Company Registration No. 07647763 (England and Wales)
CHRYSALIS CHANGE MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
CHRYSALIS CHANGE MANAGEMENT LIMITED
COMPANY INFORMATION
Director
R Holt
Secretary
Mrs K J Holt
Company number
07647763
Registered office
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
HSBC Bank plc
12 Manchester Road
Burnley
Lancashire
BB11 1JH
CHRYSALIS CHANGE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CHRYSALIS CHANGE MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,377
1,533
Current assets
Debtors
4
22,597
25,326
Cash at bank and in hand
87,596
77,175
110,193
102,501
Creditors: amounts falling due within one year
5
(57,477)
(43,739)
Net current assets
52,716
58,762
Net assets
55,093
60,295
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
55,091
60,293
Total equity
55,093
60,295
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 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 27 January 2022
R Holt
Director
Company Registration No. 07647763
CHRYSALIS CHANGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Chrysalis Change Management Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
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
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has adopted the going concern basis in preparing the financial statements.
true
Whilst the director
has adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
Turnover
Turnover represents amounts receivable for services provided.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost
,
net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
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
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.
CHRYSALIS CHANGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
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 balance sheet 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
debtors
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
CHRYSALIS CHANGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
3,459
Additions
1,232
At 31 March 2021
4,691
Depreciation and impairment
At 1 April 2020
1,926
Depreciation charged in the year
388
At 31 March 2021
2,314
Carrying amount
At 31 March 2021
2,377
At 31 March 2020
1,533
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
20,744
24,718
Other debtors
1,853
608
22,597
25,326
CHRYSALIS CHANGE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
12,505
22,356
Other creditors
44,972
21,383
57,477
43,739
6
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1 Ordinary A share of £1 each
1
1
2
2
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
2,970
669
8
Government grants
During the year the company received revenue grants from the government amounting to £6,110 (2020 - £nil). The grants were
received
in relation to the Covid
-
19 pandemic. The directors do not believe there are any unfulfilled conditions or contingencies related to the grants received.