Company Registration No. 00770229 (England and Wales)
CHEVAL PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CHEVAL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CHEVAL PROPERTIES LIMITED
Company Registration No. 00770229
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
924
5,139,980
Cash at bank and in hand
26,864
438,724
27,788
5,578,704
Creditors: amounts falling due within one year
4
(2,750,414)
Net current assets
27,788
2,828,290
Capital and reserves
Called up share capital
5
4,398,864
4,398,864
Profit and loss reserves
(4,371,076)
(1,570,574)
Total equity
27,788
2,828,290
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
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 members have not required the company to obtain an audit of its financial statements for the period 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 and signed by the director and authorised for issue on 16 October 2024
T Kilduff
Director
CHEVAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Cheval Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Crown Reach, 145 Grosvenor Road, London, SW1V 3JU.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements represent the period from 01 January 2024 to 30 September 2024, at which point the company ceased to trade.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for rental income during the year, 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.
1.4
Cash at bank and in hand
Cash at bank and in hand 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
Financial instruments
Basic financial assets
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.
Basic financial liabilities
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CHEVAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,383,389
Other debtors
924
3,756,591
924
5,139,980
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,026
Amounts owed to group undertakings
2,739,208
Other creditors
5,180
2,750,414
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
Deferred shares of £1 each
3,898,864
3,898,864
3,898,864
3,898,864
4,398,864
4,398,864
4,398,864
4,398,864
CHEVAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
5
Called up share capital
(Continued)
- 4 -
The deferred shares are non equity shares which carry no entitlement to dividend. On a return of capital or liquidation, the deferred shareholders shall be repaid the nominal value of each deferred share if any surplus assets remain after the ordinary shareholders have been repaid. Holders of deferred shares have no voting rights.
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
5,600
7
Parent company
Cheval Properties Holding Limited is the company's immediate parent undertaking.
Tonkil Enterprises Limited, incorporated in Republic of Ireland, is regarded by the directors as being the company's ultimate parent company.
The ultimate controlling party is T Kilduff.
8
Post balance sheet events
The company is being closed down after the balance sheet date, and adjustments have been made within these accounts for closure.