Registered number
03655242
Chartland Properties Limited
Filleted Accounts
31 October 2023
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
Chartland Properties Limited 03655242 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 release 2 Mrs K G Martin No description of principal activity 03655242 2021-11-01 2022-10-31 03655242 core:RevaluationReserve 2021-11-01 2022-10-31 03655242 core:WithinOneYear 2022-10-31 03655242 core:AfterOneYear 2022-10-31 03655242 core:ShareCapital 2022-10-31 03655242 core:OtherReservesSubtotal 2022-10-31 03655242 core:RetainedEarningsAccumulatedLosses 2022-10-31 03655242 core:RevaluationReserve 2021-10-31 03655242 2022-11-01 2023-10-31 03655242 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03655242 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 03655242 bus:Director40 2022-11-01 2023-10-31 03655242 1 2022-11-01 2023-10-31 03655242 2 2022-11-01 2023-10-31 03655242 core:RevaluationReserve 2022-11-01 2023-10-31 03655242 countries:England 2022-11-01 2023-10-31 03655242 bus:FRS102 2022-11-01 2023-10-31 03655242 bus:FullAccounts 2022-11-01 2023-10-31 03655242 2023-10-31 03655242 core:WithinOneYear 2023-10-31 03655242 core:AfterOneYear 2023-10-31 03655242 core:ShareCapital 2023-10-31 03655242 core:OtherReservesSubtotal 2023-10-31 03655242 core:RetainedEarningsAccumulatedLosses 2023-10-31 03655242 core:LandBuildings 2023-10-31 03655242 core:PlantMachinery 2023-10-31 03655242 core:RevaluationReserve 2023-10-31 03655242 2022-10-31 03655242 core:LandBuildings 2022-10-31 03655242 core:PlantMachinery 2022-10-31 03655242 core:RevaluationReserve 2022-10-31 iso4217:GBP xbrli:pure