Company Registration No. 05335214 (England and Wales)
THE CHARTER COMPANY (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2020
PAGES FOR FILING WITH REGISTRAR
THE CHARTER COMPANY (UK) LIMITED
COMPANY INFORMATION
Director
Mr J E Keeble
Secretary
Mrs H G Searing
Company number
05335214
Registered office
Essex House
Proctor Way
Luton
Bedfordshire
LU2 9PE
THE CHARTER COMPANY (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE CHARTER COMPANY (UK) LIMITED
BALANCE SHEET
AS AT 30 JANUARY 2020
30 January 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,372
5,829
Current assets
Debtors
4
25,852
70,678
Cash at bank and in hand
51,610
92,735
77,462
163,413
Creditors: amounts falling due within one year
5
(359,221)
(450,998)
Net current liabilities
(281,759)
(287,585)
Total assets less current liabilities
(277,387)
(281,756)
Creditors: amounts falling due after more than one year
6
(45,000)
(45,000)
Net liabilities
(322,387)
(326,756)
Capital and reserves
Called up share capital
8
880
880
Profit and loss reserves
(323,267)
(327,636)
Total equity
(322,387)
(326,756)
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 30 January 2020 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 CHARTER COMPANY (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JANUARY 2020
30 January 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 August 2020
Mr J E Keeble
Director
Company Registration No. 05335214
THE CHARTER COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JANUARY 2020
- 3 -
1
Accounting policies
Company information
The Charter Company (UK) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Essex House, Proctor Way, Luton, Bedfordshire, England, LU2 9PE.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis based on the director's belief that the creditors will not call for the repayment of their loans until the company can financially meet their obligations.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% 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
.
THE CHARTER COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2020
1
Accounting policies
(Continued)
- 4 -
1.5
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, 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, 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
paymen
ts 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. A
m
ounts 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.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
3
THE CHARTER COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2020
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 January 2019 and 30 January 2020
73,953
Depreciation and impairment
At 31 January 2019
68,124
Depreciation charged in the year
1,457
At 30 January 2020
69,581
Carrying amount
At 30 January 2020
4,372
At 30 January 2019
5,829
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
23,013
69,015
Other debtors
2,839
1,663
25,852
70,678
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
84,201
144,267
Trade creditors
21,956
61,089
Taxation and social security
1,182
4,885
Other creditors
251,882
240,757
359,221
450,998
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
45,000
45,000
THE CHARTER COMPANY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JANUARY 2020
- 6 -
7
Loans and overdrafts
2020
2019
£
£
Bank overdrafts
84,201
144,267
Payable within one year
84,201
144,267
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Allotted, called up and fully paid
880
880
880
880
9
Related party transactions
At the balance sheet date the company owed Twinjet Aircraft Sales (UK) Limited, a company under the control of the director, £
1
56,202 (2019: £
148,085
). This loan is on an interest free basis and is repayable on demand.
The company are renting a building from Twinjet Death and Retirement Scheme, a pension fund which is under common control of the director.