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COMPANY REGISTRATION NUMBER: 02891858
Chalford Property Company Limited
Filleted Unaudited Financial Statements
30 June 2024
Chalford Property Company Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
7,788,659
7,790,041
Investments
6
37,555
37,555
------------
------------
7,826,214
7,827,596
Current assets
Stocks
43,432
41,640
Debtors
7
138,162
135,878
Cash at bank and in hand
148,498
365,936
---------
---------
330,092
543,454
Creditors: amounts falling due within one year
8
732,401
1,042,520
---------
------------
Net current liabilities
402,309
499,066
------------
------------
Total assets less current liabilities
7,423,905
7,328,530
Provisions
341,692
341,692
------------
------------
Net assets
7,082,213
6,986,838
------------
------------
Capital and reserves
Called up share capital
100
100
Share premium account
375,120
375,120
Revaluation reserve
1,112,989
1,112,989
Profit and loss account
5,594,004
5,498,629
------------
------------
Shareholders funds
7,082,213
6,986,838
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Chalford Property Company Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
J M Hickman
Director
Company registration number: 02891858
Chalford Property Company Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the gross proceeds of complete sales and gross rents receivable.
Losses
Losses are provided for in the year in which the Company first becomes aware of the likelihood of such losses being incurred.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold properties
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
7,779,725
81,835
7,861,560
Additions
1,249
1,249
------------
--------
------------
At 30 June 2024
7,779,725
83,084
7,862,809
------------
--------
------------
Depreciation
At 1 July 2023
71,519
71,519
Charge for the year
2,631
2,631
------------
--------
------------
At 30 June 2024
74,150
74,150
------------
--------
------------
Carrying amount
At 30 June 2024
7,779,725
8,934
7,788,659
------------
--------
------------
At 30 June 2023
7,779,725
10,316
7,790,041
------------
--------
------------
The Freehold properties which are included at open market value, are investment properties. The freehold properties have been revalued at 30 June 2023 by the Directors. The historical costs of the freehold properties at the Balance Sheet date was £6,325,044 (2023 - £6,325,044). Provision has been made for taxation which might become payable if the investment properties were sold at the revalued amounts.
6. Investments
Other investments other than loans
£
Cost
At 1 July 2023 and 30 June 2024
37,555
--------
Impairment
At 1 July 2023 and 30 June 2024
--------
Carrying amount
At 30 June 2024
37,555
--------
At 30 June 2023
37,555
--------
7. Debtors
2024
2023
£
£
Trade debtors
3,160
Other debtors
138,162
132,718
---------
---------
138,162
135,878
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,487
7,160
Unsecured loan - Parent company Ember Estates Limited
401,327
708,795
Corporation tax
27,924
40,298
Social security and other taxes
6,941
10,214
Unsecured loan - Cox & Readman Developments Limited
260,298
260,655
Other creditors
25,424
15,398
---------
------------
732,401
1,042,520
---------
------------
Included in other creditors is an amount of £11,505 (2023 - £11,505) due to Marprook Property Company Limited.
9. Related party transactions
During the year ended 30 June 2024 Mr M Hickman was interested as a Shareholder in Cox & Readman Developments Limited and Marprook Property Company Limited and Mr J Hickman was a shareholder of Ember Estates Limited. Details of Unsecured Loans to those Companies are shown in Note 9. At 30 June 2024 the company owed £3,899 (2023 - £3,893) to the Directors and their connected parties. These amounts are unsecured and carry interest at 2% over Base Rate.