Registration number:
Chaplins (Properties) Limited
for the Year Ended 31 January 2024
Chaplins (Properties) Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Chaplins (Properties) Limited
(Registration number: 06647610)
Statement of Financial Position as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Profit and loss account |
2,735,371 |
3,440,515 |
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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:
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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
Chaplins (Properties) Limited
(Registration number: 06647610)
Statement of Financial Position as at 31 January 2024 (continued)
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Chaplins (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of a property holding company.
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)
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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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Chaplins (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Tangible assets |
Freehold property |
Total |
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Cost |
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At 1 February 2023 |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Chaplins (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 February 2023 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT |
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The principal activity of Chaplins (Plymouth) Limited is that of a retail sales outlet.
Debtors |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
- |
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Prepayments |
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Chaplins (Properties) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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- |
Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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).
Related party transactions |
Transactions with directors |
2024 |
At 1 February 2023 |
Advances to director |
At 31 January 2024 |
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( |
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( |
2023 |
At 1 February 2022 |
Repayments by director |
At 31 January 2023 |
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( |
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( |
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