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COMPANY REGISTRATION NUMBER: 07429172
Chartwade Property Limited
Filleted Unaudited Financial Statements
30 November 2023
Chartwade Property Limited
Financial Statements
Year Ended 30 November 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Chartwade Property Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
36,406
41,792
Investments
6
5,132,000
5,132,000
------------
------------
5,168,406
5,173,792
Current Assets
Debtors
7
456,665
451,960
Cash at bank and in hand
295,048
164,668
---------
---------
751,713
616,628
Creditors: amounts falling due within one year
8
83,889
66,665
---------
---------
Net Current Assets
667,824
549,963
------------
------------
Total Assets Less Current Liabilities
5,836,230
5,723,755
Provisions
Taxation including deferred tax
175,105
175,105
------------
------------
Net Assets
5,661,125
5,548,650
------------
------------
Chartwade Property Limited
Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and Reserves
Called up share capital
9
1,152
1,152
Revaluation reserve
1,948,029
1,948,029
Profit and loss account
3,711,944
3,599,469
------------
------------
Shareholders Funds
5,661,125
5,548,650
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mrs G Chippendale
Director
Company registration number: 07429172
Chartwade Property Limited
Notes to the Financial Statements
Year Ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 South Lodge Court, Old Road, Chesterfield, Derbyshire, S40 3QG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable during the year. Investment properties The investment properties are shown at market valuation determined by external agents.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. based on tax rates and laws enacted or substantively enacted at the balance sheet date. where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to Receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022
841
70,107
70,948
Additions
1,042
1,042
----
--------
--------
At 30 November 2023
841
71,149
71,990
----
--------
--------
Depreciation
At 1 December 2022
812
28,344
29,156
Charge for the year
7
6,421
6,428
----
--------
--------
At 30 November 2023
819
34,765
35,584
----
--------
--------
Carrying amount
At 30 November 2023
22
36,384
36,406
----
--------
--------
At 30 November 2022
29
41,763
41,792
----
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 December 2022 and 30 November 2023
5,132,000
------------
Impairment
At 1 December 2022 and 30 November 2023
------------
Carrying amount
At 30 November 2023
5,132,000
------------
At 30 November 2022
5,132,000
------------
7. Debtors
2023
2022
£
£
Other debtors
456,665
451,960
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,557
Trade creditors
11,549
4,980
Corporation tax
33,917
27,846
Social security and other taxes
3,902
675
Other creditors
32,964
33,164
--------
--------
83,889
66,665
--------
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,152
1,152
1,152
1,152
-------
-------
-------
-------
10. Directors' advances, credits and guarantees
There are no director's advances, credits or guarantees requiring disclosure.
11. Related party transactions