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REGISTERED NUMBER: 01052817 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

CHEALESTOKE PROPERTIES LIMITED

CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CHEALESTOKE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: S A Guest
W Guest



SECRETARY: W Guest



REGISTERED OFFICE: Bedford i-Lab
Stannard Way
Priory Business Park
Bedford
Bedfordshire
MK44 3RZ



REGISTERED NUMBER: 01052817 (England and Wales)



ACCOUNTANTS: DNG Dove Naish LLP
Eagle House
28 Billing Road
Northampton
NN1 5AJ



BANKERS: NatWest
81 High Street
Bedford
MK40 1YN

CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 440 1,150

CURRENT ASSETS
Stocks 1,595,741 1,548,478
Debtors 5 47,974 584,442
Cash at bank 879,397 819,218
2,523,112 2,952,138
CREDITORS
Amounts falling due within one year 6 45,319 293,732
NET CURRENT ASSETS 2,477,793 2,658,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,478,233

2,659,556

CREDITORS
Amounts falling due after more than one
year

7

(18,413

)

(28,213

)

PROVISIONS FOR LIABILITIES (110 ) (287 )
NET ASSETS 2,459,710 2,631,056

CAPITAL AND RESERVES
Called up share capital 700 700
Capital redemption reserve 200 200
Fair value reserve 9 - 61,376
Retained earnings 2,458,810 2,568,780
SHAREHOLDERS' FUNDS 2,459,710 2,631,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:




S A Guest - Director



W Guest - Director


CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Chealestoke Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks held relate to properties and associated costs being developed for re-sale.

CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2022
and 30 September 2023 4,036
DEPRECIATION
At 1 October 2022 2,886
Charge for year 710
At 30 September 2023 3,596
NET BOOK VALUE
At 30 September 2023 440
At 30 September 2022 1,150

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 393 577,914
Directors' current accounts 20,026 -
Tax 17,520 -
VAT 2,011 4,104
Prepayments and accrued income 8,024 2,424
47,974 584,442

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,809 9,809
Trade creditors 5,140 16,217
Tax - 257,995
Social security and other taxes 9,504 -
Other creditors 811 811
Directors' current accounts - 7,000
Accruals and deferred income 20,055 1,900
45,319 293,732

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 18,413 28,213

CHEALESTOKE PROPERTIES LIMITED (REGISTERED NUMBER: 01052817)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 3,731 4,035
Between one and five years - 3,338
3,731 7,373

9. RESERVES
Fair
value
reserve
£   
At 1 October 2022 61,376
Fair value movement (61,376 )

At 30 September 2023 -

10. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
S A Guest and W Guest
Balance outstanding at start of year (7,000 ) 400
Amounts advanced 129,193 53,000
Amounts repaid (102,167 ) (60,400 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,026 (7,000 )

11. RELATED PARTY DISCLOSURES

Included in debtors is an amount of £20,026 (2022: £7,000 creditor), which is a loan owed by the Directors to the company. The loan has been charged interest at a rate of 2.25% per annum and is repayable upon demand.