REGISTERED NUMBER: |
CHB ENTERPRISES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
REGISTERED NUMBER: |
CHB ENTERPRISES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CHB ENTERPRISES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Station House |
North Street |
Havant |
Hampshire |
PO9 1QU |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
BALANCE SHEET |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
CHB Enterprises Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Included within creditors due within one year is a balance of £33,912,201 (2022: £44,217,610 ) due to group and other related entities. The directors have received confirmation that the parent company will continue to support the company, and not seek repayment of the intercompany loan if it is detrimental to the ability of the company to be able to trade, for the foreseeable future, being at least for a period of 12 months from the date of approval of the financial statements. For this reason the directors have prepared the accounts on the basis of going concern. |
Exemption from preparing consolidated financial statements |
The financial statements contain information about CHB Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The fair value of the investment properties has been determined by reference to professional valuations prepared by White Druce & Brrown Property Consultants. Key estimates have been made regarding the state of the properties in the locations where they are situated and in respect of the range of reasonable fair value estimates of the assets. |
Turnover |
Turnover includes rent and related charges received under operating leases. Rentals paid under the leases are recognised on a straight-line basis over the lease term. |
Tangible fixed assets |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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. |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares. |
Trade and other debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
Trade and other creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method |
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. |
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. |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using th spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactions and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
At 31 August 2023 |
DEPRECIATION |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
Additions |
Revaluations | (8,383,062 | ) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
The 2023 valuations were made by the directors, on an open market value for existing use basis. |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2023 | (8,383,062 | ) |
Cost | 63,405,062 |
55,022,000 |
If Investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 63,405,062 | 63,405,062 |
Investment property was valued on an open market basis on 31 August 2023 by White Druce & Brown Property Consultants . |
CHB ENTERPRISES LIMITED (REGISTERED NUMBER: 12495818) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
7. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
A deferred tax asset of £2,095,765 has been recognised in respect of changes in the carrying value of investment property. |
Included within other debtors are amounts due from related non-group entities totalling £4,376,744 (2022: £3,182,653). |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included within other creditors are amounts due to related non-group entities totalling £33,912,201 (2022: £15,258,778). |
9. | CALLED UP SHARE CAPITAL |
The 100 £0.01 issued Ordinary shares were consolidated in the year as 1 £1 "Ordinary" share. |
31,020,094 £1 "Ordinary" shares were issued in the year to capitalise loans owed to the parent company. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTROLLING PARTY |
The company is a wholly owned subsidiary of Chopping Hart and Biddlecomb Limited, a company incorporated in Jersey and registered in England and Wales. Chopping Hart and Biddlecomb Limited is the ultimate parent undertaking of the group. |
The ultimate controlling party is Sir R G Fry by virtue of his majority shareholding in the ultimate parent undertaking. |