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Registration number: 02116430

Churchbury Securities Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Churchbury Securities Ltd

(Registration number: 02116430)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,059

6,153

Investment property

5

1,030,000

1,037,000

Other financial assets

6

17,100

18,386

 

1,051,159

1,061,539

Current assets

 

Debtors

7

1,274

1,208

Cash at bank and in hand

 

15,296

16,865

 

16,570

18,073

Creditors: Amounts falling due within one year

8

(13,539)

(9,613)

Net current assets

 

3,031

8,460

Total assets less current liabilities

 

1,054,190

1,069,999

Provisions for liabilities

(44,654)

(44,715)

Net assets

 

1,009,536

1,025,284

Capital and reserves

 

Called up share capital

5,000

5,000

Fair value reserve

369,700

377,925

Profit and loss account

634,836

642,359

Shareholders' funds

 

1,009,536

1,025,284

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 19 July 2024 and signed on its behalf by:
 

 

Churchbury Securities Ltd

(Registration number: 02116430)
Statement of Financial Position as at 31 March 2024

.........................................
I R Yule
Director

 

Churchbury Securities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: North Heywood Farm, Stawley, Wellington, Somerset, TA21 0HW.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

Churchbury Securities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on the reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Churchbury Securities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

10,599

10,599

At 31 March 2024

10,599

10,599

Depreciation

At 1 April 2023

4,446

4,446

Charge for the year

2,094

2,094

At 31 March 2024

6,540

6,540

Carrying amount

At 31 March 2024

4,059

4,059

At 31 March 2023

6,153

6,153

5

Investment properties

2024
£

At 1 April 2023

1,037,000

Fair value adjustments

(7,000)

At 31 March 2024

1,030,000

The investment properties have been revalued at the year end by Mr I R Yule F.R.I.C.S, Chartered Valuation Surveyor

 

Churchbury Securities Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

18,386

18,386

At 31 March 2024

18,386

18,386

Impairment

Market value movement for the year

1,286

1,286

At 31 March 2024

1,286

1,286

Carrying amount

At 31 March 2024

17,100

17,100

7

Debtors

2024
£

2023
£

Other debtors

-

793

Prepayments

1,274

415

1,274

1,208

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

863

217

Accruals and deferred income

12,676

9,396

13,539

9,613