Chaney & Chaney Limited
Chaney & Chaney Limited
Registered number: 10469956
Unaudited Financial Statements
For The Year Ended
30 November 2023
TONY R J ELSDON FCCA
Chartered Certified Accountant
31 Wildcroft Drive
North Holmwood
Dorking
Surrey
RH5 4TL
Chaney & Chaney Limited
Unaudited Financial Statements
For The Year Ended
30 November 2023
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—6 |
Chaney & Chaney Limited
Accountant's Report
For The Year Ended
30 November 2023
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended
30 November 2023
your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
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Chartered Certified Accountant
31 Wildcroft Drive
North Holmwood
Dorking
Surrey
RH5 4TL
Chaney & Chaney Limited
Balance Sheet
As At
30 November 2023
Balance Sheet
Registered number:
10469956
For the year ending 30 November 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Revaluation reserve | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 20,382 | 21,457 | |||
Chaney & Chaney Limited
Balance Sheet (continued)
As At
30 November 2023
On behalf of the board
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Director
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Director
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The notes on pages 4 to 6 form part of these financial statements.
Chaney & Chaney Limited
Notes to the Financial Statements
For The Year Ended
30 November 2023
Notes to the Financial Statements
1.
General Information
Chaney & Chaney Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
10469956
. The registered office is 31 Wildcroft Drive, North Holmwood, Dorking, Surrey, RH5 4TL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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| Fixtures & Fittings |
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2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
Chaney & Chaney Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 November 2023
4.
Tangible Assets
| Land & Property | |||
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| Depreciation | |||
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| Net Book Value | |||
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In the opinion of the directors the market value of the leasehold property is approximately similar to the cost or valuation amounts reflected in these finanancial statements and no revaluation of these assets is therefore considered necessary for this year.
5.
Debtors
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| Prepayments and accrued income |
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6.
Creditors: Amounts Falling Due Within One Year
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| Corporation tax |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to related parties |
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Chaney & Chaney Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 November 2023
8.
Reserves
| Revaluation Reserve | |
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9.
Related Party Transactions
At 30 November 2023 the balance owed to the directors was £99,900 (2022: £99,900) and is included in the Balance Sheet under creditors due to be repaid with the next twelve months.
The company had previously received loans of £350,000 from Plus 4 Audio Limited, a company incorporated in England & Wales. The directors, Mr S C Chaney and Mrs C J Chaney, are both officers and shareholders in Plus 4 Audio Limited. At 30 November 2023 the balance owed by the company was £350,000 (2022: £350,000) and is included in the Balance Sheet under creditors due to be repaid with the next twelve months.