Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseDeveloping land for resale11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09514434 2021-04-01 2022-03-31 09514434 2020-04-01 2021-03-31 09514434 2022-03-31 09514434 2021-03-31 09514434 c:Director1 2021-04-01 2022-03-31 09514434 c:RegisteredOffice 2021-04-01 2022-03-31 09514434 d:CurrentFinancialInstruments 2022-03-31 09514434 d:CurrentFinancialInstruments 2021-03-31 09514434 d:Non-currentFinancialInstruments 2022-03-31 09514434 d:Non-currentFinancialInstruments 2021-03-31 09514434 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09514434 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 09514434 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09514434 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 09514434 d:ShareCapital 2022-03-31 09514434 d:ShareCapital 2021-03-31 09514434 d:RetainedEarningsAccumulatedLosses 2022-03-31 09514434 d:RetainedEarningsAccumulatedLosses 2021-03-31 09514434 c:FRS102 2021-04-01 2022-03-31 09514434 c:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 09514434 c:FullAccounts 2021-04-01 2022-03-31 09514434 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 09514434










CHARTERHOUSE MACMILLAN GROUP INC LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
COMPANY INFORMATION


Director
J W Gay 




Registered number
09514434



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 7


 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHARTERHOUSE MACMILLAN GROUP INC LIMITED
FOR THE YEAR ENDED 31 MARCH 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charterhouse MacMillan Group Inc Limited for the year ended 31 March 2022 which comprise the Balance Sheet and the related notes 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 in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Charterhouse MacMillan Group Inc Limited in accordance with the terms of our engagement letter dated 17 December 2019Our work has been undertaken solely to prepare for your approval the financial statements of Charterhouse MacMillan Group Inc Limited  and state those matters that we have agreed to state to the director of Charterhouse MacMillan Group Inc Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charterhouse MacMillan Group Inc Limited and its director for our work or for this report. 

It is your duty to ensure that Charterhouse MacMillan Group Inc Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Charterhouse MacMillan Group Inc Limited. You consider that Charterhouse MacMillan Group Inc Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Charterhouse MacMillan Group Inc Limited. 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
12 September 2022
Page 1

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
REGISTERED NUMBER: 09514434

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2022
2021
2021
Note
£
£
£
£

  

Current assets
  

Stocks
  
765,131
720,077

Debtors: amounts falling due within one year
 4 
121,406
83,906

Bank and cash balances
  
2,569
50,010

  
889,106
853,993

Creditors: amounts falling due within one year
 5 
(110,286)
(112,624)

Net current assets
  
 
 
778,820
 
 
741,369

Total assets less current liabilities
  
778,820
741,369

Creditors: amounts falling due after more than one year
 6 
(799,198)
(758,544)

  

Net liabilities
  
(20,378)
(17,175)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(20,478)
(17,275)

  
(20,378)
(17,175)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 2

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
REGISTERED NUMBER: 09514434
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2022.




J W Gay
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Charterhouse MacMillan Group Inc Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is that of developing land for resale.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company is reliant upon the ongoing support of its ultimate parent undertaking in providing loan finance from which to meet its day to day working capital requirements and in settling all costs relating to the proposed land development.
The director remains confident that this project is feasible and that, once it is up and running, the Company will generate sufficient profits to be in a position to repay all of its debts.  The director of the ultimate parent undertaking has confirmed that it will not seek repayment of the loan finance until such time as the development land is sold.
The director therefore considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

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 Profit and Loss Account in the same period as the related expenditure.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 4

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.6

Stocks

Stocks represent work in progress on development projects and are valued at the lower of cost and net realisable value of the work undertaken, being the estimated selling price less costs to complete and sell.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 5

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Debtors

2022
2021
£
£


Other debtors
121,306
83,806

Called up share capital not paid
100
100

121,406
83,906



5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loan
5,200
8,333

Other loan
6,936
6,606

Trade creditors
-
91,570

Amounts owed to group undertakings
3,087
3,047

Other creditors
93,970
-

Accruals and deferred income
1,093
3,068

110,286
112,624


The other loan and amounts owed to group undertakings are unsecured and repayable on demand. 

Page 6

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loan
37,267
41,667

Other loan
761,931
716,877

799,198
758,544


The other loan is provided on a 100% deferred loan basis.  Rolled-up interest is charged on the loan at a rate of 6% above the Bank of England base rate and the balance is repayable at the point of sale of the land that the funds were used to purchase, which is anticipated to occur within five years.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2022
2021
£
£


Repayable by instalments
16,467
1,667

16,467
1,667

The bank loan is repayable by May 2030 and interest is charged at a fixed rate of 2.5% for the duration of the loan.  It is secured by way of a 100% government-backed guarantee against the outstanding balance.

 
Page 7