Chapter III Limited - Period Ending 2018-03-31

Registration number: 07963958

Chapter III Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Josephs Chartered Accountants
635B Roundhay Road
Leeds
West Yorkshire
LS8 4BA

Chapter III Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Profit and Loss Account and Statement of Retained Earnings	4
Balance Sheet	5
Notes to the Financial Statements	6 to 8

Chapter III Limited

Company Information

Director

Mr Bruce Hartley

Registered office

635B Roundhay Road Leeds West Yorkshire LS8 4BA

Accountants

Josephs Chartered Accountants 635B Roundhay Road Leeds West Yorkshire LS8 4BA

Page 1

Chapter III Limited

Director's Report for the Year Ended 31 March 2018

The director presents his report and the financial statements for the year ended 31 March 2018.

Director of the company

The director who held office during the year was as follows:

Mr Bruce Hartley

Principal activity

The principal activity of the company is Information technology consultancy activities

Small companies provision statement

This report has 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 by the Board on 21 November 2018 and signed on its behalf by:

Mr Bruce Hartley
Director

Page 2

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Chapter III Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chapter III Limited for the year ended 31 March 2018 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Chapter III Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chapter III Limited and state those matters that we have agreed to state to the Board of Directors of Chapter III Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chapter III Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chapter III Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chapter III Limited. You consider that Chapter III Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Chapter III Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Josephs Chartered Accountants
635B Roundhay Road
Leeds
West Yorkshire
LS8 4BA

21 November 2018

Page 3

Chapter III Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2018

	Note	2018 £	2017 £
Turnover		131,334	12,564
Cost of sales		(8,831)	-
Gross profit		122,503	12,564
Administrative expenses		(7,878)	(2,083)
Operating profit		114,625	10,481
Other interest receivable and similar income		-	4
		-	4
Profit before tax	2	114,625	10,485
Taxation		(21,855)	(1,805)
Profit for the financial year		92,770	8,680
Retained earnings brought forward		12,804	9,124
Dividends paid		(55,000)	(5,000)
Retained earnings carried forward		50,574	12,804

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 4

Chapter III Limited

(Registration number: 07963958)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	1,203	1,604
Current assets
Debtors	4	15,522	-
Cash at bank and in hand		101,881	15,790
		117,403	15,790
Creditors: Amounts falling due within one year	5	(68,031)	(4,589)
Net current assets		49,372	11,201
Net assets		50,575	12,805
Capital and reserves
Called up share capital	6	1	1
Profit and loss account		50,574	12,804
Total equity		50,575	12,805

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 director on 21 November 2018
 

 

Mr Bruce Hartley

Director

The notes on pages 6 to 8 form an integral part of these financial statements.

Page 5

Chapter III Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	Accounting policies

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
Office equipment	25% Straight line

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.

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.

Page 6

Chapter III Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2	Profit before tax

Arrived at after charging/(crediting)

	2018 £	2017 £
Depreciation expense	401	704

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2017	2,817	2,817
At 31 March 2018	2,817	2,817
Depreciation
At 1 April 2017	1,213	1,213
Charge for the year	401	401
At 31 March 2018	1,614	1,614
Carrying amount
At 31 March 2018	1,203	1,203
At 31 March 2017	1,604	1,604

4

Debtors

	2018 £	2017 £
Trade debtors	15,522	-
	15,522	-

Page 7

Chapter III Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Director's current account	34,875	2,768
Taxation and social security	11,184	-
Other creditors and accruals	21,972	1,821
	68,031	4,589

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

Page 8