Registered number
00248092
CHORLTON TRUST LIMITED
Filleted Accounts
5 April 2024
CHORLTON TRUST LIMITED
Registered number: 00248092
Balance Sheet
as at 5 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,206,309 3,206,309
Current assets
Debtors 4 152,928 722,087
Investments held as current assets 5 14,499 14,554
Cash at bank and in hand 209,563 72,049
376,990 808,690
Creditors: amounts falling due within one year 6 (53,255) (35,914)
Net current assets 323,735 772,776
Total assets less current liabilities 3,530,044 3,979,085
Creditors: amounts falling due after more than one year 7 - (137,300)
Net assets 3,530,044 3,841,785
Capital and reserves
Called up share capital 1,412,800 1,748,800
Share premium 83,181 83,181
Revaluation reserve 8 1,799,220 1,799,220
Profit and loss account 234,843 210,584
Shareholders' funds 3,530,044 3,841,785
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J A Horner
Director
Approved by the board on 11 September 2024
CHORLTON TRUST LIMITED
Notes to the Accounts
for the year ended 5 April 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Tangible fixed assets
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:
Equipment 15% reducing balance
Computers 33.3% reducing balance
Holiday letting fixtures & fittings 15% reducing balance
Investments
Investments are stated at market value in accordance with FRS102. The movement in market value is taken to the profit and loss account.
Investment properties
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.
Taxation
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.
Provisions
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 6 April 2023 3,206,309
At 5 April 2024 3,206,309
Depreciation
At 5 April 2024 -
Net book value
At 5 April 2024 3,206,309
At 5 April 2023 3,206,309
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,414,089 1,414,089
Cumulative depreciation based on historical cost 266,685 252,837
1,147,404 1,161,252
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.
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).
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.
4 Debtors 2024 2023
£ £
Prepayments and accrued income 21,819 31,450
Director's loan - 564,443
Other debtors 131,109 126,194
152,928 722,087
5 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments - 55
Unlisted investments 14,499 14,499
14,499 14,554
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (55) (16,368)
The company disposed of its listed investment in the year.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 5,729 9,593
Accruals and deferred income 47,526 26,321
53,255 35,914
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other loans - 137,300
Details of other loans are included in note 9.
8 Other reserves 2024 2023
£ £
At 6 April 2023 1,799,220 1,799,220
At 5 April 2024 1,799,220 1,799,220
2024 2023
£ £
General reserve 7,000 7,000
Revaluation reserve 1,792,220 1,792,220
1,799,220 1,799,220
9 Related party transactions
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.
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.
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.
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.
10 Controlling party
There is no controlling party.
11 Other information
CHORLTON TRUST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Shepherds Mead
Underriver
Sevenoaks
Kent
TN15 0SN
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