CHLTC LTD - Accounts

Registered number

00562060

CHLTC LTD

Report and Accounts

31 March 2018

API Partnership Limited t/a Chandler & Georges

Chartered Accountants

75 Westow Hill

London

SE19 1TX

Ph. 0208 761 2213

web: www.chandlerandgeorges.co.uk

CHLTC LTD
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Statement of directors' responsibilities	3
Independent auditors' report	4
Profit and loss account	5
Statement of comprehensive income	6
Balance sheet	7
Statement of changes in equity	8
Notes to the accounts	9 - 12
The following does not for part of the statutory accounts:
Detailed Profit and loss account	13 - 15

CHLTC LTD

Company Information

Directors

J Pulsford (resigned on 11 October 2017)

A Lowenthal (resigned on 11 October 2017)

E Erickson

G Picardi (resigned on 11 October 2017)

O E Bett

H K David (resigned on 11 October 2017)

G Duncan

T Wait

M Sarkis

R Andrew Priest

Dr J Simon (appointed on 11 October 2017)

F Boissel (appointed on 07 March 2018)

J Fox (appointed on 07 March 2018)

W Kennish (appointed on 11 October 2017)

Secretary

E Erickson (resigned on 31 October 2017)

T Wait (appointed on 31 October 2017)

Auditors

API Partnership Limited t/a Chandler & Georges

75 Westow Hill

London

SE19 1TX

Bankers

Coutts & Co

440 Strand

London WC2R 0QS

Registered office

9 Aubrey Walk

London

W8 7JH

Registered number

00562060

CHLTC LTD
Registered number:			00562060
Directors' Report
The directors present their report and accounts for the year ended 31 March 2018.
Directors
The following persons served as directors during the year:
	E Erickson
	O E Bett
	G Duncan
	T Wait
	M Sarkis
	R Andrew Priest
	F Boissel (appointed on 07 March 2018)
	J Fox (appointed on 07 March 2018)
	J Simon (appointed on 11 October 2017)
	W Kennish (appointed on 11 October 2017)
	J Pulsford (resigned on 11 October 2017)
	A Lowenthal (resigned on 11 October 2017)
	G Picardi (resigned on 11 October 2017)
	H K David (resigned on 11 October 2017)
Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 25 September 2018 and signed on its behalf.

E Erickson

Director

CHLTC LTD

Statement of Directors' Responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHLTC LTD

Independent auditors' report

to the members of CHLTC LTD

We have audited the accounts of CHLTC LTD for the year ended 31 March 2018 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors.

In accordance with the exemption provided by APB Ethical Standard - Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate

Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 March 2018 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report for the financial year for which the accounts are prepared is consistent with the accounts.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Panos Karageorghis
(Senior Statutory Auditor)		75 Westow Hill
for and on behalf of		London
API Partnership Limited t/a Chandler & Georges		SE19 1TX
Accountants and Statutory Auditors
25 September 2018

CHLTC LTD
Profit and Loss Account
for the year ended 31 March 2018
						2018		2017
£							£
Subscription Income						832,373		775,317
Other club activity income						233,844		244,782
Total income						1,066,217		1,020,099
Administrative expenses						(1,065,950)		(986,866)
Operating surplus						267		33,233
Interest receivable						542		6,140
Surplus on ordinary activities before taxation						809		39,373
Tax on surplus on ordinary activities						(103)		(1,228)
Surplus for the financial year						706		38,145
Accumulated funds bought forward						1,099,252		1,061,107
Accumulated funds carried forward						1,099,958		1,099,252
All amounts relate to continuing activities
All recognised gains and losses are included within the profit & loss account.
The notes referred to above form part of these accounts.

