Chelmer Flooring Limited - Period Ending 2017-03-31
Chelmer Flooring Limited - Period Ending 2017-03-31
Registration number:
Chelmer Flooring Limited
for the Year Ended 31 March 2017
Chelmer Flooring Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Chelmer Flooring Limited
Company Information
Director |
Mrs J Brown |
Company secretary |
J Brown |
Registered office |
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Accountants |
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Page 1 |
Chelmer Flooring Limited
(Registration number: 06778970)
Balance Sheet as at 31 March 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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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 assets/(liabilities) |
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( |
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Net assets |
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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 |
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For the financial 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.
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. |
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.
Approved and authorised by the
.........................................
J Brown
Company secretary
Page 2 |
Chelmer Flooring Limited
Statement of Changes in Equity for the Year Ended 31 March 2017
Share capital |
Profit and loss account |
Total |
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At 1 April 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 April 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 March 2016 |
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Page 3 |
Chelmer Flooring Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Tax
The tax expense for the period comprises current 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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:
Page 4 |
Chelmer Flooring Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Asset class |
Depreciation method and rate |
Plant and Machinery |
15% on reducing balance |
Furniture and fittings |
15% on reducing balance |
Motor vehicle |
25% on reducing balance |
Computer Equipment |
33% on reducing balance |
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Profit before tax |
Arrived at after charging/(crediting)
Page 5 |
Chelmer Flooring Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
2017 |
2016 |
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Depreciation expense |
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Income from shares in group undertakings |
(43,000) |
(110,000) |
Page 6 |
Chelmer Flooring Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Disposals |
( |
( |
( |
( |
At 31 March 2017 |
- |
- |
- |
- |
Depreciation |
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At 1 April 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 March 2017 |
- |
- |
- |
- |
Carrying amount |
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At 31 March 2017 |
- |
- |
- |
- |
At 31 March 2016 |
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Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2016 |
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Provision |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 7 |
Chelmer Flooring Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
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Burgundy Court
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Ordinary |
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England |
The principal activity of Chelmer Group Limited is |
The profit for the financial period of Chelmer Group Limited was £81,587 and the aggregate amount of capital and reserves at the end of the period was £555,894. |
Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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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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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 8 |
Chelmer Flooring Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Dividends |
2017 |
2016 |
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£ |
£ |
Related party transactions |
Transactions with directors |
2017 |
At 1 April 2016 |
Repayments by director |
At 31 March 2017 |
Mrs J Brown |
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Directors' loan balance |
(243,894) |
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- |
2016 |
At 1 April 2015 |
Advances to directors |
At 31 March 2016 |
Mrs J Brown |
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Directors' loan balance |
(161,824) |
( |
( |
Summary of transactions with subsidiaries
The company received dividends totalling £43,000 (2016: £110,000) from the related party.
At the balance sheet date the amount due to Chelmer Group Limited was £71,219 (2016: £328,158)
Summary of transactions with associates
Amount due from related party at the balance sheet date is £75,275 (2016 : £75,575)
Transition to FRS 102 |
These financial statements for the year ended 31 March 2017 are the first financial statements of Chelmer Flooring Ltd that comply with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015.
The transition to FRS 102 has resulted in a small number of changes in accounting policies compared to those used previously. These changes have had no effect on opening equity and profit for the comparative period.
Page 9 |