REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
CHATLEIGH LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2023 |
for |
CHATLEIGH LIMITED |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHATLEIGH LIMITED |
Company Information |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Balance Sheet |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Balance Sheet - continued |
31 OCTOBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | COMPANY INFORMATION |
Chatleigh Limited is a |
The principal activity of the company in the year under review was that of management holding company for group undertakings and provision of loan finance facilities. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Financial assets |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Listed | Unlisted |
undertakings | investments | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2022 | 11,248,333 |
Additions | 11,253,861 |
Disposals | ( |
) | ( |
) | (7,785,818 | ) |
Revaluations | 216,215 |
Impairments | ( |
) | (1 | ) |
At 31 October 2023 | 14,932,590 |
NET BOOK VALUE |
At 31 October 2023 | 14,932,590 |
At 31 October 2022 | 11,248,333 |
Shares in group undertakings and unlisted investments are valued at cost. |
Listed investments were valued on an open market basis on 31 October 2023 by the portfolio management companies. |
On a historical cost basis listed investments would have been included at an original cost of £12,278,422. |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related party |
Other debtors |
Directors' current accounts | - | 38,337 |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related party | 14,302,804 | 13,733,012 |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,215,368 | - |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Shares classed as financial |
liabilities |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 6,647 | 6,647 |
Share classed as financial liabilities include £1,000,000 Preference shares of £1 each. |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
11. | CONTINGENT LIABILITIES |
The company is party to an Omnibus Guarantee and Set-Off Agreement in favour of the company's bankers in respect of the following related companies; Anglo Welsh Limited, BuildWales Homes Limited, Beeley Wood Properties Limited, DPRS Finance Limited, SG Aerospace (UK) Limited, Project Finance Limited, Hebron & Medlock Properties Limited, Panda Sanctuaries Holdings Limited, Panda Sanctuaries Limited, Plymouth House Offices Limited and Tony Morris Homes Limited. As at 31 October 2023 the potential liability was £Nil (2022 : £Nil). |
12. | OTHER FINANCIAL COMMITMENTS |
Two Four One Limited is an underwriting member of Lloyd's and a fully owned subsidiary of the company. The company has entered into an agreement to maintain funds in Two Four One Limited so that it can meet its obligations. Due to the nature of the industry, both the amounts and the dates of future payments are uncertain. During the year Two Four One Limited repaid loans of £84,213 to the company. At the year end Two Four One owed £1,287,836 (2022: £1,372,049) to the company. |
The company is a member of D.R. Leighton LLP, which is an underwriting member of Lloyd's. The company has entered into an agreement to maintain funds in D.R.Leighton LLP so that it can meet its obligations. Due to the nature of the industry, both the amounts and the dates of future payments are uncertain. During the year D.R. Leighton LLP repaid loans of £56,524 to the company. At the year end D.R. Leighton LLP owed £551,917 (2022: £608,441) to the company. |
The company is a member of IQ Capital Fund III LP. The company has entered into an agreement to invest £500,000 in IQ Capital Fund III LP. As at 31 October 2023 the company invested £403,202 and therefore the company is committed to invest another £96,798 although the dates of future payments are uncertain. |
The company is a member of IQ Capital Growth Fund I LP. The company has entered into an agreement to invest £2,000,000 in IQ Capital Growth Fund I LP. As at 31 October 2023 the company invested £1,480,262 and therefore the company is committed to invest another £519,738 although the dates of future payments are uncertain. |
The company is a member of IQ Capital Growth Fund IV LP. The company has entered into an agreement to invest £1,000,000 in IQ Capital Growth Fund IV LP. As at 31 October 2023 the company invested £265,100 and therefore the company is committed to invest another £734,900 although the dates of future payments are uncertain. |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
13. | RELATED PARTY DISCLOSURES |
