Company registration number 03254702 (England and Wales)
BYRNE ESTATES (CHATHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BYRNE ESTATES (CHATHAM) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
BYRNE ESTATES (CHATHAM) LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
2
2
Cash at bank and in hand
23,381
23,381
23,383
23,383
Creditors: amounts falling due within one year
4
(13,088,507)
(13,088,507)
Net current liabilities
(13,065,124)
(13,065,124)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
(13,065,126)
(13,065,126)
Total equity
(13,065,124)
(13,065,124)
The notes on pages 2 to 4 form part of these financial statements.
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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 income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
C J Byrne
Director
Company registration number 03254702 (England and Wales)
BYRNE ESTATES (CHATHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Byrne Estates (Chatham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Wharf Studios, 28 Wharf Road, London, England, N1 7GR.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has a net liabilities position at the reporting date of £13,065,124 (2023 - £13,065,124). true
The directors consider the going concern basis of preparation appropriate based on the profits forecast to be achieved by the company as a result of its participation with Chatham Quays Commercial Limited and Chatham Quays Residential Limited in an agreement linked to the sale of residential and commercial developed properties. Under these agreements the company is entitled to a share of the profits achieved on completion and disposal of the portfolio. Those related parties which the company owes at the reporting date have confirmed they will not seek payment for amounts due for the forseeable future.
It should be noted that whilst the directors are confident of achieving a sufficient level of profitability under these agreements to settle its liabilities as they fall due, this is dependent on the liquidity of the local property market and continued support of related parties and therefore indicates the existence of a material uncertainty which may cast doubt over the company's ability to continue as a going concern.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement 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 classified as receivable within one year are not amortised.
BYRNE ESTATES (CHATHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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 income statement 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.
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 income statement, 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
BYRNE ESTATES (CHATHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2
2
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
13,088,507
13,088,507
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
6
Contingent asset
The company is party to an agreement linked to the sale of developed residential properties along with profits forecast on a supplementary agreement linked to additional commercial property. Under the agreement, the company is entitled to a share of the profits achieved from the sale or rentals of the properties on completion of the disposal of the portfolio. The directors' best estimate of the level of profits expected to be achieved through these agreements, less relevant expenditure, is forecast to be sufficient to repay the company debts, although the timing of repayment is uncertain. It should be noted that whilst the directors are confident of achieving a sufficient level of profitability under these agreements, this is dependent on the liquidity of the local property market and rental agreements achieved at the time of the disposal of the portfolio.
7
Related party transactions
£13,088,507 (2023 - £13,088,507) is due to entities related to the company due to the common control of the director. These balances are interest free, unsecured and due on demand.
8
Parent company
The company is owned and controlled by C J Byrne.