Chilcorn Global Imports Limited - Period Ending 2018-01-31

Chilcorn Global Imports Limited

Annual Report and Unaudited Financial Statements
Period from 24 January 2017 to 31 January 2018

Registration number: 10581416

Chilcorn Global Imports Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Chilcorn Global Imports Limited

Company Information

Directors

Mr B Childs Mrs S L Childs

Registered office

Unit 1a Nightingale Farm Units Lower West Hatch Taunton Somerset TA3 5RH

Accountants

Francis Clark LLP Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Chilcorn Global Imports Limited

Balance Sheet

31 January 2018

	Note	2018 £
Current assets
Stocks		33,334
Debtors	3	768
Cash at bank and in hand		1,805
		35,907
Creditors: Amounts falling due within one year	4	(74,999)
Net liabilities		(39,092)
Capital and reserves
Called up share capital		100
Profit and loss account		(39,192)
Total equity		(39,092)

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

Chilcorn Global Imports Limited

Balance Sheet

31 January 2018

For the financial period ending 31 January 2018 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 October 2018 and signed on its behalf by:
 

......................................... Mr B Childs Director

Company Registration Number: 10581416

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Chilcorn Global Imports Limited

Notes to the Financial Statements

Period from 24 January 2017 to 31 January 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 1a Nightingale Farm Units
Lower West Hatch
Taunton
Somerset
TA3 5RH

These financial statements were authorised for issue by the Board on 23 October 2018.

2	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 including 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.

Going concern

At 31 January 2018 the company shows an excess of liabilities over assets of £39,092. The accounts have been drawn up on a going concern basis which assumes the continued support of the directors and creditors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the goods are despatched to its customers.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Chilcorn Global Imports Limited

Notes to the Financial Statements

Period from 24 January 2017 to 31 January 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Debtors

	31 January 2018  £
Other debtors	203
Prepayments	565
	768

Page 5

Chilcorn Global Imports Limited

Notes to the Financial Statements

Period from 24 January 2017 to 31 January 2018

4

Creditors

Creditors: amounts falling due within one year

	31 January 2018  £
Due within one year
Trade creditors	22,630
Other creditors	50,999
Accrued expenses	1,370
	74,999

5	Share capital

Allotted, called up and fully paid shares

	2018
	No.	£
Ordinary shares of £1 each	100	100

New shares allotted

Ordinary shares were issued upon incorporation at a nominal value of £1 per ordinary share. During the period, consideration of £100 was received in respect of the issued shares.

Page 6