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Company registration number:
12515474
Chorley BC Property Ltd
Unaudited financial statements
31 March 2024
Chorley BC Property Ltd
Contents
Directors and other information
Strategic report
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Chorley BC Property Ltd
Directors and other information
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Directors |
Mr Christopher Paul Moister |
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Company number |
12515474 |
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Registered office |
Town Hall |
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Market Street |
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Chorley |
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PR7 1DP |
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Business address |
Chorley Borough Council |
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Town Hall |
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Market Street |
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Chorley |
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PR7 1DP |
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Chorley BC Property Ltd
Strategic report
Year ended 31 March 2024
Structure, Governance and Management
Chorley BC Property Ltd is a wholly owned subsidiary of Chorley Borough Council and is a Private Company, limited by shares.
This is the first year of trading and dormant accounts have been filed for;
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the period 12 March 2020 to 31 March 2021;
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the year ended 31 March 2022;
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the year ended 31 March 2023.
Appointment of Board Members
The appointment of Board Members is set out in the Company's Articles of Association. The governance arrangements commenced upon Company Incorporation on 12 March 2020.
Board Organisation
Subject to the Rules, the Board of Directors manages the affairs of the Company and comprises of two Directors, one of whom has the role of Managing Director of the Company. During the year, one of the posts remained vacant following the resignation of one of the Directors in November 2022.
Objectives and Activities
Principal Activity and Object of the Company
The principal activity and object of the Company during the period was:
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to carry on the business of property management
The Company’s objects, as stated in the Articles of Association are:
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to hold and manage commercial and/or housing property and associated assets for the Council;
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to carry on the business of acquiring and letting properties;
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to grant leases of any properties acquired;
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to manage, maintain, improve, develop, demolish or convert the assets owned or managed by the Council
from time to time with any other amenities or facilities for the users of the assets;
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to carry out any activity which contributes to the regeneration or development in the area of the Council
including but not limited to;
o
securing that land and buildings are brought into effective use,
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contributing to or encouraging economic development,
o
creating an attractive and safe environment,
o
providing or improving assets for the purpose of encouraging people to live or work in Chorley for the
purpose of benefiting people who live there and
o
supporting a housing market whereby a broader range of quality housing choices are available, and the
areas are no longer reliant on Housing Benefit
o
working with the Council and other agencies to reduce transience and create as table, resilient communities
with improved environmental quality;
o
reducing public sector costs of managing social need;
o
creating an influential supply of quality desirable homes;
o
creating and encouraging apprenticeships, training and local employment opportunities for local residents;
o
increasing capacity and skills in local building firms;
.
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to provide, construct, improve or manage assets to be kept available for letting;
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to provide supportive management of tenants to ensure they can maintain a tenancy and reduce their need
for public sector support over time;
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to secure increased and higher quality private sector investment;
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to enable the delivery of future public and private sector housing development programmes;
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to provide a delivery solution for dealing with empty properties to initiate competition with the
private rented market so private landlords need to improve the quality of their offer in order to secure tenants;
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to provide services of any description for the Council.
Chorley BC Property Ltd
manages the council owned asset, Logistics House, Revolution Park, Buckshaw Avenue, Chorley PR6 7AJ, under a 96 year and 346 day lease from Chorley Council, covering the period 1 April 2023 to 11 March 2120.
Going Concern
The cost neutral financial position of Chorley BC Property Ltd in 2023/24 is expected to continue in 2024/25. The rent receivable is derived from a lease that is effective through to 3 September 2034 with no break clause, and which is subject to 5 yearly rent reviews linked to RPI. The next rent review is due on 3 September 2024.
Financial Review
The accounts show a deficit of £307.
The key points to note are:
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Income from rent receivable is £1.660m
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Rent payable to Chorley Council is £1.660m
Plans for the Future
The key priority for the year ahead is the implementation of the rent review, in line with the lease agreement.
