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Registration number: 06647610

Chaplins (Properties) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Chaplins (Properties) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Chaplins (Properties) Limited

(Registration number: 06647610)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,895,378

1,903,743

Investments

5

1,000

1,000

 

1,896,378

1,904,743

Current assets

 

Debtors

6

605,034

1,198,921

Cash at bank and in hand

 

436,264

657,981

 

1,041,298

1,856,902

Creditors: Amounts falling due within one year

7

(26,778)

(15,338)

Net current assets

 

1,014,520

1,841,564

Total assets less current liabilities

 

2,910,898

3,746,307

Creditors: Amounts falling due after more than one year

7

(44,832)

(205,335)

Provisions for liabilities

(129,695)

(99,457)

Net assets

 

2,736,371

3,441,515

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

2,735,371

3,440,515

Shareholders' funds

 

2,736,371

3,441,515

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

 

Chaplins (Properties) Limited

(Registration number: 06647610)
Statement of Financial Position as at 31 January 2024 (continued)


L Thompson
Director

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a property holding company.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

The company will recognise and measure turnover from its investments in subsidiaries in accordance with the principles outlined in FRS102, Section 23 Revenue and other relevant sections.

Dividend income from investments in subsidiaries shall be recognised when the company's right to receive payment is established, which is generally when the dividend is declared by the subsidiary. Dividend income shall be measured at the fair value of the consideration received or receivable.

Any other income derived from subsidiaries shall be recognised when it is probable that the economic benefits associated with the transaction will flow to the holding company and the amount of the income can be measured reliably.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated as cost less any accumulated impairment losses. Listed investments are measured at fair value with any changes in fair value being recognised in profit or loss.

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

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 recorded in profit or loss unless the provision was originally recognised as part 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 in finance costs in profit and loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Freehold property
£

Total
£

Cost

At 1 February 2023

1,938,156

1,938,156

At 31 January 2024

1,938,156

1,938,156

Depreciation

At 1 February 2023

34,413

34,413

Charge for the year

8,365

8,365

At 31 January 2024

42,778

42,778

Carrying amount

At 31 January 2024

1,895,378

1,895,378

At 31 January 2023

1,903,743

1,903,743

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Investments

2024
£

2023
£

Investments in subsidiaries

1,000

1,000

Subsidiaries

£

Cost

At 1 February 2023

1,000

Carrying amount

At 31 January 2024

1,000

At 31 January 2023

1,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Chaplins (Plymouth) Limited

Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT

Ordinary

100%

100%

The principal activity of Chaplins (Plymouth) Limited is that of a retail sales outlet.

6

Debtors

2024
£

2023
£

Amounts owed by related parties

600,988

547,380

Other debtors

-

647,956

Prepayments

4,046

3,585

605,034

1,198,921

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,073

-

Accruals and deferred income

23,705

15,338

26,778

15,338

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

44,832

205,335

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Financial commitments, guarantees and contingencies

Chaplins (Plymouth) Limited, subsidiary, has agreed to cross guarantee the bank facilities of Chaplins Properties Limited. The maximum full potential liability at year end was £nil (2023: £nil).

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

At 31 January 2024
£

(205,335)

160,503

(44,832)

       
     

 

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

(320,450)

115,115

(205,335)

 

Chaplins (Properties) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Related party transactions (continued)

 

Summary of transactions with entities with joint control or significant interest

During the year, the company, along with associated company Chaplins (Lettings) Limited, elected to write off the intercompany loan balance of c£648,000 by formal deed of waiver and release.