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COMPANY REGISTRATION NUMBER: 00595100
Chaceley Properties Limited
Filleted Unaudited Financial Statements
31 March 2023
Chaceley Properties Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
462,686
257,709
Investments
6
7,713,850
10,397,400
------------
-------------
8,176,536
10,655,109
Current assets
Debtors
7
359,186
313,547
Cash at bank and in hand
98,081
166,583
---------
---------
457,267
480,130
Creditors: amounts falling due within one year
8
2,692,678
2,859,290
------------
------------
Net current liabilities
2,235,411
2,379,160
------------
-------------
Total assets less current liabilities
5,941,125
8,275,949
Provisions
Taxation including deferred tax
9
391,938
855,581
------------
------------
Net assets
5,549,187
7,420,368
------------
------------
Capital and reserves
Called up share capital
11
8,412
8,412
Revaluation reserve
12
207,086
Other reserves
12
61,981
61,981
Profit and loss account
12
5,271,708
7,349,975
------------
------------
Shareholders funds
5,549,187
7,420,368
------------
------------
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 comprehensive income 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 .
Chaceley Properties Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 27 July 2023 , and are signed on behalf of the board by:
M A Pardoe
Director
Company registration number: 00595100
Chaceley Properties 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 52a Bromsgrove Road, Redditch, B97 4RJ.
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
The financial statements have also been prepared on the assumption that the company is able to carry on business as a going concern as the directors are not aware of any reason why the company cannot meet its anticipated future financial obligations from its own working capital.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
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. 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. The only significant estimate and judgement made by management is in relation to the property valuation.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income due, 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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% Reducing balance
Equipment
-
15% Reducing balance / 33.33% Straight line
Depreciation is not charged on freehold properties since it is the company's policy to maintain properties in such a condition that their value is not impaired by the passage of time.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual 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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 10 (2022: 11 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost or valuation
At 1 April 2022
242,914
38,915
38,868
320,697
Additions
1,762
1,762
Revaluations
207,086
207,086
---------
--------
--------
---------
At 31 March 2023
450,000
38,915
40,630
529,545
---------
--------
--------
---------
Depreciation
At 1 April 2022
32,089
30,899
62,988
Charge for the year
1,707
2,164
3,871
---------
--------
--------
---------
At 31 March 2023
33,796
33,063
66,859
---------
--------
--------
---------
Carrying amount
At 31 March 2023
450,000
5,119
7,567
462,686
---------
--------
--------
---------
At 31 March 2022
242,914
6,826
7,969
257,709
---------
--------
--------
---------
6. Investments
Investment properties
£
Cost
At 1 April 2022
10,397,400
Revaluations
( 2,683,550)
-------------
At 31 March 2023
7,713,850
-------------
Impairment
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
7,713,850
-------------
At 31 March 2022
10,397,400
-------------
Investment properties which are all freehold, were revalued to fair value at 31 March 2023 by the directors based on their knowledge of the locality and experience. The method of determining fair value was based on a multiple of rental income or the expected sales value of the property if considerably lower. There are no restrictions on the realisability of investment property.
The historical cost of the investment properties is £4,067,693 (2022: £4,067,693).
7. Debtors
2023
2022
£
£
Trade debtors
12,665
25,532
Amounts owed by group undertakings
344,873
266,975
Prepayments and accrued income
1,648
21,040
---------
---------
359,186
313,547
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,580
44,737
Amounts owed to group undertakings
2,477,225
2,532,469
Accruals and deferred income
74,044
119,634
Corporation tax
34,815
55,129
Social security and other taxes
10,006
10,137
Director loan accounts
10,255
22,056
Other creditors
51,753
75,128
------------
------------
2,692,678
2,859,290
------------
------------
9. Provisions
Deferred tax (note 10)
£
At 1 April 2022
855,581
Charge against provision
( 463,643)
---------
At 31 March 2023
391,938
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
391,938
855,581
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
2,410
2,811
Fair value adjustment of investment property
389,528
852,770
---------
---------
391,938
855,581
---------
---------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
8,412
8,412
8,412
8,412
-------
-------
-------
-------
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The profit and loss account includes £4,499,967 (2022: £6,482,009) of non distributable reserves, with the remainder being distributable.
13. Directors' advances, credits and guarantees
At the year end the company owed £4,922 (2022: £9,173) to M Pardoe and £5,333 (2022: £12,883) to P H Harrison, both directors of the company.
14. Controlling party
The company's ultimate parent company is Harrison Properties (Midlands) Limited, a company registered in England and Wales.