Caseware UK (AP4) 2021.0.152 2021.0.152 false2021-01-01No description of principal activitytruetrue 11479579 2021-01-01 2021-12-31 11479579 2020-01-01 2020-12-31 11479579 2021-12-31 11479579 2020-12-31 11479579 c:Director5 2021-01-01 2021-12-31 11479579 d:MotorVehicles 2021-01-01 2021-12-31 11479579 d:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 11479579 d:CurrentFinancialInstruments 2021-12-31 11479579 d:CurrentFinancialInstruments 2020-12-31 11479579 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11479579 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 11479579 d:ShareCapital 2021-12-31 11479579 d:ShareCapital 2020-12-31 11479579 d:SharePremium 2021-01-01 2021-12-31 11479579 d:SharePremium 2021-12-31 11479579 d:SharePremium 2020-12-31 11479579 d:CapitalRedemptionReserve 2021-01-01 2021-12-31 11479579 d:CapitalRedemptionReserve 2021-12-31 11479579 d:CapitalRedemptionReserve 2020-12-31 11479579 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 11479579 d:MergerReserve 2021-01-01 2021-12-31 11479579 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11479579 d:RetainedEarningsAccumulatedLosses 2021-12-31 11479579 d:RetainedEarningsAccumulatedLosses 2020-12-31 11479579 d:RetainedEarningsAccumulatedLosses 2020-01-01 11479579 c:OrdinaryShareClass1 2021-01-01 2021-12-31 11479579 c:OrdinaryShareClass1 2021-12-31 11479579 c:OrdinaryShareClass1 2020-12-31 11479579 c:FRS102 2021-01-01 2021-12-31 11479579 c:Audited 2021-01-01 2021-12-31 11479579 c:FullAccounts 2021-01-01 2021-12-31 11479579 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 11479579 d:Subsidiary1 2021-01-01 2021-12-31 11479579 d:Subsidiary1 1 2021-01-01 2021-12-31 11479579 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 11479579 c:Consolidated 2021-12-31 11479579 c:ConsolidatedGroupCompanyAccounts 2021-01-01 2021-12-31 11479579 2 2021-01-01 2021-12-31 11479579 6 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11479579










The Chandler Corporation Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2021

 
The Chandler Corporation Limited
Registered number: 11479579

Consolidated balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 5 
4,000
-

Tangible assets
 6 
2,725
430,583

Investments
 7 
4,732,279
2,644,408

Investment property
 8 
35,913,000
34,963,000

  
40,652,004
38,037,991

Current assets
  

Stocks
  
23,000
2,548,474

Debtors: amounts falling due within one year
 9 
71,749
973,925

Cash at bank and in hand
  
9,982,198
5,013,648

  
10,076,947
8,536,047

Creditors: amounts falling due within one year
 10 
(4,411,692)
(2,256,846)

Net current assets
  
 
 
5,665,255
 
 
6,279,201

Total assets less current liabilities
  
46,317,259
44,317,192

Provisions for liabilities
  

Deferred taxation
 11 
(6,077,214)
(4,862,695)

Other provisions
 12 
(1,000,000)
-

  
 
 
(7,077,214)
 
 
(4,862,695)

Net assets
  
39,240,045
39,454,497


Capital and reserves
  

Called up share capital 
 13 
72,766
72,766

Share premium account
 14 
1,265,045
1,265,045

Capital redemption reserve
 14 
1
1

Other reserves
 14 
126,387
1,700,206

Merger reserve
 14 
32,102,048
32,102,048

Profit and loss account
 14 
5,139,883
1,993,927

Equity attributable to owners of the parent company
  
38,706,130
37,133,993

Non-controlling interests
  
533,915
2,320,504

  
39,240,045
39,454,497


Page 1

 
The Chandler Corporation Limited
Registered number: 11479579

Consolidated balance sheet (continued)
As at 31 December 2021

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J E Martin BSc (Hons) ACA
Finance Director

Date: 16 August 2022

The notes on pages 4 to 16 form part of these financial statements.

