Registered number
06535078
Chenoweths Business Park Limited
Filleted Accounts
31 December 2023
Chenoweths Business Park Limited
Registered number: 06535078
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,616 5,546
Tangible assets 4 38,832 39,397
Investments 5 2,650,000 1,280,913
2,692,448 1,325,856
Current assets
Debtors 6 4,372 3,533
Cash at bank and in hand 13,196 7,767
17,568 11,300
Creditors: amounts falling due within one year 7 (98,053) (106,248)
Net current liabilities (80,485) (94,948)
Total assets less current liabilities 2,611,963 1,230,908
Creditors: amounts falling due after more than one year 8 (326,852) (354,996)
Provisions for liabilities (375,424) (26,477)
Net assets 1,909,687 849,435
Capital and reserves
Called up share capital 2 2
Revaluation reserve 9 1,469,040 99,953
Profit and loss account 440,645 749,480
Shareholder's funds 1,909,687 849,435
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Julian Winston Chenoweth
Director
Approved by the board on 18 September 2024
Chenoweths Business Park Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Planning costs:
Cost
At 1 January 2023 9,650
At 31 December 2023 9,650
Amortisation
At 1 January 2023 4,104
Provided during the year 1,930
At 31 December 2023 6,034
Net book value
At 31 December 2023 3,616
At 31 December 2022 5,546
Planning costs are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 76,093
Additions 6,288
At 31 December 2023 82,381
Depreciation
At 1 January 2023 36,696
Charge for the year 6,853
At 31 December 2023 43,549
Net book value
At 31 December 2023 38,832
At 31 December 2022 39,397
5 Investments
Other
investments
£
Cost
At 1 January 2023 1,280,913
Revaluation 1,369,087
At 31 December 2023 2,650,000
6 Debtors 2023 2022
£ £
Trade debtors 2,102 1,985
Other debtors 2,270 1,548
4,372 3,533
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 37,743 44,333
Trade creditors 25,561 33,399
Taxation and social security costs 14,063 6,340
Other creditors 20,686 22,176
98,053 106,248
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 87,663 118,796
Other creditors 239,189 236,200
326,852 354,996
9 Revaluation reserve 2023 2022
£ £
At 1 January 2023 99,953 99,953
Gain on revaluation of land and buildings 1,369,087 -
At 31 December 2023 1,469,040 99,953
10 Related party transactions
At the period end the company owed £129,499 (2022: £112,200) to Mr Julian Winston Chenoweth, director. The loan is interest free and repayable after more than one year.
11 Basis of preparation
At the period end, the company’s balance sheet showed net current liabilities of £80,485 (2022: £94,948). The director has indicated that he will continue to support the company financially until such time that it can afford to repay him. On this basis, the director feels it is appropriate that the accounts are prepared on a going concern basis.
12 Controlling party
The 100% shareholding in the company is owned by Chenoweths Holdings Limited, parent, a company ultimately controlled by Mr Julian Winston Chenoweth.
13 Other information
Chenoweths Business Park Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Chenoweths Business Park
Ruan High Lanes
Truro
Cornwall
TR2 5JT
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