Charioturn Limited - Period Ending 2022-12-31

Charioturn Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 10

Charioturn Limited

Company Information

Directors

B Chandaria K K Chandaria

Company secretary

K Chandaria

Registered office

1st Floor, Unitec House 2 Albert Place Finchley Central London N3 1QB

Accountants

KSEG Chartered Accountants Belfry House Champions Way Hendon London NW4 1PX

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Charioturn Limited
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charioturn Limited for the year ended 31 December 2022 which comprise the statement of income, balance sheet, statement of changes in equity and the related notes, from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Charioturn Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Charioturn Limited. You consider that Charioturn Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Charioturn Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Charioturn Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Charioturn Limited and state those matters that we have agreed to state to the Board of Directors of Charioturn Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charioturn Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

23 June 2023

Charioturn Limited

(Registration number: 02716156)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	80	100
Investments	5	263,150	265,168
		263,230	265,268
Current assets
Debtors	6	159,230	126,826
Cash at bank and in hand		68,404	96,596
		227,634	223,422
Creditors: Amounts falling due within one year	7	(5,755)	(22,167)
Net current assets		221,879	201,255
Net assets		485,109	466,523
Capital and reserves
Called up share capital	8	1,000	1,000
Retained earnings		484,109	465,523
Shareholders' funds		485,109	466,523

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question 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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of income and directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 22 June 2023 and signed on its behalf by:
 

.........................................

B Chandaria
Director

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.

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

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following judgements:

- Determine to what extent there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Turnover

Turnover represents property and other investment management fees receivable for services provided during the year.

Sundry income

Sundry income in the prior year comprises the Coronavirus Job Retention Scheme grant receivable from the government and recognised as income, using the accruals model, on the systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Foreign currency transactions are translated at the rates ruling when they occurred unless the average rate for the period approximate ot the actual rate, in which case the average rate is used. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Any differences are taken to profit or loss. Non-monetary items that are measured at historic cost in a foreign currency are not re-translated.

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that they are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, evenly over their estimated useful lives, as follows:

Asset class	Rate and method
Furniture, fittings & equipment	20% on reducing balance

Cash at bank and in hand

This comprises cash at bank.

Investments

Investments are measured in the company's balance sheet at cost less any accumulated impairment. Any impairment in value is written off to the statement of income.

An entity is treated as a subsidiary undertaking where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activites.

An entity is treated as an associate where the company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

An entity is treated as other investment if it does not satisfy the criteria to be treated as a subsidiary undertaking or an associate.

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank, other debtors and other creditors are measured initially at transaction price and subsequently at amortised cost using the effective interest method, where appropriate.

Dividends

Final equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

Pensions

Contributions payable by the company to private pension schemes of its employees are charged in the profit or loss in the year in which they are paid.

3	Employee information

The average number of persons employed by the company (including directors) during the year was 3 (2021 - 3).

4	Tangible assets

	Furniture, fittings and equipment  £
Cost
At 1 January 2022	5,555
At 31 December 2022	5,555
Depreciation
At 1 January 2022	5,455
Charge for the year	20
At 31 December 2022	5,475
Carrying amount
At 31 December 2022	80
At 31 December 2021	100

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5	Investments

	2022 £	2021 £
Investment in subsidiary	-	1
Investment in associate	263,150	265,167
	263,150	265,168

Subsidiary	£
Cost
At 1 January 2022	1
Write off during the year	(1)
At 31 December 2022	-
Carrying amount
At 31 December 2022	-
At 31 December 2021	1

Associate	£
Cost
At 1 January 2022	265,167
Reclassification	(2,017)
At 31 December 2022	263,150
Carrying amount
At 31 December 2022	263,150
At 31 December 2021	265,167

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Details of investments

Details of investments in which the company holds a direct interest in 20% or more of the nominal value of any class of capital are as follows:

	Registered office	Holding	Percentage of voting rights held
			2022	2021
Subsidiary
Charioturn Ventures Limited	2 Albert Place London N3 1QB England	Ordinary shares	-	100%
Associate
Charioturn Capital LLP	1st Floor Unitec House 2 Albert Place London N3 1QB	Members' A capital	27.98%	29.98%
	England

Subsidiary Charioturn Ventures Limited Charioturn Ventures Limited, a company incorporated in England, was dormant and non trading. The company was dissolved on 19 April 2022.

Associate

Charioturn Capital LLP The principal activity of Charioturn Capital LLP, an LLP registered in England, is making investments.

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

	Note	2022 £	2021 £
Amounts due from subsidiary	9	-	1,826
Amounts due from associate		34,230	-
Other debtors		125,000	125,000
		159,230	126,826

£125,000 (2021 - £125,000) of other debtors is due after more than one year.

7	Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Shareholders' loans	9	878	878
Corporation tax payable		-	17,684
Other taxes and social security		1,577	905
Accruals		3,300	2,700
		5,755	22,167

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

Charioturn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9	Related party transactions

Loans to related parties

2022	Subsidiary £
At start of year	1,826
Advanced during the year	10
Loans written off	(1,836)
At end of year	-

2021	Subsidiary £
At start of year	913
Advanced during the year	913
At end of year	1,826

Terms of loans to related parties

Loans to subsidiary are unsecured, interest free and repayable on demand.
 

Loans from shareholders

2022	£
At start of year	878
At end of year	878

2021	£
At start of year	14,478
Repaid during the year	(13,600)
At end of year	878

Terms of loans from shareholders

The loans from shareholders are unsecured, interest free and repayable on demand.

10

Control

There is no controlling party as no shareholder has more than 50% beneficial holding in the company.