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REGISTERED NUMBER: 11064744 (England and Wales)



















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2021

for

Chevin Group Holdings Limited

Chevin Group Holdings Limited (Registered number: 11064744)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Profit and Loss Account 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


Chevin Group Holdings Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: J D Fearnehough
J D Cokayne





REGISTERED OFFICE: 44 Friar Gate
Derby
Derbyshire
DE1 1DA





REGISTERED NUMBER: 11064744 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Chevin Group Holdings Limited (Registered number: 11064744)

Group Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report of the company and the group for the year ended 31 December 2021.

REVIEW OF BUSINESS
The principal activities of the group in the year under review were those of housing development and the buying and selling of property.

The result for the year shows a profit of £1.1m (2020 - £1.56m), which the directors are pleased with given the competitive market the group operates in. Turnover decreased in the year, this is dependent on the level of development opportunities and a number of developments sold in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the group's strategy are subject to a number of risks.

The group continues to face the challenges of the general economic situation and the risks of competition and pricing within its sector.

The COVID-19 inevitably had an effect on the property market and on the group's trading ability in particular slowing construction. Although restrictions have now been relaxed, the directors are maintaining a watching brief of the impacts on the industry and taking necessary precautions to best mitigate any further risks presented.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group uses basic financial instruments, comprising bank balances, loans and creditors that arise directly from its operations. The main risk arising from the group's financial instruments is liquidity risk.

LIQUIDITY RISK
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet its financing obligations.

FUTURE DEVELOPMENTS
Two of the subsidiaries, Chevin Homes Limited and Chevin Homes (Milford) Limited, will cease trading within the next 12 months and their accounts have been prepared on an appropriate basis. Other group entities will continue their trading activities, resulting in no significant change expected to the group reporting in subsequent years.

ON BEHALF OF THE BOARD:





J D Fearnehough - Director


21 August 2022

Chevin Group Holdings Limited (Registered number: 11064744)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2021.

DIVIDENDS
Interim dividends of £530 per share were paid in the year to 31 December 2021. The directors recommend that no final dividend be paid.

Total distribution of dividends for the year ended 31 December 2021 was £530,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

J D Fearnehough
J D Cokayne

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J D Fearnehough - Director


21 August 2022

Report of the Independent Auditors to the Members of
Chevin Group Holdings Limited

Opinion
We have audited the financial statements of Chevin Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2021 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Chevin Group Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and sector in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Chevin Group Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Wayne Thomas ACA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

30 August 2022

Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated
Profit and Loss Account
for the Year Ended 31 December 2021

2021 2020
Notes £    £    £    £   

TURNOVER 11,946,726 12,890,385

Cost of sales 9,929,527 10,796,602
GROSS PROFIT 2,017,199 2,093,783

Selling costs 113 422
Administrative expenses 888,092 1,003,430
888,205 1,003,852
1,128,994 1,089,931

Other operating income 479,574 140,330
OPERATING PROFIT 5 1,608,568 1,230,261

Interest receivable and similar income 8,851 18,772
1,617,419 1,249,033
Gain/loss on revaluation of assets 663,243 1,579,268
2,280,662 2,828,301

Interest payable and similar expenses 6 937,807 910,667
PROFIT BEFORE TAXATION 1,342,855 1,917,634

Tax on profit 7 257,620 358,086
PROFIT FOR THE FINANCIAL YEAR 1,085,235 1,559,548

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,085,235

1,559,548

Profit attributable to:
Owners of the parent 1,030,271 1,532,467
Non-controlling interests 54,964 27,081
1,085,235 1,559,548

Total comprehensive income attributable to:
Owners of the parent 1,030,271 1,532,467
Non-controlling interests 54,964 27,081
1,085,235 1,559,548

Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 18,242 24,322
Investments 11 - -
Investment property 12 9,742,771 8,786,811
9,761,013 8,811,133

CURRENT ASSETS
Stocks 13 12,781,572 6,465,201
Debtors 14 267,932 401,020
Cash at bank and in hand 21,840 403,789
13,071,344 7,270,010
CREDITORS
Amounts falling due within one year 15 13,795,702 7,467,751
NET CURRENT LIABILITIES (724,358 ) (197,741 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,036,655

8,613,392

CREDITORS
Amounts falling due after more than one
year

16

(4,281,955

)

(4,637,221

)

