Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false11truetruefalse 13695903 2022-11-01 2023-10-31 13695903 2021-11-01 2022-10-31 13695903 2023-10-31 13695903 2022-10-31 13695903 c:Director1 2022-11-01 2023-10-31 13695903 d:CurrentFinancialInstruments 2023-10-31 13695903 d:CurrentFinancialInstruments 2022-10-31 13695903 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 13695903 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 13695903 d:ShareCapital 2023-10-31 13695903 d:ShareCapital 2022-10-31 13695903 d:RetainedEarningsAccumulatedLosses 2023-10-31 13695903 d:RetainedEarningsAccumulatedLosses 2022-10-31 13695903 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 13695903 d:TaxLossesCarry-forwardsDeferredTax 2022-10-31 13695903 c:OrdinaryShareClass1 2022-11-01 2023-10-31 13695903 c:OrdinaryShareClass1 2023-10-31 13695903 c:OrdinaryShareClass1 2022-10-31 13695903 c:FRS102 2022-11-01 2023-10-31 13695903 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 13695903 c:FullAccounts 2022-11-01 2023-10-31 13695903 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13695903 2 2022-11-01 2023-10-31 13695903 e:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 13695903









CHATSWORTH HOMES COMBS LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
CHATSWORTH HOMES COMBS LTD
REGISTERED NUMBER: 13695903

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
As restated 2022
Note
£
£

  

Current assets
  

Stock and work in progress
 4 
2,768,243
696,087

Debtors: amounts falling due within one year
 5 
305,926
11,197

Cash at bank and in hand
  
77,669
2,950

  
3,151,838
710,234

Creditors: amounts falling due within one year
 6 
(3,451,797)
(765,512)

Net current liabilities
  
 
 
(299,959)
 
 
(55,278)

Total assets less current liabilities
  
(299,959)
(55,278)

  

Net liabilities
  
(299,959)
(55,278)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(299,960)
(55,279)

  
(299,959)
(55,278)


Page 1

 
CHATSWORTH HOMES COMBS LTD
REGISTERED NUMBER: 13695903

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 by: 






................................................
Mr J J H Peters
Director

Date: 18 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CHATSWORTH HOMES COMBS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Chatsworth Home Combs Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom.
The principal activity of the Company continued to be that of construction of homes.
The company is part of the JJ Peters group.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The accounts are presented in GBP, the functional currency, and have been rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director has considered the going concern basis in preparing these financial statements. He has concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading and group support for a period of at least twelve months from the date of approval of these financial statements to enable the company to meet its liabilities as they arise.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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

 
CHATSWORTH HOMES COMBS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises corporation and deferred tax. Tax is recognised in profit or loss 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Stock and work in progress

Stock and work in progress is 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 balance sheet 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 profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 4

 
CHATSWORTH HOMES COMBS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objectives evidence of impairment is found an impairment loss is recognised in the Profit and Loss Account


3.


Employees





The average monthly number of employees, including directors, during the period was 1 (2022 - 1).


4.


Stock and work in progress

2023
As restated 2022
£
£

Work in progress
2,358,243
696,087

Stock
410,000
-

2,768,243
696,087



5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
115,404
-

Other debtors
90,536
11,197

Deferred taxation
99,986
-

305,926
11,197


Page 5

 
CHATSWORTH HOMES COMBS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,748,734
-

Trade creditors
260,141
9,142

Amounts owed to group undertakings
398,019
754,073

Corporation tax
16,945
-

Other taxation and social security
25,458
-

Other creditors
-
2,297

Accruals and deferred income
2,500
-

3,451,797
765,512


The bank loan is secured by fixed and floating charges over the property of the Company and a personal guarantee from the Director. At the year end, the total amount of the loan was £2,775,845.


7.


Deferred taxation




2023


£






Charged to profit or loss
99,986



At end of year
99,986

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
99,986
-

99,986
-


8.


Share capital

As restated
2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 6

 
CHATSWORTH HOMES COMBS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Prior year adjustment

A prior year adjustment has been recognised to reflect the work in progress as at 31 October 2022, the adjustment posted has reduced admin expenses by £106,087 and increased work in progress by £106,087.
In addition to the adjustment above, the land previously recognised as a tangible fixed asset has been reclassified to work in progress because this land is to be sold as the homes are sold.
A prior year adjustment has also been recognised to reflect a fellow group company paying off a bank loan of £742,866, this was recorded to the directors loan account whereas it should have been recorded as an intercompany transaction. Both of these accounts are shown within creditors.


10.


Related party transactions

As at the balance sheet date the Company owed £282,614 to fellow group companies (2022 - £754,073 owed to fellow group companies). The balances are shown within debtors and creditors. The loan is interest free and repayable on demand.
The Company continued to operate a loan with the Director, the amount owed from the Director at the year end is £50,208 (2022 - £1).


11.


Controlling party

The controlling party is JJ Peters Limited by virtue of its 100% shareholding.
The Ultimate Controlling Party is Mr J J H Peters by virtue of his 100% shareholding in JJ Peters Limited.


Page 7