REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Chesterhill Investments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Chesterhill Investments Limited |
Chesterhill Investments Limited (Registered number: 01039944) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Chesterhill Investments Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Business Advisors |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
SOLICITORS: |
5 George Street |
Watford |
Herts |
WD18 0SQ |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Chesterhill Investments Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chesterhill Investments Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Chesterhill Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chesterhill Investments Limited and state those matters that we have agreed to state to the Board of Directors of Chesterhill Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chesterhill Investments Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Chesterhill Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chesterhill Investments Limited. You consider that Chesterhill Investments Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Chesterhill Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants and Business Advisors |
Regency House |
33 Wood Street |
Barnet |
Hertfordshire |
EN5 4BE |
Chesterhill Investments Limited (Registered number: 01039944) |
Balance Sheet |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
Chesterhill Investments Limited (Registered number: 01039944) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Chesterhill Investments Limited (Registered number: 01039944) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Chesterhill Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investments in associates |
Investments in associate undertakings are recognised at 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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Turnover |
Turnover represents the net sale proceeds from properties previously held as trading stock together with the amount of gross rents receivable. A sale of a property is recognised on an unconditional exchange of contracts. |
Deferred taxation |
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Group | Other |
Investments | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 | 400,400 |
NET BOOK VALUE |
At 31 March 2024 | 400,400 |
At 31 March 2023 | 400,400 |
Chesterhill Investments Limited (Registered number: 01039944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
None of the subsidiary undertakings traded during the year. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Some of the investment properties were valued on an open market basis in December 2021 by BNP Paribas. Where an investment property was not valued by BNP Paribas the directors have given their assessment of value on the same basis. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Bank loans (see note 9) |
Chesterhill Investments Limited (Registered number: 01039944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31/3/24 | 31/3/23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
The company has loan facilities totalling £15,000,000 as at 31 March 2024, all of which had been drawn at the balance sheet date. |
These bank loans are secured by fixed and floating charges over properties owned by the company. The loans are repayable as follows: |
Repayable 22/04/2025, £15,000,000. |
Each loan attracts an average interest rate of 2.15% above Bank of England base rate. |
10. | PROVISIONS FOR LIABILITIES |
31/3/24 | 31/3/23 |
£ | £ |
Deferred tax | 1,386,369 | 1,386,369 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 31/3/23 |
value: | £ | £ |
A shares | 0.10 | 60 | 60 |
B shares | 0.10 | 20 | 20 |
C shares | 0.10 | 20 | 20 |
100 | 100 |
Chesterhill Investments Limited (Registered number: 01039944) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
13. | OTHER FINANCIAL COMMITMENTS |
At 31 March 2024 the company was committed to paying rent of £26,000 (2023: £26,000) under a non-cancellable operating lease which expires in over five years. |
14. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £168,000 were paid to the directors . |
Chesterhill Investments Limited paid rent of £26,750 (2023: £26,000) to IPS Pension Builder, a scheme in which Mr and Mrs Binstock are members and trustees. |
A donation of £100,000 (2023: £100,000) was paid to Chesterhill Charitable Trust Ltd during the year. B A Binstock and P E Binstock are also directors of this charitable company. |
At the year end Mr Binstock was owed £313 (2023: £291) by the company. |
Within other debtors is £704,137 (2023: £698,553) owed by Startlink Ltd., a company in which the director, B Binstock, is a director and shareholder. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |