Silverfin false false true 30/04/2024 01/05/2023 30/04/2024 Peter Gareth Carew 09/11/2020 Claire Louise Hall 09/11/2020 06 August 2024 13003390 2024-04-30 13003390 bus:Director1 2024-04-30 13003390 bus:Director2 2024-04-30 13003390 core:RetainedEarningsAccumulatedLosses 2022-05-01 13003390 core:RetainedEarningsAccumulatedLosses 2021-05-01 13003390 core:RetainedEarningsAccumulatedLosses 2023-05-01 13003390 2023-04-30 13003390 core:CurrentFinancialInstruments 2024-04-30 13003390 core:CurrentFinancialInstruments 2023-04-30 13003390 core:ShareCapital 2024-04-30 13003390 core:ShareCapital 2023-04-30 13003390 core:RetainedEarningsAccumulatedLosses 2024-04-30 13003390 core:RetainedEarningsAccumulatedLosses 2023-04-30 13003390 core:CostValuation 2023-04-30 13003390 core:AdditionsToInvestments 2024-04-30 13003390 core:RevaluationsIncreaseDecreaseInInvestments 2024-04-30 13003390 core:CostValuation 2024-04-30 13003390 bus:OrdinaryShareClass1 2024-04-30 13003390 2023-05-01 2024-04-30 13003390 bus:FullAccounts 2023-05-01 2024-04-30 13003390 bus:FRS102 2023-05-01 2024-04-30 13003390 bus:Audited 2023-05-01 2024-04-30 13003390 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13003390 bus:Director1 2023-05-01 2024-04-30 13003390 bus:Director2 2023-05-01 2024-04-30 13003390 2022-05-01 2023-04-30 13003390 1 2023-05-01 2024-04-30 13003390 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 13003390 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13003390 (England and Wales)

CHHW LIMITED

Annual Report and Financial Statements
For the financial year ended 30 April 2024

CHHW LIMITED

Annual Report and Financial Statements

For the financial year ended 30 April 2024

Contents

CHHW LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
CHHW LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Peter Gareth Carew
Claire Louise Hall
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
BUSINESS ADDRESS Castle Hill House
12 Castle Hill
Windsor
SL4 1PD
COMPANY NUMBER 13003390 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
CHHW LIMITED

DIRECTORS' REPORT

For the financial year ended 30 April 2024
CHHW LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 30 April 2024

The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 30 April 2024.

PRINCIPAL ACTIVITIES

The principal activity of the Company is owning investment property and property letting.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Peter Gareth Carew
Claire Louise Hall

Small companies exemption

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.



Approved by the Board of Directors and signed on its behalf by:

Peter Gareth Carew
Director

06 August 2024

CHHW LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 30 April 2024
CHHW LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 30 April 2024

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHHW LIMITED

For the financial year ended 30 April 2024

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHHW LIMITED (continued)

For the financial year ended 30 April 2024

Opinion

We have audited the financial statements of CHHW Limited for the financial year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the accounting policies, and the related notes 1 to 13, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements of CHHW Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Director' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Director' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made;
* We have not received all the information and explanations we require for our audit; or
* the directors were not entitled to take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company by considering, amongst other things, the sector and jurisdictions in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to UK Company Law and UK tax legislation.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gordon Spinks
For and on behalf of
Dixon Wilson Audit Services LLP
Statutory Auditor

22 Chancery Lane
London
WC2A 1LS

07 August 2024

CHHW LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 30 April 2024
CHHW LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 30 April 2024
Note 2024 2023
£ £
Turnover 3 125,000 92,639
Administrative expenses ( 8,775) ( 13,235)
Loss on fair value movement of investment property 8 ( 75,000) ( 20,000)
Operating profit 41,225 59,404
Interest receivable and similar income 4 2,794 44
Other finance costs 4 ( 17,418) 0
Profit before taxation 26,601 59,448
Tax on profit 7 ( 25,400) ( 15,487)
Profit for the financial year 1,201 43,961
Retained deficit at the beginning of financial year ( 664,958) ( 708,919)
Profit for the financial year 1,201 43,961
Retained deficit at the end of financial year ( 663,757) ( 664,958)

All amounts relate to continuing operations.

