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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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The Three Chimneys Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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The Three Chimneys Limited |
The Three Chimneys Limited (Registered number: 05690358) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Company Information | 1 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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The Three Chimneys Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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The Three Chimneys Limited |
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Company Information |
for the Year Ended 31 March 2020 |
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ACCOUNTANTS: |
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Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
The Three Chimneys Limited (Registered number: 05690358) |
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Balance Sheet |
31 March 2020 |
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31.3.20 | 31.3.19 |
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 LIABILITIES | ( |
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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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The Three Chimneys Limited (Registered number: 05690358) |
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Balance Sheet - continued |
31 March 2020 |
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31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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 director and authorised for issue on
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The Three Chimneys Limited (Registered number: 05690358) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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The Three Chimneys Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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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 |
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Improvements to property | - |
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Fixtures, fittings & equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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Government grants |
Coronavirus Job Retention Scheme (CJRS) |
The company has furloughed staff during the Covid-19 pandemic and made claims for government furlough grants. The grants are recognised on an accruals basis, matched in the period against the staff costs that they relate to, and recorded as grant income in the accounts. |
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Small Business Grant Fund |
The company meets the criteria for the Small Business Grant Fund (SBGF) due to coronavirus and has received a £25,000 grant from the local council which is recorded as grant income. As the company met the criteria for business rates relief at the qualification date of 11 March 2020, the grant has been recognised in full as receivable as of that date and is not deferred in any way. |
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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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The Three Chimneys Limited (Registered number: 05690358) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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 |
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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Going concern |
The company has prepared cashflows which indicate that the company will be a going concern for the foreseeable future, so the accounts have been prepared on a going concern basis. However, with the Covid-19 pandemic, there is significant uncertainty relating to the underlying assumptions but the impact cannot be quantified at this stage. |
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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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The Three Chimneys Limited (Registered number: 05690358) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures, |
to | fittings | Motor | Computer |
property | & equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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The Three Chimneys Limited (Registered number: 05690358) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Other creditors |
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8. | SECURED DEBTS |
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National Westminster Bank hold a fixed charge over all assets of the company dated 5 February 2016. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | PENSION COMMITMENTS |
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Contributions by the company into the automatic enrolment scheme were £4,994 (2019: £3,391). At the year end employer contributions of £337 (2019: £261) had not been paid over to the pension scheme. |
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11. | RELATED PARTY DISCLOSURES |
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During the year the business paid rent to Mr C Smith, a director of the company. This is considered to be at arms length for the full market value. |
The Three Chimneys Limited (Registered number: 05690358) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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12. | POST BALANCE SHEET EVENTS |
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The Covid-19 broke out just before the company's year end and since then, the impact of Covid-19 has continued to evolve at a fast pace. Nationwide lockdowns and local restrictions have meant that the business was unable to open between March and June 2020, and has continued to remain closed since November 2020 in accordance with Government guidance. This is considered to be a non-adjusting post Balance Sheet event. |
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With the latest restrictions, it is not currently clear when the company will be in a position to completely reopen and, even when the business can start to open, how public confidence might impact on the level of trade for the foreseeable future. However, the director is confident that the past reputation of the business will ensure that there is a good bounce back once restrictions are eased. This confidence is backed by the pent up public demand and turnover figures which were generated after the first lockdown in the summer of 2020. |
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The company has furloughed staff where appropriate since the start of the pandemic and has successfully applied for a number of grants. The company has qualified for the small business rates relief for 2020/21, has taken advantage of VAT deferrals, and has received a rental holiday (which has been waived in full) for the 3 months between April and June 2020. The directors will continue to apply for funding under the various government initiatives until the business is able to fully reopen. A Bounce Back Loan of £50,000 has also been received in May 2020 to support cashflow requirements to ensure that the company can meet its financial obligations as they fall due. |
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The accounts have been prepared on a going concern basis and no adjustments have been made to the accounts at this stage arising from the impact of Covid-19. However, the impact of the pandemic continues to evolve at a fast pace and, therefore, it is not practicable to quantify the potential financial impact on the company at this time. |