S.F. Chapman & Son (Hastings) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00755160 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

S.F. CHAPMAN & SON (HASTINGS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Simnett

A J Simnett

SECRETARY:

A J Simnett

REGISTERED OFFICE:

61 Harley Shute Road

St Leonards on Sea

East Sussex

TN38 8BY

REGISTERED NUMBER:

00755160 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

BANKERS:

Barclays Bank PLC

Hanover House

Marine Court

St Leonards on Sea

East Sussex

TN38 0DX

FIXED ASSETS

Tangible assets

4

3,108

4,140

CURRENT ASSETS

Stocks

500

500

Debtors

5

4,203

3,597

Cash at bank

15,405

23,819

20,108

27,916

CREDITORS

Amounts falling due within one year

6

(7,773

)

(9,453

)

NET CURRENT ASSETS

12,335

18,463

TOTAL ASSETS LESS CURRENT LIABILITIES

15,443

22,603

PROVISIONS FOR LIABILITIES

7

(777

)

(1,035

)

NET ASSETS

14,666

21,568

CAPITAL AND RESERVES

Called up share capital

8

4

4

Retained earnings

14,662

21,564

SHAREHOLDERS' FUNDS

14,666

21,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 by the Board of Directors and authorised for issue on 25 April 2024 and were signed on its behalf by:

D Simnett - Director

1.	STATUTORY INFORMATION

S.F. Chapman & Son (Hastings) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of electrical contracting services is recognised at the point of sale.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery

-

15% reducing balance

Fixtures & fittings

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% reducing balance

Stocks

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

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2023

and 31 March 2024

1,472

17,995

2,357

21,824

DEPRECIATION

At 1 April 2023

1,440

13,988

2,256

17,684

Charge for year

5

1,002

25

1,032

At 31 March 2024

1,445

14,990

2,281

18,716

NET BOOK VALUE

At 31 March 2024

27

3,005

76

3,108

At 31 March 2023

32

4,007

101

4,140

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Trade debtors

3,465

3,465

Other debtors

738

132

4,203

3,597

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Trade creditors

1,060

1,450

Taxation and social security

3,512

4,915

Other creditors

3,201

3,088

7,773

9,453

7.	PROVISIONS FOR LIABILITIES

31.3.24

31.3.23

£

£

Deferred tax

777

1,035

Deferred

tax

£

Balance at 1 April 2023

1,035

Provided during year

(258

)

Accelerated capital allowances

Balance at 31 March 2024

777

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.24

31.3.23

value:

£

£

8

Ordinary

50p

4

4