The Board Members
The Board Member who served the Company during the period is detailed on page 1 of the accounts. The constitution and requirements of the Board are set out in the Company Articles of Association.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Mr Christopher Paul Moister
Director
Chorley BC Property Ltd
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
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Mr Christopher Paul Moister |
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This report was approved by the board of directors on
17 September 2024
and signed on behalf of the board by:
Mr Christopher Paul Moister
Director
Chorley BC Property Ltd
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chorley BC Property Ltd
Statement of comprehensive income
Year ended 31 March 2024
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2024 |
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2023 |
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Note |
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£ |
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£ |
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Turnover |
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1,660,230 |
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- |
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Cost of sales |
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(
1,660,230) |
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- |
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_______ |
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_______ |
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Gross profit |
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- |
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- |
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Administrative expenses |
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(
307) |
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- |
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_______ |
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_______ |
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Operating (loss)/profit |
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(
307) |
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- |
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(Loss)/profit before taxation |
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(
307) |
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- |
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Tax on (loss)/profit |
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- |
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- |
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_______ |
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_______ |
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(Loss)/profit for the financial year and total comprehensive income |
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(
307) |
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- |
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_______ |
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_______ |
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All the activities of the company are from continuing operations.
Chorley BC Property Ltd
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Debtors |
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5 |
861,770 |
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1 |
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Cash at bank and in hand |
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19,680 |
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- |
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_______ |
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_______ |
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881,450 |
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1 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
881,756) |
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- |
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_______ |
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_______ |
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Net current (liabilities)/assets |
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(
306) |
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1 |
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_______ |
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Total assets less current liabilities |
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(
306) |
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1 |
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_______ |
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Net (liabilities)/assets |
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(
306) |
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1 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Profit and loss account |
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(
307) |
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- |
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_______ |
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Shareholders (deficit)/funds |
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(
306) |
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1 |
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_______ |
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_______ |
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2024
, and are signed on behalf of the board by:
Mr Christopher Paul Moister
Director
Company registration number:
12515474
Chorley BC Property Ltd
Statement of changes in equity
Year ended 31 March 2024
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Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 April 2022 |
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1 |
- |
1 |
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(Loss)/profit for the year |
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- |
- |
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_______ |
_______ |
_______ |
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Total comprehensive income for the year |
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- |
- |
- |
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_______ |
_______ |
_______ |
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At 31 March 2023 and 1 April 2023 |
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1 |
- |
1 |
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(Loss)/profit for the year |
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(
307) |
(
307) |
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_______ |
_______ |
_______ |
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Total comprehensive income for the year |
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- |
(
307) |
(
307) |
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_______ |
_______ |
_______ |
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At 31 March 2024 |
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1 |
(
307) |
(
306) |
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_______ |
_______ |
_______ |
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Chorley BC Property Ltd
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Town Hall, Market Street, Chorley, PR7 1DP. The Company has one shareholder, Chorley Council. The liability of the member is limited to £1, being the amount that the member undertakes to contribute to the assets of the Company in event of it being wound up.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with applicable Financial Reporting Standards.
Going concern
The financial statements have been prepared on a going concern basis.As at 31 March 2024, the net liabilities of the Company are reported to be £306. The Company derives it’s income from a lease that is effective through to 3 September 2034 with no break clause; this is subject to 5 yearly rent reviews linked to RPI. The next rent review is due on 3 September 2024. After making appropriate enquiries, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future based on cash flow forecasts. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Significant judgements
The judgements that management has made in the process of applying the entity's accounting policies, and that have the most significant effect on the amounts recognised in the financial statements, are in relation to the accruals and deferred income.
Revenue Recognition
Rental income is recognised in respect of the period to which it relates.
All income is stated exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit.
Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference
Debtors
All debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
All creditors are measured at transaction price.
4.
Key Management Personnel Remuneration
The Board of Directors consider that the Key Management Personnel of the Company (i.e. those persons having authority and responsibility for planning, directing and controlling the activities of the Company) are the Board of Directors themselves. The Director’s aggregate remuneration in respect of his services to the Company during the year was: NIL
5.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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498,384 |
- |
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Other debtors |
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363,386 |
1 |
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_______ |
_______ |
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861,770 |
1 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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498,384 |
- |
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Accruals and deferred income |
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383,372 |
- |
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_______ |
_______ |
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881,756 |
- |
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_______ |
_______ |
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7.
Related party transactions
The Company is wholly owned by Chorley Council.Within the Statement of Financial Position, as at 31 March 2024, the amount included within Creditors as owed by
Chorley BC Property Ltd
to Chorley Council is £498,384, and the amount included in Debtors as owed by Chorley Council to Chorley BC Property Ltd
was NIL.During the year, rent of £1,660,230 was payable to Chorley Council in respect of the lease of Logistics House; this amount is shown within the Cost of Sales figure within the Statement of Comprehensive Income.