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Financial Statements for the Year Ended 31 October 2022 |
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Charleswater Limited |
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Financial Statements for the Year Ended 31 October 2022 |
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Charleswater Limited |
Charleswater Limited (Registered number: 01531211) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2022 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Charleswater Limited |
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Company Information |
for the Year Ended 31 October 2022 |
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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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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
Unit 1B |
Focus 4 |
Fourth Avenue |
Letchworth |
Hertfordshire |
SG6 2TU |
Charleswater Limited (Registered number: 01531211) |
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Abridged Balance Sheet |
31 October 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Contribution from parent |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 and authorised for issue on
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Charleswater Limited (Registered number: 01531211) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2022 |
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1. | STATUTORY INFORMATION |
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Charleswater Limited is a
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The financial statements are presented in sterling (GBP) which is the functional currency of the company. |
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2. | STATEMENT OF COMPLIANCE |
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These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
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Sale of goods |
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Goodwill |
Goodwill is being amortised over its estimated useful life of 10 years on a straight line basis. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Mixed use property is included at cost less impairment as the different parts could not be separately sold. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Land and buildings - 4% on cost and over period of lease |
Plant and machinery etc. - At varying rates on cost |
Charleswater Limited (Registered number: 01531211) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Financial instruments |
Loans are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised costs using the effective interest rate method less impairment. if an arrangement constitutes a financing transaction it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Investment properties |
The investment element of the mixed use property included on the balance sheet us measured at cost less impairment as the directors believe that the investment element of the property could not be sold separately. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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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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Charleswater Limited (Registered number: 01531211) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
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AMORTISATION |
At 1 November 2021 |
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Amortisation for year |
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At 31 October 2022 |
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NET BOOK VALUE |
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At 31 October 2022 |
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At 31 October 2021 |
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6. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 November 2021 |
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Additions |
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At 31 October 2022 |
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DEPRECIATION |
At 1 November 2021 |
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Charge for year |
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At 31 October 2022 |
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NET BOOK VALUE |
At 31 October 2022 |
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At 31 October 2021 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | £1 | 2,000 | 2,000 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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Charleswater Limited (Registered number: 01531211) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
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9. | PARENT UNDERTAKING |
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The parent undertaking of the group for which this company is included in consolidated financial statements is Desco industries Inc. a company incorporated in the United States of America. The address of the parent company is 3651 Walnut Avenue, Chino CA 91710. |