Chimewood Limited
Chimewood Limited
Registered number: 4288505
Unaudited Financial Statements
For The Year Ended 31 March 2017
Lake & Co
Chartered Accountants
25A Kenton Park Parade
Kenton
Harrow
England
HA3 8DN
Chimewood Limited
Unaudited Financial Statements
For The Year Ended 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—6 |
Chimewood Limited
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
4288505
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 6 |
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| CURRENT ASSETS | |||||
| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 40,654 | 35,142 | |||
Page 1
Chimewood Limited
Balance Sheet (continued)
As at
31 March 2017
Directors' responsibilities:
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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.
On behalf of the board
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The notes on pages 4 to 6 form part of these financial statements.
Page 2
Chimewood Limited
Statement of Changes in Equity
For The Year Ended 31 March 2017
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 April 2015 |
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14,977 |
| Profit for the year and total comprehensive income | - |
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20,165 |
| As at 31 March 2016 and 1 April 2016 |
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35,142 |
| Profit for the year and total comprehensive income | - |
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5,512 |
| As at |
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40,654 |
Page 3
Chimewood Limited
Notes to the Unaudited Accounts
For The Year Ended 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
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:
| Freehold |
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| Fixtures & Fittings |
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1.4.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.5.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
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4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 4
Chimewood Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
5.
Interest Payable
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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6.
Tangible Assets
| Land & Property | |||
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| Freehold | Fixtures & Fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| As at |
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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7.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by related undertakings | 171,552 | - | |
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Amount owed by related undertakings is in respect of monies due by Goldlodge Limited £160,452 (2016 : Nil) and Crownfern Limited £11,100 (2016 : Nil) in which all the shareholders of this company are equal shareholders and directors of those companies. The balance arises as a result of transactions carried out at arms length.
Page 5
Chimewood Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 March 2017
8.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Corporation tax |
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| VAT |
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| Net wages | 697 | - | |
| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to related parties |
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The bank loan is secured via a first legal charge over the company's freehold property and also over the other assets of the company.
Amount owed to related parties is in respect of a sum of £161,609 (2016:£123,515) due to Rucktree Ltd in which all the shareholders of this company are equal shareholders and directors of that company. The balances arise as a result of transactions carried out at arms length.
Included in in the directors current account is a balance due to the directors as follows:-
HS Lakhani £9,348 (2016: £20,514)
BS Lakhani £12,654 (2016: £23,822)
S Lakhani £3,348 (2016: £14,514)
9.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans |
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11.
General Information
Chimewood Limited Registered number 4288505 is a limited by shares company incorporated in England & Wales. The Registered Office is 25A KENTON PARK PARADE, KENTON ROAD, HARROW, MIDDLESEX, HA3 8DN.
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