Chanabellas Ltd - Period Ending 2017-05-31

Registration number: 08066023

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Chanabellas Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Chanabellas Ltd

Contents

Company Information	1
Director's Report	2
Profit and Loss Account	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 8

Chanabellas Ltd

Company Information

Director

Charlene Taylor

Registered office

10 Minerva Drive Watford WD24 5LD

Page 1

Chanabellas Ltd

Director's Report for the Year Ended 31 May 2017

The director presents her report and the financial statements for the year ended 31 May 2017.

Director of the company

The director who held office during the year was as follows:

Charlene Taylor

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 20 June 2017 and signed on its behalf by:

.........................................
Charlene Taylor
Director

Page 2

Chanabellas Ltd

Profit and Loss Account for the Year Ended 31 May 2017

	Note	Total 31 May 2017 £	Total 31 May 2016 £
Turnover		228,280	-
Administrative expenses		(204,704)	-
Operating profit		23,576	-
Interest payable and similar expenses		(1,622)	-
		(1,622)	-
Profit before tax		21,954	-
Taxation		(4,354)	-
Profit for the financial year		17,600	-

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 3

Chanabellas Ltd

(Registration number: 08066023)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Current assets
Cash at bank and in hand		35,616	1
Creditors: Amounts falling due within one year	4	(18,015)	-
Net assets		17,601	1
Capital and reserves
Called up share capital		1	1
Profit and loss account		17,600	-
Total equity		17,601	1

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 June 2017
 

.........................................

Charlene Taylor

Director

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 4

Chanabellas Ltd

Statement of Changes in Equity for the Year Ended 31 May 2017

	Share capital £	Profit and loss account £	Total £
At 1 June 2016	1	-	1
Profit for the year	-	17,600	17,600
Total comprehensive income	-	17,600	17,600
At 31 May 2017	1	17,600	17,601

	Share capital £	Total £
At 1 June 2015	1	1
At 31 May 2016	1	1

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 5

Chanabellas Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales, registration number 08066023.

The address of its registered office is:
10 Minerva Drive
Watford
WD24 5LD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 and the Companies Act 2006.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 6

Chanabellas Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

Where material, full provision is made for deferred tax asset and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 7

Chanabellas Ltd

Notes to the Financial Statements for the Year Ended 31 May 2017

4

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		11,681	-
Other creditors		6,334	-
		18,015	-

5	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 May 2016. The date of transition to FRS 102 was 1 January 2015. There are no transitional adjustments arising from the first time adoption of FRS 102.

Page 8