Company Registration No. 9255053 (England and Wales)
CHESHIRE CAT MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CHESHIRE CAT MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
CHESHIRE CAT MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Investments
3
1,400,775
1,400,775
Cash and cash equivalents
552
612
Current liabilities
4
(69,700)
(2,280)
Net current liabilities
(69,148)
(1,668)
Total assets less current liabilities
1,331,627
1,399,107
Non-current liabilities
5
(685,748)
(887,168)
Net assets
645,879
511,939
Equity
Called up share capital
6
100
2
Retained earnings
645,779
511,937
Total equity
645,879
511,939
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2020 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.
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 by the board of directors and authorised for issue on 26 January 2021 and are signed on its behalf by:
Mrs L J Humby
Director
Company Registration No. 9255053
CHESHIRE CAT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Cheshire Cat Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Brewery, Common Lane, Kelsall, Tarporley, Cheshire, CW6 0PY.
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 a
mounts
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
Non-current investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
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.
1.4
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 statement of financial position 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, which include trade and other receivables 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 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.
CHESHIRE CAT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.5
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
1,400,775
1,400,775
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
1,400,775
Carrying amount
At 31 March 2020
1,400,775
At 31 March 2019
1,400,775
4
Current liabilities
2020
2019
£
£
Other payables
69,700
2,280
CHESHIRE CAT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
5
Non-current liabilities
2020
2019
£
£
Other borrowings
473,000
-
Other payables
212,748
887,168
On 24th June 2019, £473,000 of long term debt was converted to 473 redeemable preference shares of £1,000 each.
The redeemable preference shares rank above all other share capital upon a winding up of the assets of the company in repayment of the capital paid, to the extent that those shares remain to be redeemed at the time of winding up. They are not entitled to any dividend or distribution or to any participation in the profits of the company.
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50 (2019: 1) Ordinary A shares of £1 each
50
1
50 (2019: 1) Ordinary B shares of £1 each
50
1
100
2
Preference share capital
Issued and fully paid
473 (2019: 0) Redeemable preference shares of £1000 each
473,000
-
473,000
-
On 24th June 2019, 49 ordinary A and 49 ordinary B shares of £1 each were issued, fully paid
On 24th June 2019, 473 redeemable preference shares of £1,000 each were issued.