Acorah Software Products - Accounts Production 15.0.600 false true true 30 November 2022 25 November 2021 false 1 December 2022 30 November 2023 30 November 2023 13765247 Mr A A Ogunyemi Mrs F Ogunyemi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13765247 2022-11-30 13765247 2023-11-30 13765247 2022-12-01 2023-11-30 13765247 frs-core:CurrentFinancialInstruments 2023-11-30 13765247 frs-core:Non-currentFinancialInstruments 2023-11-30 13765247 frs-core:SharePremium 2023-11-30 13765247 frs-core:ShareCapital 2023-11-30 13765247 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 13765247 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13765247 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 13765247 frs-bus:SmallEntities 2022-12-01 2023-11-30 13765247 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 13765247 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13765247 frs-bus:Director1 2022-12-01 2023-11-30 13765247 frs-bus:Director2 2022-12-01 2023-11-30 13765247 frs-countries:EnglandWales 2022-12-01 2023-11-30 13765247 2021-11-24 13765247 2022-11-30 13765247 2021-11-25 2022-11-30 13765247 frs-core:CurrentFinancialInstruments 2022-11-30 13765247 frs-core:Non-currentFinancialInstruments 2022-11-30 13765247 frs-core:SharePremium 2022-11-30 13765247 frs-core:ShareCapital 2022-11-30 13765247 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 13765247
Cheyne Residential Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 13765247
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 22,075,000 22,075,000
22,075,000 22,075,000
CURRENT ASSETS
Debtors 5 3,552,690 -
Cash at bank and in hand 221,706 2,781,400
3,774,396 2,781,400
Creditors: Amounts Falling Due Within One Year 6 (244,784 ) (78,611 )
NET CURRENT ASSETS (LIABILITIES) 3,529,612 2,702,789
TOTAL ASSETS LESS CURRENT LIABILITIES 25,604,612 24,777,789
Creditors: Amounts Falling Due After More Than One Year 7 (13,477,850 ) (12,892,000 )
NET ASSETS 12,126,762 11,885,789
CAPITAL AND RESERVES
Called up share capital 8 100 100
Share premium account 11,836,661 11,836,661
Income Statement 290,001 49,028
SHAREHOLDERS' FUNDS 12,126,762 11,885,789
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr A A Ogunyemi
Director
19/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Cheyne Residential Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13765247 . The registered office is The Cedars, 82 Camden Park Road, Chislehurst, Kent, BR7 5HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - 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.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Investment Properties
All investment properties are carried at fair value, reviewed every three years and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.8. Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
2.9. 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.
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2.10. Accounting Judgements and Key Sources of Estimation Uncerainity
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Investment Property
2023
£
Fair Value
As at 1 December 2022 and 30 November 2023 22,075,000
5. Debtors
2023 2022
£ £
Due within one year
Amounts owed by connected parties 3,552,690 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 72,597 12,100
Other taxes and social security 2,584 -
Accruals and deferred income 2,040 4,291
Directors' loan accounts 167,563 62,220
244,784 78,611
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Mortgage loan 13,477,850 12,892,000
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
The nominal value per share is £1 and as at 30 November 2023 there are 100 Ordinary Shares in issue.
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9. Pension Commitments
The company operates a defined contribution pension scheme for directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £Nil were due to the fund. They are included in creditors and shown seperatly.
10. Related Party Transactions
As at the year end, the Director's loan account balance of Mr A A Ogunyemi is £91,426, which is a current liability, is interest free and repayable on demand.
As at the year end, the Director's loan account balance of Mrs F Ogunyemi is £76,137, which is a current liability, is interest free and repayable on demand.
The amount owed by Cheyne Property Estates Limited, a company related via common directorship and ownership , totalled £857,500 as at the year-end,which is a current asset, interest free and repayable on demand.
The amount owed by Cheyne Assets Ltd, a company related via common directorship and ownership, totalled £1,390,190 as at the year-end, which is a current asset, interest free and repayable on demand.
The amount owed by Cheyne Properties Ltd, a company related via common directorship and ownership, totalled £1,305,000 as at the year-end, which is a current asset, interest free and repayable on demand.
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