES

141

-

NET ASSETS

18,485

9,691

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Retained earnings

14,485

5,691

18,485

9,691

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 13 July 2021 and were signed on its behalf by:

P W Hilder - Director

1.	STATUTORY INFORMATION

Chichester Bond 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors have prepared a going concern assessment for a period of at least 12 months from the date of approval of these financial statements, which includes modelling severe but plausible financial scenarios that take into consideration the current economic environment due to COVID-19. In all scenarios, the company expects to operate within the level of its current borrowing facilities. The directors have considered the potential range of future financial performance and several steps have been taken to ensure that the company maintains a strong balance sheet and liquidity position.

At 31 October 2020 the group was funded by a rolling overdraft of £1.5m, that was renewed on normal commercial terms in February 2021, a Coronavirus Business Interruption Loan of £2.0m secured in October 2020 with a 12 month payment holiday and repayable by instalments to 2025. The group has headroom on these facilities at the end of October of £2.8m.

The directors have considered the available liquid resources and the future prospects of the company in accordance with its strategy and revenue generated is expected to cover expenditure and cashflow requirements will be sufficiently covered. The directors are satisfied that the company is in a position to meet its liabilities as they fall due over the period to 31 October 2022 and on this basis, the directors have prepared the financial statements on a going concern basis.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as fair value of the consideration received or receivable, excluding rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied;

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be reliably measured;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other operating income

Other operating income includes storage and delivery sales receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing assets to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 3 ).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2019

and 31 October 2020

24,477

DEPRECIATION

At 1 November 2019

19,171

Charge for year

4,562

At 31 October 2020

23,733

NET BOOK VALUE

At 31 October 2020

744

At 31 October 2019

5,306

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

39,052

19,250

Other debtors

46,945

106,656

85,997

125,906

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

708

17,255

Amounts owed to group undertakings

55,973

70,428

Taxation and social security

19,322

4,921

Other creditors

83,263

270,622

159,266

363,226

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sam Ede BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

8.	CONTINGENT LIABILITIES

The company holds a Premises Guarantee to the value of £250,000. This is in relation to the duty value on the duty suspended products stored within the Bonded warehouse. The company's bank acts as a guarantor for the full value and retains a fixed and floating charge against all current and future assets of the company for security. This liability would only crystalise in the event of HMRC deeming it necessary to recoup duty on goods which entered the UK market. There is no evidence of any events this year that would cause crystallisation.

An unlimited multilateral guarantee is in place with Compass Supply Solutions Limited, Ltd, CSS Group Limited, CSS Chill Chain Limited, Chichester Bond Limited and a related company.

9.	ULTIMATE CONTROLLING PARENT

The ultimate parent undertaking is CSS Group Limited by virtue of its ownership of the equity share capital of Compass Supply Solutions Limited. CSS Group Limited is a company incorporated in England and Wales which is controlled by its directors. CSS Group Limited is the largest and Compass Supply Solutions Limited is the smallest group of undertakings for which financial statements are drawn up. Consolidated financial statements for CSS Group Limited are available from Companies House, Crown Way, Cardiff, CF13 3UZ