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REGISTERED NUMBER: 02840463 (England and Wales)













Audited Financial Statements

for the Year Ended 31 March 2023

for

Chilcomb Limited

Chilcomb Limited (Registered number: 02840463)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Chilcomb Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P L Murphy
M M Slane





SECRETARY: M M Slane





REGISTERED OFFICE: Winston House
2 Dollis Park
London
N3 1HF





REGISTERED NUMBER: 02840463 (England and Wales)





AUDITORS: Elliotts Shah
Statutory Auditor
Chartered Accountants
4th Floor
167 Fleet Street
London
EC4A 2EA

Chilcomb Limited (Registered number: 02840463)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 13,290,000 13,060,000

CURRENT ASSETS
Debtors 4 1,552,519 900,939
Cash at bank 94,511 189,194
1,647,030 1,090,133
CREDITORS
Amounts falling due within one year 5 12,805,763 12,490,048
NET CURRENT LIABILITIES (11,158,733 ) (11,399,915 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,131,267

1,660,085

CREDITORS
Amounts falling due after more than one
year

6

4,719,444

4,863,332
NET LIABILITIES (2,588,177 ) (3,203,247 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (2,588,179 ) (3,203,249 )
SHAREHOLDERS' FUNDS (2,588,177 ) (3,203,247 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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:





P L Murphy - Director


Chilcomb Limited (Registered number: 02840463)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. 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" including the provisions of Section 1A "Small Entities" 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
After considering the company's prospects and subject to the external lenders' and parent company's continued support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the financial statements, estimates and judgements are made that could affect the reported amounts of assets and liabilities within the next reporting period. Estimates and judgements are continually evaluated and are based on factors such as historical experience and current best estimates of uncertain future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The critical judgements and estimates made by management that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of investment property
The investment property is stated at fair value based on the valuation performed by the directors who are experienced in property investment and have a good knowledge of the location and type of property owned. The valuation reflects observable market prices, if available, condition of the property, and likely income from the asset. As a result of the pandemic (Covid-19), significant disruption and uncertainty in the UK property market prevails which inevitably increases the risk of misstatement and the degree of judgement in arriving at values as at at 31 March 2023.

Turnover
Turnover represents rents and service charges receivable for the year, excluding value added tax.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Chilcomb Limited (Registered number: 02840463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 13,060,000
Additions 172,466
Revaluations 57,534
At 31 March 2023 13,290,000
NET BOOK VALUE
At 31 March 2023 13,290,000
At 31 March 2022 13,060,000

A third party has a 16.4% interest in the income or losses from the properties.The investment properties were revalued on an open market basis by the directors of the company as at the year end. The historical cost of the investment properties is £13,277,630 (2022: £13,105,164).

4. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 3,935 5,821
Other debtors 2,500 2,500
Amount due from joint property participants 252,519 274,651
Deferred tax 73,055 9,540
VAT - 31,574
Prepayments and accrued income 628,118 423,198
960,127 747,284

Amounts falling due after more than one year:
Deferred tax 592,392 153,655

Aggregate amounts 1,552,519 900,939

Included within debtors are rent deposits held in a government regulated tenancy scheme.

Chilcomb Limited (Registered number: 02840463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 142,444 136,668
Other loans 2,000,000 2,000,000
Trade creditors 70,567 31,781
Amounts owed to group undertakings 10,486,233 10,080,967
VAT 28,644 -
Other creditors 2,500 2,500
Accruals and deferred income 75,375 238,132
12,805,763 12,490,048

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 136,668 136,668
Bank loans - 2-5 years 4,582,776 4,726,664
4,719,444 4,863,332

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,861,888 5,000,000
Other loans 2,000,000 2,000,000
6,861,888 7,000,000

The bank and other loans are secured over the company's investment property.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Arvind Shah (Senior Statutory Auditor)
for and on behalf of Elliotts Shah

9. RELATED PARTY DISCLOSURES

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.

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of MFC Estates plc, a company registered in England and Wales. MFC Estates plc is under the control of the director, P L Murphy, by virtue of his beneficial interest in that company's issued share capital.