Chestnut Holdings Ltd - Accounts to registrar (filleted) - small 23.1

REGISTERED NUMBER: 06514800 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

for

Chestnut Holdings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Kawaljit Singh Obhrai

REGISTERED OFFICE:

SDC (2012) Ltd P/A Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

REGISTERED NUMBER:

06514800 (England and Wales)

ACCOUNTANTS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

FIXED ASSETS

Investments

4

100

100

CURRENT ASSETS

Debtors

5

3,311,757

2,953,354

CREDITORS

Amounts falling due within one year

6

759,542

498,346

NET CURRENT ASSETS

2,552,215

2,455,008

TOTAL ASSETS LESS CURRENT LIABILITIES

2,552,315

2,455,108

CREDITORS

Amounts falling due after more than one year

7

(2,243,330

)

(2,157,139

)

PROVISIONS FOR LIABILITIES

(1,894,973

)

(1,778,341

)

NET LIABILITIES

(1,585,988

)

(1,480,372

)

CAPITAL AND RESERVES

Called up share capital

100

100

Equity reserves

293,500

293,500

Retained earnings

(1,879,588

)

(1,773,972

)

SHAREHOLDERS' FUNDS

(1,585,988

)

(1,480,372

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director and authorised for issue on 22 May 2023 and were signed by:

Kawaljit Singh Obhrai - Director

1.	STATUTORY INFORMATION

Chestnut Holdings Ltd 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.

Consolidation

In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken an advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare the group accounts.

Going concern

The company has net liabilities of £1,585,988 (2021: £1,480,372) as at 31 August 2022. The director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern. On the basis of his assessment of the company's financial position and the financial position of the trading subsidiary, the director has reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. The parent companies have also indicated that they do not intend to seek repayment of the amounts due at the Balance Sheet date in the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

Financial instruments

Investment in subsidiary

Investment in subsidiary is stated at the net asset value of the subsidiary company, which is considered to be the its fair value, unless the net asset value is negative, in which case the investment's carrying value is considered to be nil. Difference between the net asset value and the historical cost is recognised in other comprehensive income (OCI), with net revaluation gain recognised in OCT and net revaluation loss in profit and loss to the extent that this is not reversal of previous revaluation gain.

Borrowings classified as basic financial instruments

Borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2021

and 31 August 2022

100

NET BOOK VALUE

At 31 August 2022

100

At 31 August 2021

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by group undertakings

3,311,757

2,953,354

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

756,958

496,206

Taxation and social security

2,584

2,140

759,542

498,346

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

2,243,330

2,157,139

8.	RELATED PARTY DISCLOSURES

The company received an interest bearing loan from its shareholders. Interest is payable at an average cost of finance to the group plus a margin of 0.25% per annum. The total balances outstanding at the Balance Sheet date were £1,243,125 and £1,000,205 respectively (2021: £1,195,083 and £962,056). Terms of the loan have been reviewed and extended up to 1 September 2025.

The director confirms that there were no other material related party transactions during the year that require disclosure.

Other than the transactions disclosed above, the company's other related party transactions were with wholly owned subsidiaries and so have not been disclosed.

9.	ULTIMATE CONTROLLING PARTY

The parent company is Sycamore Ltd, a company registered in Isle of Man.

The ultimate controlling party is The Blue Waters Trust, a trust registered in Isle of Man.