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Registration number: 01936419

Charleston Estates Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2022

 

Charleston Estates Limited
(Registration number: 01936419)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Charleston Estates Limited
(Registration number: 01936419)

Company Information

Directors

Mr M C Scott

Mrs S Scott

Company secretary

Mrs S Scott

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Charleston Estates Limited
(Registration number: 01936419)

Balance Sheet as at 31 January 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

6,516

9,631

Investment property

5

2,047,406

2,047,406

 

2,053,922

2,057,037

Current assets

 

Debtors

6

106,060

1,866

Cash at bank and in hand

 

543,242

799,675

 

649,302

801,541

Creditors: Amounts falling due within one year

7

(382,523)

(613,321)

Net current assets

 

266,779

188,220

Total assets less current liabilities

 

2,320,701

2,245,257

Provisions for liabilities

(1,238)

(1,830)

Net assets

 

2,319,463

2,243,427

Capital and reserves

 

Called up share capital

2

2

Non-distributable reserve

646,525

646,525

Profit and loss account

1,672,936

1,596,900

Total equity

 

2,319,463

2,243,427

For the financial year ending 31 January 2022 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 8 September 2022 and signed on its behalf by:
 

 

Charleston Estates Limited
(Registration number: 01936419)

Balance Sheet as at 31 January 2022

.........................................
Mr M C Scott
Director

 

Charleston Estates Limited
(Registration number: 01936419)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

1

General information

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

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.

In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.

The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
 

Revenue recognition

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

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.

 

Charleston Estates Limited
(Registration number: 01936419)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 buildings

10% reducing balance

Fixtures and fittings

25% reducing balance

Investment property

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

Cash and cash equivalents

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Charleston Estates Limited
(Registration number: 01936419)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

 

Charleston Estates Limited
(Registration number: 01936419)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2021

17,233

7,427

3,600

28,260

Disposals

-

-

(3,600)

(3,600)

At 31 January 2022

17,233

7,427

-

24,660

Depreciation

At 1 February 2021

11,338

5,810

1,481

18,629

Charge for the year

589

407

-

996

Eliminated on disposal

-

-

(1,481)

(1,481)

At 31 January 2022

11,927

6,217

-

18,144

Carrying amount

At 31 January 2022

5,306

1,210

-

6,516

At 31 January 2021

5,895

1,617

2,119

9,631

5

Investment properties

2022
£

At 1 February 2021

2,047,406

At 31 January 2022

2,047,406

Valuation
The freehold investment properties class of fixed assets has a current value of £2,047,406 (2021 - £2,047,406) and a carrying amount at historical cost of £1,400,881 (2021 - £1,400,881). The depreciation on this historical cost is £nil (2021 - £nil). The directors have confirmed that there are no changes required to the valuation at the year end.

 

Charleston Estates Limited
(Registration number: 01936419)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

6

Debtors

2022
£

2021
£

Other debtors

100,695

882

Prepayments and accrued income

5,365

984

Total current trade and other debtors

106,060

1,866

7

Creditors

2022
£

2021
£

Due within one year

Trade creditors

153

-

Taxation and social security

27,810

23,693

Other creditors

338,119

573,337

Accrued expenses

16,441

16,291

382,523

613,321