PROVISIONS FOR LIABILITIES 20 (690,284 ) (467,000 )
NET ASSETS 4,064,416 3,509,171

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Fair value reserve 22 2,616,897 2,176,818
Merger difference 22 (996 ) (996 )
Retained earnings 22 1,389,915 1,329,723
SHAREHOLDERS' FUNDS 4,006,816 3,506,545

NON-CONTROLLING INTERESTS 57,600 2,626
TOTAL EQUITY 4,064,416 3,509,171

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2022 and were signed on its behalf by:





J D Fearnehough - Director


Chevin Group Holdings Limited (Registered number: 11064744)

Company Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 1,178 1,178
Investment property 12 9,742,771 8,786,811
9,743,949 8,787,989

CURRENT ASSETS
Stocks 13 467,513 -
Debtors 14 513,953 299,672
Cash at bank - 9,074
981,466 308,746
CREDITORS
Amounts falling due within one year 15 2,398,692 1,418,411
NET CURRENT LIABILITIES (1,417,226 ) (1,109,665 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,326,723

7,678,324

CREDITORS
Amounts falling due after more than one
year

16

(3,793,147

)

(3,968,868

)

PROVISIONS FOR LIABILITIES 20 (596,000 ) (467,000 )
NET ASSETS 3,937,576 3,242,456

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Fair value reserve 22 2,070,426 1,630,347
Retained earnings 22 1,866,150 1,611,109
SHAREHOLDERS' FUNDS 3,937,576 3,242,456

Company's profit for the financial year 1,225,120 1,298,142

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2022 and were signed on its behalf by:





J D Fearnehough - Director


Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up Fair
share Retained value
capital earnings reserve
£    £    £   

Balance at 1 January 2020 1,000 1,486,525 897,549

Changes in equity
Dividends - (410,000 ) -
Total comprehensive income - 253,198 1,279,269
Balance at 31 December 2020 1,000 1,329,723 2,176,818

Changes in equity
Dividends - (530,000 ) -
Total comprehensive income - 590,192 440,079
Balance at 31 December 2021 1,000 1,389,915 2,616,897
Merger Non-controlling Total
difference Total interests equity
£    £    £    £   

Balance at 1 January 2020 (996 ) 2,384,078 (24,455 ) 2,359,623

Changes in equity
Dividends - (410,000 ) - (410,000 )
Total comprehensive income - 1,532,467 27,081 1,559,548
Balance at 31 December 2020 (996 ) 3,506,545 2,626 3,509,171

Changes in equity
Dividends - (530,000 ) - (530,000 )
Total comprehensive income - 1,030,271 54,964 1,085,235
Balance at 31 December 2021 (996 ) 4,006,816 57,590 4,064,406

Chevin Group Holdings Limited (Registered number: 11064744)

Company Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2020 1,000 1,999,243 354,071 2,354,314

Changes in equity
Dividends - (410,000 ) - (410,000 )
Total comprehensive income - 21,866 1,276,276 1,298,142
Balance at 31 December 2020 1,000 1,611,109 1,630,347 3,242,456

Changes in equity
Dividends - (530,000 ) - (530,000 )
Total comprehensive income - 785,041 440,079 1,225,120
Balance at 31 December 2021 1,000 1,866,150 2,070,426 3,937,576

Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2021

2021 2020
Notes £    £   
Cash flows from operating activities
Cash generated from operations 25 (4,117,435 ) 4,172,744
Interest paid (936,804 ) (909,547 )
Interest element of hire purchase
payments paid

(1,003

)

(1,120

)
Tax paid (173,712 ) (52,482 )
Net cash from operating activities (5,228,954 ) 3,209,595

Cash flows from investing activities
Purchase of tangible fixed assets - (29,935 )
Purchase of investment property (880,958 ) (347,090 )
Sale of investment property 513,000 222,000
Interest received 8,851 18,772
Net cash from investing activities (359,107 ) (136,253 )

Cash flows from financing activities
Loan movement 5,507,949 (2,582,452 )
Amount introduced by directors 216,000 328,870
Amount withdrawn by directors (13,230 ) (222,870 )
Equity dividends paid (530,000 ) (410,000 )
Net cash from financing activities 5,180,719 (2,886,452 )

(Decrease)/increase in cash and cash equivalents (407,342 ) 186,890
Cash and cash equivalents at
beginning of year

26

403,789

216,899

Cash and cash equivalents at end of
year

26

(3,553

)

403,789

Chevin Group Holdings Limited (Registered number: 11064744)

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

1. STATUTORY INFORMATION

Chevin Group Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The accounts have been prepared on the going concern basis. The directors have confirmed the
current liability position will be managed as part of their ongoing consideration to cashflow and the timing of sales and other receipts to fund future projects.

