CHESTNUT TREE LTD
Registered number: 01493694
Balance Sheet
as at 31 August 2022
Notes 2022 2021
£ £
Current assets
Cash at bank and in hand 109,308 171,158
Creditors: amounts falling due within one year 3 (180) (1,751)
Net current assets 109,128 169,407
Net assets 109,128 169,407
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 108,128 168,407
Shareholders' funds 109,128 169,407
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael Dingley-Jones
Director
Approved by the board on 13 September 2022
CHESTNUT TREE LTD
Notes to the Accounts
for the year ended 31 August 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is represented by rental income receivable by the company for the period.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
No depreciation is provided on investment property.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company - -
3 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs - 1,061
Other creditors 180 690
180 1,751
4 Fair value reserve 2022 2021
£ £
At 1 September 2021 - 88,853
Release of fair value reserve on disposal - (88,853)
At 31 August 2022 - -
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Michael Dingley-Jones
Loan 10,000 (10,000) -
- 10,000 (10,000) -
6 Controlling party
The company is controlled by the Directors.
7 Other information
CHESTNUT TREE LTD is a private company limited by shares and incorporated in England and Wales. Its registered office is:
14 Brynmelyn Avenue
Llanelli
SA15 3RT
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