Chameleon Stone Ltd - Period Ending 2018-08-31

Registration number: 06980814

Chameleon Stone Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2018

Chameleon Stone Ltd

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 12

Chameleon Stone Ltd

Company Information

Directors

Mrs N J Geddes Mr A L Geddes

Company secretary

Mrs N J Geddes

Registered office

Jalna 1 Nithsdale Road Weston-super-Mare North Somerset BS23 4JP

Accountants

Four Fifty Partnership Chartered Accountants 34 Boulevard Weston-Super-Mare Somerset BS23 1NF

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chameleon Stone Ltd
for the Year Ended 31 August 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chameleon Stone Ltd for the year ended 31 August 2018 as set out on pages 3 to 12 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 Chameleon Stone Ltd, 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 Chameleon Stone Ltd and state those matters that we have agreed to state to the Board of Directors of Chameleon Stone Ltd, 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 Chameleon Stone Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chameleon Stone Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Chameleon Stone Ltd. You consider that Chameleon Stone Ltd 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 Chameleon Stone Ltd. 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.

......................................

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-Super-Mare
Somerset
BS23 1NF

10 December 2018

Page 2

Chameleon Stone Ltd

Statement of Comprehensive Income for the Year Ended 31 August 2018

	2018 £	2017 £
(Loss)/profit for the year	(35,458)	40
Total comprehensive income for the year	(35,458)	40

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 3

Chameleon Stone Ltd

(Registration number: 06980814)
Balance Sheet as at 31 August 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	2,572	3,497
Current assets
Stocks	5	37,207	74,479
Debtors	6	4,625	1,832
Cash at bank and in hand		20,811	9,191
		62,643	85,502
Creditors: Amounts falling due within one year	7	(97,826)	(86,152)
Net current liabilities		(35,183)	(650)
Net (liabilities)/assets		(32,611)	2,847
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(32,711)	2,747
Total equity		(32,611)	2,847

For the financial year ending 31 August 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 year 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 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.

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 4

Chameleon Stone Ltd

(Registration number: 06980814)
Balance Sheet as at 31 August 2018

Approved and authorised by the Board on 10 December 2018 and signed on its behalf by:
 

.........................................

Mrs N J Geddes
Company secretary and director

The notes on pages 6 to 12 form an integral part of these financial statements.

Page 5

Chameleon Stone Ltd

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

1	General information

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

The address of its registered office is:
Jalna
1 Nithsdale Road
Weston-super-Mare
North Somerset
BS23 4JP
England

The principal place of business is:
Unit 3 Longton Industrial Estate
Winterstoke Road
Weston-super-Mare
North Somerset
BS23 3YB
England

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 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.

The presentation currency of the financial statements is Pound Sterling (£).

Page 6

Chameleon Stone Ltd

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

2	Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 31 August 2018 the company had net current liabilities of £35,183 (2017 - £650) and total net liabilities of £32,611 (2017 total net assets - £2,847). The directors have considered the position of the company with respect to its obligations to ensure the business can continue in operational existence for the foreseeable future and confirm their approval to adopt the going concern basis for preparing the accounts.

The assumptions that the directors have made in reaching this conclusion may be summarised as follows:

-current liabilities include directors loan accounts of £76,808 (2017 - £74,753). The directors will not seek repayment of these loans until such a time as the company has sufficient cash to pay these amounts.

-the directors have increased their marketing activity to increase the awareness of their products.

On the basis of the above, and all other information, the directors consider that the company will continue its profitability for the foreseeable future, and will continue to operate within the facilities currently agreed and those likely to be agreed in the future with its lenders. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the failure to achieve these assumptions.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 7

Chameleon Stone Ltd

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

2	Accounting policies (continued)

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
Plant and machinery	25% on reducing balance
Computer equipment	33% on cost

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 8

Chameleon Stone Ltd

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

2	Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 9

Chameleon Stone Ltd

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

4	Tangible assets

	Office equipment  £	Plant and machinery  £	Total £
Cost or valuation
At 1 September 2017	732	8,094	8,826
At 31 August 2018	732	8,094	8,826
Depreciation
At 1 September 2017	521	4,808	5,329
Charge for the year	104	821	925
At 31 August 2018	625	5,629	6,254
Carrying amount
At 31 August 2018	107	2,465	2,572
At 31 August 2017	211	3,286	3,497

5

Stocks

	2018 £	2017 £
Other inventories	37,207	74,479

Page 10

Chameleon Stone Ltd

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

6

Debtors

	2018 £	2017 £
Trade debtors	2,634	230
Prepayments	1,088	1,602
Other debtors	903	-
	4,625	1,832

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	9	3,741	4,238
Trade creditors		16,639	3,465
Taxation and social security		-	2,974
Accruals and deferred income		638	722
Other creditors		76,808	74,753
		97,826	86,152

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

Page 11

Chameleon Stone Ltd

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

9	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Other borrowings	3,741	4,238

Page 12