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REGISTERED NUMBER: 05592971 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SHERBORNE PAPER LIMITED

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SHERBORNE PAPER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: K Patel
Mrs J Patel
R Patel
N Patel





SECRETARY: Mrs J Patel





REGISTERED OFFICE: 34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG





REGISTERED NUMBER: 05592971 (England and Wales)





ACCOUNTANTS: Crombies Accountants Limited
Chartered Accountants
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 408,149 502,940
Investment property 5 29,628,005 29,415,491
30,036,154 29,918,431

CURRENT ASSETS
Debtors 6 485,771 1,724,401
Cash at bank and in hand 238,913 193,226
724,684 1,917,627
CREDITORS
Amounts falling due within one year 7 5,015,198 6,465,835
NET CURRENT LIABILITIES (4,290,514 ) (4,548,208 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,745,640

25,370,223

CREDITORS
Amounts falling due after more than one
year

8

4,536,324

4,912,973
NET ASSETS 21,209,316 20,457,250

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 11,040,361 11,040,361
Retained earnings 11 10,168,855 9,416,789
SHAREHOLDERS' FUNDS 21,209,316 20,457,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





K Patel - Director


SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Sherborne Paper Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company has taken advantage of the transitional exemptions in FRS102 35.10 (d) to use a previous GAAP revaluation as its deemed cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 947,919
DEPRECIATION
At 1 January 2023 444,979
Charge for year 94,791
At 31 December 2023 539,770
NET BOOK VALUE
At 31 December 2023 408,149
At 31 December 2022 502,940

5. INVESTMENT PROPERTY


Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 9,503,482
Valuation in 2022 1,536,879
Cost 18,587,644
29,628,005

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 18,587,644 18,375,130

Investment property was valued on an open market basis on 20 February 2023 by BNP Paribas Real Estate .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,218 26,864
Amounts owed by group undertakings 309,669 -
Other debtors 154,884 1,697,537
485,771 1,724,401

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 376,650 376,650
Trade creditors 505,558 67,195
Amounts owed to group undertakings 1,610,933 -
Amounts owed to associates - 3,697,535
Taxation and social security 2,038,403 1,767,739
Other creditors 483,654 556,716
5,015,198 6,465,835

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 4,536,324 4,912,973

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 3,029,725 3,406,374

9. SECURED DEBTS

Bank borrowings are secured by fixed charges over the company's premises at City Gate Park and Unit 4N Coxwell Avenue and a fixed and floating charge over the other assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 9,416,789 11,040,361 20,457,150
Profit for the year 5,752,066 - 5,752,066
Dividends (5,000,000 ) - (5,000,000 )
At 31 December 2023 10,168,855 11,040,361 21,209,216

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with Chartley Holdings Limited or other wholly owned subsidiaries within the group.

SHERBORNE PAPER LIMITED (REGISTERED NUMBER: 05592971)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. ULTIMATE CONTROLLING PARTY

Mr R Patel, the director is the ultimate controlling party by virtue of his shareholding in Chartley Holdings Limited

14. ULTIMATE PARENT COMPANY

On 6 September 2023 the whole of the issued share capital was transferred to Chartley Holdings Limited, a company registered in England and Wales .The registered office of Chartley Holdings Limited is situated at 34 Waterloo Road, Wolverhampton, West Midlands WV1 4DG.The directors regard Chartley Holdings Limited as the ultimate parent company and group financial statements are available from Companies House.