Company registration number 04941635 (England and Wales)
CHURCHILL PROPERTIES (SOUTHERN) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CHURCHILL PROPERTIES (SOUTHERN) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CHURCHILL PROPERTIES (SOUTHERN) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49
61
Investments
5
1,499,415
1,499,062
1,499,464
1,499,123
Current assets
Debtors
6
3,344,359
3,097,748
Cash at bank and in hand
336,281
470,094
3,680,640
3,567,842
Creditors: amounts falling due within one year
7
(433,405)
(411,715)
Net current assets
3,247,235
3,156,127
Net assets
4,746,699
4,655,250
Capital and reserves
Called up share capital
8
3,600,100
3,600,100
Profit and loss reserves
9
1,146,599
1,055,150
Total equity
4,746,699
4,655,250

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
M P Long
Director
Company registration number 04941635 (England and Wales)
CHURCHILL PROPERTIES (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

CHURCHILL PROPERTIES (SOUTHERN) LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 18 Melbourne Grove, London, SE22 8RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover and other operating income

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of properties is recognised when the proceeds of sale are received and shown as turnover.

Rental income is recognised when receivable and it is shown as other operating income.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CHURCHILL PROPERTIES (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 2

2023
2022
Number
Number
Total
3
3
CHURCHILL PROPERTIES (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
5,569
Depreciation and impairment
At 1 January 2023
5,508
Depreciation charged in the year
12
At 31 December 2023
5,520
Carrying amount
At 31 December 2023
49
At 31 December 2022
61
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,499,415
1,499,062
Fixed asset investments not carried at market value

Included in investments are the financial asset investments at market value. The investment in Sweetwoods LLP is held at the cost of £1,400,000 as its fair value cannot be reliably determined.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
1,499,062
Valuation changes
353
At 31 December 2023
1,499,415
Carrying amount
At 31 December 2023
1,499,415
At 31 December 2022
1,499,062
CHURCHILL PROPERTIES (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
30,573
Other debtors
3,344,359
3,067,175
3,344,359
3,097,748
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
48,058
19,222
Other creditors
275,667
284,313
Accruals and deferred income
109,680
108,180
433,405
411,715
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,600,100
3,600,100
3,600,100
3,600,100
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,055,150
981,736
Profit for the year
91,449
73,414
At the end of the year
1,146,599
1,055,150

Included in the above reserves are non distributable reserves of £10,413 ( 2022 £10,059)

10
Related party transactions

At the beginning of the year the director was owed £77,051 by the company.

During the year the net amount of £18,546 was repaid to the director. At the end of the year the director was owed £58,505 by the company.

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