Basis of consolidation
Merger accounting has been adopted to include the results of the trading subsidiaries including adjustments to effect the 12 month accounting periods.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents the invoiced value of completed property sales, excluding value added tax. Turnover is recognised on the completion date of the property sale.

Turnover also includes rents received from tenants of investment properties. This is recognised as it falls due, in accordance with the lease to which it relates.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost represents the purchase price in addition to any legal fees and refurbishment costs. Net realisable value is based on the estimated selling price less further costs expected to be incurred in completion and disposal.

At each reporting date, stock and work in progress is assessed for expected losses. If a loss is expected then the loss is recognised in full immediately in the Profit and Loss Account.


Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Grants
Revenue grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

The directors have based the fair value of properties held for investment purposes initially on and purchase price updated for considerations to capital improvements, rental yields, market conditions and other external factors that could bring about a change in the fair value.

Stock is valued at the lower of cost or net realisable value. The allocation of land and development
costs to the individual sale of properties is determined by reference to plot size, including consideration to site and build characteristics.

4. EMPLOYEES AND DIRECTORS
2021 2020
£    £   
Wages and salaries 337,265 324,322
Social security costs 43,361 35,673
Other pension costs 51,546 98,745
432,172 458,740

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2021 2020

Management 2 2
Administration 10 9
12 11

2021 2020
£    £   
Directors' remuneration 83,938 18,694
Directors' pension contributions to money purchase schemes 44,000 81,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021 2020
£    £   
Depreciation - owned assets 6,080 5,613
(Profit)/loss on disposal of fixed assets (64,784 ) 3,485
Auditors' remuneration 20,590 11,320

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Bank interest - 12
Bank loan interest 177,826 184,804
Other loan interest 756,198 724,731
Interest on tax 2,780 -
Hire purchase 1,003 1,120
937,807 910,667

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 131,487 71,986
Over provision in prior
year (3,667 ) -
Total current tax 127,820 71,986

Deferred tax 129,800 286,100
Tax on profit 257,620 358,086

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 1,342,855 1,917,634
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2020 - 19 %)

255,142

364,350

Effects of:
Expenses not deductible for tax purposes 2,648 8,316
Capital allowances in excess of depreciation - (162 )
Other timing differences (170 ) (14,418 )
Total tax charge 257,620 358,086

8. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2021 2020
£    £   
Ordinary shares of £1 each
Interim 530,000 410,000

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

10. TANGIBLE FIXED ASSETS

Group
Motor
vehicles
£   
COST
At 1 January 2021
and 31 December 2021 29,935
DEPRECIATION
At 1 January 2021 5,613
Charge for year 6,080
At 31 December 2021 11,693
NET BOOK VALUE
At 31 December 2021 18,242
At 31 December 2020 24,322

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2021
and 31 December 2021 1,178
NET BOOK VALUE
At 31 December 2021 1,178
At 31 December 2020 1,178

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Chevin Homes Limited
Registered office: 44 Friar Gate, Derby, DE1 1DA
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00

Chevin Asset Management Limited
Registered office: 44 Friar Gate, Derby, DE1 1DA
Nature of business: Property sales
%
Class of shares: holding
Ordinary 100.00

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

11. FIXED ASSET INVESTMENTS - continued

Chevin Homes (Derby) Limited
Registered office: 44 Friar Gate, Derby, DE1 1DA
Nature of business: Property development
%
Class of shares: holding
Ordinary 89.00

Amber Projects 2012 Limited
Registered office: 44 Friar Gate, Derby, DE1 1DA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Chevin Homes (Milford) Limited
Registered office: 44 Friar Gate, Derby, DE1 1DA
Nature of business: Property development
%
Class of shares: holding
Ordinary 89.00


Merger relief under S612 CA 2006 has been applied and the investments have been accounted for at the nominal value of the shares issued.