Page 2

 
The Chandler Corporation Limited
Registered number: 11479579

Company balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 7 
1,370,460
1,370,460

Current assets
  

Debtors: amounts falling due within one year
 9 
1,524
302,176

Cash at bank and in hand
  
95,546
11,140

  
97,070
313,316

Creditors: amounts falling due within one year
 10 
-
(230,000)

Net current assets
  
 
 
97,070
 
 
83,316

Total assets less current liabilities
  
1,467,530
1,453,776

  

  

Net assets
  
1,467,530
1,453,776


Capital and reserves
  

Called up share capital 
 13 
72,766
72,766

Share premium account
 14 
1,265,045
1,265,045

Capital redemption reserve
 14 
1
1

Profit and loss account brought forward
  
115,964
122,256

Profit for the year
  
5,302,387
152,338

Other changes in the profit and loss account

  

(5,288,633)
(158,630)

Profit and loss account carried forward
 14 
129,718
115,964

  
1,467,530
1,453,776


The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J E Martin BSc (Hons) ACA
Finance Director

Date: 16 August 2022

The notes on pages 4 to 16 form part of these financial statements.

Page 3

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

The Chandler Corporation Limited is a private company limited by shares and is incorporated in England with the registration number 11479579. The address of the registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The company's functional and presentational currency is pounds sterling. The financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 4

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover comprises rents, commissions, returns on investments, royalites, ground rent, and other services receivable during the year.

 
2.4

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 6

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Assets under construction
-
Depreciated when brought into use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 7

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 8

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.  The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Investment property
The group holds investment property with fair value of £35,913,000 (2020 - £34,963,000) at the year end (see note 8). In order to determine the fair value of investment property an assessment is made of the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £5,873,329 (2020 - £4,862,895) at the reporting date (see note 11). This provision is based upon estimates of the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of the impact of future tax planning strategies.
Warranty provision
The group has provided for warranties entered into, following the sale of the group's investment property and related trade held by Medmerry Park Limited, a group undertaking. The total amount provided for is in the sum of £1,000,000 (2020 - £NIL), following the directors' assessment of the group's future liability, based on all facts and information available to them (see note 12).


4.


Employees

The average monthly number of employees, including directors, during the year was 41 (2020 - 37).

Page 9

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

5.


Intangible assets

Group and Company





Film rights

£



Cost


At 1 January 2021
-


Additions
4,000



At 31 December 2021

4,000






Net book value



At 31 December 2021
4,000



At 31 December 2020
-



Page 10

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

6.


Tangible fixed assets

Group






Motor vehicles
Assets under construction
Total

£
£
£



Cost


At 1 January 2021
10,950
423,745
434,695


Additions
-
30,522
30,522


Disposals
(5,500)
(454,267)
(459,767)



At 31 December 2021

5,450
-
5,450



Depreciation


At 1 January 2021
4,112
-
4,112


Charge for the year on owned assets
2,738
-
2,738


Disposals
(4,125)
-
(4,125)



At 31 December 2021

2,725
-
2,725



Net book value



At 31 December 2021
2,725
-
2,725



At 31 December 2020
6,838
423,745
430,583


7.


Fixed asset investments

Group





Listed investments
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2021
2,601,610
42,798
2,644,408


Additions
2,526,317
-
2,526,317


Disposals
(491,912)
-
(491,912)


Revaluations
53,466
-
53,466



At 31 December 2021
4,689,481
42,798
4,732,279




Page 11

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021
Company





Investments in subsidiary companies

£



Cost


At 1 January 2021
1,370,460



At 31 December 2021
1,370,460





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the company:

Name

Class of shares

Holding

Latham Trust Limited
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the company:

Name

Class of shares

Holding

Beauchamp Place Management Limited
Ordinary
54%
Chandler Property Corporation Limited
Ordinary
100%
Chandler Securities Limited
Ordinary
100%
Garden City Limited
Ordinary
100%
Latham Group Management Limited
Ordinary
100%
Latham Property Company Limited
Ordinary
100%
Lifestyle Homes Limited
Ordinary
100%
Medmerry Park Limited
Ordinary
50%
Montrose Court Holdings Limited
Ordinary
100%
Montrose Court Management Limited
Ordinary
97%
Saracen Films Limited
Ordinary
100%
The Pelham Group Limited
Ordinary
100%
TWB (Holdings) Limited
Ordinary
100%

