REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
CHE DEVELOPMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022 |
FOR |
CHE DEVELOPMENTS LTD |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHE DEVELOPMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
105 Eade Road |
OCC Building A |
2nd Floor Unit 11D |
London |
N4 1TJ |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
BALANCE SHEET |
30 NOVEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
BALANCE SHEET - continued |
30 NOVEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
1. | STATUTORY INFORMATION |
Che Developments Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Fixed assets |
Fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Depreciation |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life |
Fixtures and fittings - 20% reducing balance |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
5. | TANGIBLE FIXED ASSETS |
Furniture, |
fixtures |
and |
equipment |
£ |
COST |
At 1 December 2021 |
and 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 December 2021 |
and 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
The company's holds 50% of the ordinary issued share capital of Capital Estates Investments Limited, a company registered in England and Wales. The registered office of Capital Estates Investments Limited is 105 Eade Road, OCC Building A, 2nd Floor, Unit 11D, London N4 1TJ. |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2021 |
Revaluations | 40,000 |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
7. | INVESTMENT PROPERTY - continued |
The directors are of the opinion that £1,565,000 represents the open market value of the company's investment properties at 30 November 2022. The historical cost of the investment properties is £1,303,021 (2021: £1,303,021) |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Bank loans of £4,932 (2021: £4,238) are secured by legal charges over the assets of the company. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
Repayable by instalments |
Bank loans | 107,953 | 113,579 |
Bank loans of £1,563,597 (2021: £1,411,348) are secured by legal charges over the assets of the company. |
11. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 63,000 | 53,000 |
CHE DEVELOPMENTS LTD (REGISTERED NUMBER: 08759931) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2022 |
11. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Change during the year | 10,000 |
Balance at 30 November 2022 |
The provision for deferred tax is in relation to timing differences in respect of the revaluation of investment properties. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | RELATED PARTY DISCLOSURES |
Other debtors include amounts of £333,057 (2021: £335,179) owed by companies having a director in common with the company. |
Other creditors include amounts of £77,361 (2021: £92,685) owed to the directors or companies having a director in common with the company. |
No transactions with related parties, other than disclosed above, were undertaken such as are required to be disclosed under FRS102. |