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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 2022

for

Chevin Group Holdings Limited

Chevin Group Holdings Limited (Registered number: 11064744)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2022




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 2022







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 2022

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

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 £2.5m (2021 - £1.1m), which the directors are pleased with given the competitive market the group operates in. Turnover increased 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.

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


29 September 2023

Chevin Group Holdings Limited (Registered number: 11064744)

Report of the Directors
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
Interim dividends of £383.84 per share were paid in the year to 31 December 2022. The directors recommend that no final dividend be paid.

Total distribution of dividends for the year ended 31 December 2022 was £383,840

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 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


29 September 2023

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 2022 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 2022 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

29 September 2023

Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated
Profit and Loss Account
for the Year Ended 31 December 2022

2022 2021
Notes £    £    £    £   

TURNOVER 19,711,274 11,946,726

Cost of sales 15,269,944 9,929,527
GROSS PROFIT 4,441,330 2,017,199

Selling costs - 113
Administrative expenses 1,194,815 888,093
1,194,815 888,206
3,246,515 1,128,993

Other operating income 93,384 479,574
OPERATING PROFIT 5 3,339,899 1,608,567

Interest receivable and similar income 4,096 8,851
3,343,995 1,617,418
Gain/loss on revaluation of assets 1,204,222 663,243
4,548,217 2,280,661

Interest payable and similar expenses 6 1,128,850 937,807
PROFIT BEFORE TAXATION 3,419,367 1,342,854

Tax on profit 7 901,471 257,620
PROFIT FOR THE FINANCIAL YEAR 2,517,896 1,085,234

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,517,896

1,085,234

Profit attributable to:
Owners of the parent 2,371,187 1,030,270
Non-controlling interests 146,709 54,964
2,517,896 1,085,234

Total comprehensive income attributable to:
Owners of the parent (146,709 ) (54,964 )
Non-controlling interests 146,709 54,964

Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 14,060 18,241
Investments 11 - -
Investment property 12 17,202,427 9,742,772
17,216,487 9,761,013

CURRENT ASSETS
Stocks 13 10,090,783 12,781,572
Debtors 14 915,041 267,932
Cash at bank and in hand 172,673 21,840
11,178,497 13,071,344
CREDITORS
Amounts falling due within one year 15 13,402,677 13,795,703
NET CURRENT LIABILITIES (2,224,180 ) (724,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,992,307

9,036,654

CREDITORS
Amounts falling due after more than one
year

16

(7,813,336

)

(4,281,955

)

PROVISIONS FOR LIABILITIES 20 (1,063,000 ) (690,284 )
NET ASSETS 6,115,971 4,064,415

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Fair value reserve 22 3,281,052 2,616,897
Merger difference 22 (996 ) (996 )
Retained earnings 22 2,630,606 1,389,914
SHAREHOLDERS' FUNDS 5,911,662 4,006,815

NON-CONTROLLING INTERESTS 204,309 57,600
TOTAL EQUITY 6,115,971 4,064,415

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





J D Fearnehough - Director


Chevin Group Holdings Limited (Registered number: 11064744)

Company Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 1,178 1,178
Investment property 12 17,202,426 9,742,771
17,203,604 9,743,949

CURRENT ASSETS
Stocks 13 731,710 467,513
Debtors 14 663,258 513,953
Cash at bank 109,440 -
1,504,408 981,466
CREDITORS
Amounts falling due within one year 15 5,027,689 2,398,692
NET CURRENT LIABILITIES (3,523,281 ) (1,417,226 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,680,323

8,326,723

CREDITORS
Amounts falling due after more than one
year

16

(7,492,854

)

(3,793,147

)

PROVISIONS FOR LIABILITIES 20 (1,063,000 ) (596,000 )
NET ASSETS 5,124,469 3,937,576

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Fair value reserve 22 2,734,581 2,070,426
Retained earnings 22 2,388,888 1,866,150
SHAREHOLDERS' FUNDS 5,124,469 3,937,576

Company's profit for the financial year 1,570,733 1,225,120

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 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 2022

