CHR Equipment Limited - Period Ending 2019-09-30
CHR Equipment Limited - Period Ending 2019-09-30
Registration number:
CHR Equipment Limited
for the Year Ended 30 September 2019
Pages for filing with Registrar
CHR Equipment Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
CHR Equipment Limited
Company Information
Directors |
Mr P Neville Mrs C Neville |
Registered office |
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Page 1 |
CHR Equipment Limited
(Registration number: 03434752)
Balance Sheet as at 30 September 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Non-distributable reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
CHR Equipment Limited
(Registration number: 03434752)
Balance Sheet as at 30 September 2019 (continued)
For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Page 3 |
CHR Equipment Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Revenue recognition
Turnover represents the fair value of the consideration received or receivable in respect of services provided during the year, excluding value added tax. When the outcome of a transaction can be estimated reliably, turnover associated with the transaction is recognised in the profit and loss account by reference to the value of the unbilled work at the balance sheet date, provided that a right to consideration has been obtained through performance.
Page 4 |
CHR Equipment Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
15% on Reducing balance |
Motor vehicles |
25% on Reducing balance |
Furniture, fittings and equipment |
33% on Straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
CHR Equipment Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis. The capital element of the future payments is treated as a liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 6 |
CHR Equipment Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
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Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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 liability simultaneously.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
CHR Equipment Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
Tangible assets |
Computer equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Additions |
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Disposals |
- |
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- |
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At 30 September 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
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Eliminated on disposal |
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- |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Other debtors |
- |
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Prepayments and accrued income |
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Tax assets |
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Receivables from related parties |
268,735 |
366,574 |
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Page 8 |
CHR Equipment Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019 (continued)
Creditors |
Note |
2019 |
2018 |
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Due within one year |
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HP and finance lease liability |
4,054 |
993 |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Due after one year |
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HP and finance lease liability |
10,693 |
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Page 9 |