Chesterton Commercial (Sonning) Limited
Registered number: 07225295
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,650,000 3,800,000
Current assets
Debtors 4 828,249 835,298
Cash at bank and in hand 24,213 23,815
852,462 859,113
Creditors: amounts falling due within one year 5 (845,976) (833,748)
Net current assets 6,486 25,365
Total assets less current liabilities 4,656,486 3,825,365
Creditors: amounts falling due after more than one year 6 (2,422,492) (2,432,253)
Net assets 2,233,994 1,393,112
Capital and reserves
Called up share capital 525 525
Revaluation reserve 8 2,361,770 1,511,770
Profit and loss account (128,301) (119,183)
Shareholders' funds 2,233,994 1,393,112
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
GN Bryant
Director
Approved by the board on 31 October 2024
Chesterton Commercial (Sonning) Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 March 2023 3,800,000
Surplus on revaluation 850,000
At 29 February 2024 4,650,000
Depreciation
At 29 February 2024 -
Net book value
At 29 February 2024 4,650,000
At 28 February 2023 3,800,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,298,230 2,298,230
Cumulative depreciation based on historical cost - -
2,298,230 2,298,230
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 685,575 685,524
Other debtors 142,674 149,774
828,249 835,298
5 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 814,260 802,032
Other creditors 31,716 31,716
845,976 833,748
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,422,492 2,432,253
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 2,400,000 2,400,000
The loan is secured by a mortgage on the freehold property.
8 Revaluation reserve 2024 2023
£ £
At 1 March 2023 1,511,770 1,511,770
Gain on revaluation of land and buildings 850,000 -
At 29 February 2024 2,361,770 1,511,770
9 Other information
Chesterton Commercial (Sonning) Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Chalfont Court
Lower Earley
Reading
RG6 5SY
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