Registered number
00506483
CHASFAR ESTATES LIMITED
Filleted Accounts
31 March 2023
CHASFAR ESTATES LIMITED
Registered number: 00506483
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 107,343 111,712
Current assets
Debtors 4 402,155 1,647,524
Cash at bank and in hand 1,709,954 295,147
2,112,109 1,942,671
Creditors: amounts falling due within one year 5 (56,462) (31,819)
Net current assets 2,055,647 1,910,852
Net assets 2,162,990 2,022,564
Capital and reserves
Called up share capital 1,500 1,500
Revaluation reserve 6 307,186 307,186
Profit and loss account 1,854,304 1,713,878
Shareholders' funds 2,162,990 2,022,564
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G M Peck
Director
Approved by the board on 21 December 2023
CHASFAR ESTATES LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 283,707
At 31 March 2023 283,707
Depreciation
At 1 April 2022 171,995
Charge for the year 4,369
At 31 March 2023 176,364
Net book value
At 31 March 2023 107,343
At 31 March 2022 111,712
4 Debtors 2023 2022
£ £
Trade debtors 27,469 25,591
Other debtors 374,686 1,621,933
402,155 1,647,524
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 6,693 6,693
Taxation and social security costs 33,964 15,306
Other creditors 15,805 9,820
56,462 31,819
6 Revaluation reserve 2023 2022
£ £
At 1 April 2022 307,186 307,186
At 31 March 2023 307,186 307,186
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
G M Peck
This loan is repayable at £622 per month including interest at 3% 29,539 - (6,514) 23,025
29,539 - (6,514) 23,025
8 Related party transactions
During the year the company paid Geoffrey Peck Consultants LLP, a business controlled by G M Peck, fees amounting to £16,080 (2022 - £15,120) for accounting and other services provided. At the year end the company owed the LLP £5,460 (2022 - £5,220). This is included in other creditors in note 5.
At the year end the company was owed £2,229 by Farren Estate Company Limited, which is
owned by Mrs M Poulton. This represents money collected by that company on behalf of Chasfar
Estates Limited. This was repaid after the year end.
9 Controlling party
The company is controlled by the director, Mrs M Poulton, by virtue of her majority shareholding.
10 Other information
CHASFAR ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Kempston
Mill Hill
Edenbridge
Kent
TN8 5DQ
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