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Registered number: 14110600










CHAPMAN BROTHERS PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
CHAPMAN BROTHERS PROPERTIES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHAPMAN BROTHERS PROPERTIES LTD
FOR THE YEAR ENDED 31 MAY 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 Chapman Brothers Properties Ltd for the year ended 31 May 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 Chapman Brothers Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 26 January 2024Our work has been undertaken solely to prepare for your approval the financial statements of Chapman Brothers Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Chapman Brothers Properties Ltd, 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 Chapman Brothers Properties Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Chapman Brothers Properties Ltd 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 loss of Chapman Brothers Properties Ltd. You consider that Chapman Brothers Properties Ltd 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 Chapman Brothers Properties Ltd. 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
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
24 February 2025
Page 1

 
CHAPMAN BROTHERS PROPERTIES LTD
REGISTERED NUMBER: 14110600

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,564,511
906,851

  
1,564,511
906,851

Current assets
  

Debtors: amounts falling due within one year
 5 
25,000
20,280

Cash at bank and in hand
  
316,645
34,620

  
341,645
54,900

Creditors: amounts falling due within one year
 6 
(767,287)
(806,689)

Net current liabilities
  
 
 
(425,642)
 
 
(751,789)

Total assets less current liabilities
  
1,138,869
155,062

Creditors: amounts falling due after more than one year
 7 
(1,149,729)
(175,088)

Provisions for liabilities
  

Deferred tax
  
(14,995)
-

  
 
 
(14,995)
 
 
-

Net liabilities
  
(25,855)
(20,026)


Capital and reserves
  

Called up share capital 
  
99
99

Investment property reserve
 8 
44,987
-

Profit and loss account
 8 
(70,941)
(20,125)

  
(25,855)
(20,026)


Page 2

 
CHAPMAN BROTHERS PROPERTIES LTD
REGISTERED NUMBER: 14110600
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 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 24 February 2025.




B A Chapman
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
CHAPMAN BROTHERS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Chapman Brothers Properties Ltd is a United Kingdom Company limited by shares. It is incorporated and domiciled in England and Wales. The registered office address is 28b Station Road, Reedham, Norwich, NR13 3TB.
The Company's principal activity is the provision of property letting in England.

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

Turnover comprises rents receivable during the year, recognised on an accruals in accordance with
the period for which rent is due under the terms of the lease. The Company is not registered for Value Added Tax.

 
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 4

 
CHAPMAN BROTHERS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 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

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.7

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.

 
2.8

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.

Page 5

 
CHAPMAN BROTHERS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees




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


4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
906,851


Additions at cost
597,678


Surplus on revaluation
59,982



At 31 May 2024
1,564,511

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





5.


Debtors

2024
2023
£
£


Other debtors
25,000
-

Prepayments and accrued income
-
20,280

25,000
20,280



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
868
-

Other creditors
762,879
804,049

Accruals and deferred income
3,540
2,640

767,287
806,689


Page 6

 
CHAPMAN BROTHERS PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,149,729
175,088

1,149,729
175,088



8.


Reserves

Investment property revaluation reserve

The investment property reserve 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.


9.


Related party transactions

As at 31 May 2024 the balance owed to the directors was £762,879 (2023: £804,049).

 
Page 7