General Information
Raymond Chandler Limited is a private company, limited by shares, registered in England and Wales, registration number 05268417, registration address 3 Belvedere Way, Kenton, Harrow, HA3 9XQ.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included in the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Trade Mark
Trade Mark is stated at cost less amortization. Amortization is calculated on a straight line basis over the estimated expected useful economic life of the Trade Mark.
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.
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2. |
Average number of employees
Average number of employees during the year was 4 (2021 : 4).
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3. |
Intangible fixed assets
Cost |
Other |
|
Trade Mark |
|
Total |
|
£ |
|
£ |
|
£ |
At 01 April 2021 |
25,000 |
|
13,900 |
|
38,900 |
Additions |
- |
|
- |
|
- |
Disposals |
- |
|
- |
|
- |
At 31 March 2022 |
25,000 |
|
13,900 |
|
38,900 |
Amortisation |
At 01 April 2021 |
25,000 |
|
13,900 |
|
38,900 |
Charge for year |
- |
|
- |
|
- |
On disposals |
- |
|
- |
|
- |
At 31 March 2022 |
25,000 |
|
13,900 |
|
38,900 |
Net book values |
At 31 March 2022 |
- |
|
- |
|
- |
At 31 March 2021 |
- |
|
- |
|
- |
|
4. |
Share Capital
Allotted, called up and fully paid
|
2022 £ |
|
2021 £ |
10,000
Class A shares of £1.00 each |
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
5. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
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| 2022 £ | | 2021 £ | | 2022 £ | | 2021 £ |
---|
Potentino Srl | - | | - | | 340,080 | | 214,894 |
In the year, the company made a commercial loan of £117,445 (2021 - £101,985) to Potentino Srl, a company in which A G C Greene is also a director. Repayments of £Nil (2021 - £Nil) were made in the year and interest of £7,742 (2021 - £3,882) was charged on this loan. As at the year end the amount owing from Potentino Srl was £340,080 (2021 - £214,894). During the year, the outstanding balance of £21,470 (2021 - £21,470) was owed to the executor of G C Greene, a deceased director, estate. This amount is included in note 7.
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