Registration number:
The Chancery Land Company (1935) Limited
for the Year Ended 25 March 2024
The Chancery Land Company (1935) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Chancery Land Company (1935) Limited
Company Information
Directors |
Mr Barrington Eric John Hall Mrs Sheila Ann Hall Mr Christopher Douglas Hall Mr Antony Edward Hall |
Company secretary |
Mrs Sheila Ann Hall |
Registered office |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Chancery Land Company (1935) Limited
for the Year Ended 25 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Chancery Land Company (1935) Limited for the year ended 25 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of The Chancery Land Company (1935) Limited, 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 The Chancery Land Company (1935) Limited and state those matters that we have agreed to state to the Board of Directors of The Chancery Land Company (1935) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Chancery Land Company (1935) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Chancery Land Company (1935) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Chancery Land Company (1935) Limited. You consider that The Chancery Land Company (1935) Limited 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 The Chancery Land Company (1935) Limited. 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.
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Bladon Houses
Newton Solney
Burton-On-Trent
DE15 0SZ
The Chancery Land Company (1935) Limited
(Registration number: 00298423)
Balance Sheet as at 25 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Other financial assets |
222,029 |
243,542 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 25 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
The Chancery Land Company (1935) Limited
(Registration number: 00298423)
Balance Sheet as at 25 March 2024 (continued)
Approved and authorised by the
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The Chancery Land Company (1935) Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Rental income from investment property leased out under an operating lease is recognised in turnover on a straight line basis over the term of the lease. Turnover is shown net of value added tax.
The Chancery Land Company (1935) Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is recognised directly in other comprehensive income.
The current income tax charge is based on the taxable profits for the reporting period 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits of the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply when the asset is realised or the liabilty is settled.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets other than investment property 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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment |
25% p.a. reducing balance |
Investment property
The difference between fair value of investment property at the reporting date and its carrying value prior to re-measurment is included in profit and loss as other operating income.
Other financial assets (current and non-current)
Other financial assets are initially measured at cost and subsequently at each reporting date are stated at fair value. The difference between fair value at the reporting date and the carrying value prior to re-measurement is included in profit and loss.
The Chancery Land Company (1935) Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)
2 |
Accounting policies (continued) |
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 substantially comprise outstanding rentals due from tenants.
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.
Stocks
Stocks comprise building land and is stated at the lower of cost and net realisable value. Net realisable value is determined by the directors having regard to market value less costs of disposal.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to net realisable value and the impairment loss is recognised in profit or loss.
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.
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.
Dividends
Final dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are approved by the company shareholders. Interim dividends are recognised when paid.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Chancery Land Company (1935) Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)
Tangible assets |
Investment property |
Equipment |
Total |
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Cost or valuation |
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At 26 March 2023 |
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Additions |
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- |
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At 25 March 2024 |
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Depreciation |
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At 26 March 2023 |
- |
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Charge for the year |
- |
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At 25 March 2024 |
- |
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Carrying amount |
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At 25 March 2024 |
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At 25 March 2023 |
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Included within the carrying amount of investment property above is £5,096,089 (2023 - £4,566,989) in respect of freehold land and buildings and £2,100,000 (2023 - £2,100,000) in respect of long leasehold land and buildings.
Investment property |
Investment property is valued by the directors at fair value having regard to the present condition and existing leases on the assumption of a willing buyer and willing seller in an arms length transaction, after proper marketing and each party acts knowledgeably, prudently and without compulsion.
Investment properties were last valued professionally on 9 October 2015 by Tim Garratt BSc FRICS MCIArb who is external to the company.
The Chancery Land Company (1935) Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
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Current financial assets |
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Cost or valuation |
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At 26 March 2023 |
243,542 |
Revaluations |
(21,513) |
At 25 March 2024 |
222,029 |
Carrying amount |
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At 25 March 2024 |
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At 25 March 2023 |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax liability |
66,309 |
39,652 |
Acrrued expenses and deferred income |
139,370 |
137,712 |
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The Chancery Land Company (1935) Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)
Related party transactions |
Dividends paid to directors
2024 |
2023 |
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Mr Barrington Eric John Hall |
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14,000 |
14,000 |
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Mr Christopher Douglas Hall |
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21,232 |
21,232 |
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Mr Antony Edward Hall |
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21,232 |
21,232 |
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Mrs Sheila Ann Hall |
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9,536 |
9,536 |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |