REGISTERED NUMBER:
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CHADWICK INVESTMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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REGISTERED NUMBER:
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CHADWICK INVESTMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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CHADWICK INVESTMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2021 |
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2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges her 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 profit or loss 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. |
CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2021 |
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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 director and authorised for issue on
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CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Chadwick Investments Limited is a private company, limited by shares registered in Scotland. The company's registration number is SC277795 and the registered office address is 107 Barrie Road, Hillington, Glasgow, G52 4PX. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company had net assets of £310k (2020: £341k) and cash reserves of £46k (2020: £104k) at the year end and has generated profits post year end. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements. |
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Revenue |
Revenue represents amounts receivable for goods and services net of VAT and trade discounts. Sale of goods are recognised when the company has despatched the products to the customer and collection of the related receivables is anticipated. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the trade of Libby Libby in 2016, is being amortised evenly over its estimated useful life of ten years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Property, plant and equipment |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Fixtures and fittings - 15% on reducing balance. |
Freehold property - 50 years straight line |
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The director has assessed the residual value of the freehold property and considers this to be at least equal to the historic cost. The resultant depreciable amount is therefore £nil. |
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Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. |
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During the year the company has benefitted from the Government Coronavirus Job Retention Scheme ('Furlough'). Furlough income has been recognised in "other income" in the same period as the related wage costs. |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost represents actual purchase price. |
CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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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 statement of financial position 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 statement of financial position 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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Critical accounting estimates and judgements |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
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Estimating the useful economic life of an asset is considered key in calculating an appropriate depreciation charge. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
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CHADWICK INVESTMENTS LIMITED (REGISTERED NUMBER: SC277795) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Bank loans are secured by way of a floating charge and a negative pledge over the company's property. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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During the year the maximum overdrawn balance amounted to £277,276 (2020: £257,999). |
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This advance is unsecured, interest free and repayable upon demand. The balance was repaid in full after the year end. |
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11. | POST BALANCE SHEET EVENTS |
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A dividend of £120,000 was declared in May 2022. |