CHESTNUT_GROUP_LIMITED - Accounts

CHESTNUT GROUP LIMITED - Company Information

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Company Registration No. 00753994 (England and Wales)

CHESTNUT GROUP LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2016

CHESTNUT GROUP LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

CHESTNUT GROUP LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

417,383

453,589

Investments

25,100

442,483

478,689

Current assets

Debtors

268,932

337,423

Cash at bank and in hand

159,061

173,136

427,993

510,559

Creditors: amounts falling due within one year

(70,014)

(124,128)

Net current assets

357,979

386,431

Total assets less current liabilities

800,462

865,120

Provisions for liabilities

(20,545)

(23,912)

779,917

841,208

Capital and reserves

Called up share capital

40,000

Revaluation reserve

34,984

36,617

Profit and loss account

704,933

764,591

Shareholders' funds

779,917

841,208

CHESTNUT GROUP LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JULY 2016

- 2 -

For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 25 April 2017

Mr R M Liddle

Director

Company Registration No. 00753994

CHESTNUT GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

2.5% per annum - straight line basis

Plant and machinery

15% per annum - straight line basis

Fixtures, fittings & equipment

10% per annum - straight line basis (33.33% per annum on computer equipment)

Motor vehicles

25% per annum - straight line basis

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.9

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

CHESTNUT GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 August 2015

1,402,508

130,624

1,533,132

Disposals

(51,410)

(450)

(51,860)

At 31 July 2016

1,351,098

130,174

1,481,272

Depreciation

At 1 August 2015

948,919

105,524

1,054,443

On disposals

(50,983)

Charge for the year

35,779

(450)

35,329

At 31 July 2016

933,715

105,074

1,038,789

Net book value

At 31 July 2016

417,383

25,100

442,483

At 31 July 2015

453,589

25,100

478,689

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Mountelm Limited

England & Wales

Ordinary

100.00

Townroe Holdings Limited

England & Wales

Ordinary

100.00

Townroe (Hi-Tech) Plating) Limited

England & Wales

Ordinary

100.00

Mountelm Resue & Salvage Co Ltd

England & Wales

Ordinary

100.00

CHESTNUT GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

Fixed assets

(Continued)

- 5 -

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Mountelm Limited

Scrap metal

124,183

(23,056)

Townroe Holdings Limited

Non-trading

Townroe (Hi-Tech) Plating) Limited

Non-trading

(643,229)

Mountelm Resue & Salvage Co Ltd

Property

612

Full provision has been made in previous years for the diminution in the value of the company's investments in Townroe Holdings Limited and Townroe (Hi-Tech Plating) Limited which are wholly owned subsidiaries and which ceased to trade in 2005.

Share capital

2016

2015

Allotted, called up and fully paid

40,000 Ordinary of £1 each

40,000