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Registration number: 04366316

Chilton Business Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Chilton Business Centre Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Chilton Business Centre Limited

(Registration number: 04366316)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,539,072

1,589,181

Current assets

 

Debtors

5

12,190

18,521

Cash at bank and in hand

 

516,521

340,988

 

528,711

359,509

Creditors: Amounts falling due within one year

6

(803,501)

(753,234)

Net current liabilities

 

(274,790)

(393,725)

Net assets

 

1,264,282

1,195,456

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

1,264,280

1,195,454

Shareholders' funds

 

1,264,282

1,195,456

For the financial year ending 30 September 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 22 December 2021 and signed on its behalf by:
 

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

Sir H E Aubrey-Fletcher KCVO
Director

 

Chilton Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

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

The address of its registered office is:
The Estate Office
Dorton Road
Chilton
Aylesbury
Buckinghamshire
HP18 9LR

These financial statements were authorised for issue by the Board on 22 December 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss.

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.

 

Chilton Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

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 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:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over the life of lease

Fixtures, fittings and equipment

25% straight line

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 services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. 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.

 

Chilton Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 0).

4

Tangible assets

Long Leasehold Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2020

2,268,405

145,421

2,413,826

At 30 September 2021

2,268,405

145,421

2,413,826

Depreciation

At 1 October 2020

682,839

141,807

824,646

Charge for the year

47,811

2,297

50,108

At 30 September 2021

730,650

144,104

874,754

Carrying amount

At 30 September 2021

1,537,755

1,317

1,539,072

At 30 September 2020

1,585,566

3,615

1,589,181

 

Chilton Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

5

Debtors

2021
£

2020
£

Trade debtors

12,188

17,853

Prepayments

-

142

Other debtors

2

526

12,190

18,521

 

Chilton Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

620,000

620,000

Trade creditors

 

69,741

67,925

Taxation and social security

 

30,153

39,341

Accruals and deferred income

 

12,819

12,268

Other creditors

 

70,788

13,700

 

803,501

753,234

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each of £1 each

2

2

2

2

         

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Other borrowings

620,000

620,000

9

Related party transactions

Summary of transactions with other related parties

During the year the company paid rent of £16,010 (2020; £41,670), and salary recharges of £27,792 (2020; £16,451) to related parties with common key management. £Nil (2020; £25,660) of the rent paid was in respect of rent arrears from 2009 - 2019.

At the year end, the company owed £43,445 (2020: £61,450) to related parties with common key management.