REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
CHALLONER PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
CHALLONER PROPERTIES LIMITED |
CHALLONER PROPERTIES LIMITED (REGISTERED NUMBER: 09704586) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHALLONER PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Bridge Lane |
London |
NW11 0EA |
CHALLONER PROPERTIES LIMITED (REGISTERED NUMBER: 09704586) |
BALANCE SHEET |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CHALLONER PROPERTIES LIMITED (REGISTERED NUMBER: 09704586) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CHALLONER PROPERTIES LIMITED (REGISTERED NUMBER: 09704586) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Challoner Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with the provisions of section 1A of Financial Reporting Standard 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Financial instruments |
Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Investments |
Investments are accounted for in accordance with the provisions of section 11 of FRS 102. Investments in shares and joint ventures are valued annually by the directors on a fair value basis. The surplus or deficit on revaluation is transferred to the income statement. Where a loan is made to an entity in which the company holds an investment, and that loan is not recoverable until the entity is liquidated, the loan is included in investments and recognised at the lower of cost or net realisable value. Any deficit on impairment is transferred to the income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CHALLONER PROPERTIES LIMITED (REGISTERED NUMBER: 09704586) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | FIXED ASSET INVESTMENTS |
31.07.2024 | 31.07.2023 |
£ | £ |
Shares in Capital Herbal Limited | 285 | 285 |
Loans to Capital Herbal Limited | 391,088 | 391,088 |
Future Anthem Limited | 183,649 | 152,343 |
Investment property | 57,603 | 57,218 |
Loan for Leigham Court | 178,538 | 178,538 |
811,163 | 779,472 |
The company held 285 (2023: 285) ordinary £1 shares in Capital Herbal Limited, which comprised 2.85% of the share capital of that company. The loan is repayable when Capital Herbal Limited is liquidated. |
In 2020 the company entered into an agreement for Leigham Court project. The company advanced £178,538 (2023: £178,538) which represents 16.67% of the project. The agreement is in the name of Landview Properties Limited, which holds company's share as a nominee. The loan is repayable after the project is completed and sold. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Sundry debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Sundry creditors |
7. | GOING CONCERN |
The financial statements have been prepared on a going concern basis, which is dependent on the continued support of Landview Properties Limited, Dalwood Properties Limited and Freehold Land Limited, which are related parties. It is expected that those companies will not withdraw their support in the foreseeable future, and therefore the going concern basis is reasonable. |
8. | CONTINGENT LIABILITY |
The loan to Capital Herbal Limited, referred to in note 4, and stated at £391,088, is charged as security for a bank loan to Capital Herbal Limited. |