CHHW LIMITED

BALANCE SHEET

As at 30 April 2024
CHHW LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Investment property 8 1,850,000 1,925,000
Investments 9 180,375 0
2,030,375 1,925,000
Current assets
Debtors 10 8,055 30,079
Cash at bank and in hand 113,593 187,989
121,648 218,068
Creditors: amounts falling due within one year 11 ( 60,051) ( 52,297)
Net current assets 61,597 165,771
Total assets less current liabilities 2,091,972 2,090,771
Net assets 2,091,972 2,090,771
Capital and reserves 12
Called-up share capital 2,755,729 2,755,729
Profit and loss account ( 663,757) ( 664,958)
Total shareholder's funds 2,091,972 2,090,771

The financial statements of CHHW Limited (registered number: 13003390) were approved and authorised for issue by the Board of Directors on 06 August 2024. They were signed on its behalf by:

Peter Gareth Carew
Director
CHHW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
CHHW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CHHW Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom. The principal place of business is Castle Hill House, 12 Castle Hill, Windsor, SL4 1PD.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

CHHW Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to presentation of a Cash Flow Statement.

Change in accounting policies

In the current year, the following new and revised standards and interpretations have been adopted by the company and have had an effect on future periods.

At the date of authorisation of these financial statements, the following standards and interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective:

Turnover

Turnover comprises rental income from property under an operating lease. Receipts under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Taxation

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

A deferred tax asset has not been recognised in respect of the unrealised decrease in the fair value of investment property due to uncertainty as to whether the company would be able to obtain relief for the loss were it to be realised.

Investment property

Investment property is carried at fair value, derived from the current market yields for comparable real estate . 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Other financial assets
Other investments are government issue bonds. A fair value accounting policy choice has been made, consistent with the basis on which management monitor the investment performance.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Key source of estimation uncertainty - investment property

The determination of the fair value of investment property requires estimation of rental values and market yields. Small changes in these assumptions could materially alter the carrying value of investment property.

3. Turnover

Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.

An analysis of the Company's turnover is as follows:

2024 2023
£ £
Rental income 125,000 92,639

4. Finance (costs)/income (net)

2024 2023
£ £
Interest receivable and similar income 2,794 44
Other finance costs ( 17,418) 0
(14,624) 44

Other finance costs

2024 2023
£ £
Fair value loss on financial instruments ( 17,418) 0

5. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

2024 2023
£ £
Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: 2,500 2,150
Total audit fees 2,500 2,150
Taxation compliance services 1,700 900
Other services 1,000 900
Total non-audit fees 2,700 1,800

6. Staff number and costs

2024 2023
Number Number
The average monthly number of employees (including directors) was: 0 0

7. Tax on profit

2024 2023
£ £
Current tax on profit
UK corporation tax 25,400 15,487
Total current tax 25,400 15,487
Total tax on profit 25,400 15,487
Tax reconciliation

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK:

2024 2023
£ £
Profit before taxation 26,601 59,448
Tax on profit at standard UK corporation tax rate of 25.00% (2023: 19.49%) 6,650 11,586
Effects of:
Deferred tax not recognised in respect of investment property fair value decrease 18,750 3,901
Total tax charge for year 25,400 15,487

A deferred tax asset has not been recognised in respect of fair value losses on the investment property as there is no present intention to sell the property and it is uncertain whether there would be chargeable gains against which the loss, if and when realised, could be relieved.

8. Investment property

Investment property
£
Valuation
As at 01 May 2023 1,925,000
Fair value movement (75,000)
As at 30 April 2024 1,850,000

Valuation

The investment property was acquired at auction in November 2020. The value of the property under historic cost accounting is £2,755,728.

The fair value of the investment property at 30 April 2023 and 30 April 2024 was determined by an independent valuation prepared by a RICS registered valuer in accordance with the RICS Valuation Global Standards 2019 and UK National Supplement.

The investment property is relatively unique and appropriate comparables are very limited. Judgement is required in determining the fair value. Small changes in assumed rental rates and market yields would make significant differences to the fair value measurement.

Leasing arrangements

At the balance sheet date, the Company had contracted with tenants for the following future minimum lease payments:

2024 2023
£ £
- within one year 125,000 125,000
- between one and five years 372,395 497,395

.

9. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 0 0
Additions 197,793 197,793
Movement in fair value ( 17,418) ( 17,418)
At 30 April 2024 180,375 180,375
Carrying value at 30 April 2024 180,375 180,375
Carrying value at 30 April 2023 0 0

10. Debtors

2024 2023
£ £
Trade debtors 0 26,167
Prepayments 4,104 3,912
Interest and similar income receivable 3,951 0
8,055 30,079

11. Creditors: amounts falling due within one year

2024 2023
£ £
Corporation tax 25,400 15,487
VAT 5,626 8,065
Accruals and deferred income 29,025 28,745
60,051 52,297

12. Called-up share capital and reserves

2024 2023
£ £
Allotted, called-up and fully-paid
2,755,729 Ordinary shares of £ 1.00 each 2,755,729 2,755,729
Presented as follows:
Called-up share capital presented as equity 2,755,729 2,755,729

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.

13. Controlling party

Parent Company:

Contrarius Investment Advisory Limited
22 Chancery Lane, London, WC2A 1LS, United Kingdom