Company Registration No. 00130459 (England and Wales)
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Annual report and unaudited financial statements
for the year ended 30 April 2024
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Company information
Directors
C P Jacobs
S P Marriage
W F Marriage
R S Porter
N B Edwards
Secretary
N B Edwards
Company number
00130459
Registered office
The Navigation Office Paper Mill Lock
North Hill, Little Baddow
Chelmsford
Essex
CM3 4BS
Accountants
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4 - 5
Notes to the financial statements
6 - 11
Company of Proprietors of the Chelmer and Blackwater Navigation 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 land and property holdings.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C P Jacobs
S P Marriage
W F Marriage
R S Porter
N B Edwards
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
N B Edwards
Director
13 January 2025
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Company Of Proprietors Of The Chelmer And Blackwater Navigation Limited for the year ended 30 April 2024
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Company of Proprietors of the Chelmer and Blackwater Navigation Limited for the year ended 30 April 2024 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.
This report is made solely to the Board of Directors of Company of Proprietors of the Chelmer and Blackwater Navigation Limited, as a body, in accordance with the terms of our engagement letter dated 6 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Company of Proprietors of the Chelmer and Blackwater Navigation Limited and state those matters that we have agreed to state to the Board of Directors of Company of Proprietors of the Chelmer and Blackwater Navigation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Company of Proprietors of the Chelmer and Blackwater Navigation Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Company of Proprietors of the Chelmer and Blackwater Navigation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Company of Proprietors of the Chelmer and Blackwater Navigation Limited. You consider that Company of Proprietors of the Chelmer and Blackwater Navigation Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Company of Proprietors of the Chelmer and Blackwater Navigation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Saffery LLP
16 January 2025
St John's Court
Easton Street
High Wycombe
HP11 1JX
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Income statement
For the year ended 30 April 2024
3
2024
2023
£
£
Turnover
-
-
Administrative expenses
(455,299)
Loss before taxation
(455,299)
Tax on loss
Loss for the financial year
(455,299)
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Statement of financial position
As at 30 April 2024
30 April 2024
4
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
488,324
712,713
Investments
4
1
488,325
712,713
Current assets
Debtors
5
230,910
Cash at bank and in hand
2,131
6,489
2,131
237,399
Creditors: amounts falling due within one year
6
(1,107)
Net current assets
2,131
236,292
Total assets less current liabilities
490,456
949,005
Creditors: amounts falling due after more than one year
7
(3,250)
Net assets
490,456
945,755
Capital and reserves
Called up share capital
8
60,000
60,000
Profit and loss reserves
430,456
885,755
Total equity
490,456
945,755
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 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 in accordance with the provisions applicable to companies subject to the small companies regime.
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Statement of financial position (continued)
As at 30 April 2024
30 April 2024
5
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
N B Edwards
Director
Company Registration No. 00130459
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Notes to the financial statements
For the year ended 30 April 2024
6
1
Accounting policies
Company information
Company of Proprietors of the Chelmer and Blackwater Navigation Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Navigation Office Paper Mill Lock, North Hill, Little Baddow, Chelmsford, Essex, CM3 4BS.
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
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Plant and equipment
5-25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The directors have decided that the infrastructure of the Navigation should no longer be depreciated. Whilst the land and buildings are managed by Essex Waterways Limited, and are not available for disposal, the freehold ownership remain with this company.
Management and maintenance works are carried out regularly by Essex Waterways Limited under the Management Agreement to maintain the Navigation in good condition and repair.
1.3
Fixed asset investments
Interests in subsidiaries 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
7
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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, 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.
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
8
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
271,810
967,245
1,239,055
Additions
240,000
240,000
Disposals
(967,245)
(967,245)
At 30 April 2024
511,810
511,810
Depreciation and impairment
At 1 May 2023
23,486
502,856
526,342
Eliminated in respect of disposals
(502,856)
(502,856)
At 30 April 2024
23,486
23,486
Carrying amount
At 30 April 2024
488,324
488,324
At 30 April 2023
248,324
464,389
712,713
During the accounting period the directors undertook a detailed review of the plant and machinery assets held by the company. The remaining plant and machinery is considered to be either life expired or no longer in existence. It is therefore the directors opinion that the carrying value of the assets are written off in full.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
Chelmer and Blackwater Properties Limited is a subsidiary of the company by virtue of its beneficial ownership and control of the entity. The legal ownership of the shareholding in the subsidiary was transferred to the company on 8 September 2023 which was previously held on trust by one of the company's directors.
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
4
Fixed asset investments (continued)
10
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
-
Additions
1
At 30 April 2024
1
Carrying amount
At 30 April 2024
1
At 30 April 2023
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
230,910
A Promissory Note of £314,594 was due from Chelmer & Blackwater Properties Limited, a subsidiary of the company.
A historical provision of £83,684 had been made to reduce the amount receivable to the value of £230,910 which was considered the directors valuation of the remaining property and sole assets of Chelmer & Blackwater Properties Limited.
All property of Chelmer & Blackwater Limited was transferred to the company on 8 April 2024 at a book value of £240,000. The remaining balance of the provision amounting to £9,090 has been released to the profit and loss account during the period.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
1,107
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
3,250
Company of Proprietors of the Chelmer and Blackwater Navigation Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
11
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
600
600
60,000
60,000
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