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Registration number: 03653773

Chandos Estates Limited

trading as Chandos Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Chandos Estates Limited

trading as Chandos Estates Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Chandos Estates Limited

trading as Chandos Estates Limited

Company Information

Director

Mrs Anne Heathcote

Registered office

11 Alverton Terrace
Penzance
Cornwall
TR18 4JH

Accountants

Crane & Johnston
Chartered Certified Accountants
11 Alverton Terrace
Penzance
Cornwall
TR18 4JH

 

Chandos Estates Limited

trading as Chandos Estates Limited

Director's Report for the Year Ended 31 May 2024

The director presents her report and the financial statements for the year ended 31 May 2024.

Director of the company

The director who held office during the year was as follows:

Mrs Anne Heathcote

Principal activity

The principal activity of the company is Property management

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 26 February 2025 and signed on its behalf by:


Mrs Anne Heathcote
Director

   
     
 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Chandos Estates Limited

trading as Chandos Estates Limited
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 Chandos Estates Limited for the year ended 31 May 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Chandos Estates Limited, as a body, in accordance with the terms of our engagement letter dated 21 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of Chandos Estates Limited and state those matters that we have agreed to state to the Board of Directors of Chandos Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chandos Estates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chandos Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Chandos Estates Limited. You consider that Chandos Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Chandos Estates 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 accounts.




Crane & Johnston
Chartered Certified Accountants
11 Alverton Terrace
Penzance
Cornwall
TR18 4JH

26 February 2025

 

Chandos Estates Limited

trading as Chandos Estates Limited

(Registration number: 03653773)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,790

3,283

Investment property

5

1,258,800

1,323,000

 

1,261,590

1,326,283

Current assets

 

Debtors

6

11,357

17,295

Cash at bank and in hand

 

32,350

49,687

 

43,707

66,982

Creditors: Amounts falling due within one year

7

(2,017)

(11,153)

Net current assets

 

41,690

55,829

Total assets less current liabilities

 

1,303,280

1,382,112

Creditors: Amounts falling due after more than one year

7

(652,208)

(651,507)

Provisions for liabilities

(101,113)

(114,734)

Net assets

 

549,959

615,871

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

501,796

559,468

Retained earnings

48,063

56,303

Shareholders' funds

 

549,959

615,871

 

Chandos Estates Limited

trading as Chandos Estates Limited

(Registration number: 03653773)
Balance Sheet as at 31 May 2024 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 February 2025
 

Mrs Anne Heathcote
Director

   
     
 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Alverton Terrace
Penzance
Cornwall
TR18 4JH
England

These financial statements were authorised for issue by the director on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

18,506

18,506

At 31 May 2024

18,506

18,506

Depreciation

At 1 June 2023

15,223

15,223

Charge for the year

493

493

At 31 May 2024

15,716

15,716

Carrying amount

At 31 May 2024

2,790

2,790

At 31 May 2023

3,283

3,283

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Investment properties

2024
£

At 1 June

1,323,000

Additions

7,000

Disposals

(71,200)

At 31 May

1,258,800

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Other debtors

11,357

17,295

11,357

17,295

Current

2024
£

2023
£

Other debtors

11,357

17,295

 

11,357

17,295

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

3,676

Accruals and deferred income

2,016

1,800

Other creditors

1

5,677

2,017

11,153

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

647,073

645,572

Other non-current financial liabilities

 

5,135

5,935

 

652,208

651,507

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share capital of £1 each

100

100

100

100

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(169,571)

(169,571)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Chandos Estates Limited

trading as Chandos Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Reserves (continued)

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

116,101

116,101

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

647,073

645,572