CHADWICKS SURVEYORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 05257247 (England and Wales)
CHADWICKS SURVEYORS LTD
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
CHADWICKS SURVEYORS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Non-current assets
Intangible assets
4
10,044
11,872
Property, plant and equipment
5
258
304
10,302
12,176
Current assets
Trade and other receivables
6
2,709
1,185
Cash and cash equivalents
37,540
44,114
40,249
45,299
Creditors: amounts falling due within one year
7
(38,838)
(45,918)
Net current assets/(liabilities)
1,411
(619)
Total assets less current liabilities
11,713
11,557
Capital and reserves
Called up share capital
8
100
100
Retained earnings
11,613
11,457
Total equity
11,713
11,557
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 July 2019
Mr S A Chadwick
Director
Company Registration No. 05257247
CHADWICKS SURVEYORS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2019
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 May 2017
100
7,584
7,684
Year ended 30 April 2018:
Profit and total comprehensive income for the year
-
22,873
22,873
Dividends
-
(19,000)
(19,000)
Balance at 30 April 2018
100
11,457
11,557
Year ended 30 April 2019:
Profit and total comprehensive income for the year
-
14,656
14,656
Dividends
-
(14,500)
(14,500)
Balance at 30 April 2019
100
11,613
11,713
CHADWICKS SURVEYORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Chadwicks Surveyors Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
109 Long Ridge Lane, Nether Poppleton, York, YO26 6LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of [XXXXX]. These consolidated financial statements are available from its registered office
,
[XXXXXX]
.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
CHADWICKS SURVEYORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CHADWICKS SURVEYORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
CHADWICKS SURVEYORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CHADWICKS SURVEYORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 1 (2017 - 1)
3
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
3,877
5,828
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2018 and 30 April 2019
36,550
Amortisation and impairment
At 1 May 2018
24,678
Amortisation charged for the year
1,828
At 30 April 2019
26,506
Carrying amount
At 30 April 2019
10,044
At 30 April 2018
11,872
CHADWICKS SURVEYORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 8 -
5
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 May 2018 and 30 April 2019
370
123
493
Depreciation and impairment
At 1 May 2018
144
45
189
Depreciation charged in the year
34
12
46
At 30 April 2019
178
57
235
Carrying amount
At 30 April 2019
192
66
258
At 30 April 2018
226
78
304
6
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Other receivables
2,709
1,185
7
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
3,877
5,828
Other taxation and social security
1,209
1,795
Other payables
33,752
38,295
38,838
45,918
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
2019-04-30
2018-05-01
false
CCH Software
CCH Accounts Production 2019.200
No description of principal activity
07 August 2019
Mr S A Chadwick
05257247
2018-05-01
2019-04-30
05257247
2019-04-30
05257247
2018-04-30
05257247
core:NetGoodwill
2019-04-30
05257247
core:NetGoodwill
2018-04-30
05257247
core:PlantMachinery
2019-04-30
05257247
core:FurnitureFittings
2019-04-30
05257247
core:PlantMachinery
2018-04-30
05257247
core:FurnitureFittings
2018-04-30
05257247
core:CurrentFinancialInstruments
2019-04-30
05257247
core:CurrentFinancialInstruments
2018-04-30
05257247
core:ShareCapital
2019-04-30
05257247
core:ShareCapital
2018-04-30
05257247
core:RetainedEarningsAccumulatedLosses
2019-04-30
05257247
core:RetainedEarningsAccumulatedLosses
2018-04-30
05257247
bus:Director1
2018-05-01
2019-04-30
05257247
2017-05-01
2018-04-30
05257247
core:RetainedEarningsAccumulatedLosses
2018-05-01
2019-04-30
05257247
core:RetainedEarningsAccumulatedLosses
2017-05-01
2018-04-30
05257247
core:Goodwill
2018-05-01
2019-04-30
05257247
core:PlantMachinery
2018-05-01
2019-04-30
05257247
core:FurnitureFittings
2018-05-01
2019-04-30
05257247
core:UKTax
2018-05-01
2019-04-30
05257247
core:UKTax
2017-05-01
2018-04-30
05257247
core:NetGoodwill
2018-04-30
05257247
core:NetGoodwill
2018-05-01
2019-04-30
05257247
core:PlantMachinery
2018-04-30
05257247
core:FurnitureFittings
2018-04-30
05257247
2018-04-30
05257247
bus:PrivateLimitedCompanyLtd
2018-05-01
2019-04-30
05257247
bus:FRS102
2018-05-01
2019-04-30
05257247
bus:AuditExemptWithAccountantsReport
2018-05-01
2019-04-30
05257247
bus:SmallCompaniesRegimeForAccounts
2018-05-01
2019-04-30
05257247
bus:FullAccounts
2018-05-01
2019-04-30
xbrli:pure
xbrli:shares
iso4217:GBP