Company registration number 00309615 (England and Wales)
CHUDLEIGH ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
CHUDLEIGH ESTATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CHUDLEIGH ESTATES LTD
BALANCE SHEET
AS AT
24 MARCH 2024
24 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,150,000
2,800,000
Current assets
Debtors
5
36,239
40,403
Cash at bank and in hand
68,637
68,426
104,876
108,829
Creditors: amounts falling due within one year
6
(31,582)
(30,314)
Net current assets
73,294
78,515
Total assets less current liabilities
2,223,294
2,878,515
Provisions for liabilities
(323,527)
(486,027)
Net assets
1,899,767
2,392,488
Capital and reserves
Called up share capital
7
100
100
Capital redemption reserve
115,167
115,167
Other reserves
1,358,994
2,003,677
Profit and loss reserves
425,506
273,544
Total equity
1,899,767
2,392,488

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 24 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 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.

CHUDLEIGH ESTATES LTD
BALANCE SHEET (CONTINUED)
AS AT
24 MARCH 2024
24 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr D M Gerstler
Director
Company Registration No. 00309615
CHUDLEIGH ESTATES LTD
BALANCE SHEET (CONTINUED)
AS AT 24 MARCH 2024
24 March 2024
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Chudleigh Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

2.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

2.2
Turnover

Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. Lease incentives such as rent free period are recognised on a straight line basis over the lease term.

2.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

2.4
Cash and cash equivalents

Cash and cash equivalents 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.

CHUDLEIGH ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
2
Accounting policies
(Continued)
- 4 -
2.5
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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CHUDLEIGH ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 5 -
3
Employees
2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 25 March 2023
2,800,000
Revaluations
(650,000)
At 24 March 2024
2,150,000

The directors of the company previously valued the investment properties at £2,150,000. The directors believe that the values have not changed at the year end.

The historical cost of the properties is £310,286.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,582
35,176
Other debtors
11,657
5,227
36,239
40,403
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
31,582
30,314
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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