The registered office of Montrose Court Management Limited is Second Floor Front Suite, 29-30 Watling Street, Canterbury, Kent, CT1 2UD.
The registered office of Beauchamp Place Management Limited is C/O Rendall and Rittner Limited, 13b, St. George Wharf, London, SW8 2LE.
The registered office of all other subsidiary undertakings of the company is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.
The accounts of Beauchamp Place Management Limited and Montrose Court Management Limited, both non-profit management companies, have been excluded from the consolidated financial statements on the grounds of materiality.

Page 12

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

8.


Investment property

Group


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 January 2021
5,090,000
29,873,000
34,963,000


Additions at cost
2,525,000
-
2,525,000


Disposals
(4,200,000)
-
(4,200,000)


Surplus on revaluation
385,000
2,240,000
2,625,000



At 31 December 2021
3,800,000
32,113,000
35,913,000

During the reporting period the group reclassified freehold property held within stock, to freehold investment property. On the date of reclassification the freehold property was valued by the directors at fair value of £2,525,000.
All freehold and leasehold investment property held by the group has been valued at the year end by the directors at fair value.







9.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Trade debtors
27,583
916,670
-
-

Amounts owed by group undertakings
-
59
1,524
301,503

Other debtors
12,303
11,596
-
673

Prepayments and accrued income
31,863
45,600
-
-

71,749
973,925
1,524
302,176


Page 13

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Bank overdrafts
-
21
-
-

Trade creditors
26,200
26,000
-
-

Amounts owed to group undertakings
-
59
-
-

Corporation tax
3,789,706
277,533
-
-

Other taxation and social security
9,103
52,987
-
-

Other creditors
33,490
236,000
-
230,000

Accruals and deferred income
553,193
1,664,246
-
-

4,411,692
2,256,846
-
230,000



11.


Deferred taxation


Group



2021
2020


£

£






At beginning of year
(4,862,695)
(3,928,864)


Charged to profit or loss
(1,636,467)
(999,250)


Utilised in year
421,948
65,419



At end of year
(6,077,214)
(4,862,695)

The provision for deferred taxation is made up as follows:

Group
Group
2021
2020
£
£

Capital gains
(6,077,214)
(4,862,695)

Page 14

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

12.


Provisions


Group



Warranty provision

£





At 1 January 2021
-


Charged to profit or loss
1,000,000



At 31 December 2021
1,000,000

The group has provided for warranties entered into, following the sale of the investment property and related trade held by Medmerry Park, a group undertaking.


13.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



72,766 (2020 - 72,766) Ordinary shares of £1 each
72,766
72,766



14.


Reserves

Share premium account

This reserve represents the excess of the fair value of the consideration receivable on the issue of ordinary share capital, net of the direct costs incurred in their issue, over the nominal value of those shares (which is recognised as called up share capital). Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Other reserves

To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the group’s investment properties to the extent that they are not considered to be distributable to the group’s shareholders, less any related provision for current or deferred tax.

Merger Reserve

This reserve represents the excess of the fair value of the consideration receivable on the issue of ordinary share capital, where merger relief and group reconstruction relief has been obtained.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

Page 15

 
The Chandler Corporation Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

15.


Commitments under operating leases

At 31 December 2021 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2021
2020
£
£

Not later than 1 year
12,000
12,000

Later than 1 year and not later than 5 years
30,000
42,000

42,000
54,000

16.


Related party transactions

The group and company are exempt from disclosing related party transactions with other companies that are wholly owned within the group.
Dividends during the year included payments to company's directors and close family members amounting to £5,288,633 (2020 - £158,630).
All other related party transactions during the current and prior periods were made under normal market conditions.


17.


Controlling party

No individual member has ultimate control of the group.


18.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 18 August 2022 by Peter Manser FCA DChA (senior statutory auditor) on behalf of Kreston Reeves LLP.


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