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Registered number: 02029943










CHAPMAN BROTHERS (SHEFFIELD) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
REGISTERED NUMBER: 02029943

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
23,796
6,734

Investment property
 6 
3,292,802
3,292,802

  
3,316,598
3,299,536

Current assets
  

Debtors: amounts falling due within one year
 7 
102,037
165,993

Cash at bank and in hand
  
47,588
119,915

  
149,625
285,908

Creditors: amounts falling due within one year
 8 
(168,177)
(167,005)

Net current (liabilities)/assets
  
 
 
(18,552)
 
 
118,903

Total assets less current liabilities
  
3,298,046
3,418,439

Provisions for liabilities
  

Deferred tax
 9 
(145,658)
(141,324)

Net assets
  
3,152,388
3,277,115


Capital and reserves
  

Called up share capital 
  
2,000
2,000

Profit and loss account
 10 
3,150,388
3,275,115

  
3,152,388
3,277,115


Page 1

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
REGISTERED NUMBER: 02029943
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

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 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 income and retained earnings 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 on 30 January 2025.




I Chapman
M Chapman
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Chapman Brothers (Sheffield) Limited is a private limited company guaranteed by shares, incorporated in England and Wales (registered number: 02029943). Its registered office is Unit 30, The Tangent Business Hub, Weighbridge Road, Shirebrook, NG20 8RX. The principal activity of the Company throughout the year continued to be that of builders and property developers. 

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 Company’s functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Rental income represents the rents due for the year under operating leases all of which relate to properties in the United Kingdom.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

 
2.4

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current 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.

Page 3

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

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, as follows:

The depreciation rates are:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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 the Statement of Income and Retained Earnings.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.
The directors have made key assumptions in the determination of fair value of the investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).

Page 4

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost 


At 1 May 2023
25,800
3,676
29,476


Additions
24,588
-
24,588


Disposals
(12,600)
(141)
(12,741)



At 30 April 2024

37,788
3,535
41,323



Depreciation


At 1 May 2023
20,742
2,000
22,742


Charge for the year on owned assets
5,480
401
5,881


Disposals
(11,022)
(74)
(11,096)



At 30 April 2024

15,200
2,327
17,527



Net book value



At 30 April 2024
22,588
1,208
23,796



At 30 April 2023
5,058
1,676
6,734

Page 5

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
3,292,802



At 30 April 2024
3,292,802

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,618,090
1,618,090


7.


Debtors

2024
2023
£
£


Other debtors
95,733
159,511

Prepayments
6,304
6,482

102,037
165,993



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
25,923
24,781

Other taxation and social security
444
1,804

Other creditors
-
645

Accruals
141,810
139,775

168,177
167,005


Page 6

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
141,324
107,885


Charged to the Statement of Income and Retained Earnings
4,334
33,439



At end of year
145,658
141,324

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,949
1,684

Pension surplus
-
(70)

Deferred Tax on revaluation of investment property
139,709
139,710

145,658
141,324


10.


Reserves

Profit and loss account

Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in a revaluation reserve, which, being an unrealised surplus, did not form part of the company's distributable reserves, FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Moreover, there is now a requirement that deferred tax should be provided against the amount of the revaluation surplus. 
Consequently, the Profit and Loss Account reserve at 30 April 2024 includes a non-distributable amount of £1,641,181 (2023: £1,641,181).


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £NIL (2023: £277). Contributions totalling £NIL (2023: £277) were payable to the fund at the Balance Sheet date and are included in creditors. 

Page 7

 
CHAPMAN BROTHERS (SHEFFIELD) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,548
4,368

Later than 1 year and not later than 5 years
-
2,548

2,548
6,916

 
Page 8