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Registration number: 03653773

Chandos Estates Limited

trading as Chandos Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Chandos Estates Limited

trading as Chandos Estates Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Chandos Estates Limited

trading as Chandos Estates Limited

Company Information

Director

Mrs Anne Heathcote

Registered office

Sunnymead
School Hill
St Levan
PENZANCE
TR19 6LJ

 

Chandos Estates Limited

trading as Chandos Estates Limited

Director's Report for the Year Ended 31 May 2023

The director presents her report and the financial statements for the year ended 31 May 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Gerard Charles Heathcote (ceased 8 December 2022)

Mrs Anne Heathcote

Principal activity

The principal activity of the company is Property management

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 13 February 2024 and signed on its behalf by:


Mrs Anne Heathcote
Director

   
     
 

Chandos Estates Limited

trading as Chandos Estates Limited

(Registration number: 03653773)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,283

3,863

Investment property

5

1,323,000

1,095,000

 

1,326,283

1,098,863

Current assets

 

Debtors

6

17,295

17,293

Cash at bank and in hand

 

49,687

77,468

 

66,982

94,761

Creditors: Amounts falling due within one year

7

(11,153)

(32,801)

Net current assets

 

55,829

61,960

Total assets less current liabilities

 

1,382,112

1,160,823

Creditors: Amounts falling due after more than one year

7

(651,507)

(658,162)

Provisions for liabilities

(114,734)

(71,524)

Net assets

 

615,871

431,137

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

559,468

303,998

Retained earnings

56,303

127,039

Shareholders' funds

 

615,871

431,137

 

Chandos Estates Limited

trading as Chandos Estates Limited

(Registration number: 03653773)
Balance Sheet as at 31 May 2023 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 February 2024
 


Mrs Anne Heathcote
Director

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sunnymead
School Hill
St Levan
PENZANCE
TR19 6LJ

These financial statements were authorised for issue by the director on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

18,506

18,506

At 31 May 2023

18,506

18,506

Depreciation

At 1 June 2022

14,643

14,643

Charge for the year

580

580

At 31 May 2023

15,223

15,223

Carrying amount

At 31 May 2023

3,283

3,283

At 31 May 2022

3,863

3,863

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

5

Investment properties

2023
£

At 1 June

1,095,000

Additions

228,000

At 31 May

1,323,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Other debtors

17,295

17,293

17,295

17,293

Current

2023
£

2022
£

Other debtors

17,295

17,293

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,676

4,672

Accruals and deferred income

1,800

1,320

Other creditors

5,677

26,809

11,153

32,801

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

645,572

658,162

Other non-current financial liabilities

 

5,935

-

 

651,507

658,162

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share capital of £1 each

100

100

100

100

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

116,101

116,101

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Reserves (continued)

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(41,080)

(41,080)

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

645,572

658,162