Company registration number 13525936 (England and Wales)
CHURCHFARM PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
CHURCHFARM PROPERTY LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
CHURCHFARM PROPERTY LTD
COMPANY INFORMATION
- 1 -
Director
Mr R K Elliott
Company number
13525936
Registered office
The Barton
Chaingate Lane
Iron Acton
Bristol
South Gloucestershire
United Kingdom
BS37 9XL
Accountants
TC Group
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
CHURCHFARM PROPERTY LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,915
2,554
Investment property
5
600,000
450,000
601,915
452,554
Current assets
Debtors
6
9,005
1,795
Cash at bank and in hand
13,777
16,518
22,782
18,313
Creditors: amounts falling due within one year
7
(169,784)
(170,919)
Net current liabilities
(147,002)
(152,606)
Total assets less current liabilities
454,913
299,948
Creditors: amounts falling due after more than one year
8
(308,381)
(308,381)
Provisions for liabilities
(38,219)
(719)
Net assets/(liabilities)
108,313
(9,152)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
9
108,312
(9,153)
Total equity
108,313
(9,152)
CHURCHFARM PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 3 -

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 22 January 2025
Mr R K Elliott
Director
Company registration number 13525936 (England and Wales)
CHURCHFARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Churchfarm Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Barton, Chaingate Lane, Iron Acton, Bristol, South Gloucestershire, United Kingdom, BS37 9XL.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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 and fittings
25% on reducing balance

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.

1.3
Investment properties

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.

1.4
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.

CHURCHFARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
CHURCHFARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2023 and 31 July 2024
3,500
Depreciation and impairment
At 1 August 2023
946
Depreciation charged in the year
639
At 31 July 2024
1,585
Carrying amount
At 31 July 2024
1,915
At 31 July 2023
2,554
5
Investment property
2024
£
Fair value
At 1 August 2023
450,000
Revaluations
150,000
At 31 July 2024
600,000

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
447,122
447,122
Accumulated depreciation
-
-
Carrying amount
447,122
447,122
CHURCHFARM PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,005
1,795

Within other debtors is a balance of £8,960 (2023: £1,760) due from Abbey House Stores Limited, a company under common control. The loan is interest free and repayable on demand.

7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
169,784
170,919

Within other creditors is a balance of £168,465 (2023: £168,465) due to Churchfarm Maintenance Limited, a company under common control. The loan is interest free and repayable on demand.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
308,381
308,381
9
Profit and loss reserves

Within retained earnings is a balance of £114,658 that is not distributable.

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