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Registration number: 03866106

Chris Shorey Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Chris Shorey Lettings Limited

Contents

Statement of Financial Position

1 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Chris Shorey Lettings Limited

(Registration number: 03866106)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,756,426

2,622,217

Investments

5

1

1

 

2,756,427

2,622,218

Current assets

 

Debtors

6

210,840

416,318

Cash at bank and in hand

 

11,218

11,246

 

222,058

427,564

Creditors: Amounts falling due within one year

7

(548,334)

(618,647)

Net current liabilities

 

(326,276)

(191,083)

Total assets less current liabilities

 

2,430,151

2,431,135

Creditors: Amounts falling due after more than one year

7

(1,603,282)

(1,571,708)

Provisions for liabilities

(146,074)

(112,891)

Net assets

 

680,795

746,536

Capital and reserves

 

Called up share capital

14,351

14,351

Revaluation reserve

453,161

373,919

Profit and loss account

213,283

358,266

Shareholders' funds

 

680,795

746,536

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Chris Shorey Lettings Limited

(Registration number: 03866106)
Statement of Financial Position as at 31 August 2024 (continued)

These financial statements have been prepared and 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 Statement of Comprehensive Income.

 

Chris Shorey Lettings Limited

(Registration number: 03866106)
Statement of Financial Position as at 31 August 2024 (continued)

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 


Mr C Shorey
Director

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Hardwicke Lodge
Drunken Bridge Hill
Plympton
PLYMOUTH
Devon
PL7 1NG

Principal activity

The principal activities of the company are those of property management and letting agents.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investment property is initially measured at cost, which includes purchase proce and any directly attributable expensditure. Investment property is revalued to its fair value each reporting date and any changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

2,585,000

6,496

94,428

2,685,924

Revaluations

105,656

-

-

105,656

Additions

3,344

-

57,521

60,865

At 31 August 2024

2,694,000

6,496

151,949

2,852,445

Depreciation

At 1 September 2023

-

3,614

60,093

63,707

Charge for the year

-

432

31,880

32,312

At 31 August 2024

-

4,046

91,973

96,019

Carrying amount

At 31 August 2024

2,694,000

2,450

59,976

2,756,426

At 31 August 2023

2,585,000

2,882

34,335

2,622,217

Included within the net book value of land and buildings above is £2,694,000 (2023 - £2,585,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 31 August 2024. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,124,425 (2023 - £2,121,081).

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 September 2023

1

Provision

Carrying amount

At 31 August 2024

1

At 31 August 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

A Home After Halls Limited

Plym House, 3 Longbridge Road, Plymouth, Devon, PL6 8LT

England

Ordinary shares

100%

100%

6

Debtors

2024
£

2023
£

Other debtors

210,840

416,318

210,840

416,318

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

525,180

603,067

Taxation and social security

 

2,611

6,343

Other creditors

 

20,543

9,237

 

548,334

618,647

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

1,603,282

1,571,708

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

79,242

79,242

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

270,001

270,001

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,531,776

1,531,776

Finance lease liabilities

71,506

39,932

1,603,282

1,571,708

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

17,364

7,559

Other borrowings

The carrying amount of Hire purchase at year end is £71,506 (2023 - £39,932).

The hire purchase liabilities are secured to the assets to which they relate.

The bank loan is secured by the investment properties with the interest charges at the standard market rate.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

9,967

6,217

Later than one year and not later than five years

-

9,621

9,967

15,838

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,967 (2023 - £15,838).

 

Chris Shorey Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Directors

374,147

227,576

(403,195)

198,528

         
       

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Directors

263,747

388,400

(278,000)

374,147

 

Loans from related parties

2024

Subsidiary
£

Total
£

At start of period

603,067

603,067

Advanced

(277,487)

(277,487)

Repaid

199,600

199,600

At end of period

525,180

525,180

2023

Subsidiary
£

Total
£

At start of period

524,234

524,234

Advanced

(304,745)

(304,745)

Repaid

383,578

383,578

At end of period

603,067

603,067

Terms of loans from related parties

The loan is with A Home After Halls Limited which is a wholly owned subsidiary of Chris Shorey Lettings Limited.