Company No:
Contents
DIRECTOR | Gabriel Chipperfield |
REGISTERED OFFICE | Flat 2 |
7 Cambridge Gate | |
London | |
NW1 4JX | |
England | |
United Kingdom |
COMPANY NUMBER | 08535976 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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761,057 | 357,179 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand | 7 |
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653,823 | 1,981,868 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 310,352 | 1,297,338 | ||
Total assets less current liabilities | 1,071,409 | 1,654,517 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Gabriel Chipperfield Limited (registered number:
Gabriel Chipperfield
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Gabriel Chipperfield Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 2, 7 Cambridge Gate, London, NW1 4JX, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Gabriel Chipperfield Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Plant and machinery etc. - 20% on cost
Leasehold improvements - 10% on cost
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business 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.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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2021 | 2020 | ||
£ | £ | ||
Amounts recognised as distributions to equity holders in the financial period: | |||
Final dividend for the financial year ended 31 May 2021 of £100,000.00 (2020: £Nil) per ordinary share | 100,000 | 0 | |
Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 June 2020 |
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Additions |
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At 31 May 2021 |
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Accumulated depreciation | |||||
At 01 June 2020 |
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Charge for the financial year |
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At 31 May 2021 |
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Net book value | |||||
At 31 May 2021 |
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At 31 May 2020 |
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Investments in associates | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 June 2020 |
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Additions |
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At 31 May 2021 |
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Provisions for impairment | |||
At 01 June 2020 |
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At 31 May 2021 |
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Carrying value at 31 May 2021 |
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Carrying value at 31 May 2020 |
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Investments in associates are held at cost less impairment because their fair value cannot be measured reliably.
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Cash at bank and in hand |
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2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to connected persons |
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Other creditors |
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Other taxation and social security |
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Other than secured bank loans, there are no amounts included above in respect of which any security has been given by the small entity.
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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251,151 | 719,212 |
Other than secured bank loans, there are no amounts included above in respect of which any security has been given by the small entity.
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
During the year, the company charged fee income of £88,800 and incurred costs of £27,062. As at the balance sheet date, the amount of £66,191 was owed from the entity in which the owner has a participating interest.
Transactions with the entity's director
2021 | 2020 | ||
£ | £ | ||
Loan from the director | 0 | 1,025,082 | |
Loan from a company controlled by the director's family | 57,375 | 309,375 |
The above loans do not carry interest and have no agreed repayment terms.
Advances