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Registered number: 07598377










CHISWICK ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2024

 
CHISWICK ESTATES LIMITED
REGISTERED NUMBER: 07598377

BALANCE SHEET
AS AT 31 JANUARY 2024

31 January
24 May
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
105,599
3,403,563

  
105,599
3,403,563

Current assets
  

Stocks
  
6,682,039
-

Debtors: amounts falling due within one year
 6 
155,000
-

Cash at bank and in hand
 7 
96,832
-

  
6,933,871
-

Creditors: amounts falling due within one year
 8 
(3,702,872)
-

Net current assets
  
 
 
3,230,999
 
 
-

Total assets less current liabilities
  
3,336,598
3,403,563

Provisions for liabilities
  

Deferred tax
  
(26,400)
(224,000)

  
 
 
(26,400)
 
 
(224,000)

Net assets
  
3,310,198
3,179,563


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,310,098
3,179,463

  
3,310,198
3,179,563


Page 1

 
CHISWICK ESTATES LIMITED
REGISTERED NUMBER: 07598377
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K H Rawal
Director

Date: 16 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

Chiswick Estates Limited (the "Company") is a private company limited by shares incorporated in England and Wales. The registered number is 7598377 and the registered address is 7 Queens Square, Ascot Buisness Park, Lyndhurst Road, Ascot, United Kingdom, SL5 9FE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have considered that there will not be any material impact on trading over the course of the next twelve months. The directors and shareholders have also confirmed their willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
Based on these assessments, the financial statements have been prepared on a going concern basis.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
35
years staight line
Plant and machinery
-
Fixtures and fittings
-
10
years staight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.7

Stocks

Stocks are comprised of land, property, property under development, finance cost and materials.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.



 
Page 5

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the period was 1 (2023 - 1).

Page 6

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Tangible fixed assets







Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 25 May 2023
4,963,213
208,671
17,182
5,189,066


Transfer to stock
(4,963,212)
-
-
(4,963,212)



At 31 January 2024

1
208,671
17,182
225,854



Depreciation


At 25 May 2023
1,678,493
91,055
15,955
1,785,503


Charge for the period
-
12,059
1,186
13,245


Transfer to stock
(1,678,493)
-
-
(1,678,493)



At 31 January 2024

-
103,114
17,141
120,255



Net book value



At 31 January 2024
1
105,557
41
105,599



At 24 May 2023
3,284,720
117,616
1,227
3,403,563

Tangible Fixed Assets represents the reversionary interest in residential leases sold to a third party. In the director's opinion, the reversionary value of these leaseholds shown is shown at £1 due to the long nature of the leases.


5.


Stocks

31 January
24 May
2024
2023
£
£

Stock
6,682,039
-

6,682,039
-


Page 7

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

6.


Debtors

31 January
24 May
2024
2023
£
£


Other debtors
155,000
-

155,000
-



7.


Cash and cash equivalents

31 January
24 May
2024
2023
£
£

Cash at bank and in hand
96,832
-

96,832
-



8.


Creditors: Amounts falling due within one year

31 January
24 May
2024
2023
£
£

Trade creditors
90,022
-

Amounts owed to group undertakings
3,595,286
-

Other taxation and social security
13,244
-

Accruals and deferred income
4,320
-

3,702,872
-


Page 8

 
CHISWICK ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

9.


Deferred taxation






2024
2023


£

£






At beginning of year
(224,000)
(216,000)


Charged to profit or loss
197,600
(8,000)



At end of year
(26,400)
(224,000)

The provision for deferred taxation is made up as follows:

31 January
24 May
2024
2023
£
£


Accelerated capital allowances
(26,400)
(224,000)

(26,400)
(224,000)


10.


Related party transactions

At the balance sheet date, £3,061,478 was owed to Chiswick Estates Freehold Limited, a parent company of the company. This loan is unsecured, interest free and repayable on demand.
At the balance sheet date, £533,808 was owed to Ashbury and Bloom Limited, a company in which the directors of this company are also directors. This loan is unsecured, interest free and repayable on demand.


11.


Controlling party

The company is controlled by Chiswick Estates Freehold Limited by virtue of their shareholding.
The company's ultimate parent company is Ashbury and Bloom Limited. Ashbury and Bloom Limited is controlled by H K Rawal, V Rawal and K Rawal. 

 
Page 9