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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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D CHENNELLS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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D CHENNELLS LIMITED |
D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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D CHENNELLS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Kingfisher House |
11 Hoffmanns Way |
Chelmsford |
Essex |
CM1 1GU |
D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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BALANCE SHEET |
31 MARCH 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Undistributable reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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BALANCE SHEET - continued |
31 MARCH 2019 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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D Chennells Limited is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions in determining the carrying value of assets and liabilities. The directors' |
judgement, estimates and assumptions are based on the best and most reliable evidence available at |
the time when the decisions are made and are based on historical experience and other factors that |
considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates |
and assumptions, the actual results and outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to |
accounting estimates are recognised prospectively. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents |
amounts receivable for the farming of wheat, barley and oilseed rape, stated net of discounts and of |
Value Added Tax. |
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The company recognises revenue when the amount of revenue can be measured reliably, when it is |
probable that future economic benefits will flow to the entity and when specific criteria have been met |
for each of the company’s activities described below. |
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Turnover is measured when the risks and rewards of ownership have been passed onto the customer. |
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Other operating income includes rental income generated. Rental income is recognised over the |
period the rental relates to. |
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Tangible fixed assets |
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Freehold property | - |
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Grainstore | - |
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Tractors and combines | - |
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Motor vehicles | - |
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Plant & equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks |
and other third parties and loans to related parties. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit |
and loss account over the expected useful life of the assets. Grants towards revenue expenditure are |
released to the profit and loss account as the related expenditure is incurred. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | TANGIBLE FIXED ASSETS |
Tractors |
Freehold | and |
property | Grainstore | combines |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Motor | Plant & |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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There is a fixed and floating legal charge over some land owned by the company. |
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The historical cost of the freehold land and buildings included at the above valuation of £359,607 |
(2018: £691,426) |
D CHENNELLS LIMITED (REGISTERED NUMBER: 00657905) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
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Other debtors |
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Roughill Farm | 72,000 | - |
VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 3,154 | - |
Other creditors |
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Directors' loan accounts | 51,670 | 54,302 |
Accrued expenses |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts | - | 13,167 |
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The amounts in respect of the hire purchase agreements are secured against the assets to which |
they relate. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
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Ordinary | £1 | 20,000 | 20,000 |
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Ordinary non voting B shares | £1 | 5,000 | 5,000 |
25,000 | 25,000 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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As at 31 March 2019 the company owed £50,995 (2018 - £52,800) and £675 (2018 - £1,502 to Mr D |
Chennells and Ms J Chennells. |
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11. | REMUNERATION TRUST |
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During the accounting period the Company established by Deed a Remuneration Trust and made a |
gift of fixed assets to the Trust. |