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2021 8,786,811
Additions 880,958
Disposals (588,241 )
Revaluations 663,243
At 31 December 2021 9,742,771
NET BOOK VALUE
At 31 December 2021 9,742,771
At 31 December 2020 8,786,811

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2021 9,742,771

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

12. INVESTMENT PROPERTY - continued

Group

If investment property had not been revalued it would have been included at the following historical cost:

2021 2020
£    £   
Cost 7,125,137 7,026,268
Aggregate depreciation (420,307 ) (303,817 )

Investment property was valued on a fair value basis on 31 December 2021 by the directors .

Company
Total
£   
FAIR VALUE
At 1 January 2021 8,786,811
Additions 880,958
Disposals (588,241 )
Revaluations 663,243
At 31 December 2021 9,742,771
NET BOOK VALUE
At 31 December 2021 9,742,771
At 31 December 2020 8,786,811

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2021 9,742,771

13. STOCKS

Group Company
2021 2020 2021 2020
£    £    £    £   
Work-in-progress 12,781,572 6,465,201 467,513 -

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

14. DEBTORS

Group Company
2021 2020 2021 2020
£    £    £    £   
Amounts falling due within one year:
Trade debtors 42,383 46,679 36,060 45,222
Amounts owed by group undertakings - - 399,132 -
Other debtors 136,900 79,901 36,209 13,230
Owed by related parties 22,452 22,190 22,452 18,350
Directors' current accounts 20,100 222,870 20,100 222,870
Taxation recoverable 4,508 3,980 - -
Prepayments 24,489 7,500 - -
250,832 383,120 513,953 299,672

Amounts falling due after more than one year:
Deferred tax 17,100 17,900 - -

Aggregate amounts 267,932 401,020 513,953 299,672

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Bank loans and overdrafts (see note 17) 552,723 192,881 351,878 185,381
Other loans (see note 17) 10,920,861 5,430,457 655,329 240,152
Hire purchase contracts (see note 18) 8,057 7,085 - -
Trade creditors 391,436 58,037 28,537 4,641
Amounts owed to group undertakings - - 1,187,365 861,548
Tax 182,406 298,298 65,919 38,354
Social security and other taxes 30,135 33,835 1,227 5,350
Other creditors 8,749 18,081 - -
Owed to related parties 858,089 830,000 28,089 -
Accruals and deferred income 843,246 599,077 80,348 82,985
13,795,702 7,467,751 2,398,692 1,418,411

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2021 2020 2021 2020
£    £    £    £   
Bank loans (see note 17) 3,194,616 3,529,020 2,917,525 3,386,519
Other loans (see note 17) 1,085,738 1,082,348 875,622 582,349
Hire purchase contracts (see note 18) 1,601 9,869 - -
Accruals and deferred income - 15,984 - -
4,281,955 4,637,221 3,793,147 3,968,868

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2021 2020 2021 2020
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 25,393 - 25,393 -
Bank loans 527,330 192,881 326,485 185,381
Other loans 10,920,861 5,430,457 655,329 240,152
11,473,584 5,623,338 1,007,207 425,533
Amounts falling due between one and two years:
Bank loans - 1-2 years 346,287 227,055 228,863 197,055
Other loans - 1-2 years 86,167 152,472 41,423 31,576
432,454 379,527 270,286 228,631
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,036,754 3,279,464 1,876,237 3,189,464
Other loans - 2-5 years 828,833 864,689 663,461 550,773
2,865,587 4,144,153 2,539,698 3,740,237
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 811,575 22,501 812,425 -
Other loans more 5yrs instal 170,738 65,187 170,738 -
982,313 87,688 983,163 -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2021 2020
£    £   
Net obligations repayable:
Within one year 8,057 7,085
Between one and five years 1,601 9,869
9,658 16,954

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2021 2020
£    £   
Within one year 64,392 71,830
Between one and five years 366 70,335
64,758 142,165

The following operating lease income is committed to be received:

2021 2020
£ £

Within one year 346,429 132,770
Between one and five years 845,778 479,633
More than five years 104,100 240,462
1,296,307 852,866

Relates to investment property leases, income is received quarterly and monthly.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2021 2020 2021 2020
£    £    £    £   
Bank loans 3,721,946 3,721,901 3,244,010 3,571,900
Other loans 12,006,599 6,512,805 - -
15,728,545 10,234,706 3,244,010 3,571,900

Bank loans are secured against all assets of the group.

