Company Registration No. 13941908 (England and Wales)
FIVE CHALOBAH INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
FIVE CHALOBAH INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FIVE CHALOBAH INVESTMENTS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,407,112
Investments
4
1
1
1,407,113
1
Current assets
Debtors
5
35,000
Cash at bank and in hand
12,920
120,550
47,920
120,550
Creditors: amounts falling due within one year
6
(852,138)
(122,568)
Net current liabilities
(804,218)
(2,018)
Total assets less current liabilities
602,895
(2,017)
Creditors: amounts falling due after more than one year
7
(631,531)
Net liabilities
(28,636)
(2,017)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(28,637)
(2,018)
Total equity
(28,636)
(2,017)
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 year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 member has 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.
FIVE CHALOBAH INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 October 2024
T T Chalobah
Director
Company Registration No. 13941908
FIVE CHALOBAH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Five Chalobah Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rental income received or receivable from investment properties.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
FIVE CHALOBAH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
There were no employees during current year and previous period.
3
Investment property
2024
£
Fair value
At 1 March 2023
Additions
1,407,112
At 28 February 2024
1,407,112
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
1
FIVE CHALOBAH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 March 2023 & 28 February 2024
1
Carrying amount
At 28 February 2024
1
At 28 February 2023
1
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
35,000
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
48,702
Other borrowings
646,668
121,000
Other creditors
154,668
668
Accruals
2,100
900
852,138
122,568
Other creditors represents an amount of £154,667 (2023: £667) due to the director of the company and it is payable on demand.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
631,531
Bank loan secured against assets of the company.
FIVE CHALOBAH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of 10p each
10
10
1
1
9
Related party transactions
As at 28 February 2024, the company owed £646,668 (2023 £121,000) to Five Chalobah Ltd of which Mr T T Chalobah is a shareholder and director of. This loan is an interest free loan and it is repayable on demand.
10
Prior period adjustment
The restatement in the prior year is to recognise the investment in an associated company.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 28 Feb 2023
£
£
£
Fixed assets
Investments
-
1
1
Creditors due within one year
Other creditors
(1,567)
(1)
(1,568)
Net assets
(2,017)
-
(2,017)
Capital and reserves
Total equity
(2,017)
-
(2,017)