Chartland Properties Limited |
Registered number: |
03655242 |
Balance Sheet |
as at 31 October 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,822,005 |
|
|
2,822,005 |
|
Current assets |
Debtors |
4 |
|
69,614 |
|
|
22,195 |
Cash at bank and in hand |
|
|
92,974 |
|
|
174,326 |
|
|
|
162,588 |
|
|
196,521 |
|
Creditors: amounts falling due within one year |
5 |
|
(108,520) |
|
|
(79,739) |
|
Net current assets |
|
|
|
54,068 |
|
|
116,782 |
|
Total assets less current liabilities |
|
|
|
2,876,073 |
|
|
2,938,787 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(75,000) |
|
|
(150,000) |
|
Provisions for liabilities |
|
|
|
(292,703) |
|
|
(222,454) |
|
|
Net assets |
|
|
|
2,508,370 |
|
|
2,566,333 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
7 |
|
|
1,546,364 |
|
|
1,616,613 |
Profit and loss account |
|
|
|
961,906 |
|
|
949,620 |
|
Shareholders' funds |
|
|
|
2,508,370 |
|
|
2,566,333 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
Mrs K G Martin |
Director |
Approved by the board on 27 March 2024 |
|
Chartland Properties Limited |
Notes to the Accounts |
for the year ended 31 October 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 is revenue earned from the letting of properties. |
|
|
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 leasehold property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
over 5 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. |
|
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Leasehold land and buildings |
|
Office equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 November 2022 |
2,822,000 |
|
3,913 |
|
2,825,913 |
|
At 31 October 2023 |
2,822,000 |
|
3,913 |
|
2,825,913 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2022 |
- |
|
3,908 |
|
3,908 |
|
At 31 October 2023 |
- |
|
3,908 |
|
3,908 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2023 |
2,822,000 |
|
5 |
|
2,822,005 |
|
At 31 October 2022 |
2,822,000 |
|
5 |
|
2,822,005 |
|
|
|
|
|
|
|
|
|
|
The leasehold land and buildings are included at an internal valuation, made by the directors after consultation with the company's valuers, Sibley Pares, Chartered Surveyors, of 1 Ashford Road, Maidstone, Kent, ME14 5BJ in September 2021. The directors are of the opinion that there is no significant change in the value of these properties at 31 October 2023. Leasehold land and buildings are not depreciated. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
69,614 |
|
22,195 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Taxation and social security costs |
49,428 |
|
32,660 |
|
Other creditors |
59,092 |
|
47,079 |
|
|
|
|
|
|
108,520 |
|
79,739 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
75,000 |
|
150,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 November 2022 |
1,616,613 |
|
1,616,613 |
|
Deferred taxation arising on the revaluation of land and buildings |
(70,249) |
|
- |
|
|
At 31 October 2023 |
1,546,364 |
|
1,616,613 |
|
|
|
|
|
|
|
|
|
|
8 |
Controlling party |
|
|
The company was under the control of Mr D G Brown, a director, throughout the period. Mr Brown is personally interested in 79% of the company's issued share capital. There were no transactions during the period between the company and Mr Brown or with entities controlled by him. |
|
|
9 |
Other information |
|
|
Chartland Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
11 Bank Street |
|
Ashford |
|
Kent |
|
TN23 1DA |