Company registration number 12631531 (England and Wales)
CASTLEFIELD CHAMBERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
CASTLEFIELD CHAMBERS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
CASTLEFIELD CHAMBERS LIMITED
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 1 -
2021
Notes
£
£
Current assets
Stocks
2,254,029
Debtors
3
42,865
Cash at bank and in hand
32,339
2,329,233
Creditors: amounts falling due within one year
4
(2,352,748)
Net current liabilities
(23,515)
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
(23,516)
Total equity
(23,515)
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 period ended 31 July 2021 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 period 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 25 July 2022 and are signed on its behalf by:
S J Beech
Director
Company Registration No. 12631531
CASTLEFIELD CHAMBERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 May 2020
Period ended 31 July 2021:
Loss and total comprehensive income for the period
-
(23,516)
(23,516)
Issue of share capital
5
1
-
1
Balance at 31 July 2021
1
(23,516)
(23,515)
CASTLEFIELD CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
Castlefield Chambers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
60 Oxford Street, Manchester, M1 5EE.
1.1
Reporting period
The financial reporting period covers a 16 month period. The financial period was extended to align the year end with that of the parent company
.
1.2
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.
1.3
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Beech Holdings Investments Limited have provided a letter of support confirming amounts due will not be recalled within 12 months of the accounts being signed unless sufficient funds are available and ongoing cash will be made available as and when required.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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.
CASTLEFIELD CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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
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.
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
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.
1.7
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.
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.
CASTLEFIELD CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 5 -
1.9
At the time of approving the financial statements, the directors are faced with the Coronavirus (COVID19). Whilst no one can predict the extent of the long term impact this will have on the wider economy the directors are confident the company is well placed to trade through the current unprecedented times.
The directors have not been complacent and have increased oversight on spending and cash flow management in order to preserve cash wherever possible. The company is monitoring the situation daily and is in continuing close liaison with both its trading partners and its employees.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
3
3
Debtors
2021
Amounts falling due within one year:
£
Other debtors
42,865
4
Creditors: amounts falling due within one year
2021
£
Bank loans
103,537
Trade creditors
10,638
Amounts owed to group undertakings
2,050,545
Other creditors
188,028
2,352,748
The bank loan is secured by a floating charge against all assets of the company.
5
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
CASTLEFIELD CHAMBERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2021
- 6 -
6
Parent company
The immediate parent of the company is Beech Holdings Investments Limited and it's registered office is 60 Oxford Street, Manchester M1 5EE.