Registered number
03680610
Chaleview Properties Limited
Unaudited Filleted Accounts
31 July 2023
Chaleview Properties Limited
Registered number: 03680610
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 152 190
Investments 4 2,100,009 1,950,009
2,100,161 1,950,199
Current assets
Debtors 5 20,266 23,082
Cash at bank and in hand 101,469 101,944
121,735 125,026
Creditors: amounts falling due within one year 6 (55,233) (44,706)
Net current assets 66,502 80,320
Total assets less current liabilities 2,166,663 2,030,519
Provisions for liabilities (221,568) (184,077)
Net assets 1,945,095 1,846,442
Capital and reserves
Called up share capital 125,000 125,000
Revaluation reserve 7 1,001,769 894,746
Profit and loss account 818,326 826,696
Shareholders' funds 1,945,095 1,846,442
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.
A J Smith
Director
Approved by the board on 11 March 2024
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
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