chartwell Funding Limited Small abridged accounts

CHARTWELL FUNDING LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of chartwell Funding Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05875291

chartwell Funding Limited

Unaudited Abridged Financial Statements

31 December 2017

chartwell Funding Limited

Abridged Financial Statements

Year ended 31 December 2017

Contents	Page

Directors' report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	4

chartwell Funding Limited

Directors' Report

Year ended 31 December 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 December 2017 .

Directors

The directors who served the company during the year were as follows:

R J Winfield
M Searle	(Appointed 1 November 2017)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 11 May 2018 and signed on behalf of the board by:

R J Winfield	M Searle
Director	Director

R J Winfield
Company Secretary

Registered office:

Frome House

Church Road

Yate

BS37 5JD

chartwell Funding Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 December 2017

	2017	2016
Note	£	£
Gross profit	843,717	763,909

Distribution costs	220,409	223,267
Administrative expenses	517,346	422,763
	---------	---------
Operating profit	105,962	117,879

Other interest receivable and similar income		–	11
Interest payable and similar expenses		–	4,454
		---------	---------
Profit before taxation	5	105,962	113,436

Tax on profit	20,343	1,000
	---------	---------
Profit for the financial year and total comprehensive income	85,619	112,436
	---------	---------

Retained earnings at the start of the year	140,586	28,150
	---------	---------
Retained earnings at the end of the year	226,205	140,586
	---------	---------

All the activities of the company are from continuing operations.

chartwell Funding Limited

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		1,391	1,636

Current assets

Debtors	334,398	157,021
Cash at bank and in hand	140,438	163,308
	---------	---------
	474,836	320,329

Creditors: amounts falling due within one year	200,022		131,379
	---------		---------
Net current assets		274,814	188,950
		---------	---------
Total assets less current liabilities		276,205	190,586
		---------	---------
Net assets		276,205	190,586
		---------	---------

Capital and reserves

Called up share capital	50,000	50,000
Profit and loss account	226,205	140,586
	---------	---------
Shareholders funds	276,205	190,586
	---------	---------

These abridged financial statements have been prepared 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'.

For the year ending 31 December 2017 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 11 May 2018 , and are signed on behalf of the board by:

R J Winfield
Director

Company registration number: 05875291

chartwell Funding Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Frome House, Church Road, Yate, BS37 5JD.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

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:

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2016: 6 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	245	289
	----	----

6. Tangible assets

	£
Cost
At 1 January 2017 and 31 December 2017	33,385
	--------
Depreciation
At 1 January 2017	31,774
Charge for the year	220
	--------
At 31 December 2017	31,994
	--------
Carrying amount
At 31 December 2017	1,391
	--------
At 31 December 2016	1,611
	--------

7. Related party transactions

The company was under the control of Mr Winfield throughout the current and previous year. Mr Winfield is the managing director, in November 2017 ,the company was reorganised, Mr Winfield shares were transferred to a Holding Company ,that is owned by Mr Winfield.