IRIS Accounts Production v24.2.0.383 12216833 Board of Directors 1.2.23 31.1.24 31.1.24 Letting and operating of own land true false true true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh122168332023-01-31122168332024-01-31122168332023-02-012024-01-31122168332022-01-31122168332022-02-012023-01-31122168332023-01-3112216833ns15:EnglandWales2023-02-012024-01-3112216833ns14:PoundSterling2023-02-012024-01-3112216833ns10:Director12023-02-012024-01-3112216833ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3112216833ns10:FRS1022023-02-012024-01-3112216833ns10:Audited2023-02-012024-01-3112216833ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3112216833ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3112216833ns10:FullAccounts2023-02-012024-01-3112216833ns10:OrdinaryShareClass12023-02-012024-01-3112216833ns10:Director22023-02-012024-01-3112216833ns10:Director32023-02-012024-01-3112216833ns10:CompanySecretary12023-02-012024-01-3112216833ns10:RegisteredOffice2023-02-012024-01-3112216833ns5:CurrentFinancialInstruments2024-01-3112216833ns5:CurrentFinancialInstruments2023-01-3112216833ns5:Non-currentFinancialInstruments2024-01-3112216833ns5:Non-currentFinancialInstruments2023-01-3112216833ns5:ShareCapital2024-01-3112216833ns5:ShareCapital2023-01-3112216833ns5:RetainedEarningsAccumulatedLosses2024-01-3112216833ns5:RetainedEarningsAccumulatedLosses2023-01-3112216833ns5:ShareCapital2022-01-3112216833ns5:RetainedEarningsAccumulatedLosses2022-01-3112216833ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3112216833ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-311221683312023-02-012024-01-311221683312022-02-012023-01-3112216833ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-02-012024-01-3112216833ns5:OwnedAssets2023-02-012024-01-3112216833ns5:OwnedAssets2022-02-012023-01-3112216833112023-02-012024-01-3112216833112022-02-012023-01-3112216833122023-02-012024-01-3112216833122022-02-012023-01-3112216833ns5:LandBuildings2023-01-3112216833ns5:LandBuildings2023-02-012024-01-3112216833ns5:LandBuildings2024-01-3112216833ns5:LandBuildings2023-01-3112216833ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3112216833ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3112216833ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-01-3112216833ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3112216833ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3112216833ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3112216833ns5:Secured2024-01-3112216833ns5:Secured2023-01-3112216833ns5:DeferredTaxation2023-01-3112216833ns5:DeferredTaxation2023-02-012024-01-3112216833ns5:DeferredTaxation2024-01-3112216833ns10:OrdinaryShareClass12024-01-3112216833ns5:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: 12216833 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

CHARLES TRENT PROPERTY LIMITED

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


CHARLES TRENT PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: M J Trent
J Trent
N Trent





SECRETARY: M J Trent





REGISTERED OFFICE: Trent House
8 Georges Avenue
Parkstone
Poole
Dorset
BH12 4ND





REGISTERED NUMBER: 12216833 (England and Wales)





AUDITORS: Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST JANUARY 2024

The directors present their strategic report for the year ended 31st January 2024.

REVIEW OF BUSINESS
2023/24
Commercial property values continue to increase on the back of demand. We consider our newest buildings at Poole known as BH1 & the Holton Heath distribution centre as prime assets which are significantly worth more than the original cost. We did see significant interest rate hikes during the period however over fifty percent of debt was fixed rate which lessened the impact.

PRINCIPAL RISKS AND UNCERTAINTIES
Interest rate risk
The risk of interest rates increasing could result in loss of rental income and increased bank loan repayments. Currently all rental income is received up to date. Charles Trent Limited is responsible for a large portion of rental income therefore the directors do not deem this risk to be material.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable cash flow needs and to invest cash assets safely and profitably.

Impairment risk
The company uses the cost model for valuing property, plant and equipment, therefore a price drop in the property market could create a impairment risk on the valuation of assets. In the year one property was independently revalued at substantially higher than the carrying value therefore the directors do not deem this risk to be material.

OUTLOOK
Existing commercial property in the UK will remain strong on the back of high demand & increased costs to build.

ON BEHALF OF THE BOARD:





M J Trent - Director


19th August 2024

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 31st January 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31st January 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st February 2023 to the date of this report.

