Charterbank Capital Limited - Period Ending 2020-06-30
Charterbank Capital Limited - Period Ending 2020-06-30
Year Ended
Registration number:
Charterbank Capital Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Charterbank Capital Limited
Company Information
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Directors |
Mr C J Eccles Mr T N Branson |
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Company secretary |
Ms L S Eccles |
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Registered office |
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Accountants |
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Charterbank Capital Limited
Balance Sheet
30 June 2020
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Note |
2020 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Other financial assets |
18,859 |
49,995 |
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Current assets |
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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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Deferred income |
34,054 |
24,907 |
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Provisions for liabilities |
( |
( |
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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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Profit and loss account |
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Total equity |
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Charterbank Capital Limited
Balance Sheet
30 June 2020
For the financial year ending 30 June 2020 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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......................................... |
Company Registration Number: 07690452
Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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' including Section 1A 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.
Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
Key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
- Impairment of the loan book - the directors are required to make estimates surrounding the recoverability of the loan book. Directors consider the circumstances surrounding each loan and ensure that sufficient security is obtained for each loan provided
- The directors recognise the significant and potentially prolonged uncertainty that exists in the industry and the global economy as a result of the COVID-19 pandemic. The impact of the pandemic to the company is currently unknown.
Revenue recognition
Turnover represents interest receivable on loans advanced to customers and fees charged. The turnover of the company is not subject to VAT.
Interest receivable is recognised as revenue immediately upon the advancing of loans to the extent that it is non-refundable and will accrue over the minimum term of the underlying agreement. Interest accruing subsequent to the minimum term is recognised as revenue over the remaining term of the agreement in proportion to the capital amount outstanding.
Fees are recognised as revenue over the remaining term of the related loan agreement.
Government grants
Grants received are accounted for using the performance model and credited to the profit and loss account on receipt. As the grant received in the period was in relation to support for the Covid-19 pandemic the grant had no performance obligations and therefore was recognised on receipt.
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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
Tangible assets
Tangible assets are stated in the balance sheet 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:
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Asset class |
Depreciation method and rate |
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Computer equipment |
25% straight line |
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Other property plant and equipment |
25% straight line |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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
Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
Classification
• Short term bridge loans, other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Where interest rates are quoted and loans provided to customers can be classified as basic financial instruments they are initially recorded at transaction price, including transaction costs using the effective interest method.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
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Tangible assets |
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Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2019 |
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Additions |
- |
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At 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
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Charge for the year |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Investments |
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2020 |
2019 |
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Investments in subsidiaries at cost |
- |
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Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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Ordinary |
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England & Wales |
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The company's registered address is 4 Southernhay West, Exeter, UK, EX1 1JG
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Subsidiary undertakings |
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Think-Financial Online Ltd The principal activity of Think-Financial Online Ltd is |
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Other investments |
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Unlisted shares |
Total |
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Cost or valuation |
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At 1 July 2019 |
49,995 |
49,995 |
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Revaluations |
(31,136) |
(31,136) |
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At 30 June 2020 |
18,859 |
18,859 |
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Carrying amount |
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At 30 June 2020 |
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18,859 |
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Debtors |
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2020 |
2019 |
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Bridge loans receivable |
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Other debtors |
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Prepayments and accrued interest receivable |
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Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
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Creditors |
Creditors: amounts falling due within one year
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2020 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Corporation tax |
112,712 |
121,811 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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2020 |
(As restated) |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Creditors: amounts falling due after more than one year
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2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Bank loans are guaranteed by Residential Trust Limited, a company in which a director is a director and shareholder, up to a maximum of £990,000 (2019: £990,000). Residential Trust Limited has been paid £10,000 (2019: £10,000) in respect of this guarantee.
Charterbank Capital Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2020
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £