Company Registration No. 02273822 (England and Wales)
CHEVAL ESTATES DEVELOPMENT
COMPANY LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CHEVAL ESTATES DEVELOPMENT COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CHEVAL ESTATES DEVELOPMENT COMPANY LIMITED
Company Registration No. 02273822
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,739,208
2,739,208
Cash at bank and in hand
3,573
3,830
Net current assets
2,742,781
2,743,038
Creditors: amounts falling due after more than one year
4
(100)
(100)
Net assets
2,742,681
2,742,938
Capital and reserves
Called up share capital
5
2,482,285
2,482,285
Share premium account
249,950
249,950
Profit and loss reserves
10,446
10,703
Total equity
2,742,681
2,742,938

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 2 April 2024
T Kilduff
Director
CHEVAL ESTATES DEVELOPMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Cheval Estates Development Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Crown Reach, 145 Grosvenor Road, London, SW1V 3JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.3
Financial instruments
Basic financial assets
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
2
CHEVAL ESTATES DEVELOPMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,739,208
2,739,208

 

4
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
100
100

 

Included within creditors falling due after more than one year are the redeemable preference shares of £100 (2022 - £100) which have no voting rights on a return of capital.

 

They have rights to receive a dividend equal to 33% of the net profits from the sales of certain pieces of land. They are redeemable at par at the company's option, after all rights in relation to dividends have been exhausted.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
100
100
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
50
50
50
50
Deferred shares of £1 each
2,482,000
2,482,000
2,482,000
2,482,000
2,482,150
2,482,150
2,482,150
2,482,150
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
135
135
135
135
Preference shares classified as equity
135
135
Total equity share capital
2,482,285
2,482,285
CHEVAL ESTATES DEVELOPMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Called up share capital
(Continued)
- 4 -

The preference shares are non-equity shares which carry an entitlement to dividend at a rate of 5% per annum. They may be redeemed at par on the winding up of the company. Holders of preference shares have one vote for every share held but only on a resolution for a winding up of the company or on a resolution affecting the rights attaching to the shares, the sum of £1 per share, together with any arrears of dividend.

 

The holders of the preference shares have waived their rights to all past and future dividends and therefore the shares are classed as equity shares.

 

The deferred shares are non equity shares which carry no entitlement to dividend. On a return of capital or liquidation, the deferred shareholders shall be repaid the nominal value of each deferred share if any surplus assets remain after the ordinary shareholders have been repaid. Holders of deferred shares have no voting rights.

 

The Ordinary B shares are equity shares which carry no entitlement to dividend or right to a return of capital. Holders of Ordinary B shares have full voting rights.

6
Parent company

Cheval Properties Holding Limited is the company's immediate parent undertaking.

 

Tonkil Enterprises Limited, a company incorporated in Republic of Ireland, is regarded by the directors as being the company's ultimate parent company.

The ultimate controlling party is T Kilduff.

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