Chescombe Limited - Period Ending 2017-01-31
Chescombe Limited - Period Ending 2017-01-31
Registration number:
Chescombe Limited
trading as
for the Year Ended 31 January 2017
Chescombe Limited
trading as Chescombe Ltd
Contents
Company Information |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Chescombe Limited
trading as Chescombe Ltd
Company Information
Director |
Mrs K Singh |
Registered office |
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Chescombe Limited
trading as Chescombe Ltd
Statement of Comprehensive Income for the Year Ended 31 January 2017
Note |
2017 |
2016 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Page 2 |
Chescombe Limited
trading as Chescombe Ltd
(Registration number: 02760859)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 3 |
Chescombe Limited
trading as Chescombe Ltd
(Registration number: 02760859)
Balance Sheet as at 31 January 2017
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
.........................................
Mrs K Singh
Director
Page 4 |
Chescombe Limited
trading as Chescombe Ltd
Statement of Changes in Equity for the Year Ended 31 January 2017
Share capital |
Profit and loss account |
Total |
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At 1 February 2016 |
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( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 January 2017 |
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( |
( |
Share capital |
Profit and loss account |
Total |
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At 1 February 2015 |
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( |
( |
Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 January 2016 |
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( |
( |
Page 5 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
50 years |
Fixtures and equipment |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Page 6 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
5 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 7 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 8 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 February 2016 |
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At 31 January 2017 |
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Amortisation |
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At 1 February 2016 |
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At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
- |
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- |
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At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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Impairment |
- |
( |
- |
( |
At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Included within the net book value of land and buildings above is £685,803 (2016 - £695,416) in respect of freehold land and buildings.
Page 9 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2016 |
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Provision |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Page 10 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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Other creditors |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Bank borrowings
Santander Bank Plc hold a second charge over the assets of the company. |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £Nil (2016 - £-).
The total amount of guarantees not included in the balance sheet is £3,474,319 (2016 - £3,474,319). NatWest Bank Plc have a first charge over the assets of the company.
Related party transactions |
Transactions with directors |
2017 |
At 1 February 2016 |
Repayments by director |
At 31 January 2017 |
Mrs K Singh |
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Interest charged at 3% pa |
(64,235) |
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Page 11 |
Chescombe Limited
trading as Chescombe Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
2016 |
At 1 February 2015 |
Repayments by director |
At 31 January 2016 |
Mrs K Singh |
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Interest charged at 3% pa |
(7,530) |
( |
( |
Directors' remuneration
The director's remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Summary of transactions with subsidiaries
All transactions are at nil interest rate and non instalment basis.
Loans to related parties
2017 |
Subsidiary |
At start of period |
( |
Advanced |
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At end of period |
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2016 |
Subsidiary |
At start of period |
( |
Advanced |
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Repaid |
( |
At end of period |
( |
Transition to FRS 102 |
Page 12 |