Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-311Developing land for resale2022-04-01false1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09514434 2022-04-01 2023-03-31 09514434 2021-04-01 2022-03-31 09514434 2023-03-31 09514434 2022-03-31 09514434 c:Director1 2022-04-01 2023-03-31 09514434 c:RegisteredOffice 2022-04-01 2023-03-31 09514434 d:CurrentFinancialInstruments 2023-03-31 09514434 d:CurrentFinancialInstruments 2022-03-31 09514434 d:Non-currentFinancialInstruments 2023-03-31 09514434 d:Non-currentFinancialInstruments 2022-03-31 09514434 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09514434 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09514434 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09514434 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09514434 d:ShareCapital 2023-03-31 09514434 d:ShareCapital 2022-03-31 09514434 d:RetainedEarningsAccumulatedLosses 2023-03-31 09514434 d:RetainedEarningsAccumulatedLosses 2022-03-31 09514434 c:OrdinaryShareClass1 2022-04-01 2023-03-31 09514434 c:OrdinaryShareClass1 2023-03-31 09514434 c:FRS102 2022-04-01 2023-03-31 09514434 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09514434 c:FullAccounts 2022-04-01 2023-03-31 09514434 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09514434










CHARTERHOUSE MACMILLAN GROUP INC LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
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 - 6


 
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 2023

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 2023 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 21 October 2023Our 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
 
26 October 2023
Page 1

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
REGISTERED NUMBER: 09514434

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Stocks
  
830,749
765,131

Debtors: amounts falling due within one year
 4 
121,631
121,406

Bank and cash balances
  
50
2,569

  
952,430
889,106

Creditors: amounts falling due within one year
 5 
(111,637)
(110,286)

Net current assets
  
 
 
840,793
 
 
778,820

Total assets less current liabilities
  
840,793
778,820

Creditors: amounts falling due after more than one year
 6 
(863,950)
(799,198)

  

Net liabilities
  
(23,157)
(20,378)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(23,257)
(20,478)

  
(23,157)
(20,378)


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 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 October 2023.




J W Gay
Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

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

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.

 
2.4

Borrowing costs

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

 
2.5

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.

 
2.6

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.

Page 4

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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 (2022 - 1).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
325
-

Other debtors
121,306
121,306

Called up share capital not paid
-
100

121,631
121,406


Page 5

 
CHARTERHOUSE MACMILLAN GROUP INC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
5,200
5,200

Other loan
7,433
6,936

Amounts owed to group undertakings
3,087
3,087

Other creditors
94,770
93,970

Accruals and deferred income
1,147
1,093

111,637
110,286



6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
36,400
37,267

Other loan
827,550
761,931

863,950
799,198


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:

2023
2022
£
£


Repayable by instalments
15,600
16,467

15,600
16,467

.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 'A' ordinary shares of £1.00 each
100
100


 
Page 6