New Chapel Car Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06713675 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

NEW CHAPEL CAR COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C J Bryant

P R Lockyer

REGISTERED OFFICE:

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

REGISTERED NUMBER:

06713675 (England and Wales)

ACCOUNTANTS:

Stone Osmond Limited

75 Bournemouth Road

Chandlers Ford

Eastleigh

Hampshire

SO53 3AP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,177

3,514

4,177

3,514

CURRENT ASSETS

Stocks

100,400

137,521

Debtors

6

52,822

42,435

Cash at bank and in hand

26,388

56,432

179,610

236,388

CREDITORS

Amounts falling due within one year

7

170,851

201,906

NET CURRENT ASSETS

8,759

34,482

TOTAL ASSETS LESS CURRENT LIABILITIES

12,936

37,996

PROVISIONS FOR LIABILITIES

794

668

NET ASSETS

12,142

37,328

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

12,042

37,228

SHAREHOLDERS' FUNDS

12,142

37,328

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 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 and authorised for issue by the Board of Directors and authorised for issue on 28 July 2023 and were signed on its behalf by:

P R Lockyer - Director

C J Bryant - Director

1.	STATUTORY INFORMATION

New Chapel Car Company 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.

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, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

5% on reducing balance

Improvements to property

-

5% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2021

and 31 October 2022

40,000

AMORTISATION

At 1 November 2021

and 31 October 2022

40,000

NET BOOK VALUE

At 31 October 2022

-

At 31 October 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

and

Computer

leasehold

property

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 November 2021

3,515

5,923

106

2,179

11,723

Additions

-

-

150

1,124

1,274

At 31 October 2022

3,515

5,923

256

3,303

12,997

DEPRECIATION

At 1 November 2021

2,242

3,779

93

2,095

8,209

Charge for year

64

107

24

416

611

At 31 October 2022

2,306

3,886

117

2,511

8,820

NET BOOK VALUE

At 31 October 2022

1,209

2,037

139

792

4,177

At 31 October 2021

1,273

2,144

13

84

3,514

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,850

2,800

Other debtors

49,972

39,635

52,822

42,435

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

(2

)

10,002

Taxation and social security

10,776

33,391

Other creditors

160,077

158,513

170,851

201,906

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2022 and 31 October 2021:

2022

2021

£

£

C Hall and Mrs A Hall

Balance outstanding at start of year

(39,634

)

(76,270

)

Amounts advanced

(57,912

)

(51,588

)

Amounts repaid

53,574

88,224

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(43,972

)

(39,634

)

9.	RELATED PARTY DISCLOSURES

At the year end date, the company owed the directors Mr & Mrs C Hall £40,000 (2021 - £40,000) by way of personal loan. The loan is interest free and repayable upon demand.

10.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.