Acorah Software Products - Accounts Production 13.8.831 false true true false 25 November 2021 30 November 2022 30 November 2022 13765247 Mr Adewale Adeyemi Ogunyemi Mrs Faridatu Ogunyemi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13765247 frs-bus:Original frs-core:CurrentFinancialInstruments frs-core:WithinOneYear 2022-11-30 13765247 frs-bus:Original frs-core:Non-currentFinancialInstruments frs-core:BetweenOneFiveYears 2022-11-30 13765247 frs-bus:Original frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2022-11-30 13765247 frs-bus:Original frs-core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-11-25 2022-11-30 13765247 frs-bus:Original frs-core:AllSubsidiaries 2021-11-25 2022-11-30 13765247 frs-bus:Original frs-core:KeyManagementPersonnel 2021-11-25 2022-11-30 13765247 frs-bus:Original frs-core:EntitiesControlledByKeyManagementPersonnel 2021-11-25 2022-11-30 13765247 frs-bus:Original frs-core:OtherRelatedParties 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dpl-frs:Item11 2021-11-25 2022-11-30 13765247 frs-bus:Original dpl-frs:Item12 2021-11-25 2022-11-30 13765247 frs-bus:Original dpl-frs:Item12 2021-11-24 13765247 frs-bus:Original dpl-frs:Item12 2022-11-30 13765247 frs-bus:Original dpl-frs:CostSales dpl-frs:Item12 2021-11-25 2022-11-30 13765247 frs-bus:Original dpl-frs:CostSales dpl-frs:Item12 2021-11-24 13765247 frs-bus:Original dpl-frs:CostSales dpl-frs:Item12 2022-11-30 13765247 frs-bus:Original dpl-frs:DistributionCosts dpl-frs:Item12 2021-11-25 2022-11-30 13765247 frs-bus:Original dpl-frs:AdministrativeExpenses dpl-frs:Item12 2021-11-25 2022-11-30 13765247 frs-bus:Original 1 2021-11-25 2022-11-30 13765247 frs-bus:Original frs-countries:EnglandWales 2021-11-25 2022-11-30
Registered number: 13765247
Cheyne Residential Limited
Unaudited Financial Statements
For the Period 25 November 2021 to 30 November 2022
LAS Accountants LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 13765247
30 November 2022
Notes £ £
FIXED ASSETS
Investment Properties 4 22,075,000
22,075,000
CURRENT ASSETS
Cash at bank and in hand 2,781,400
2,781,400
Creditors: Amounts Falling Due Within One Year 5 (78,611 )
NET CURRENT ASSETS (LIABILITIES) 2,702,789
TOTAL ASSETS LESS CURRENT LIABILITIES 24,777,789
Creditors: Amounts Falling Due After More Than One Year 6 (12,892,000 )
NET ASSETS 11,885,789
CAPITAL AND RESERVES
Called up share capital 7 100
Share premium account 11,836,661
Income Statement 49,028
SHAREHOLDERS' FUNDS 11,885,789
Page 1
Page 2
For the period ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Adewale Adeyemi Ogunyemi
Director
20/11/2023
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Cheyne Residential Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13765247 . The registered office is The Cedars, 82 Camden Park Road, Chislehurst, Kent, BR7 5HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - 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.
These financial statements for the period ended 30 November 2022 are the first financial statements of Cheyne Residential Limited prepared in accordance with FRS 102 (Section 1A), The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of adoption to FRS 102 (Section 1A) was 25 November 2021.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. 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.
2.6. 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, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8. Accounting Judgements and Key Sources of Estimation Uncerainity
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4
4
4. Investment Property
30 November 2022
£
Fair Value
As at 25 November 2021 -
Additions 22,075,000
As at 30 November 2022 22,075,000
5. Creditors: Amounts Falling Due Within One Year
30 November 2022
£
Corporation tax 12,100
Accruals and deferred income 4,291
Directors' loan accounts 62,220
78,611
6. Creditors: Amounts Falling Due After More Than One Year
30 November 2022
£
Mortgage loan 12,892,000
12,892,000
7. Share Capital
30 November 2022
£
Allotted, Called up and fully paid 100
The nominal value per share is £1 and as at 30 November 2022 there are 100 Ordinary Shares in issue.
8. Related Party Transactions
As at the year end, the Director's loan account balance of Mr Adewale Adeyemi Ogunyemi is £43,101, which is a current liability, is interest free and repayable on demand.
As at the year end, the Director's loan account balance of Mrs Faridatu Ogunyemi is £19,119, which is a current liability, is interest free and repayable on demand.
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