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Unaudited Financial Statements |
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for the Year Ended 30 April 2017 |
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for |
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CHATS LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 April 2017 |
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for |
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CHATS LIMITED |
CHATS LIMITED (REGISTERED NUMBER: 02131930) |
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Contents of the Financial Statements |
for the year ended 30 April 2017 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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CHATS LIMITED |
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Company Information |
for the year ended 30 April 2017 |
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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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Chartered Accountants |
Coopers House |
65a Wingletye Lane |
Hornchurch |
Essex |
RM11 3AT |
CHATS LIMITED (REGISTERED NUMBER: 02131930) |
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Statement of Financial Position |
30 April 2017 |
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30.4.17 | 30.4.16 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital | 7 |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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The directors acknowledge their responsibilities for: |
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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 Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors on
were signed on its behalf by: |
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CHATS LIMITED (REGISTERED NUMBER: 02131930) |
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Notes to the Financial Statements |
for the year ended 30 April 2017 |
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1. | Statutory information |
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Chats Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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This is the first year in which the financial statements have been prepared under FRS102. Transition to FRS |
102 has not resulted in any changes in the accounting policies, amounts stated in comprehensive income or |
balances held in equity. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out |
by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as |
possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out |
by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, |
there remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are |
as accurate as possible, there remains a risk that the provisions do not match the level of debts which |
ultimately prove to be uncollectable. |
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Turnover |
Turnover represents net invoiced services, excluding value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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 statement of financial position date. |
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CHATS LIMITED (REGISTERED NUMBER: 02131930) |
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Notes to the Financial Statements - continued |
for the year ended 30 April 2017 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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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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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 May 2016 |
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Additions |
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Disposals | ( |
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( |
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At 30 April 2017 |
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Depreciation |
At 1 May 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 April 2017 |
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Net book value |
At 30 April 2017 |
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At 30 April 2016 |
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The net book value of tangible fixed assets includes £ 10,916 (2016 - £ 14,555 ) in respect of assets held under |
hire purchase contracts or finance leases. |
CHATS LIMITED (REGISTERED NUMBER: 02131930) |
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Notes to the Financial Statements - continued |
for the year ended 30 April 2017 |
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5. | Debtors: amounts falling due within one year |
30.4.17 | 30.4.16 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
30.4.17 | 30.4.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.17 | 30.4.16 |
value: | £ | £ |
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Ordinary | £1 | 50 | 50 |