IRIS Accounts Production v23.3.1.45 13434170 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh134341702022-05-31134341702023-05-31134341702022-06-012023-05-31134341702021-06-01134341702021-06-022022-05-31134341702022-05-3113434170ns10:Originalns15:EnglandWales2022-06-012023-05-3113434170ns14:PoundSterlingns10:Original2022-06-012023-05-3113434170ns10:Originalns10:Director12022-06-012023-05-3113434170ns10:Original2022-06-012023-05-3113434170ns10:Original2023-05-3113434170ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3113434170ns10:Originalns10:SmallEntities2022-06-012023-05-3113434170ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3113434170ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3113434170ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3113434170ns10:Originalns10:FullAccounts2022-06-012023-05-3113434170ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3113434170ns10:Originalns10:Director22022-06-012023-05-3113434170ns10:Originalns10:RegisteredOffice2022-06-012023-05-3113434170ns10:Original2022-05-3113434170ns10:Originalns5:CurrentFinancialInstruments2023-05-3113434170ns10:Originalns5:CurrentFinancialInstruments2022-05-3113434170ns10:Originalns5:Non-currentFinancialInstruments2023-05-3113434170ns10:Originalns5:Non-currentFinancialInstruments2022-05-3113434170ns5:ShareCapitalns10:Original2023-05-3113434170ns5:ShareCapitalns10:Original2022-05-3113434170ns10:Originalns5:RevaluationReserve2023-05-3113434170ns10:Originalns5:RevaluationReserve2022-05-3113434170ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3113434170ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3113434170ns10:Originalns5:ComputerEquipment2022-06-012023-05-3113434170ns10:Original2021-06-022022-05-3113434170ns10:Originalns5:ComputerEquipment2022-05-3113434170ns10:Originalns5:ComputerEquipment2023-05-3113434170ns10:Originalns5:ComputerEquipment2022-05-3113434170ns10:Original2022-05-3113434170ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3113434170ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-05-3113434170ns5:Securedns10:Original2023-05-3113434170ns5:Securedns10:Original2022-05-3113434170ns10:Originalns10:OrdinaryShareClass12023-05-3113434170ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3113434170ns10:Originalns5:RevaluationReserve2022-05-3113434170ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-31
REGISTERED NUMBER: 13434170 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

CHRONICLE PROPERTIES LTD

CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHRONICLE PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs L E Laming
Mr J P Laming





REGISTERED OFFICE: 25 East Street
Nettleham
LINCOLN
Lincolnshire
LN2 2SL





REGISTERED NUMBER: 13434170 (England and Wales)





ACCOUNTANTS: Rigel Wolf Ltd
Orion House
28A Spital Terrace
GAINSBOROUGH
Lincolnshire
DN21 2HQ

CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 699 932
Investment property 5 380,000 358,585
380,699 359,517

CURRENT ASSETS
Debtors 6 327 -
Cash at bank 1,094 26,596
1,421 26,596
CREDITORS
Amounts falling due within one year 7 123,841 135,735
NET CURRENT LIABILITIES (122,420 ) (109,139 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

258,279

250,378

CREDITORS
Amounts falling due after more than one
year

8

250,660

252,013
NET ASSETS/(LIABILITIES) 7,619 (1,635 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 31,042 9,627
Retained earnings 11 (23,425 ) (11,264 )
SHAREHOLDERS' FUNDS 7,619 (1,635 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)

BALANCE SHEET - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





Mrs L E Laming - Director


CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Chronicle Properties Ltd 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the invoiced value of rents receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Investment property
In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, the investment properties will be valued annually and included in the financial statements at fair value. The surplus or deficit will be transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of the freehold investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRS. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the provisions of the FRS regarding investment properties in order to give them a true and fair view.

If this departure from the Act had not been made, the loss for the financial year would have been increased by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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 balance sheet date.


CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2022
and 31 May 2023 1,019
DEPRECIATION
At 1 June 2022 87
Charge for year 233
At 31 May 2023 320
NET BOOK VALUE
At 31 May 2023 699
At 31 May 2022 932

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 358,585
Revaluations 21,415
At 31 May 2023 380,000
NET BOOK VALUE
At 31 May 2023 380,000
At 31 May 2022 358,585

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2022 9,627
Valuation in 2023 21,415
Cost 348,958
380,000

CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

31.5.23 31.5.22
£    £   
Cost 348,958 348,958

The investment properties were valued on a fair value basis on 31 May 2023 by the directors .

The revaluation of the investment properties does not constitute a timing difference. At current market value stated above, the potential liability to tax in event of disposal is estimated at £5,898.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Prepayments and accrued income 327 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Directors' current accounts 121,764 128,171
Accruals and deferred income 2,077 7,564
123,841 135,735

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Other loans 250,660 252,013

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans 250,660 252,013

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Other loans 250,660 252,013

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
2 Ordinary £1 2 2

CHRONICLE PROPERTIES LTD (REGISTERED NUMBER: 13434170)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2022 (11,264 ) 9,627 (1,637 )
Deficit for the year (12,161 ) (12,161 )
Surplus on revaluation - 21,415 21,415
At 31 May 2023 (23,425 ) 31,042 7,617

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Mr J P & Mrs L E Laming - directors and 100% shareholders - charged the company £312 (2022 - £312) for use of home as office.

13. RELATED PARTY DISCLOSURES

As at 31 May 2023 the company owed the directors £121,764 (2022 - £128,171). This balance has been shown in Creditors.

14. ULTIMATE CONTROLLING PARTY

The ultimate control of the company lies with the two directors who between them hold 100% of the issued share capital.