Company registration number 05935691 (England and Wales)
CHANTRY COURT HATFIELD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHANTRY COURT HATFIELD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CHANTRY COURT HATFIELD LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
8,665,723
8,665,723
Current assets
Debtors
5
1,264,215
1,175,179
Cash at bank and in hand
10,557
39,015
1,274,772
1,214,194
Creditors: amounts falling due within one year
6
(104,598)
(138,122)
Net current assets
1,170,174
1,076,072
Total assets less current liabilities
9,835,897
9,741,795
Creditors: amounts falling due after more than one year
7
(4,558,453)
(4,558,453)
Provisions for liabilities
(774,825)
(774,825)
Net assets
4,502,619
4,408,517
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
10
4,502,617
4,408,515
Total equity
4,502,619
4,408,517
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr P Seaton
Director
Company registration number 05935691 (England and Wales)
CHANTRY COURT HATFIELD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
2
3,819,364
3,819,366
Year ended 31 March 2023:
Profit and total comprehensive income
-
589,151
589,151
Balance at 31 March 2023
2
4,408,515
4,408,517
Year ended 31 March 2024:
Profit and total comprehensive income
-
94,102
94,102
Balance at 31 March 2024
2
4,502,617
4,502,619
CHANTRY COURT HATFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Chantry Court Hatfield Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the reporting period the company recognised profits of £94,102 (2023: £589,151) and at the period end had amounts owed to group undertakings of £4,558,453 (2023: £4,558,453). The directors have obtained support from its parent company, with them offering support for a period of no less than 12 months from the date the financial statements are to be approved. trueThe directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
Turnover represents rental income receivable. Rent is receivable in advance and deferred each month, and is accounted for when it relates to the current period.
1.4
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:
Fixtures, fittings and equipment
33.33% on a straight line basis
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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
CHANTRY COURT HATFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 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 and loans from fellow group companies, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.9
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.
CHANTRY COURT HATFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
97,052
Depreciation and impairment
At 1 April 2023 and 31 March 2024
97,052
Carrying amount
At 31 March 2024
At 31 March 2023
CHANTRY COURT HATFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
8,665,723
The fair value of the investment property has been arrived at on the basis of reference to market evidence of transaction prices for similar properties. The directors consider this valuation to be appropriate as at 31 March 2024.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,463
11,902
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,260,752
1,163,277
Total debtors
1,264,215
1,175,179
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,428
19,443
Corporation tax
12,158
45,516
Other taxation and social security
3,075
3,175
Other creditors
81,937
69,988
104,598
138,122
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
4,558,453
4,558,453
8
Security
Securities in favour of HSBC Bank include a Composite Company Unlimited Multilateral Guarantee dated 26 July 2012 given by The Passion Property Group Limited, Lindenhurst Limited, Hill View Lettings Limited, Space Investments Limited, Chantry Court Hatfield Limited, Victoria Road (Havering) Limited and The Passion Property Group Limited.
CHANTRY COURT HATFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
10
Profit and loss reserves
Included within profit and loss reserves is an amount of £3,709,715 (2023: £3,709,715) relating to unrealised revaluation gains on investment properties.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Luke Metson
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
17 January 2025
12
Parent company
The immediate parent company is The Passion Property Group Limited, a company registered in England and Wales, and the ultimate parent company is BATS Holdings Limited, a company registered in England and Wales. The registered offices are 15 Theed Street, London, SE1 8ST.
BATS Holdings Limited and its subsidiary companies form a small group and therefore are exempt from the requirement to prepare consolidated financial statements.