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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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CHUCS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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CHUCS LIMITED |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CHUCS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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BALANCE SHEET |
31 MAY 2017 |
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2017 | 2016 |
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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( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium | 9 |
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Retained earnings | 9 | ( |
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( |
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The directors acknowledge their 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 and authorised for issue by the Board of Directors on
were signed on its behalf by: |
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CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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1. | STATUTORY INFORMATION |
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Chucs Ltd is a private company, limited by shares, registered in England and Wales. The company's registered |
number is 07264615 and registered office address is at 3 Cadogan Gate, London, England, SW1X 0A. |
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Principal activity |
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The principal activity of the company in the year under review was that of the design and distribution of |
swimwear and accessories to wholesale and retail customers. |
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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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Revenue for retail sales is recognised on the date of sale of the goods. Wholesale sales are recognised on the |
date of the despatch. |
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Tangible fixed assets |
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Capitalised website costs represent monies spent on the company's online retail presence. The estimated useful |
life in the opinion of the directors as to the life span of expenditure spent on design and construction before such |
works would be required to be completed again in the future. |
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L/term Leasehold Property - 6 years straight line |
Computer equipment - 33.33% straight line |
Website costs - 10% straight line |
Fixtures and Fittings - 3 years straight line |
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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 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. |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Cash and Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three |
months from the date of acquisition and that are readily convertible to known accounts of cash with no significant |
risk of change in value. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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Going concern |
The financial statements have been prepared on a going concern basis even though at the balance sheet date |
the company had net liabilities amounting to £1,843,201 (2016: £1,763,097). |
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The company's ability to continue as a going concern is dependent on the willingness of the controlling parties to |
provide financing to the company. The controlling parties have expressed their willingness to provide financial |
support for the next 12 months as from the date of approval of the financial statements in order for the company |
to meet its current liabilities, therefore the directors continue to adopt the going concern basis of accounting. |
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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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CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Website | and | Computer |
leasehold | costs | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2016 |
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Additions |
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Disposals |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2017 | 2016 |
£ | £ |
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1,259 | Ordinary | 0.01 | 12.59 | 12.59 |
1,291 | Ordinary B | 0.01 | 12.91 | 12.91 |
781 | Ordinary C | 0.01 | 7.81 | 7.81 |
2,545,580 | Ordinary D | 0.01 | 25,455.80 |
324,199 | Ordinary E | 0.01 | 3,241.99 |
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28,731.10 | 33.31 |
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Shares were issued during the year as follows: |
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Cash at par |
324,199 Ordinary E shares of 0.01 for £3,241.99 |
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Cash at premium |
2,545,580 Ordinary D shares of 0.01 for £738,218.20 |
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9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 June 2016 | ( |
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(1,763,130 | ) |
Deficit for the year | ( |
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Share issue | - | 738,218 | 738,218 |
At 31 May 2017 | ( |
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(1,871,932 | ) |
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10. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately |
from those of the company in an independently administered fund. The pension cost charge represents |
contributions payable by the company to the fund and amounted to £1,477 (2016 - £Nil). Included in other |
creditors is the balance outstanding to the fund as at the year end £288 (2016 - £Nil). |
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11. | RELATED PARTY DISCLOSURES |
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C Finch |
Director |
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During the year 211,000 Ordinary D and 324,199 Ordinary E shares were issued to C Finch who is also a |
Director of the Company. |
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A D Wolfson |
Director |
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Included in other debtors is a balance of £1,299 owed from A Wolfson. |
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Chucs Bar and Grill Ltd |
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Common control |
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During the year the company was recharged expenses of £95,346 (2016: £3,838) from Chucs Bar and Grill Ltd. |
At the balance sheet date £92,226 (2016: £3,838) was owed to Chucs Bar and Grill Ltd. |
CHUCS LIMITED (REGISTERED NUMBER: 07264615) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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11. | RELATED PARTY DISCLOSURES - continued |
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Oakley Capital Ltd |
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Common control |
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During the year the company was recharged expenses of £8,818 (2016: £45,010) from Oakley Capital Ltd. At the |
balance sheet date £93,771 (2016: £84,952) was owed to Oakley Capital Ltd. |
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During the year the Company received loan advances from Oakley Capital Ltd. As at 31 May 2017 the balance |
outstanding to Oakley Capital Ltd was £993,435 (2016: £320,252) and included within creditors due within one |
year. Interest on the loan is charged at 12% per annum, £73,183 of interest has been paid in the year. |
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Pembroke VCT PLC |
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Common control |
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During the year, the company was charged interest of £48,444 (2016: £72,768) by Pembroke VCT PLC. As at |
the year end the company owed £593,020 (2016: £544,577) to Pembroke VCT PLC. |
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Peter Dubens |
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Shareholder |
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During the year, the company was charged interest of £58,579 (2016: £44,287) on the loan from Peter Dubens. |
As at the year end the company owed £599,866 (2016: £541,287). |
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12. | FIRST YEAR ADOPTION |
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The policies applied under the entity's previous accounting framework are not materially different to FRS 102 |
and have not impacted on equity or profit or loss. |