Chaleview Properties Limited |
Notes to the Accounts |
for the year ended 31 July 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). |
|
|
Consolidation |
|
The company has taken advantage of the option not to prepare consolidated financial statements contained in section 399 (2A) of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
|
|
Investment properties |
|
Investment properties have been valued by the directors at the year end and will be revalued annually in accordance with the provisions of FRS 102 1A. |
|
The aggregate surplus or deficit on revaluation is transferred to the profit and loss account. |
|
|
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: |
|
|
Equipment |
20% reducing balance |
|
Fixtures and fittings |
20% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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. |
|
|
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 |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Fixtures & fittings |
|
Equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2022 |
1,380 |
|
5,348 |
|
6,728 |
|
At 31 July 2023 |
1,380 |
|
5,348 |
|
6,728 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2022 |
1,359 |
|
5,179 |
|
6,538 |
|
Charge for the year |
4 |
|
34 |
|
38 |
|
At 31 July 2023 |
1,363 |
|
5,213 |
|
6,576 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2023 |
17 |
|
135 |
|
152 |
|
At 31 July 2022 |
21 |
|
169 |
|
190 |
|
|
4 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2022 |
9 |
|
1,950,000 |
|
1,950,009 |
|
Additions |
- |
|
5,477 |
|
5,477 |
|
Revaluation |
- |
|
144,523 |
|
144,523 |
|
|
At 31 July 2023 |
9 |
|
2,100,000 |
|
2,100,009 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 August 2022 |
9 |
|
873,024 |
|
At 31 July 2023 |
9 |
|
878,039 |
|
|
|
|
|
|
|
|
The fair value of the freehold investment properties at 31 July 2023 is estimated by the directors to be £2,100,000 (2022 - £1,950,000). The historic aggregate cost of the investment properties is £878,039 (2022 - £873,024). |
|
|
The following were subsidiary undertakings of the company: |
|
|
|
|
|
|
|
Capital & |
|
Profit/(loss) |
|
|
Shares |
|
|
|
reserves |
|
for the year |
|
Company |
Class |
|
% |
|
£ |
|
£ |
|
|
8-9 St James Parade Management Company Limited |
5 Ordinary |
|
55.55% |
|
(960) |
|
419 |
|
|
10 St James Parade Bath Management Company Limited |
4 Ordinary |
|
80.00% |
|
5 |
|
- |
|
|
The principal activities of 8-9 St James Parade Management Company Limited and of 10 St James Parade Bath Management Company Limited was that of residents' management companies. |
|
Under the provisions of Section 399 (2A) of the Companies Act 2006, the companies are exempt from preparing consolidated accounts and have not done so, therefore the accounts show information about the company as an individual entity. |
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
2,967 |
|
2,967 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
15,685 |
|
17,734 |
|
Other debtors |
1,614 |
|
2,381 |
|
|
|
|
|
|
20,266 |
|
23,082 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Taxation and social security costs |
27,407 |
|
17,132 |
|
Other creditors |
27,826 |
|
27,574 |
|
|
|
|
|
|
55,233 |
|
44,706 |
|
|
|
|
|
|
|
|
|
|
7 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 August 2022 |
894,746 |
|
753,145 |
|
Gain on revaluation of land and buildings |
144,523 |
|
169,101 |
|
Deferred taxation arising on the revaluation of land and buildings |
(37,500) |
|
(27,500) |
|
|
At 31 July 2023 |
1,001,769 |
|
894,746 |
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
The company was under the joint control of the directors throughout the current and preceding year. |
|
|
8-9 St James Parade Management Company Limited is a partly owned subsidiary of Chaleview Properties Limited. At 31 July 2023, £8,691 (2022 - £12,675) was owed to the company by 8-9 St James Parade Management Company Limited. During the year, the company paid costs on behalf of 8-9 St James Parade Management Company Limited of £0 (2022 - £275) and charged a management fee of £297 (2022 - £235). |
|
|
10 St James Parade Bath Management Company Limited is a partly owned subsidiary of Chaleview Properties Limited. At 31 July 2023, £6,994 (2022 - £5,059) was owed to the company by 10 St James Parade Bath Management Company Limited. During the year, the company received income of £4,045 on behalf of the subsidiary and paid costs on its behalf of £5,695 and charged a management fee of £285 (2022 - £229). |
|
9 |
Other information |
|
|
Chaleview Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
3 Chiltern Park |
|
Thornbury |
|
Bristol |
|
BS35 2HX |