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Registered number: 02142237









CHIPPERFIELD LAND COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
CHIPPERFIELD LAND COMPANY LIMITED
REGISTERED NUMBER: 02142237

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,197
1,596

Current assets
  

Stocks
 5 
19,176
356,949

Debtors: amounts falling due within one year
 6 
1,673,143
1,569,035

Cash at bank and in hand
 7 
7,498,338
5,643,321

  
9,190,657
7,569,305

Creditors: amounts falling due within one year
 8 
(3,136,733)
(1,685,010)

Net current assets
  
 
 
6,053,924
 
 
5,884,295

  

Net assets
  
6,055,121
5,885,891


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
6,054,121
5,884,891

  
6,055,121
5,885,891


Page 1

 
CHIPPERFIELD LAND COMPANY LIMITED
REGISTERED NUMBER: 02142237
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on  2 October 2024.




R J Waterhouse, Esq.
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CHIPPERFIELD LAND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Chipperfield Land Company Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 2 The Pines, North Road, Berkhamsted, HP4 3DX.
The company specialises in the construction of domestic buildings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue on the rental of properties is recognised according to the rental period to which it relates.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CHIPPERFIELD LAND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Page 4

 
CHIPPERFIELD LAND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Stocks

Land and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on 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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was 2 (2023 - 2).

Page 5

 
CHIPPERFIELD LAND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Office equipment

£



Cost


At 1 April 2023
1,974



At 31 March 2024

1,974



Depreciation


At 1 April 2023
378


Charge for the year 
399



At 31 March 2024

777



Net book value



At 31 March 2024
1,197



At 31 March 2023
1,596


5.


Stocks

2024
2023
£
£

Land bank
19,176
119,176

Work in progress
-
237,773

19,176
356,949



6.


Debtors

2024
2023
£
£


Trade debtors
-
2,000

Amounts owed by group undertakings
1,305,759
1,405,415

Other debtors
355,038
156,971

Prepayments and accrued income
12,346
4,649

1,673,143
1,569,035

Page 6

 
CHIPPERFIELD LAND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,498,338
5,643,321

7,498,338
5,643,321



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
20
-

Corporation tax
99,420
157,256

Other creditors
2,541,176
1,057,324

Accruals and deferred income
496,117
470,430

3,136,733
1,685,010


Page 7

 
CHIPPERFIELD LAND COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1 each
1,000
1,000



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £46,000 (2023 - £64,000)


11.


Related party transactions

The company has taken advantage allowed by Financial Reporting Standard 102 not to disclose any transactions with other wholly owned members of the group.
 
Included within other debtors is an amount due from the Estate of a former director of £350,162 (2023 - £39,021).
 
Included within other creditors is an amount due to a close family member of the director of £1,268,036 (2023 - £21,506).
 
During the year, the company accrued interest expense of £27,220 (2023 - £Nil) payable to a close family member of the director.
 
Included within other debtors is an amount due from Chipperfield Homes Limited, a company with a common director, of £4,266 (2023 - £1,985).
 
Included within other debtors is an amount due from Chipperfield Property Holdings Limited, a company with a common director, of £Nil (2023 - £3,527).
 
During the year, the company received income of £175,712 (2023 - £864,867) in respect of, and incurred costs of £417,034 (2023 - £724,262) relating to, CLCH 1 Limited, a company with a common director. At the year end, the company owed CLCH 1 Limited £1,273,139 (2023 - £1,031,816), included within other creditors.


12.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Waterhouse Property Holdings Limited, a company incorporated in England and Wales.
The ultimate controlling party is the director by virtue of his majority shareholding in the parent company.

 
Page 8