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

Balance at 1 January 2021 1,000 1,329,723 2,176,818

Changes in equity
Dividends - (530,000 ) -
Total comprehensive income - 590,191 440,079
Balance at 31 December 2021 1,000 1,389,914 2,616,897

Changes in equity
Dividends - (466,340 ) -
Total comprehensive income - 1,707,032 664,155
Balance at 31 December 2022 1,000 2,630,606 3,281,052
Merger Non-controlling Total
difference Total interests equity
£    £    £    £   

Balance at 1 January 2021 (996 ) 3,506,545 2,636 3,509,181

Changes in equity
Dividends - (530,000 ) - (530,000 )
Total comprehensive income - 1,030,270 54,964 1,085,234
Balance at 31 December 2021 (996 ) 4,006,815 57,600 4,064,415

Changes in equity
Dividends - (466,340 ) - (466,340 )
Total comprehensive income - 2,371,187 146,709 2,517,896
Balance at 31 December 2022 (996 ) 5,911,662 204,309 6,115,971

Chevin Group Holdings Limited (Registered number: 11064744)

Company Statement of Changes in Equity
for the Year Ended 31 December 2022

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

Balance at 1 January 2021 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

Changes in equity
Dividends - (383,840 ) - (383,840 )
Total comprehensive income - 906,578 664,155 1,570,733
Balance at 31 December 2022 1,000 2,388,888 2,734,581 5,124,469

Chevin Group Holdings Limited (Registered number: 11064744)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 25 5,053,148 (4,117,435 )
Interest paid (1,128,850 ) (936,804 )
Interest element of hire purchase
payments paid

(482

)

(1,003

)
Tax paid (120,765 ) (173,712 )
Net cash from operating activities 3,803,051 (5,228,954 )

Cash flows from investing activities
Purchase of investment property (6,535,905 ) (880,959 )
Sale of investment property 295,000 513,000
Interest received 4,096 8,851
Net cash from investing activities (6,236,809 ) (359,108 )

Cash flows from financing activities
Loan movement 3,056,016 5,507,950
Amount introduced by directors 20,308 216,000
Amount withdrawn by directors - (13,230 )
Equity dividends paid (466,340 ) (530,000 )
Net cash from financing activities 2,609,984 5,180,720

Increase/(decrease) in cash and cash equivalents 176,226 (407,342 )
Cash and cash equivalents at
beginning of year

26

(3,553

)

403,789

Cash and cash equivalents at end of
year

26

172,673

(3,553

)

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2022

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 2022

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 purchase price and then updated for considerations regarding capital improvements, rental yields, tenancy periods, 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
2022 2021
£    £   
Wages and salaries 468,680 337,265
Social security costs 60,757 43,361
Other pension costs 8,094 51,546
537,531 432,172

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2022 2021

Management 2 2
Administration 13 10
15 12

2022 2021
£    £   
Directors' remuneration 88,950 83,938
Directors' pension contributions to money purchase schemes - 44,000

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

Money purchase schemes - 2

5. OPERATING PROFIT

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

2022 2021
£    £   
Depreciation - owned assets 4,181 6,081
Profit on disposal of fixed assets (14,531 ) (64,784 )
Auditors' remuneration 19,610 20,590

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank loan interest 162,634 177,826
Other loan interest 959,642 756,198
Interest on tax 6,092 2,780
Hire purchase 482 1,003
1,128,850 937,807

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 432,216 131,487
Under/(Over) provision in
prior year (2,545 ) (3,667 )
Total current tax 429,671 127,820

Deferred tax 471,800 129,800
Tax on profit 901,471 257,620

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:

2022 2021
£    £   
Profit before tax 3,419,367 1,342,854
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

649,680

255,142

Effects of:
Expenses not deductible for tax purposes 11,293 2,648
Adjustments to tax charge in respect of previous periods 7,647 -
Change in tax rate 188,211 -
Other timing differences 44,640 (170 )
Total tax charge 901,471 257,620

Factors that may affect future tax changes
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. Substantive enactment occurred on 24 May 2021 therefore it's effects have been included in these financial statements. The deferred tax balances within these financial statements have been calculated at 25%.

