Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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4,859,776 | 4,662,338 | |||
Current assets | ||||
Cash at bank and in hand | 6 |
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61,107 | 66,528 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (108,455) | (75,614) | ||
Total assets less current liabilities | 4,751,321 | 4,586,724 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Fair value reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Chleo Ltd (registered number:
Ms L R Cooke
Director |
Mr C S C Cooke
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Chleo Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Orpenham Farm, Winding Wood, Kintbury, Hungerford, RG17 9RJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 November 2023 |
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At 31 October 2024 |
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Accumulated depreciation | |||
At 01 November 2023 |
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Charge for the financial year |
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At 31 October 2024 |
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Net book value | |||
At 31 October 2024 |
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At 31 October 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 November 2023 |
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Additions | 197,665 |
As at 31 October 2024 |
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Valuation
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors, who are not professionally qualified valuers, but have recent experience in the location and class of investment property being revalued. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2024 | 2023 | ||
£ | £ | ||
Historic cost | 2,755,556 | 2,557,891 |
2024 | 2023 | ||
£ | £ | ||
Cash at bank and in hand |
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Short-term deposits |
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61,107 | 66,528 |
2024 | 2023 | ||
£ | £ | ||
Accruals |
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Taxation and social security |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to directors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts owed to directors included in non-current creditors | 1,211,585 | 1,182,038 |
Interest of £68,000 (2023: £53,000) was charged in the year.