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Registration number: 03646662

Chapelrise Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Chapelrise Developments Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Notes to the Unaudited Financial Statements

8 to 12

 

Chapelrise Developments Ltd

Company Information

Directors

Majid Ishaq

Naila Faquir

Registered office

3a Broad Walk
Winchmore Hill
London
N21 3DA

Accountants

BBK Accountants BMM Limited
Chartered Certified Accountants
4A Roman Road
London
E6 3RX

 

Chapelrise Developments Ltd

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

Majid Ishaq

Naila Faquir

Principal activity

The principal activity of the company is Property lettings and investment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Majid Ishaq
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Chapelrise Developments Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chapelrise Developments Ltd for the year ended 31 October 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Chapelrise Developments Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chapelrise Developments Ltd and state those matters that we have agreed to state to the Board of Directors of Chapelrise Developments Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chapelrise Developments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chapelrise Developments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Chapelrise Developments Ltd. You consider that Chapelrise Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Chapelrise Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

BBK Accountants BMM Limited
Chartered Certified Accountants
4A Roman Road
London
E6 3RX

30 July 2024

 

Chapelrise Developments Ltd

Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

 

588,832

531,870

Cost of sales

 

(205,618)

(177,743)

Gross profit

 

383,214

354,127

Administrative expenses

 

(226,482)

(127,620)

Operating profit

 

156,732

226,507

Interest payable and similar expenses

 

(228,897)

(248,684)

Loss before tax

4

(72,165)

(22,177)

Loss for the financial year

 

(72,165)

(22,177)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Chapelrise Developments Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Loss for the year

(72,165)

(22,177)

Total comprehensive income for the year

(72,165)

(22,177)

 

Chapelrise Developments Ltd

(Registration number: 03646662)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,017

3,894

Investment property

6

19,080,465

19,027,031

 

19,084,482

19,030,925

Current assets

 

Debtors

7

76,928

76,928

Cash at bank and in hand

 

192,779

109,071

 

269,707

185,999

Creditors: Amounts falling due within one year

8

(785,292)

(782,771)

Net current liabilities

 

(515,585)

(596,772)

Total assets less current liabilities

 

18,568,897

18,434,153

Creditors: Amounts falling due after more than one year

8

(9,197,189)

(8,990,280)

Net assets

 

9,371,708

9,443,873

Capital and reserves

 

Called up share capital

6,100,002

6,100,002

Share premium reserve

3,579,127

3,579,127

Retained earnings

(307,421)

(235,256)

Shareholders' funds

 

9,371,708

9,443,873

For the financial year ending 31 October 2023 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

Chapelrise Developments Ltd

(Registration number: 03646662)
Balance Sheet as at 31 October 2023

.........................................
Majid Ishaq
Director

 

Chapelrise Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3a Broad Walk
Winchmore Hill
London
N21 3DA
United Kingdom

These financial statements were authorised for issue by the Board on 30 July 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Chapelrise Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

Plant and machinery

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Chapelrise Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,004

974

 

Chapelrise Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

6,703

6,703

Additions

1,127

1,127

At 31 October 2023

7,830

7,830

Depreciation

At 1 November 2022

2,809

2,809

Charge for the year

1,004

1,004

At 31 October 2023

3,813

3,813

Carrying amount

At 31 October 2023

4,017

4,017

At 31 October 2022

3,894

3,894

6

Investment properties

2023
£

At 1 November

19,027,031

Additions

53,434

At 31 October

19,080,465

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

2022
£

Other debtors

76,928

76,928

 

76,928

76,928

 

Chapelrise Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

960

-

Accruals and deferred income

1,020

960

Other creditors

783,312

781,811

785,292

782,771

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,197,189

8,990,280

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

5,892,560

5,892,560

Other borrowings

3,304,629

3,097,720

9,197,189

8,990,280