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REGISTERED NUMBER:
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Chisletts (Spalding) Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2019 |
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REGISTERED NUMBER:
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Chisletts (Spalding) Limited |
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Unaudited Financial Statements |
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for the Year Ended 30 June 2019 |
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Chisletts (Spalding) Limited (Registered number: 02948937) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2019 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Chisletts (Spalding) Limited |
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Company Information |
for the Year Ended 30 June 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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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Chisletts (Spalding) Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Chisletts (Spalding) Limited for the year ended 30 June 2019 which comprise the |
Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's |
accounting records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Chisletts (Spalding) Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Chisletts (Spalding) Limited and state those matters that we have agreed to state to the Board of Directors of Chisletts (Spalding) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chisletts (Spalding) Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Chisletts (Spalding) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chisletts (Spalding) Limited. You consider that Chisletts (Spalding) Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Chisletts (Spalding) Limited. 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 financial statements. |
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Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
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Chisletts (Spalding) Limited (Registered number: 02948937) |
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Balance Sheet |
30 June 2019 |
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2019 | 2018 |
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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Creditors |
Amounts falling due after more than one
year |
7 |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 10 |
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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 |
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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. |
Chisletts (Spalding) Limited (Registered number: 02948937) |
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Balance Sheet - continued |
30 June 2019 |
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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 by the Board of Directors on
behalf by: |
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Chisletts (Spalding) Limited (Registered number: 02948937) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2019 |
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1. | Statutory information |
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Chisletts (Spalding) Limited is a
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The company's 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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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, |
over the useful economic life of that asset as follows: |
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Freehold land | not depreciated |
Freehold property | 2% straight line |
Equipment | 33.33% straight line |
Computer equipment | 33.33% straight line |
Fixtures and fittings | 15% reducing balance |
Motor vehicles | 25% reducing balance |
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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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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited direct to equity. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, 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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Chisletts (Spalding) Limited (Registered number: 02948937) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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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 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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
Contributions to defined contribution plans are recognised as an expense in the period in which the |
related service is provided. Prepaid contributions are recognised as an asset to the extent that the |
prepayment will lead to a reduction in future payments or a cash refund. |
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When contributions are not expected to be settled wholly within 12 months of the end of the reporting |
date in which the employees render the related service, the liability is measured on a discounted |
present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in |
the period in which it arises. |
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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 |
Freehold | and | Motor |
property | Equipment | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 July 2018 |
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Additions |
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Disposals |
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At 30 June 2019 |
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Depreciation |
At 1 July 2018 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2019 |
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Net book value |
At 30 June 2019 |
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At 30 June 2018 |
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Included within in the Freehold property net book value of £258,087 is an amount of £41,655 relating to |
non-depreciating land situated at Fleming Road, Pinchbeck, Spalding, Lincolnshire. |
Chisletts (Spalding) Limited (Registered number: 02948937) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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5. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Prepayments |
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6. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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7. | Creditors: amounts falling due after more than one year |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 8) |
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8. | Leasing agreements |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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9. | Secured debts |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | 367,715 | 239,644 |
Chisletts (Spalding) Limited (Registered number: 02948937) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2019 |
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10. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |