Chaplins (Lettings) Limited 14061974 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of the letting of owned real estate. Digita Accounts Production Advanced 6.30.9574.0 true 14061974 2023-02-01 2024-01-31 14061974 2024-01-31 14061974 core:CurrentFinancialInstruments 2024-01-31 14061974 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 14061974 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 14061974 bus:SmallEntities 2023-02-01 2024-01-31 14061974 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 14061974 bus:FilletedAccounts 2023-02-01 2024-01-31 14061974 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 14061974 bus:RegisteredOffice 2023-02-01 2024-01-31 14061974 bus:Director1 2023-02-01 2024-01-31 14061974 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 14061974 core:LandBuildings 2023-02-01 2024-01-31 14061974 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-02-01 2024-01-31 14061974 countries:EnglandWales 2023-02-01 2024-01-31 14061974 2023-01-31 14061974 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 14061974 2022-02-01 2023-01-31 14061974 2023-01-31 14061974 core:CurrentFinancialInstruments 2023-01-31 14061974 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 14061974 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 14061974

Chaplins (Lettings) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Chaplins (Lettings) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Chaplins (Lettings) Limited

(Registration number: 14061974)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

648,670

648,670

Current assets

 

Debtors

5

5,926

2,068

Cash at bank and in hand

 

27,332

4,179

 

33,258

6,247

Creditors: Amounts falling due within one year

6

(14,074)

(653,296)

Net current assets/(liabilities)

 

19,184

(647,049)

Net assets

 

667,854

1,621

Capital and reserves

 

Called up share capital

1,050

1,050

Profit and loss account

666,804

571

Shareholders' funds

 

667,854

1,621

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:
 


L S Thompson
Director

 

Chaplins (Lettings) 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 the letting of owned real estate.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

 

Chaplins (Lettings) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts.

When the outcome of a transaction involving the rendering of services can be reliably estimates, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Investment property

Not depreciated

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

 

Chaplins (Lettings) Limited

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

2

Accounting policies (continued)

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

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 (Lettings) Limited

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

4

Tangible assets

Investment property
£

Total
£

Cost or valuation

At 1 February 2023

648,670

648,670

At 31 January 2024

648,670

648,670

Depreciation

Carrying amount

At 31 January 2024

648,670

648,670

At 31 January 2023

648,670

648,670

5

Debtors

2024
£

2023
£

Other debtors

5,926

2,068

5,926

2,068

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

4,955

134

Accruals and deferred income

1,764

1,800

Other creditors

7,355

651,362

14,074

653,296

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Chaplins (Lettings) Limited

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

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

At the year end the total amount owed to other companies under the common control of the directors totals £7,355 (2023: 655,668).

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