CHORLTON TRUST LIMITED |
Notes to the Accounts |
for the year ended 5 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Equipment |
15% reducing balance |
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Computers |
33.3% reducing balance |
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Holiday letting fixtures & fittings |
15% reducing balance |
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Investments |
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Investments are stated at market value in accordance with FRS102. The movement in market value is taken to the profit and loss account. |
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Investment properties |
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Investment properties are revalued annually and the aggregate surplus is transferred to the revaluation reserve. No depreciation is provided in respect of investments properties; this constitutes a departure from the statutory rules requiring fixed assets to be depreciated over their useful economic lives and is necessary to enable the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual revaluation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 6 April 2023 |
3,206,309 |
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At 5 April 2024 |
3,206,309 |
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Depreciation |
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At 5 April 2024 |
- |
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Net book value |
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At 5 April 2024 |
3,206,309 |
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At 5 April 2023 |
3,206,309 |
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Freehold land and buildings: |
2024 |
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2023 |
£ |
£ |
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Historical cost |
1,414,089 |
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1,414,089 |
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Cumulative depreciation based on historical cost |
266,685 |
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252,837 |
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1,147,404 |
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1,161,252 |
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The properties were last valued by professional valuers as at 1 July 2014 and in the opinion of the director these valuations are considered appropriate as at 5 April 2024. |
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On an historical cost basis these would have been included at the original cost of £1,414,089 (2023: £1,414,089) and an aggregate depreciation of £266,685 (2023 - £252,837). |
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No deferred tax provision has been included in the accounts in respect of Corporation Tax that would be payable if the investment properties were to be sold at their current market value. There are no current intentions to dispose of any further properties. The directors estimate that the tax payable if the properties were sold at the balance sheet date at the value included in the accounts would be approximately £448,055. |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Prepayments and accrued income |
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21,819 |
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31,450 |
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Director's loan |
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- |
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564,443 |
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Other debtors |
131,109 |
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126,194 |
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152,928 |
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722,087 |
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5 |
Investments held as current assets |
2024 |
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2023 |
£ |
£ |
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Fair value |
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Listed investments |
- |
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55 |
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Unlisted investments |
14,499 |
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14,499 |
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14,499 |
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14,554 |
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Increase/(decrease) in fair value included in the profit and loss account for the financial year |
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Listed investments |
(55) |
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(16,368) |
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The company disposed of its listed investment in the year. |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
5,729 |
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9,593 |
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Accruals and deferred income |
47,526 |
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26,321 |
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53,255 |
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35,914 |
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7 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Other loans |
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- |
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137,300 |
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Details of other loans are included in note 9. |
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8 |
Other reserves |
2024 |
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2023 |
£ |
£ |
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At 6 April 2023 |
1,799,220 |
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1,799,220 |
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At 5 April 2024 |
1,799,220 |
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1,799,220 |
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2024 |
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2023 |
£ |
£ |
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General reserve |
7,000 |
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7,000 |
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Revaluation reserve |
1,792,220 |
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1,792,220 |
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1,799,220 |
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1,799,220 |
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9 |
Related party transactions |
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The company's income includes management charges of £5,000 (2023: £20,000) to Chorlton Underwriting Ltd, a business which at the time was connected with Mrs J A Horner, a director of the company. |
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Chorlton Underwriting Ltd, a company which at the time was connected with Mrs J A Horner, made a loan to the company, the balance at 5th April 2023 being £137.300. Interest was charged on the loan at a commercial rate. The loan was repaid during the year and no amount was outstanding at the year end. |
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The Company was previously owed £309,674 by the estate of the late Mr J P M Horner, formerly a director of the company. This loan was transferred to Mrs J A Horner during the year ended 5th April 2023 and is therefore included in the amount shown as due from Mrs J A Horner at 5th April 2023 and no amount was outstanding as at 5th April 2024. Previously the company had paid HMRC £100,644 in respect of this loan which is included within debtors. This amount is now repayable and a claim will be made to HMRC for repayment. |
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The Company was owed £564,443 by Mrs J A Horner,a director of the company, at 5th April 2023. This loan was repaid in full during the current year and no amount was outstanding as at 5th April 2024. Previously the company had paid HMRC £26,715 in respect of this loan which is included within debtors. This amount is now repayable and a claim will be made to HMRC for repayment. |
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10 |
Controlling party |
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There is no controlling party. |
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11 |
Other information |
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CHORLTON TRUST LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Shepherds Mead |
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Underriver |
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Sevenoaks |
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Kent |
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TN15 0SN |