REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CHAPTER HOMES DURHAM LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
CHAPTER HOMES DURHAM LIMITED |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CHAPTER HOMES DURHAM LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
The Beehive Building |
Beehive Ring Road |
Crawley |
Gatwick |
RH6 0PA |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Chapter Homes Durham Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose any and all related party transactions between the parent company and any wholly owned subsidiaries within the group. |
Turnover |
Turnover from private housing sales is recognised as the consideration received or receivable on legal completion, net of incentives. |
Turnover on affordable housing contracts is recognised by reference to the stage of completion of the contract activity where the outcome of the contract can be reasonably estimated. |
Rental income represents the amount of rental income falling due during the year, including rental income due but not received until after the year end. |
Profit recognition |
Profit arising from the sale of private residential properties is taken on legal completion. Residential development profit is calculated based on total expected revenues less total expected costs. Profit on affordable housing is only recognised by reference to the stage of completion when the outcome of the contract can be reasonably estimated. When it is probable that total costs will exceed total turnover the expected loss is recognised immediately. |
Investment property |
Investment property is shown at most recent valuation. The basis of valuation is open market value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Income and Retained Earnings. |
Stocks and work in progress |
Stocks are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and those overheads which have been incurred in bringing the stocks to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing and selling. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to Statement of Income and Retained Earnings on a straight line basis over the period of the lease. |
Going concern |
The directors assess whether the use of the going concern basis is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date on which the financial statements are approved. |
The directors have prepared financial forecasts for a period in excess of 12 months from the date of this report. Whilst there is uncertainty around the global and national economy, the directors believe that it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements due to the level of reserves and expected future trading prospects. |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 instrument. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to 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, other loans 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
Revaluations | 20,000 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 765,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 614,937 | 742,577 |
Investment properties were valued on an open market basis on 31 March 2024 by Wisemove Land & Property Consultants Ltd . |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Completed properties |
Work-in-progress |
6. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Deferred income |
Accrued expenses |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans | - | 1,000,000 |
Accrued expenses |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans |
Other loans represent an unsecured interest bearing flexible funding facility provided by the company's ultimate parent. This facility was repaid before 30 September 2023. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 34,855 | 35,062 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge/(credit) on deferred |
tax due on fair value change |
of investments | (207 | ) |
Balance at 31 March 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 3,000,000 | 3,000,000 |
CHAPTER HOMES DURHAM LIMITED (REGISTERED NUMBER: 09725702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | RESERVES |
Included within retained earnings is £115,208 of un-distributable reserves (2023: £117,361). This £115,208 of un-distributable reserves relates to the increase in fair value of the investment properties, less any deferred tax, which under FRS102 are recognised through the profit and loss accounts. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose all related party transactions between the parent company and any wholly owned subsidiaries within the group. |
The company is a wholly owned subsidiary of Durham County Council. Their registered office is: |
County Hall |
Durham |
County Durham |
DH1 5UQ |