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COMPANY REGISTRATION NUMBER: 10295723
Blenheim Chalcot Management Limited
Filleted Unaudited Financial Statements
31 March 2023
Blenheim Chalcot Management Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Blenheim Chalcot Management Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
38,680
55,852
Investments
7
4,584,685
4,487,636
------------
------------
4,623,365
4,543,488
Current assets
Debtors
8
3,878,864
3,405,914
Cash at bank and in hand
154,033
743,262
------------
------------
4,032,897
4,149,176
Creditors: amounts falling due within one year
9
3,012,668
2,281,518
------------
------------
Net current assets
1,020,229
1,867,658
------------
------------
Total assets less current liabilities
5,643,594
6,411,146
Creditors: amounts falling due after more than one year
10
6,754,175
7,120,885
Provisions
( 9,389)
7,666
------------
------------
Net liabilities
( 1,101,192)
( 717,405)
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 1,101,194)
( 717,407)
------------
---------
Shareholders deficit
( 1,101,192)
( 717,405)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blenheim Chalcot Management Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr M K Badale
Mr C S Mindenhall
Director
Director
Company registration number: 10295723
Blenheim Chalcot Management Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scale Space 1st Floor, 58 Wood Lane, London, W12 7RZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company to ensure that its debts are paid as they fall due for at least 12 months from the signing of these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Equipment
-
33% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
756,398
---------
Amortisation
At 1 April 2022 and 31 March 2023
756,398
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
100,854
11,572
112,426
---------
--------
---------
Depreciation
At 1 April 2022
48,456
8,118
56,574
Charge for the year
16,123
1,049
17,172
---------
--------
---------
At 31 March 2023
64,579
9,167
73,746
---------
--------
---------
Carrying amount
At 31 March 2023
36,275
2,405
38,680
---------
--------
---------
At 31 March 2022
52,398
3,454
55,852
---------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022
4,487,636
Additions
97,049
------------
At 31 March 2023
4,584,685
------------
Impairment
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
4,584,685
------------
At 31 March 2022
4,487,636
------------
8. Debtors
2023
2022
£
£
Trade debtors
39,631
36,378
Amounts owed by group undertakings and undertakings in which the company has a participating interest
85,236
5,604
Other debtors
3,753,997
3,363,932
------------
------------
3,878,864
3,405,914
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,870
9,626
Trade creditors
226,420
143,305
Corporation tax
76,577
Social security and other taxes
114,835
Other creditors
2,776,378
1,937,175
------------
------------
3,012,668
2,281,518
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,780
35,650
Other creditors
6,728,395
7,085,235
------------
------------
6,754,175
7,120,885
------------
------------
11. Related party transactions
At the year end, the company owed the directors £7,728,395 (2022: £8,085,235). Of the amount due, £6,728,395 is not expected to be repaid within 12 months of the balance sheet date. At the balance sheet date, the company had trade debtors and creditors of £43,408 (2022: £40,155) and £103,621 (2022: £103,917) respectively with companies related by virtue of common control and directorship. At the balance sheet date, the company had loan debtors and creditors of £2,290,922 (2022: £1,890,889) and £1,260,000 (2022: £500,000) respectively with companies related by virtue of common control or directorship.