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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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Cheshire Chambers Enterprises |
Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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for |
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Cheshire Chambers Enterprises |
Limited |
Cheshire Chambers Enterprises |
Limited (Registered number: 03379580) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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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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Cheshire Chambers Enterprises |
Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Cheshire Chambers Enterprises |
Limited (Registered number: 03379580) |
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Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 3 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account | 4 |
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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 surplus or deficit 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 on
by: |
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Cheshire Chambers Enterprises |
Limited (Registered number: 03379580) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Cheshire Chambers Enterprises Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. The estimates and underlying |
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in |
which the estimate is revised where the revision affects only that period, or in the period of the revision and |
future periods where the revision affects both current and future periods. |
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The key assumptions concerning the future and other key sources of estimation include uncertainties at the |
reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and |
liabilities within the next financial periods, are discussed below. |
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Tangible fixed assets |
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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. |
Cheshire Chambers Enterprises |
Limited (Registered number: 03379580) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
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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. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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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 net asset and settle the liability simultaneously. |
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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 costs 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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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
Cheshire Chambers Enterprises |
Limited (Registered number: 03379580) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. 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 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 |
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. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement |
is recognised in the period in which the employee's services are received. Termination benefits are recognised |
immediately as an expense when the company is demonstrably committed to terminate the employment of an |
employee or to provide termination benefits |
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3. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Accrued expenses |
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4. | RESERVES |
Income |
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expenditure |
account |
£ |
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At 1 April 2018 |
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Deficit for the year | ( |
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At 31 March 2019 |
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Cheshire Chambers Enterprises |
Limited (Registered number: 03379580) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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5. | ULTIMATE CONTROLLING PARTY |
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The controlling party is considered to be the members of the limited liability company,who are:. |
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East Cheshire Chamber of Commerce and Enterprise |
Macclesfield Chamber of Commerce and Enterprise |
South Cheshire Chamber of Commerce and Industry |
Warrington Chamber of Commerce and Industry |
West Cheshire and North Wales Chamber of Commerce |
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6. | LIMITED LIABILITY |
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The company is limited by guarantee. The liability of each member is limited to £1 in the event of the company |
being wound up. The number of members is 5. |