CHLTC LTD
Statement of comprehensive income
for the year ended 31 March 2018
					2018		2017
£						£
Surplus for the financial year					706		38,145
Total comprehensive income for the year					706		38,145

CHLTC LTD
Registered number:			00562060
Balance Sheet
as at 31 March 2018
Notes				2018			2017
£					£
Fixed assets
Tangible assets	4			2,338,978			2,385,170
Current assets
Stocks			9,635			9,716
Debtors	5		30,032			28,997
Cash at bank and in hand			587,203			547,549
			626,870			586,262
Creditors: amounts falling due within one year	6		(91,290)			(76,580)
Net current assets				535,580			509,682
Total assets less current liabilities				2,874,558			2,894,852
Creditors: amounts falling due after more than one year	7			(1,774,600)			(1,795,600)
Net assets				1,099,958			1,099,252
Capital and reserves
Accumulated revenue fund				1,099,958			1,099,252
Members' funds				1,099,958			1,099,252
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Kennish
Director
Approved by the board on 25 September 2018

CHLTC LTD
Statement of Changes in Equity
for the year ended 31 March 2018
Share			Share		Re-		Profit		Total
capital			premium		valuation		and loss
reserve							account
£			£		£		£		£
At 1 April 2016		-		-		-		1,061,107		1,061,107
Surplus for the financial year								38,145		38,145
At 31 March 2017		-		-		-		1,099,252		1,099,252
At 1 April 2017		-		-		-		1,099,252		1,099,252
Surplus for the financial year								706		706
At 31 March 2018		-		-		-		1,099,958		1,099,958

CHLTC LTD
Notes to the Accounts
for the year ended 31 March 2018
1	Accounting policies
	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
	Turnover
	Gross subscription income is credited to income by reference to the membership year. Where applicable, other income is credited to income net of value added tax.
	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Freehold land and buildings			not depreciated (see below)
	Furniture, fixtures and equipment			20% straight line
	The company did not provide for depreciation in respect of the freehold property, as it considers that the useful economic life and residual value of the building is such that any depreciation charge would be immaterial. The logic supporting this decision is that there is a policy of regular maintenance, thereby extending the useful economic life more or less indefinitely and preserving the residual values of the company’s assets.
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Audit information
	The audit report is unqualified.
	Senior statutory auditor:	Panos Karageorghis
	Firm:	API Partnership Limited t/a Chandler & Georges
	Date of audit report:	25 September 2018
3	Employees					2018		2017
Number							Number
	Average number of persons employed by the company					16		16
4	Tangible fixed assets
				Land and buildings		Plant and machinery etc		Total
£					£		£
	Cost
	At 1 April 2017			2,246,232		1,182,157		3,428,389
	Additions			-		32,429		32,429
	At 31 March 2018			2,246,232		1,214,586		3,460,818
	Depreciation
	At 1 April 2017			-		1,043,219		1,043,219
	Charge for the year			-		78,621		78,621
	At 31 March 2018			-		1,121,840		1,121,840
	Net book value
	At 31 March 2018			2,246,232		92,746		2,338,978
	At 31 March 2017			2,246,232		138,938		2,385,170
5	Debtors					2018		2017
£							£
	Other debtors					30,032		28,997
	Amounts due after more than one year included above					10,406		10,406
6	Creditors: amounts falling due within one year					2018		2017
£							£
	Trade creditors					26,858		20,602
	Corporation tax					1,229		1,126
	Other taxes and social security costs					7,932		8,435
	Other creditors					55,271		46,417
						91,290		76,580
7	Creditors: amounts falling due after one year					2018		2017
£							£
	Other creditors					1,774,600		1,795,600
8	Loans					2018		2017
£							£
	Creditors include:
	Instalments falling due for payment after more than five years					1,774,600		1,795,600
	Loan notes are issued to members in return for the cancellation or substantial reduction in their membership fees. The level of reduction in membership fees stands at 5% of the loan note amount but will in future have some reference to the prevailing interest rates. The loan notes are non-transferable, non-secured and are automatically redeemable at par in 2025 (or earlier at the discretion of the Directors).
9	Other information
	CHLTC LTD is a private company limited by guarantee and incorporated in England. Its registered office is:
	9 Aubrey Walk
	London
	W8 7JH
10	Directors emoluments
	Neither the Chairman nor any of the directors received any emoluments during the year ended 31 March 2018.
11	Members' guarantee
	Under the constitution of the company, the guarantee is limited to £1.
12	Transactions with directors
	All directors are also club members and are required to pay subscriptions for membership on an arms length basis.