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Registration number: SC600072

CCHP Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

CCHP Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

CCHP Ltd

Company Information

Directors

Mr C R Henderson

Mr C W Henderson

Mr I Henderson

Mr W Rooney

Company secretary

Mr I Henderson

Registered office

Terston House 1 Huly Hill Road
Newbridge
Edinburgh
EH28 8PH

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
CCHP Ltd for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of CCHP Ltd for the year ended 31 December 2021 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of CCHP Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of CCHP Ltd and state those matters that we have agreed to state to the Board of Directors of CCHP Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CCHP Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that CCHP Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of CCHP Ltd. You consider that CCHP Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of CCHP Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Borders
TD9 9BD

19 August 2022

 

CCHP Ltd

(Registration number: SC600072)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

4

1,150,716

978,013

Current assets

 

Debtors

5

1,600

1,091

Cash at bank and in hand

 

247,418

358,515

 

249,018

359,606

Creditors: Amounts falling due within one year

6

(700,560)

(699,843)

Net current liabilities

 

(451,542)

(340,237)

Total assets less current liabilities

 

699,174

637,776

Creditors: Amounts falling due after more than one year

6

(447,045)

(471,347)

Net assets

 

252,129

166,429

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

251,129

165,429

Shareholders' funds

 

252,129

166,429

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 19 August 2022 and signed on its behalf by:
 

.........................................
Mr C R Henderson
Director

.........................................
Mr I Henderson
Company secretary and director

 

CCHP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Terston House 1 Huly Hill Road
Newbridge
Edinburgh
EH28 8PH
Scotland

The principal place of business is:
Terston House 1 Huly Hill Road
Newbridge
Edinburgh
EH28 8PH
Scotland

2

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Judgements

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 included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts.

Rental income
Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.

 

CCHP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tax

The tax expense for the period comprises current 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

 

CCHP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2020 - 4).

4

Investment properties

2021
£

At 1 January

978,013

Additions

172,703

At 31 December

1,150,716

The directors are satisfied that value of the investment properties in the accounts is still appropriate at the balance sheet date.

5

Debtors

Current

2021
£

2020
£

Trade debtors

600

-

Other debtors

1,000

1,091

 

1,600

1,091

 

CCHP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

24,312

22,784

Taxation and social security

 

25,498

26,309

Accruals and deferred income

 

750

750

Other creditors

 

650,000

650,000

 

700,560

699,843

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

447,045

471,347

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

447,045

471,347

2021
£

2020
£

Current loans and borrowings

Bank borrowings

24,312

22,784

Bank borrowings

Redwood Bank has provided a loan to the company which is denominated in GBP with a nominal interest rate of 6.25% plus base. The final payment is due on 30 October 2034. The carrying amount at year end is £471,357 (2020 - £494,131).

At the balance sheet date there was £332,365 due to be paid after 5 years from the year end.

Redwood bank holds security over the property assets of the company and certain director's have given a joint & several guarantee.

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £0.01 each

100,000

1,000

100,000

1,000

         
 

CCHP Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Related party transactions

Summary of transactions with other related parties

During the period CCHP Limited borrowed monies from certain other companies controlled by the directors. The loans are repayable on demand. At the balance sheet date the amount due to these companies was £650,000 (2020 - £650,000).