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REGISTERED NUMBER: 03637521 (England and Wales)









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: D J Medlock
S J Medlock
I C Bascombe





REGISTERED OFFICE: Suite 4 St. George's Lodge
33 Oldfield Road
Bath
Somerset
BA2 3NE





REGISTERED NUMBER: 03637521 (England and Wales)





ACCOUNTANTS: Haines Watts
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 45,212 33,777
Investments 5 14,932,590 11,248,333
14,977,802 11,282,110

CURRENT ASSETS
Stocks 1,150,000 1,150,000
Debtors 6 29,382,975 29,807,760
Cash at bank and in hand 451,790 724,104
30,984,765 31,681,864
CREDITORS
Amounts falling due within one year 7 (26,877,881 ) (24,870,742 )
NET CURRENT ASSETS 4,106,884 6,811,122
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,084,686

18,093,232

CREDITORS
Amounts falling due after more than one
year

8

(1,000,000

)

(1,000,000

)
NET ASSETS 18,084,686 17,093,232

CAPITAL AND RESERVES
Called up share capital 10 6,647 6,647
Share premium 249,815 249,815
Fair value reserve 1,297,458 1,487,400
Retained earnings 16,530,766 15,349,370
SHAREHOLDERS' FUNDS 18,084,686 17,093,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





D J Medlock - Director


CHATLEIGH LIMITED (REGISTERED NUMBER: 03637521)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

Chatleigh 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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 16 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 3,488 50,000 28,576 82,064
Additions - 41,000 865 41,865
At 31 October 2023 3,488 91,000 29,441 123,929
DEPRECIATION
At 1 November 2022 1,554 25,000 21,733 48,287
Charge for year 319 22,750 7,361 30,430
At 31 October 2023 1,873 47,750 29,094 78,717
NET BOOK VALUE
At 31 October 2023 1,615 43,250 347 45,212
At 31 October 2022 1,934 25,000 6,843 33,777

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 909,667 8,588,332 1,750,334 11,248,333
Additions - 10,972,611 281,250 11,253,861
Disposals - (7,535,818 ) (250,000 ) (7,785,818 )
Revaluations - 216,215 - 216,215
Impairments - - (1 ) (1 )
At 31 October 2023 909,667 12,241,340 1,781,583 14,932,590
NET BOOK VALUE
At 31 October 2023 909,667 12,241,340 1,781,583 14,932,590
At 31 October 2022 909,667 8,588,332 1,750,334 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 54,380 -
Amounts owed by group undertakings 3,876,722 4,717,557
Amounts owed by related party 4,327,544 7,406,823
Other debtors 17,020,629 3,750,716
Directors' current accounts - 38,337
VAT 471 6,623
Prepayments and accrued income 23,537 19,511
25,303,283 15,939,567

Amounts falling due after more than one year:
Other debtors 4,079,692 13,868,193

Aggregate amounts 29,382,975 29,807,760

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 24,847 17,164
Amounts owed to group undertakings 10,744,849 10,744,849
Amounts owed to related party 14,302,804 13,733,012
Tax 276,218 86,922
Social security and other taxes 16,147 13,396
Other creditors 1,889 1,804
Directors' current accounts 1,215,368 -
Accruals and deferred income 295,759 273,595
26,877,881 24,870,742

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Shares classed as financial
liabilities 1,000,000 1,000,000
1,000,000 1,000,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 21,132 21,132
Between one and five years 84,528 84,528
In more than five years 10,566 31,698
116,226 137,358

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
664,700 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%.