Cheldwell Investment Company Limited Small abridged accounts

CHELDWELL INVESTMENT COMPANY LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-01-01 Sage Accounts Production Advanced 2017 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 01232650 2016-01-01 2016-12-31 01232650 2016-12-31 01232650 2015-12-31 01232650 2015-01-01 2015-12-31 01232650 2015-12-31 01232650 bus:RegisteredOffice 2016-01-01 2016-12-31 01232650 bus:LeadAgentIfApplicable 2016-01-01 2016-12-31 01232650 bus:Director1 2016-01-01 2016-12-31 01232650 bus:Director2 2016-01-01 2016-12-31 01232650 bus:Director3 2016-01-01 2016-12-31 01232650 bus:CompanySecretary1 2016-01-01 2016-12-31 01232650 core:RevaluationReserve 2015-01-01 2015-12-31 01232650 core:RetainedEarningsAccumulatedLosses 2015-01-01 2015-12-31 01232650 core:RetainedEarningsAccumulatedLosses 2016-01-01 2016-12-31 01232650 core:WithinOneYear 2016-12-31 01232650 core:WithinOneYear 2015-12-31 01232650 core:ShareCapital 2016-12-31 01232650 core:ShareCapital 2015-12-31 01232650 core:RevaluationReserve 2016-12-31 01232650 core:RevaluationReserve 2015-12-31 01232650 core:RetainedEarningsAccumulatedLosses 2016-12-31 01232650 core:RetainedEarningsAccumulatedLosses 2015-12-31 01232650 core:ShareCapital 2014-12-31 01232650 core:RevaluationReserve 2014-12-31 01232650 core:RetainedEarningsAccumulatedLosses 2014-12-31 01232650 core:RestatedAmount 2014-12-31 01232650 core:RestatedAmount 2015-12-31 01232650 bus:FRS102 2016-01-01 2016-12-31 01232650 bus:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 01232650 bus:AbridgedAccounts 2016-01-01 2016-12-31 01232650 bus:SmallCompaniesRegimeForAccounts 2016-01-01 2016-12-31 01232650 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 01232650 core:ComputerEquipment 2016-01-01 2016-12-31 01232650 core:AllAssociates 2016-01-01 2016-12-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Cheldwell Investment Company Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 01232650

Cheldwell Investment Company Limited

Filleted Unaudited Abridged Financial Statements

31 December 2016

Cheldwell Investment Company Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Statement of changes in equity	4

Notes to the abridged financial statements	5

Cheldwell Investment Company Limited

Officers and Professional Advisers

The board of directors	Mr R E Jones
	Miss V A Kirk
	Mr S E Jones

Company secretary	Mr S E Jones

Registered office	132 Burnt Ash Road
	Lee
	London
	SE12 8PU

Accountants	R E Jones & Co
	Chartered accountant
	132 Burnt Ash Road
	Lee
	London
	SE12 8PU

Bankers	HSBC Bank plc
	46 Fore Street
	Trowbridge
	Wiltshire
	BA14 8EL

Cheldwell Investment Company Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		450,327	450,409

Current assets

Debtors	3,051	7,523
Cash at bank and in hand	14,698	10,177
	---------	---------
	17,749	17,700

Creditors: amounts falling due within one year	9,928		510
	---------		---------
Net current assets		7,821	17,190
		----------	----------
Total assets less current liabilities		458,148	467,599

Provisions

Taxation including deferred tax	33,896	33,908
	----------	----------
Net assets	424,252	433,691
	----------	----------

Cheldwell Investment Company Limited

Abridged Statement of Financial Position (continued)

31 December 2016

	2016		2015
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Revaluation reserve	381,691	381,691
Profit and loss account	42,461	51,900
	----------	----------
Members funds	424,252	433,691
	----------	----------

These abridged 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 December 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 27 September 2017 , and are signed on behalf of the board by:

Mr R E Jones
Director

Company registration number: 01232650

Cheldwell Investment Company Limited

Statement of Changes in Equity

Year ended 31 December 2016

		Called up share capital	Revaluation reserve	Profit and loss account	Total
		£	£	£	£
At 1 January 2015		100	382,375	62,803	445,278

Profit for the year				1,097	1,097
Other comprehensive income for the year:
	Tax relating to components of other comprehensive income	–	( 684)	–	( 684)
		----	----------	---------	----------
Total comprehensive income for the year		–	( 684)	1,097	413

Dividends paid and payable		–	–	( 12,000)	( 12,000)
		----	----------	---------	----------
Total investments by and distributions to owners		–	–	( 12,000)	( 12,000)

At 31 December 2015		100	381,691	51,900	433,691

Loss for the year				( 439)	( 439)
		----	----------	---------	----------
Total comprehensive income for the year		–	–	( 439)	( 439)

Dividends paid and payable		–	–	( 9,000)	( 9,000)
		----	----	-------	-------
Total investments by and distributions to owners		–	–	( 9,000)	( 9,000)

		----	----------	---------	----------
At 31 December 2016		100	381,691	42,461	424,252
		----	----------	---------	----------

Cheldwell Investment Company Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in . The address of the registered office is 132 Burnt Ash Road, Lee, London, SE12 8PU.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 3 (2015: 3 ).

5. Tangible assets

	£
Cost
At 1 January 2016 and 31 December 2016	455,114
	----------
Depreciation
At 1 January 2016	4,705
Charge for the year	82
	----------
At 31 December 2016	4,787
	----------
Carrying amount
At 31 December 2016	450,327
	----------
At 31 December 2015	450,409
	----------

Tangible assets held at valuation

The freehold property was revalued to £450,000 in the year to December 2014 by the directors based on their knowledge of property prices in the area. If the freehold property had not been included at valuation it would have been included under the historical cost convention at cost of £34,458 (2014: £34,458).

6. Related party transactions

The company was under the control of Miss V A Kirk and Cheldwell Property Co. Limited throughout the current and previous year. Cheldwell Property Co. Limited is a 50% shareholder. Miss V A Kirk is a director and a 50% shareholder. Included in Creditors is an amount of £410 (2015: £410) due from the company to a director, Mr R E Jones . The loan is interest free and no terms of repayment have been agreed. Included in Creditors is an amount of £5,102 (2015: £337) due from the company to a director, Miss V A Kirk. The loan is interest free and no terms of repayment have been agreed. Dividends of £4,500 (2015: £6,000) were paid to Miss V A Kirk during the year. Mr R E Jones , director, is also a director of of Cheldwell Property Co. Limited. Included in expenses is an amount of £12,000 (2015: £12,000) for rent and services payable to Cheldwell Property Co. Limited. Dividends of £4,500 (2015: £6,000) were paid to Cheldwell Property Co. Limited in the year. Mr S E Jones is a partner of R E Jones & Co Chartered Accountants. Included in turnover is an amount for rent received from R E Jones & Co Chartered Accountants amounting to £14,268 (2015: £14,268). Normal market rate was charged.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.