M J Trent
J Trent
N Trent

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 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;
-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. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Trent - Director


19th August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLES TRENT PROPERTY LIMITED

Opinion
We have audited the financial statements of Charles Trent Property Limited (the 'company') for the year ended 31st January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31st January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLES TRENT PROPERTY LIMITED


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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLES TRENT PROPERTY LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent 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:

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

Financial reporting Standard 102
Companies Act 2006
UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

>Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.
>Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.
>Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.
>We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.
>Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.
>Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting.
>Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.
>Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work.
>The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:

>Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.
>Further, at both the planning and completion stage of the audit enquiries where made of management any known instances of fraud or non-compliance with laws and regulations

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHARLES TRENT PROPERTY LIMITED

These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Jeff Oliver (Senior Statutory Auditor)
for and on behalf of Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

19th August 2024

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   

TURNOVER - -

Administrative expenses 631,612 431,147
(631,612 ) (431,147 )

Other operating income 1,581,863 1,083,374
OPERATING PROFIT 4 950,251 652,227

Gain/loss on revaluation of investment
property

(113,599

)

810,000
836,652 1,462,227

Interest payable and similar expenses 5 792,211 641,840
PROFIT BEFORE TAXATION 44,441 820,387

Tax on profit 6 (34,397 ) 241,289
PROFIT FOR THE FINANCIAL YEAR 78,838 579,098

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

78,838

579,098

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 14,221,531 14,534,223
Investment property 8 2,443,350 3,021,053
16,664,881 17,555,276

CURRENT ASSETS
Debtors 9 71,328 2,314
Cash at bank 43,496 72,032
114,824 74,346
CREDITORS
Amounts falling due within one year 10 7,202,994 7,490,487
NET CURRENT LIABILITIES (7,088,170 ) (7,416,141 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,576,711

10,139,135

CREDITORS
Amounts falling due after more than one
year

11

(7,574,554

)

(8,181,419

)

PROVISIONS FOR LIABILITIES 14 (241,177 ) (275,574 )
NET ASSETS 1,760,980 1,682,142

CAPITAL AND RESERVES
Called up share capital 15 1 1
Retained earnings 16 1,760,979 1,682,141
SHAREHOLDERS' FUNDS 1,760,980 1,682,142

The financial statements were approved by the Board of Directors and authorised for issue on 19th August 2024 and were signed on its behalf by:





M J Trent - Director


CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st February 2022 1 1,103,043 1,103,044

Changes in equity
Total comprehensive income - 579,098 579,098
Balance at 31st January 2023 1 1,682,141 1,682,142

Changes in equity
Total comprehensive income - 78,838 78,838
Balance at 31st January 2024 1 1,760,979 1,760,980

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,366,165 1,011,467
Interest paid (805,581 ) (625,715 )
Net cash from operating activities 560,584 385,752

Cash flows from investing activities
Purchase of tangible fixed assets (252,424 ) (3,876,516 )
Purchase of investment property (13,599 ) (45,510 )
Sale of investment property 603,094 -
Net cash from investing activities 337,071 (3,922,026 )

Cash flows from financing activities
New loans in year - 3,500,000
Loan repayments in year (528,808 ) (361,112 )
Intercompany loan movement (397,383 ) 347,050
Net cash from financing activities (926,191 ) 3,485,938

Decrease in cash and cash equivalents (28,536 ) (50,336 )
Cash and cash equivalents at beginning of
year

2

72,032

122,368

Cash and cash equivalents at end of year 2 43,496 72,032

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 44,441 820,387
Depreciation charges 462,622 281,360
Profit on disposal of fixed assets (125,391 ) -
Loss/(gain) on revaluation of fixed assets 113,599 (810,000 )
Finance costs 792,211 641,840
1,287,482 933,587
Decrease in trade and other debtors 620 4,406
Increase in trade and other creditors 78,063 73,474
Cash generated from operations 1,366,165 1,011,467

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 43,496 72,032
Year ended 31st January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 72,032 122,368


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 72,032 (28,536 ) 43,496
72,032 (28,536 ) 43,496
Debt
Debts falling due within 1 year (559,600 ) (78,058 ) (637,658 )
Debts falling due after 1 year (8,181,419 ) 606,865 (7,574,554 )
(8,741,019 ) 528,807 (8,212,212 )
Total (8,668,987 ) 500,271 (8,168,716 )

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Charles Trent Property 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At the balance sheet date the company's current liabilities exceed it's net current assets.

This is the fourth year of trade for the company, with profits meeting budgets by the year end.

The directors review budgets, cash flow forecasts, and management accounts on a regular basis and act on the results accordingly to ensure that the company can continue to trade and meet its liabilities as they fall due.

Given the above factors the accounts have been prepared on a going concern basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - land is not depreciated and buildings are depreciated over 20 years

In accordance with FRS 102 Section 16 paragraph 4A an exemption has been applied allowing properties rented to trading group members to be treated as plant, property and equipment and the amortised cost model has been applied to their valuation in the financial statements.

Investment property
In accordance with FRS 102 Section 16 Investment Property, Investment Properties are not subject to periodic depreciation charges and are included in the balance sheet at fair value.

The directors determine fair value by review of rental yields and current market conditions.

There has been no valuation by an independent valuer who holds a recognised and relevant professional qualification during the year.

