Company registration number 07038315 (England and Wales)
CHARLESTON FINANCIAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
CHARLESTON FINANCIAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 5
CHARLESTON FINANCIAL SERVICES LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2022
31 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,026
11,644
Current assets
Debtors
4
778,331
752,404
Cash at bank and in hand
631,480
777,651
1,409,811
1,530,055
Creditors: amounts falling due within one year
5
(298,360)
(250,497)
Net current assets
1,111,451
1,279,558
Total assets less current liabilities
1,128,477
1,291,202
Creditors: amounts falling due after more than one year
6
(282,292)
(394,791)
Net assets
846,185
896,411
Capital and reserves
Called up share capital
2,506
2,508
Profit and loss reserves
843,679
893,903
Total equity
846,185
896,411
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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 by the board of directors and authorised for issue on 31 July 2023 and are signed on its behalf by:
Mr J Hardwick
Director
Company Registration No. 07038315
CHARLESTON FINANCIAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2020
2,502
778,409
780,911
Year ended 31 October 2021:
Profit and total comprehensive income for the year
-
285,494
285,494
Issue of share capital
6
-
6
Dividends
-
(170,000)
(170,000)
Balance at 31 October 2021
2,508
893,903
896,411
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
199,776
199,776
Dividends
-
(250,000)
(250,000)
Reduction of shares
(2)
(2)
Balance at 31 October 2022
2,506
843,679
846,185
CHARLESTON FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
Charleston Financial Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Copperhouse Court, Caldecotte Business Park, Caldecote, Milton Keynes, Buckinghamshire, England, MK7 8NL.
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 amounts 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.3
Tangible fixed assets
Tangible fixed assets 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:
Fixtures and fittings
25%
1.4
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.
1.5
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 profit and loss account 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.
CHARLESTON FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
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 profit and loss account, 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.
1.6
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 fixed 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
21
20
CHARLESTON FINANCIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021
26,477
Additions
11,057
At 31 October 2022
37,534
Depreciation and impairment
At 1 November 2021
14,833
Depreciation charged in the year
5,675
At 31 October 2022
20,508
Carrying amount
At 31 October 2022
17,026
At 31 October 2021
11,644
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
132,149
100,435
Other debtors
646,182
651,969
778,331
752,404
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
112,500
96,875
Corporation tax
102,538
92,995
Other taxation and social security
4,376
12,550
Other creditors
78,946
48,077
298,360
250,497
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
282,292
394,791