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COMPANY REGISTRATION NUMBER: 07978961
CHENEY INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED
31 March 2023
CHENEY INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
CHENEY INVESTMENTS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr D A L Hanmer
Ms J C Hanmer
Registered office
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
CHENEY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,036,073
733,601
CURRENT ASSETS
Debtors
6
19,100
105,585
Cash at bank and in hand
83,106
22,468
---------
---------
102,206
128,053
CREDITORS: amounts falling due within one year
7
( 684,672)
( 621,687)
---------
---------
NET CURRENT LIABILITIES
( 582,466)
( 493,634)
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
453,607
239,967
CREDITORS: amounts falling due after more than one year
8
( 508,700)
( 290,331)
---------
---------
NET LIABILITIES
( 55,093)
( 50,364)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 55,193)
( 50,464)
--------
--------
SHAREHOLDERS DEFICIT
( 55,093)
( 50,364)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CHENEY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Ms J C Hanmer
Director
Company registration number: 07978961
CHENEY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
725,001
29,477
754,478
Additions
301,710
3,882
305,592
------------
--------
------------
At 31 March 2023
1,026,711
33,359
1,060,070
------------
--------
------------
Depreciation
At 1 April 2022
20,877
20,877
Charge for the year
3,120
3,120
------------
--------
------------
At 31 March 2023
23,997
23,997
------------
--------
------------
Carrying amount
At 31 March 2023
1,026,711
9,362
1,036,073
------------
--------
------------
At 31 March 2022
725,001
8,600
733,601
------------
--------
------------
The company's investment property was valued on the 31 March 2023 by the director on an open market value basis of £1,026,711. This is in accordance with FRS102 (Section 1A). It is the director's opinion that there is no material difference in the open market value and the carrying value, in the financial statements, at 31 March 2023.
6. Debtors
2023
2022
£
£
Other debtors
19,100
105,585
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
684,672
621,687
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
508,700
290,331
---------
---------
The bank loans are secured over the company's assets.