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CHALFORD DIGITAL GROUP LTD |
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Financial Statements for the Year Ended 31 December 2020 |
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REGISTERED NUMBER:
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CHALFORD DIGITAL GROUP LTD |
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Financial Statements for the Year Ended 31 December 2020 |
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CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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CHALFORD DIGITAL GROUP LTD |
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Company Information |
for the Year Ended 31 December 2020 |
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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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Chartered Accountants |
2 Highlands Court |
Cranmore Avenue |
Solihull |
West Midlands |
B90 4LE |
CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Share capital |
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Retained earnings |
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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 by the Board of Directors and authorised for issue on
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CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Chalford Digital Group Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Chalford Digital Group Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the profit or loss. |
CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets |
Basic financial assets, which include debtors, loans to third party entities or fellow group companies 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. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
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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. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the company from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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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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CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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Reversal of impairments |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: B1 Aerotech Business Park, Barmfurlong Lane Staverton, Cheltenham, Gloucestershire, GL51 6TU |
Nature of business:
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Class of shares: | holding |
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CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | FIXED ASSET INVESTMENTS - continued |
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Coeus Software Limited |
Registered office: Rm 411 Boho 5 Bridge Street East, Middlesbrough, England, TS2 1NW |
Nature of business: Software consultancy and supply. |
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Class of shares: | holding |
Ordinary A and Ordinary C | 69.8% |
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On 13 March 2020 a shareholders resolution was passed confirming that: |
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- The company's investment was reduced by the cancellation of 1,019,090 A Preference Shares of £1 each. |
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- 160,838 Ordinary A shares of £0.001 were reclassified to Ordinary C shares. |
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- The preserved rights associated to the company's Ordinary C shares ensure that on a return of the subsidiary's assets or sale or otherwise, the assets of the Subsidiary Company remaining after the payment of its liabilities shall be distributed firstly in paying to the holders of the Ordinary C shares. |
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On 5 October 2020 169,435 Ordinary A shares of £0.001 were purchased for a cash value of £0.83 per share. |
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Registered office: Chalford House Mill Field, Pebworth, Stratford-Upon-Avon, Warwickshire, United Kingdom, CV37 8UX |
Nature of business:
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Class of shares: | holding |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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At the Balance Sheet date the amount due amounts due from subsidiary companies totalled £76,460 (2019: £225,429) |
CHALFORD DIGITAL GROUP LTD (REGISTERED NUMBER: 08071808) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | POST BALANCE SHEET EVENTS |
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The ongoing Covid 19 pandemic has severely affected the United Kingdom's economy. The directors confirm they have considered the effect of any uncertainties associated to the impact of Covid 19 when considering the company's going concern position. The directors will continue to monitor the ongoing effect of the pandemic and will take appropriate action to ensure the company's trading results remain satisfactory. |