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Registered number: 13369229









THE CHICK PROPERTY COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE CHICK PROPERTY COMPANY LIMITED
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Chick Property Company Limited for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The Chick Property Company Limited, as a body, in accordance with the terms of our engagement letter dated 14 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of The Chick Property Company Limited and state those matters that we have agreed to state to the Board of directors of The Chick Property Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Chick Property Company Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Chick Property Company 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 profit of The Chick Property Company Limited. You consider that The Chick Property Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Chick Property Company 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.

  



MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ
31 January 2025
Page 1

 
THE CHICK PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 13369229

BALANCE SHEET
AS AT 30 APRIL 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
  
4,231
4,695

Investment property
  
730,000
625,370

  
734,231
630,065

Current assets
  

Cash at bank and in hand
  
12,858
3,815

  
12,858
3,815

Creditors: amounts falling due within one year
  
(176,961)
(240,160)

Net current liabilities
  
 
 
(164,103)
 
 
(236,345)

Total assets less current liabilities
  
570,128
393,720

Creditors: amounts falling due after more than one year
  
(514,731)
(418,125)

Provisions for liabilities
  

Deferred tax
  
(26,157)
-

  
 
 
(26,157)
 
 
-

Net assets/(liabilities)
  
29,240
(24,405)


Capital and reserves
  

Called up share capital 
  
3
3

Investment property reserve
  
78,472
-

Profit and loss account
  
(49,235)
(24,408)

  
29,240
(24,405)


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.
Page 2

 
THE CHICK PROPERTY COMPANY LIMITED
REGISTERED NUMBER: 13369229
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


The Company has opted not to file the profit and loss account 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 31 January 2025.




S D Chick
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The Chick Property Company Limited is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The Company's principle activity is investment in property.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year 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, on a reducing balance basis.

Depreciation is provided on the following basis:

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 profit or loss.

Page 5

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
7,286


Additions
948



At 30 April 2024

8,234



Depreciation


At 1 May 2023
2,592


Charge for the year on owned assets
1,411



At 30 April 2024

4,003



Net book value



At 30 April 2024
4,231



At 30 April 2023
4,695

Page 7

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
625,370


Surplus on revaluation
104,630



At 30 April 2024
730,000

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
625,370
625,370

625,370
625,370


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
918

Other creditors
175,161
238,190

Accruals and deferred income
1,800
1,052

176,961
240,160



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
514,731
418,125

514,731
418,125


Page 8

 
THE CHICK PROPERTY COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
514,731
418,125

514,731
418,125

514,731
418,125



9.


Reserves

Investment property revaluation reserve

This represents the cumulative value of revaluations of the Company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.


10.


Transactions with directors

During the year, the company made payments to directors of £65,084.
As at 30 April 2024 the company owed the directors £172,606 (£237,690 in 2023).
The loan is interest free and included within note 6, other creditors, to the financial statements.

 
Page 9