Company registration number 04007023 (England and Wales)
CHALMEG PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CHALMEG PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Rathbone Directors Limited
B Newbigging
J Hurrell
Secretary
Rathbone Secretaries Limited
Company number
04007023
Registered office
30 Gresham Street
London
EC2V 7QN
CHALMEG PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
CHALMEG PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of an investment holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Rathbone Directors Limited
B Newbigging
J Hurrell
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Rathbone Directors Limited
Director
20 January 2025
CHALMEG PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
2024
2023
Notes
Euro
Euro
Administrative expenses
(6,974)
(5,413)
Interest receivable and similar income
4
41
25,692
(Loss)/profit before taxation
(6,933)
20,279
Tax on (loss)/profit
-
0
(1,285)
(Loss)/profit for the financial year
(6,933)
18,994

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CHALMEG PROPERTIES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 3 -
2024
2023
Notes
Euro
Euro
Euro
Euro
Fixed assets
Investments
5
421,671
421,671
Current assets
Debtors
6
4,684
4,560
Cash at bank and in hand
6,204
13,263
10,888
17,823
Creditors: amounts falling due within one year
7
(404,747)
(404,749)
Net current liabilities
(393,859)
(386,926)
Net assets
27,812
34,745
Capital and reserves
Called up share capital
8
165
165
Profit and loss reserves
27,647
34,580
Total equity
27,812
34,745

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Rathbone Directors Limited
Director
Company registration number 04007023 (England and Wales)
CHALMEG PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Share capital
Profit and loss reserves
Total
Euro
Euro
Euro
Balance at 1 May 2022
165
15,586
15,751
Year ended 30 April 2023:
Profit and total comprehensive income
-
18,994
18,994
Balance at 30 April 2023
165
34,580
34,745
Year ended 30 April 2024:
Loss and total comprehensive income
-
(6,933)
(6,933)
Balance at 30 April 2024
165
27,647
27,812
CHALMEG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Company information

Chalmeg Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Gresham Street, London, EC2V 7QN.

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 euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Euro.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in investments 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.

1.3
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.

1.4
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.

CHALMEG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.5
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.

1.6
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.8

Other income

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

CHALMEG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Interest receivable and similar income
2024
2023
Euro
Euro
Interest receivable and similar income includes the following:
Income from other fixed asset investments
-
0
25,692
5
Fixed asset investments
2024
2023
Euro
Euro
Other investments other than loans
421,671
421,671
Fixed asset investments not carried at market value

Interests in investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

6
Debtors
2024
2023
Amounts falling due within one year:
Euro
Euro
Other debtors
4,684
4,560
CHALMEG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
Euro
Euro
Other creditors
404,747
404,749
8
Called up share capital
2024
2023
Euro
Euro
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
165
165
165
165
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
Euro
Euro
Entities with control, joint control or significant influence over the company
404,707
404,747

The amount noted above is owed to the company's ultimate controller. The loan is interest free and unsecured. The loan is repayable on demand, although the ultimate controller has indicated that repayment of the loan will not be requested until such time as the company has sufficient resources to make repayment.

Other information

Administrative services were provided to the company by Rathbones Trust Company Limited during the year at a cost to the company of €6,915 (2023 - €5,527). Messrs. Newbigging and Hurrell are directors of Rathbones Trust Company Limited and Rathbone Directors Limited is a company connected to Rathbones Trust Company Limited.

10
Controlling party

The directors consider that Mr E Bardini is the ultimate controlling party, by virtue of his holding in of the company's entire issued share capital.

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