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REGISTERED NUMBER: 12495818 (England and Wales)









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: Sir R G Fry
V B Fry
B V Kilcullen
Chopping, Hart and Biddlecomb Limited
B Smith
I Franklin
Lady M B Fry





SECRETARY: N Luff





REGISTERED OFFICE: St Michaels College
Oldwood Road
Tenbury Wells
Worcestershire
WR15 8PH





REGISTERED NUMBER: 12495818 (England and Wales)





AUDITORS: Morris Crocker Limited
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 4 967 -
Investments 5 1 1
Investment property 6 55,022,000 41,310,253
55,022,968 41,310,254

CURRENT ASSETS
Debtors 7 6,510,366 3,312,091
Cash at bank 467,563 1,808,348
6,977,929 5,120,439
CREDITORS
Amounts falling due within one year 8 34,675,160 44,755,143
NET CURRENT LIABILITIES (27,697,231 ) (39,634,704 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,325,737

1,675,550

CAPITAL AND RESERVES
Called up share capital 9 31,020,095 1
Retained earnings (3,694,358 ) 1,675,549
SHAREHOLDERS' FUNDS 27,325,737 1,675,550

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 23 April 2024 and were signed on its behalf by:





Sir R G Fry - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 1,451
At 31 August 2023 1,451
DEPRECIATION
Charge for year 484
At 31 August 2023 484
NET BOOK VALUE
At 31 August 2023 967

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 1
NET BOOK VALUE
At 31 August 2023 1
At 31 August 2022 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 41,310,253
Additions 22,094,809
Revaluations (8,383,062 )
At 31 August 2023 55,022,000
NET BOOK VALUE
At 31 August 2023 55,022,000
At 31 August 2022 41,310,253

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 3,163 60
Amounts owed by group undertakings 12,265 -
Other debtors 4,399,173 3,312,031
4,414,601 3,312,091

Amounts falling due after more than one year:
Other debtors 2,095,765 -

Aggregate amounts 6,510,366 3,312,091

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 134,883 20,264
Amounts owed to group undertakings - 28,958,832
Taxation and social security 120,167 317,411
Other creditors 34,420,110 15,458,636
34,675,160 44,755,143

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.

Martin Southern (Senior Statutory Auditor)
for and on behalf of Morris Crocker Limited

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.