Year Ended
Registration number:
Churngold Ventures Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Churngold Ventures Limited
Balance Sheet
31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
3,130 |
3,130 |
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Profit and loss account |
547 |
510 |
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Shareholders' funds |
3,677 |
3,640 |
Churngold Ventures Limited
Balance Sheet
31 May 2024
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 09544287
Churngold Ventures Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors consider that the company has sufficient resources available in terms of related party funding to justify preparing the financial statements on a going concern basis.
Functional and Presentational Currencies
The financial statements are presented in sterling which is also the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £000, except where otherwise indicated.
Churngold Ventures Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Key accounting judgements and sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The key estimate is in respect of the valuation of investment properties. Investment properties are carried at fair value, which requires estimation as to the current market value of the properties. These valuations have been undertaken by the director with reference to independent third party valuations and wider market data and knowledge. The carrying amount is £2,930,500 (2023 -£3,051,000).
Revenue recognition
Turnover is the total amount receivable for rental income, stated net of VAT and trade discounts. Where amounts are invoiced in advance or arrears, an element is deferred or accrued accordingly.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
Leases
The Company as Lessor - Operating leases
Rental income from assets leased under operating leases is recognised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the rental income and recognised on a straight-line basis over the lease term.
Churngold Ventures Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Financial Instruments
Classification
Financial instruments are classified as liabilities and equity instruments 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.
Recognition and measurement
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.
Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.
Staff numbers |
The average number of persons employed by the company during the year, was
The three Directors are remunerated through Churngold Construction Limited, an associated company.
Investment properties |
2024 |
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At 1 June |
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Fair value adjustments |
( |
At 31 May |
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The principal investment property was revalued by professional valuers, Jones Lang LaSalle, in December 2023 on the basis of open market value under the existing tenancy. They concluded that there was a decrease in value of £120,000. As at May 2024 the Directors consider that the valuation remains materially correct. The property is currently leased to a tenant for a period of 21 years (starting August 2015), with a break permitted at 15 years. If it were stated on a historical cost basis, it would have a carrying value of £2,376,000 (2023: £2,376,000).
Churngold Ventures Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2024
Debtors |
2024 |
2023 |
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Prepayments and accrued income |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Corporation tax control |
42 |
30 |
Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. 000 |
£ 000 |
No. 000 |
£ 000 |
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Ordinary shares of £1 each |
3,130 |
3,130 |
3,130 |
3,130 |
Parent and ultimate parent undertaking |
As at 31 May 2024, the ultimate parent company is Churngold Ventures Holdings Limited.
The Directors consider that the ultimate controlling party is Bourse Trust Company Limited, as Trustee of the Ancell Trust, by virtue of the majority shareholding in the ultimate parent company.