Company No: 06221105 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Investments	3	1,302,869		1,302,869
		1,302,869		1,302,869
Current assets
Debtors	4	1,985		0
Cash at bank and in hand		0		622
		1,985		622
Creditors: amounts falling due within one year	5	( 1,172,370)		( 1,172,442)
Net current liabilities		(1,170,385)		(1,171,820)
Total assets less current liabilities		132,484		131,049
Net assets		132,484		131,049
Capital and reserves
Called-up share capital	6	20,575		20,575
Share premium account		67,500		67,500
Capital redemption reserve		30,425		30,425
Profit and loss account		13,984		12,549
Total shareholders' funds		132,484		131,049

For the financial year ending 30 June 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Chimney Holdings Limited (registered number: 06221105) were approved and authorised for issue by the Director on 25 January 2023. They were signed on its behalf by:

Andrew John Baker Director

Allan John Vodden Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chimney Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Senate Court, Southernhay Gardens, Exeter, EX1 1NT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 July 2021	1,302,869
At 30 June 2022	1,302,869
Carrying value at 30 June 2022	1,302,869
Carrying value at 30 June 2021	1,302,869

4. Debtors

	2022		2021
	£		£
Prepayments	1,985		0

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Amounts owed to fellow subsidiaries	1,159,685		1,154,007
Accruals	12,349		17,850
Corporation tax	336		585
	1,172,370		1,172,442

6. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
205,750 A ordinary shares of £ 0.10 each	20,575		20,575

During the prior year, the company undertook a share buyback of 239,250 ordinary shares for consideration of £637,500.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charges represent contributions payable by the Company to the fund amounted to £1,321 (2021: £1,358). Contributions totalling £Nil (2021: £Nil) were payable to the fund at the reporting date and are included in creditors.

8. Related party transactions

During the period, the Company received a management charge of £100,000 (2021: £120,000) and dividends of £Nil (2021: £650,000) from Rangemoors Limited, a wholly owned subsidiary. The Company has also maintained a loan accounts with Rangemoors Limited. At the period end, the Company owed £1,159,685 (2021: £1,154,007) to its subsidiary. No interest is charged on this loan and it is payable on demand.