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Chief Property Solutions Ltd

Registered Number
12691257
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

Chief Property Solutions Ltd
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Daniel Andrew Vaughan
Lyndsay Vaughan

Company Secretary

Lyndsay Vaughan

Registered Address

5 Main Avenue
Peterston-Super-Ely

Registered Number

12691257 (England and Wales)
Chief Property Solutions Ltd
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments4205,253214,331
205,253214,331
Current assets
Debtors63,872173
Cash at bank and on hand17,6084,847
21,4805,020
Creditors amounts falling due within one year7(35,866)(45,633)
Net current assets (liabilities)(14,386)(40,613)
Total assets less current liabilities190,867173,718
Creditors amounts falling due after one year8(152,264)(166,271)
Provisions for liabilities(9,442)(3,376)
Net assets29,1614,071
Capital and reserves
Called up share capital2121
Revaluation reserve-17,766
Profit and loss account29,140(13,716)
Shareholders' funds29,1614,071
The financial statements were approved and authorised for issue by the Board of Directors on 26 March 2025, and are signed on its behalf by:
Daniel Andrew Vaughan
Director
Registered Company No. 12691257
Chief Property Solutions Ltd
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The presentation currency of the financial statements is the Pound Sterling (£).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investments
Investment property is measured at the most recent valuation. Any changes in fair value are included in the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Fixed asset investments

Total

£
Cost or valuation
At 01 July 23214,331
Additions85,253
Revaluations20,000
Disposals(114,331)
At 30 June 24205,253
Net book value
At 30 June 24205,253
At 30 June 23214,331
5.Revaluation of fixed asset investments
One of the business properties was revalued at the year end date, this was based on a desktop valuation of properties sold recently in the same area.

2024

2023

££
Investments120,000100,000
6.Debtors: amounts due within one year

2024

2023

££
Prepayments and accrued income3,872173
Total3,872173
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts2,6352,628
Taxation and social security232-
Other creditors30,99140,991
Accrued liabilities and deferred income2,0082,014
Total35,86645,633
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts73,54073,547
Other creditors78,72492,724
Total152,264166,271
Included within bank borrowings is a loan which is secured on the property under a fixed charge.
9.Related party transactions
Included within other creditors (amounts due within 1 year) is a balance of £30,991 (2023 : £40,991) owed to the director by the company. The balance is interest free, unsecured and has no set repayment terms. Included within other creditors (amounts due more than year) is a balance of £10,000 (2023 : £10,000) loan due to D V Medical Limited, a related party by common control. The loan is interest free, unsecured and has no set repayment terms.