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

2022 2021
£ £
Ordinary shares of £1 each
Interim 466,340 530,000

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

10. TANGIBLE FIXED ASSETS

Group
Motor
vehicles
£   
COST
At 1 January 2022
and 31 December 2022 29,935
DEPRECIATION
At 1 January 2022 11,694
Charge for year 4,181
At 31 December 2022 15,875
NET BOOK VALUE
At 31 December 2022 14,060
At 31 December 2021 18,241

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1,178
NET BOOK VALUE
At 31 December 2022 1,178
At 31 December 2021 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 2022

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 2022 9,742,772
Additions 6,535,902
Disposals (280,469 )
Revaluations 1,204,222
At 31 December 2022 17,202,427
NET BOOK VALUE
At 31 December 2022 17,202,427
At 31 December 2021 9,742,772

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2022 17,202,427

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

12. INVESTMENT PROPERTY - continued

Group

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

2022 2021
£    £   
Cost 13,147,259 7,125,137
Aggregate depreciation (679,235 ) (420,307 )

Investment property was valued on a fair value basis on 31 December 2022 by the directors .

Company
Total
£   
FAIR VALUE
At 1 January 2022 9,742,771
Additions 6,535,902
Disposals (280,469 )
Revaluations 1,204,222
At 31 December 2022 17,202,426
NET BOOK VALUE
At 31 December 2022 17,202,426
At 31 December 2021 9,742,771

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2022 17,202,426

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

2022 2021
£    £   
Cost 13,147,259 7,125,137
Aggregate depreciation (679,235 ) (420,307 )

Investment property was valued on a fair value basis on 31 December 2022 by the directors .

13. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Work-in-progress 10,090,783 12,781,572 731,710 467,513

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

14. DEBTORS

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year:
Trade debtors 38,733 42,383 19,964 36,060
Amounts owed by group undertakings - - 629,618 399,132
Other debtors 852,263 136,900 1,931 36,209
Owed by related parties 11,745 22,452 11,745 22,452
Directors' current accounts - 20,100 - 20,100
Taxation recoverable - 4,508 - -
Prepayments - 24,489 - -
902,741 250,832 663,258 513,953

Amounts falling due after more than one year:
Deferred tax 12,300 17,100 - -

Aggregate amounts 915,041 267,932 663,258 513,953

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 17) 362,238 552,723 185,905 351,878
Other loans (see note 17) 10,615,665 10,920,861 1,459,310 655,329
Hire purchase contracts (see note 18) 2,498 8,057 - -
Trade creditors 230,281 391,437 25,806 28,537
Amounts owed to group undertakings - - 2,426,444 1,187,365
Tax 590,396 182,406 137,212 65,919
Social security and other taxes 34,407 30,135 825 1,227
Other creditors 22,884 8,749 10,816 -
Owed to related parties 740,884 858,089 670,884 28,089
Directors' current accounts 208 - 208 -
Accruals and deferred income 803,216 843,246 110,279 80,348
13,402,677 13,795,703 5,027,689 2,398,692

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

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans (see note 17) 3,020,440 3,194,616 2,844,899 2,917,525
Other loans (see note 17) 4,792,896 1,085,738 4,647,955 875,622
Hire purchase contracts (see note 18) - 1,601 - -
7,813,336 4,281,955 7,492,854 3,793,147

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 25,393 - 25,393
Bank loans 362,238 527,330 185,905 326,485
Other loans 10,615,665 10,920,861 1,459,310 655,329
10,977,903 11,473,584 1,645,215 1,007,207
Amounts falling due between one and two years:
Bank loans - 1-2 years 2,749,884 346,287 2,628,984 228,863
Other loans - 1-2 years 422,466 86,167 370,898 41,423
3,172,350 432,454 2,999,882 270,286
Amounts falling due between two and five years:
Bank loans - 2-5 years 270,556 2,036,754 215,915 1,876,237
Other loans - 2-5 years 4,370,430 828,833 4,277,057 663,461
4,640,986 2,865,587 4,492,972 2,539,698
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 811,575 - 812,425
Other loans more 5yrs instal - 170,738 - 170,738
- 982,313 - 983,163

