Company registration number 10337641 (England and Wales)
CHEPSTOW PLACE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CHEPSTOW PLACE PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CHEPSTOW PLACE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
5,095,409
5,095,409
Current assets
Debtors
6
1,279,481
655,832
Cash at bank and in hand
15,685
1,183
1,295,166
657,015
Creditors: amounts falling due within one year
7
(3,135,533)
(2,498,034)
Net current liabilities
(1,840,367)
(1,841,019)
Total assets less current liabilities
3,255,042
3,254,390
Creditors: amounts falling due after more than one year
8
(3,250,000)
(3,250,000)
Net assets
5,042
4,390
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
4,942
4,290
Total equity
5,042
4,390

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 21 August 2024
J E Morton Morris
Director
Company Registration No. 10337641
CHEPSTOW PLACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Chepstow Place Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38 Bury Street, London, United Kingdom, SW1Y 6BB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company holds an investment in Lambournetrues Development Services Limited and the directors expect the value of the property held in that company to be at least the value of the investment. The bank loan matures in December 2030 and financing is secure until that date. In light of this position the directors consider it appropriate for the accounts to be prepared on the going concern basis.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group‘s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

The company recognises revenue when:

 

The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the

entity; and specific criteria have been met for each of the group‘s activities.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHEPSTOW PLACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CHEPSTOW PLACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,095,409
5,095,409
5
Subsidiaries

Details of the company's subsidiaries at 31 August 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Lambournes Developments Holdings
England and Wales
Ordinary
100.00
-
Lambournes Development Services
England and Wales
Ordinary
-
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,278,158
654,509
Other debtors
1,323
1,323
1,279,481
655,832
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
3,131,783
2,494,284
Other creditors
3,750
3,750
3,135,533
2,498,034
CHEPSTOW PLACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,250,000
3,250,000
9
Loans and overdrafts
2023
2022
£
£
Bank loans
3,250,000
3,250,000
Payable after one year
3,250,000
3,250,000

The loan is secured by a legal charge over the property 39 Chepstow Place, Bayswater, London W2 4TS, which is owned by Lambournes Development Services Limited, a indirect wholly owned subsidiary company, together with a guarantee for the full amount of the borrowings plus interest and costs by Lambournes Development Services Limited.

 

The loan is further secured by a first legal charge over the property 6/7 Billing Place, London, SW10 9UN, together with a guarantee for the full amount of the borrowings plus interest and costs by J E Morton Morris and S V Clarke.

 

The loan bears interest at a fixed rate of 4.78% over the course of the loan which is repayable in full in December 2030.

 

Bank interest of £150,800 (2022: £150,800) was recharged to Lambournes Development Services Limited during the year.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
John Howard
Statutory Auditor:
Azets Audit Services
CHEPSTOW PLACE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
12
Parent company

The company's immediate parent is Lydling Holdings Limited, incorporated in England and Wales.

The ulimate controlling party is The Lydling Trust.

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