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Registration number: 00298423

The Chancery Land Company (1935) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 25 March 2024

 

The Chancery Land Company (1935) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

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

1 The Close
Bladon Houses
Newton Solney
Burton-On-Trent
DE15 0SZ

 

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.

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

ADS Tax and Accounting Ltd
1 The Close
Bladon Houses
Newton Solney
Burton-On-Trent
DE15 0SZ

13 August 2024

 

The Chancery Land Company (1935) Limited

(Registration number: 00298423)
Balance Sheet as at 25 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,196,317

6,667,292

Current assets

 

Stocks

28,024

28,024

Debtors

6

222,788

260,128

Other financial assets

7

222,029

243,542

Cash at bank and in hand

 

1,874,116

2,187,490

 

2,346,957

2,719,184

Creditors: Amounts falling due within one year

8

(318,181)

(268,770)

Net current assets

 

2,028,776

2,450,414

Total assets less current liabilities

 

9,225,093

9,117,706

Provisions for liabilities

(206,600)

(212,300)

Net assets

 

9,018,493

8,905,406

Capital and reserves

 

Called up share capital

10

20,000

20,000

Retained earnings

8,998,493

8,885,406

Shareholders' funds

 

9,018,493

8,905,406

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:

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.

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 Board on 13 August 2024 and signed on its behalf by:
 


Mr Barrington Eric John Hall
Director


Mrs Sheila Ann Hall
Director

 
 

The Chancery Land Company (1935) Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 The Close
Bladon Houses
Newton Solney
Burton-On-Trent
DE15 0SZ

These financial statements were authorised for issue by the Board on 13 August 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.

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

Investment property comprises properties held to earn rental income or for capital appreciation, or both. Investment property whose fair value can be measured reliably is initially measured at cost, including related transaction costs, and subsequently at each reporting date is stated at fair value.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

The Chancery Land Company (1935) Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)

4

Tangible assets

Investment property
£

Equipment
 £

Total
£

Cost or valuation

At 26 March 2023

6,666,989

3,016

6,670,005

Additions

529,100

-

529,100

At 25 March 2024

7,196,089

3,016

7,199,105

Depreciation

At 26 March 2023

-

2,713

2,713

Charge for the year

-

75

75

At 25 March 2024

-

2,788

2,788

Carrying amount

At 25 March 2024

7,196,089

228

7,196,317

At 25 March 2023

6,666,989

303

6,667,292

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.
 

5

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)

6

Debtors

Current

2024
£

2023
£

Trade debtors

207,582

253,095

Prepayments

14,603

7,033

Other debtors

603

-

 

222,788

260,128

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Current financial assets

Cost or valuation

At 26 March 2023

243,542

Revaluations

(21,513)

At 25 March 2024

222,029

Carrying amount

At 25 March 2024

222,029

At 25 March 2023

243,542

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

8,406

1,057

Taxation and social security

2,989

2,367

Other creditors

101,107

87,982

Corporation tax liability

66,309

39,652

Acrrued expenses and deferred income

139,370

137,712

318,181

268,770

 

The Chancery Land Company (1935) Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2024 (continued)

9

Related party transactions

Dividends paid to directors

2024
£

2023
£

Mr Barrington Eric John Hall

14,000

14,000

 

 

Mr Christopher Douglas Hall

21,232

21,232

 

 

Mr Antony Edward Hall

21,232

21,232

 

 

Mrs Sheila Ann Hall

9,536

9,536

 

 

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000