Company Registration Number 05521012 (England and Wales)
CHELTON BROWN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CHELTON BROWN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
CHELTON BROWN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
91,887
121,392
Tangible assets
4
52,953
388,606
Investment property
5
600,000
744,840
509,998
Current assets
Debtors
6
76,804
215,090
Cash at bank and in hand
1,911,763
1,886,035
1,988,567
2,101,125
Creditors: amounts falling due within one year
7
(1,803,531)
(1,692,235)
Net current assets
185,036
408,890
Total assets less current liabilities
929,876
918,888
Creditors: amounts falling due after more than one year
8
(116,408)
(162,837)
Provisions for liabilities
9
(10,232)
(5,961)
Net assets
803,236
750,090
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
803,136
749,990
Total equity
803,236
750,090
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 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.
The 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.
CHELTON BROWN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 September 2023 and are signed on its behalf by:
Mrs SP Brown
Director
Company Registration No. 05521012
CHELTON BROWN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
100
561,951
562,051
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
210,039
210,039
Dividends
-
(22,000)
(22,000)
Balance at 31 March 2022
100
749,990
750,090
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
79,646
79,646
Dividends
-
(26,500)
(26,500)
Balance at 31 March 2023
100
803,136
803,236
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Chelton Brown Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4-5 George Row, Northampton, Northamptonshire, England, NN1 1DF.
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 amounts 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
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, and arising from the acquisition of a business in 2013, was changed to be amortised over a straight line term of 10% from the 2016 year end.
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:
Freehold land and buildings
2% on cost
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on 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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
34
32
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,055,050
Amortisation and impairment
At 1 April 2022
933,658
Amortisation charged for the year
29,505
At 31 March 2023
963,163
Carrying amount
At 31 March 2023
91,887
At 31 March 2022
121,392
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
184,545
49,334
233,879
Additions
5,028
13,625
18,653
At 31 March 2023
189,573
62,959
252,532
Depreciation and impairment
At 1 April 2022
146,998
38,751
185,749
Depreciation charged in the year
9,723
4,107
13,830
At 31 March 2023
156,721
42,858
199,579
Carrying amount
At 31 March 2023
32,852
20,101
52,953
At 31 March 2022
37,547
10,583
388,606
5
Investment property
2023
£
Fair value
At 1 April 2022
340,475
Additions
298,955
Disposals
(55,133)
Revaluations
15,703
At 31 March 2023
600,000
59 High street (including 8 Foundry Court).
Prepared under the historical cost convention with a value of £584,296, after additions of £298,955 and a part disposal of £55,133.
At the period end, the property was revalued internally, by one of the property experts to a figure of £600,000.
The gain of £15,703 has been reflected in the profit and loss.
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
49,230
11,080
Other debtors
18,623
195,498
Prepayments and accrued income
8,951
8,512
76,804
215,090
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
49,213
48,146
Trade creditors
35,709
26,224
Corporation tax
74,544
59,368
Other taxation and social security
131,383
112,686
Other creditors
1,509,027
1,442,323
Accruals and deferred income
3,655
3,488
1,803,531
1,692,235
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
116,408
162,837
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
10,232
5,961
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
6,306
5,961
Revaluations
3,926
-
10,232
5,961
2023
Movements in the year:
£
Liability at 1 April 2022
5,961
Charge to profit or loss
4,271
Liability at 31 March 2023
10,232
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
50
50
50
50
Ordinary B Shares of £1 each
25
25
25
25
Ordinary C Shares of £1 each
25
25
25
25
100
100
100
100
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
305,625
354,525
CHELTON BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
13
Parent company
The controlling party is now Chelton Brown Holdings.
2023-03-312022-04-01false22 September 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr E W C BrownMrs S P BrownMrs SP Brown055210122022-04-012023-03-31055210122023-03-31055210122022-03-3105521012core:Goodwill2023-03-3105521012core:Goodwill2022-03-3105521012core:FurnitureFittings2023-03-3105521012core:MotorVehicles2023-03-3105521012core:FurnitureFittings2022-03-3105521012core:MotorVehicles2022-03-3105521012core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105521012core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3105521012core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105521012core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3105521012core:CurrentFinancialInstruments2023-03-3105521012core:CurrentFinancialInstruments2022-03-3105521012core:ShareCapital2023-03-3105521012core:ShareCapital2022-03-3105521012core:RetainedEarningsAccumulatedLosses2023-03-3105521012core:RetainedEarningsAccumulatedLosses2022-03-3105521012core:ShareCapital2021-03-3105521012core:RetainedEarningsAccumulatedLosses2021-03-3105521012core:ShareCapitalOrdinaryShares2023-03-3105521012core:ShareCapitalOrdinaryShares2022-03-3105521012bus:CompanySecretaryDirector12022-04-012023-03-3105521012core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31055210122021-04-012022-03-3105521012core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105521012core:Goodwill2022-04-012023-03-3105521012core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3105521012core:FurnitureFittings2022-04-012023-03-3105521012core:MotorVehicles2022-04-012023-03-3105521012core:Goodwill2022-03-3105521012core:FurnitureFittings2022-03-3105521012core:MotorVehicles2022-03-31055210122022-03-3105521012core:Non-currentFinancialInstruments2023-03-3105521012core:Non-currentFinancialInstruments2022-03-3105521012bus:PrivateLimitedCompanyLtd2022-04-012023-03-3105521012bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105521012bus:FRS1022022-04-012023-03-3105521012bus:AuditExemptWithAccountantsReport2022-04-012023-03-3105521012bus:Director12022-04-012023-03-3105521012bus:Director22022-04-012023-03-3105521012bus:CompanySecretary12022-04-012023-03-3105521012bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP