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Registered number: 02836404
CHESS ICT BURNLEY LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2023
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CHESS ICT BURNLEY LIMITED
REGISTERED NUMBER:02836404
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BALANCE SHEET
AS AT 30 APRIL 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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CHESS ICT BURNLEY LIMITED
REGISTERED NUMBER:02836404
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BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 11 form part of these financial statements.
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CHESS ICT BURNLEY LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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Capital contribution reserve
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Comprehensive profit for the year
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Intercompany restructure*
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Transfer to/from profit and loss account
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Comprehensive profit for the year
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*The debit to the profit and loss account arising from the intercompany restructure represented the write-off of intercompany balances owed from fellow companies within the group headed by Chess Limited, the ultimate parent undertaking.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Chess ICT Burnley Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 02836404). The registered office address is Bridgford House, Heyes Lane, Alderley Edge, Cheshire, SK9 7JP.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have considered the principal risks and uncertainties facing the Company and have established policies for managing these. The directors have prepared a cash flow forecast covering future periods, which shows, when considering all reasonably possible changes in trading, that the Company should be able to comfortably meet its liabilities as they fall due.
As at 30 April 2023, the Company’s had net assets of £968,215 (2022 - £858,401). The Company also generated an EBITDA of £109,814 (2022 - £1,595,472). The directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the 12 months post signing. This analysis supports the conclusion of the directors that it is appropriate to prepare the financial statements on a going concern basis for the Company.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Turnover is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
Installations
Turnover is recognised at a point in time when the installation work is undertaken.
Support and services
Turnover is recognised evenly over the support period in line with terms and conditions of the contract. Where the amount invoiced at the balance sheet date exceeds the value of the work performed, the excess is recognised as deferred income within current liabilities. If the level of invoicing is less than the value of work performed the shortfall is recognised as accrued income in current assets.
Hardware and software
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Intellectual property
Intellectual property is initially recognised at cost. Initial capitalisation of costs is based on managements' judgement that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone. The capitalised expenditure is the subsequently amortised on a straight-line basis over their useful economic life of 5 years.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
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Current and deferred taxation
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Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are 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 the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
The Company has no employees other than the directors, who did not receive any remuneration (2022 - £Nil).
The directors are also directors of other group companies and are remunerated through another group company. These costs are then recharged from Chess ICT Limited in 2023 and Chess People Limited in 2022 based on the time spent on Group activities.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trade debtors are stated after provision for impairment of £102,384 (2022 - £61,365).
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
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Capital contribution reserve
This reserve represents the cumulative amounts charged in respect of the write-off of intercompany balances owed to other entities in the group headed by Chess Limited, the ultimate parent undertaking.
Profit and loss account
This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
The Company is a guarantor for bank loan facilities consisting of a non-amortising loan of £15m and a non-amortising £5m revolving facility held in the Group headed by Chess Limited. These facilities have a termination date of 31 January 2026.
The immediate parent undertaking is Chess ICT Limited, a company registered in England and Wales.
The ultimate parent undertaking is Chess Limited, a company registered in England and Wales.
The largest and smallest group of undertakings for which group accounts for the year ending 30 April 2023 have been drawn up, is that headed by Chess Limited. The registered office address of Chess Limited is Bridgford House, Heyes Lane, Alderley Edge, Cheshire, SK9 7JP. Copies of the group accounts are available from Companies House.
The ultimate controlling party is C D Pollock, by virtue of their shareholding and directorship in the ultimate parent undertaking.
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CHESS ICT BURNLEY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
The auditor's report on the financial statements for the year ended 30 April 2023 was unqualified.
The audit report was signed on 19 February 2024 by Stephen Drew (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.
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