Bank loans totalling £200,000 are personally indemnified by the directors.

Other loans are secured against the trading stock of the group.

20. PROVISIONS FOR LIABILITIES

Group Company
2021 2020 2021 2020
£    £    £    £   
Deferred tax 596,000 467,000 596,000 467,000

Other provisions 94,284 - - -

Aggregate amounts 690,284 467,000 596,000 467,000

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 January 2021 467,000 -
Charge to Profit and Loss Account during year 129,000 94,284
Balance at 31 December 2021 596,000 94,284

Company
Deferred
tax
£   
Balance at 1 January 2021 467,000
Deferred 129,000
Balance at 31 December 2021 596,000

21. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,000 Ordinary £1 1,000 1,000

22. RESERVES

Group
Fair
Retained value Merger
earnings reserve difference Totals
£    £    £    £   

At 1 January 2021 1,329,723 2,176,818 (996 ) 3,505,545
Profit for the year 1,030,271 1,030,271
Dividends (530,000 ) (530,000 )
Revaluation surplus (663,243 ) 663,243 - -
Revaluation disposal 94,164 (94,164 ) - -
Deferred tax 129,000 (129,000 ) - -
At 31 December 2021 1,389,915 2,616,897 (996 ) 4,005,816

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021

22. RESERVES - continued

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2021 1,611,109 1,630,347 3,241,456
Profit for the year 1,225,120 1,225,120
Dividends (530,000 ) (530,000 )
Revaluation surplus (663,243 ) 663,243 -
Revaluation disposal 94,164 (94,164 ) -
Deferred tax 129,000 (129,000 ) -
At 31 December 2021 1,866,150 2,070,426 3,936,576


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
J D Fearnehough
Balance outstanding at start of year 111,435 164,435
Amounts advanced 6,615 104,500
Amounts repaid (108,000 ) (157,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,050 111,435

J D Cokayne
Balance outstanding at start of year 111,435 164,435
Amounts advanced 6,615 104,500
Amounts repaid (108,000 ) (157,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,050 111,435

24. RELATED PARTY DISCLOSURES

During the year, the group companies had loans outstanding from the directors close relations and other related companies. At the year end, £810,685 (2020: £825,810) was outstanding and included within other loans. Interest has been charged at rates of 10-12%, with £83,000 (2020: £87,165) being charged in the year.

The group companies were charged for management services provided by the directors through their separately owned related companies. During the year, the total charge to the group was £132,000 (2020: £126,500), which was fully paid before the year end.

The group companies charged for management services provided by the directors through their separately owned related companies. During the year, the total income within the group was £23,500 (2020: £33,800), which was fully paid before the year end.


Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2021
During the year, a total of key management personnel compensation of £ 153,131 (2020 - £ 193,529 ) was paid.

25. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2021 2020
£    £   
Profit before taxation 1,342,855 1,917,634
Depreciation charges 6,081 5,613
Loss/(profit) on disposal of fixed assets 85,242 (181,274 )
Gain on revaluation of fixed assets (663,243 ) (1,579,268 )
Finance costs 937,807 910,667
Finance income (8,851 ) (18,772 )
1,699,891 1,054,600
(Increase)/decrease in stocks (6,316,371 ) 3,147,583
(Increase)/decrease in trade and other debtors (70,210 ) 13,792
Increase/(decrease) in trade and other creditors 569,255 (43,231 )
Cash generated from operations (4,117,435 ) 4,172,744

26. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 21,840 403,789
Bank overdrafts (25,393 ) -
(3,553 ) 403,789
Year ended 31 December 2020
31.12.20 1.1.20
£    £   
Cash and cash equivalents 403,789 216,899


27. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.21 Cash flow At 31.12.21
£    £    £   
Net cash
Cash at bank and in hand 403,789 (381,949 ) 21,840
Bank overdrafts - (25,393 ) (25,393 )
403,789 (407,342 ) (3,553 )
Debt
Finance leases (16,954 ) 7,296 (9,658 )
Debts falling due within 1 year (5,623,338 ) (5,824,853 ) (11,448,191 )
Debts falling due after 1 year (4,611,368 ) 331,014 (4,280,354 )
(10,251,660 ) (5,486,543 ) (15,738,203 )
Total (9,847,871 ) (5,893,885 ) (15,741,756 )