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Registration number: 03228855

Chichele Property Company (ASC) Limited

Filleted Financial Statements

for the Year Ended 31 July 2024

 

Chichele Property Company (ASC) Limited

Contents

Statement of Directors' Responsibilities

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Chichele Property Company (ASC) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chichele Property Company (ASC) Limited

(Registration number: 03228855)
Balance Sheet as at 31 July 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investment property

4

295,000

247,000

Current assets

 

Debtors

5

60,524

6,367

Cash at bank and in hand

 

91,149

63,086

 

151,673

69,453

Creditors: Amounts falling due within one year

6

(151,687)

(69,467)

Net current liabilities

 

(14)

(14)

Net assets

 

294,986

246,986

Capital and reserves

 

Called up share capital

7

97

97

Retained earnings

294,889

246,889

Shareholders' funds

 

294,986

246,986

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
D J C Renton
Director

 

Chichele Property Company (ASC) Limited

Notes to the Financial Statements for the Year Ended 31 July 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:
All Souls College
High Street
Oxford
OX1 4AL

These financial statements were authorised for issue by the Board on 20 March 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Chichele Property Company (ASC) Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 20 March 2025 was Robert Kirtland, who signed for and on behalf of Critchleys Audit LLP.

Changes in accounting policy

The following have been applied for the first time from 31st July 2023 and have had an effect on the financial statements:

Reclassification of tangible assets

Land and buildings, previously held under tangible assets have been reclassified as an investment property and an uplift in fair value has been accounted for in the brought forward retained earnings.

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

No provision for Corporation Tax has been made on the Company's profit for the year due to the distribution of all the Company's tax adjusted profits for the year under gift aid to its ultimate charitable parent undertaking within nine months of the year end. The Company has implemented FRS 102 paragraphs 29.14A.

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.

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.

 

Chichele Property Company (ASC) Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Trade debtors

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 August 2023

247,000

Fair value adjustments

48,000

At 31 July 2024

295,000


The investment property was valued on 31st July 2024 by Savills. The basis of the valuation was open market value. Savills are of the opinion that the market value of the property at the end of July 2024 was £295,000 (2023: £247,000).

5

Debtors

2024
£

2023
£

Trade debtors

60,524

2,425

Prepayments

-

3,942

60,524

6,367

 

Chichele Property Company (ASC) Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings

8

144,549

64,647

Accruals and deferred income

 

7,138

4,820

 

151,687

69,467

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

97

97

97

97

       

8

Ultimate parent undertaking and controlling party

The ultimate parent undertaking of this company is All Souls College in the University of Oxford.