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 2,498 8,057
Between one and five years - 1,601
2,498 9,658

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2022 2021
£    £   
Within one year 46,655 64,392
Between one and five years 146,399 366
193,054 64,758

The following operating lease income is committed to be received:

2022 2021
£ £

Within one year 401,526 346,429
Between one and five years 822,764 845,778
More than five years 134,248 104,100
1,358,538 1,296,307

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

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans 3,382,678 3,721,946 3,030,804 3,244,010
Other loans 15,408,561 12,006,599 6,107,265 1,530,951
18,791,239 15,728,545 9,138,069 4,774,961

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
2022 2021 2022 2021
£    £    £    £   
Deferred tax 1,063,000 596,000 1,063,000 596,000

Other provisions - 94,284 - -

Aggregate amounts 1,063,000 690,284 1,063,000 596,000

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£    £   
Balance at 1 January 2022 596,000 94,284
Provided during year 467,000 -
Release of provision - (60,265 )
Balance at 31 December 2022 1,063,000 34,019

Company
Deferred
tax
£   
Balance at 1 January 2022 596,000
Provided during year 467,000
Balance at 31 December 2022 1,063,000

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1,000 Ordinary £1 1,000 1,000

22. RESERVES

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

At 1 January 2022 1,389,914 2,616,897 (996 ) 4,005,815
Profit for the year 2,371,187 2,371,187
Dividends (466,340 ) (466,340 )
Revaluation surplus (1,204,222 ) 1,204,222 - -
Revaluation disposal 73,067 (73,067 ) - -
Deferred tax 467,000 (467,000 ) - -
At 31 December 2022 2,630,606 3,281,052 (996 ) 5,910,662

Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

22. RESERVES - continued

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2022 1,866,150 2,070,426 3,936,576
Profit for the year 1,570,733 1,570,733
Dividends (383,840 ) (383,840 )
Revaluation surplus (1,204,222 ) 1,204,222 -
Revaluation disposal 73,067 (73,067 ) -
Deferred tax 467,000 (467,000 ) -
At 31 December 2022 2,388,888 2,734,581 5,123,469


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
J D Fearnehough
Balance outstanding at start of year 10,050 111,435
Amounts advanced - 6,615
Amounts repaid (10,154 ) (108,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (104 ) 10,050

J D Cokayne
Balance outstanding at start of year 10,050 111,435
Amounts advanced - 6,615
Amounts repaid (10,154 ) (108,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (104 ) 10,050

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, £737,789 (2021: £810,685) was outstanding and included within other loans. Interest has been charged at rates of 10-12%, with £75,736 (2021: £83,000) 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 £141,900 (2021: £132,000), 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 £nil (2021: £23,500), 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 2022
During the year, a total of key management personnel compensation of £ 99,203 (2021 - £ 153,131 ) was paid.

25. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 3,419,367 1,342,854
Depreciation charges 4,181 6,081
(Profit)/loss on disposal of fixed assets (14,531 ) 85,242
Gain on revaluation of fixed assets (1,204,222 ) (663,243 )
Finance costs 1,128,850 937,807
Finance income (4,096 ) (8,851 )
3,329,549 1,699,890
Decrease/(increase) in stocks 2,690,789 (6,316,371 )
Increase in trade and other debtors (667,208 ) (70,210 )
(Decrease)/increase in trade and other creditors (299,982 ) 569,256
Cash generated from operations 5,053,148 (4,117,435 )

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 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 172,673 21,840
Bank overdrafts - (25,393 )
172,673 (3,553 )
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


Chevin Group Holdings Limited (Registered number: 11064744)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

27. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 21,840 150,833 172,673
Bank overdrafts (25,393 ) 25,393 -
(3,553 ) 176,226 172,673
Debt
Finance leases (9,658 ) 7,160 (2,498 )
Debts falling due within 1 year (11,448,191 ) 470,288 (10,977,903 )
Debts falling due after 1 year (4,280,354 ) (3,532,982 ) (7,813,336 )
(15,738,203 ) (3,055,534 ) (18,793,737 )
Total (15,741,756 ) (2,879,308 ) (18,621,064 )