Chatleigh Holdings Limited is the parent company. There was no movement on the loan during the year. At the year end the company owed £10,743,784 (2022: £10,743,784) to Chatleigh Holdings Limited. The loan is interest free and has no set date of repayment. |
Chatleigh Energy Limited is a 50% subsidiary in which D J Medlock and P J Medlock are directors. There was no movement on the loan during the year. At the year end Chatleigh Energy Limited owed £21,250 (2022: £21,250) to the company. The loan is interest free and has no set date of repayment. |
Chatleigh Finance Limited is a wholly owned subsidiary company. There was no movement on the loan during the year. At the year end the company owed Chatleigh Finance Limited £965 (2022: £965). The loan is interest free and has no set date of repayment. |
Braydon Manor Renewable Energy Limited is a wholly owned subsidiary company. During the year Braydon Manor Renewable Energy Limited repaid loans of £700,000 to the company. At the year end Braydon Manor Renewable Energy Limited owed £2,015,719 (2022: £2,715,719) to the company. The loan is interest free and has no set date of repayment. |
Chatleigh Security Trustees Limited is a wholly owned subsidiary company. There was no movement on the loan during the year. At the year end the company owed £100 (2022: £100) to Chatleigh Security Trustees Limited. The loan is interest free and has no set date of repayment. |
Anglo Welsh (Holdings) Limited is a company under common control. During the year the company advanced loans of £24,871 to Anglo Welsh (Holdings) Limited. At the year end Anglo Welsh (Holdings) Limited owed £514,743 (2022: £489,872) to the company. The loan incurs interest at 4.6% and has no set date of repayment. |
Project Finance Limited is a company under common control. During the year the company repaid loans of £290,208 to Project Finance Limited. At the year end the company owed £13,442,804 (2022: £13,733,012) to Project Finance Limited. The loan is interest free and has no set date of repayment. |
DPRS Finance Limited is a company under common control. During the year the DPRS Finance Limited repaid loans of £3,760,213 to the company. At the year end DPRS Finance Limited owed £2,856,738 (2022: £6,616,951) to the company. The loan incurs interest at 2% and has no set date of repayment. |
Blue Scorpio Limited is a company under common control. There was no movement on the loan during the year. At the year end Blue Scorpio Limited owed £104,000 (2022: £104,000) to the company. The loan is interest free and has no set date of repayment. |
CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Shimao Limited is a company under common control. There was no movement on the loan during the year. At the year end Shimao Limited owed £48,000 (2022: £48,000) to the company. The loan is interest free and has no set date of repayment. |
Bamboo Panda Limited is a company under common control. There was no movement on the loan during the year. At the year end Bamboo Panda Limited owed £148,000 (2022: £148,000) to the company. The loan is interest free and has no set date of repayment. |
BuildWales Homes Limited is a company under common control. During the year the company advanced loans of £70,000 to BuildWales Homes Limited. At the year end BuildWales Homes Limited owed £70,000 (2022: £Nil) to the company. The loan is interest free and has no set date of repayment. |
Yerbury Homes Limited is a company under common control. During the year the company advanced loans of £36,063 to Yerbury Homes Limited. At the year end Yerbury Homes Limited owed £36,063 (2022: £Nil). The loan is interest free and has no set date of repayment. |
Anglo Welsh Limited is a company under common control. During the year the company advanced loans of £550,000 to Anglo Welsh Limited. At the year end Anglo Welsh Limited owed £550,000 (2022: £Nil). The loan incurs interest at 6.6% free and has no set date of repayment. |
Tony Morris Homes Limited is a company under common control. During the year Tony Morris Homes Limited advanced loans of £860,000 to the company. At the year end the company owed £860,000 (2022: £Nil) to Tony Morris Homes Limited. The loan is interest free and has no set date of repayment. |
Hebron & Medlock Properties Limited is a company under common control. At the year end Hebron & Medlock Properties Limited owed £433,156 (2022: £1,327,747) to the company. This balance is included within other debtors and incurs interest at base + 3%. |
PSM Investments Limited is a company under common control. At the year end PSM Investments Limited owed £3,203,617 (2022: £Nil) to the company. This balance is included within other debtors and incurs interest at 4.6%. |