Rents receivable from investment properties are credited to the profit and loss account on a straight line basis over the lease term.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

A capital allowances review was performed by an independent specialist.


CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 16,327 -

The average number of employees during the year was as follows:
2024 2023

Management 5 -

2024 2023
£    £   
Directors' remuneration 7,680 -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 462,622 281,360
Profit on disposal of fixed assets (125,391 ) -
Auditors remuneration 7,200 6,600
Auditors remuneration for non audit services 4,800 4,400

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 465,676 309,962
Interest payable 326,535 331,878
792,211 641,840

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax (34,397 ) 241,289
Tax on profit (34,397 ) 241,289

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 44,441 820,387
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

11,110

155,874

Effects of:
Land remediation relief additional 50% - (8,486 )
Group relief (105,929 ) (5,571 )
Depreciation of land and buildings 91,770 35,670
Assets purchased in year where super deduction used - (2,336 )
disposals set off by
Increase in tax rate adjustment (454 ) 66,138
B/Fwd Capital gains losses utilised (25,320 ) -
Group relief of capital gains (5,574 ) -
Total tax (credit)/charge (34,397 ) 241,289

7. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1st February 2023 14,968,135
Additions 149,930
At 31st January 2024 15,118,065
DEPRECIATION
At 1st February 2023 433,912
Charge for year 462,622
At 31st January 2024 896,534
NET BOOK VALUE
At 31st January 2024 14,221,531
At 31st January 2023 14,534,223

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st February 2023 3,021,053
Additions 13,599
Disposals (477,703 )
Revaluations (113,599 )
At 31st January 2024 2,443,350
NET BOOK VALUE
At 31st January 2024 2,443,350
At 31st January 2023 3,021,053

Fair value at 31st January 2024 is represented by:
£   
Valuation in 2023 810,000
Valuation in 2024 (113,599 )
Cost 1,746,949
2,443,350

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,694 604
Amounts owed by group undertakings 69,634 -
Prepayments and accrued income - 1,710
71,328 2,314

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 12) 637,658 559,600
Trade creditors 26,465 41,879
Amounts owed to group undertakings 6,345,364 6,673,114
Social security and other taxes 1,025 1,187
Accrued expenses 192,482 214,707
7,202,994 7,490,487

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 12) 7,574,554 8,181,419

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 637,658 559,600

Amounts falling due between one and two years:
Bank loans - 1-2 years 787,692 723,523

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,478,685 2,270,202

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,308,177 5,187,694

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 8,212,212 8,741,019

There is a debenture and charge dated 14 February 2020 in favour of Lloyds Bank Plc over the assets of the company.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 241,177 275,574

Deferred
tax
£   
Balance at 1st February 2023 275,574
Provided during year (5,997 )
Revaluation gain / (loss) (28,400 )
Balance at 31st January 2024 241,177

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

16. RESERVES
Retained
earnings
£   

At 1st February 2023 1,682,141
Profit for the year 78,838
At 31st January 2024 1,760,979

17. ULTIMATE PARENT COMPANY

Charles Trent Holdings Limited is regarded by the directors as being the company's ultimate parent company.

18. CAPITAL COMMITMENTS

20242023
£   £   

Capital Commitments - -

At the year end it has been confirmed that there are no capital commitments.

The values shown above are those commitments which have been contracted for but delivery/completion is not expected until the next financial year.

CHARLES TRENT PROPERTY LIMITED (REGISTERED NUMBER: 12216833)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

19. RELATED PARTY DISCLOSURES

Charles Trent Limited (formerly Charles Trent Newco Limited)
Fellow subsidiary of Group.

During the year the company charged £428,865 (2023: £Nil) to Charles Trent Limited for rent.

During the year the company charged a management charge of £239,000 (2023: £Nil) to Charles Trent Limited.

Included in trade debtors is £23,942 (2023: £Nil) owed to the company by Charles Trent Limited.

An intercompany balance exists at the year end whereby £45,692 (2023: £Nil) is owed to the company by Charles Trent Limited.

Charles Trent Oldco Limited (formerly Charles Trent Limited)
Fellow subsidiary of Group.

During the year the company charged £824,183 (2023: £909,498) to Charles Trent Oldco Limited for rent.

An intercompany balance exists at the year end whereby £345,634 (2023: £6,673,119) is owed by the company to Charles Trent Oldco Limited.

During the year interest of £326,535 (2023:£331,926) was charged by Charles Trent Oldco Limited on the intercompany loan balance.

Charles Trent Holdings Limited
Parent company

An intercompany balance exists at the year end whereby £6,000,000 (2023: £652,274) is owed by the company to Charles Trent Holdings Limited.

MNJ 2018 Limited
Common directors

During the year the company incurred a management charge of £239,000 (2023: £Nil) from MNJ 2018 Limited.