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Registered number: 09241494
















CHILTERN VITAL BERKELEY LTD (FORMERLY SOUTH GLOUCESTERSHIRE AND STROUD COLLEGE COMMERCIAL SERVICES LTD)




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024


































img00da.png


CHILTERN VITAL BERKELEY LTD

 
COMPANY INFORMATION


DIRECTORS
Peter Barrett (resigned 21 August 2024)
Louise Bright (resigned 21 August 2024)
Kevin Hamblin (resigned 21 August 2024)
Martin Jones (resigned 21 August 2024)
David Merrett (resigned 21 August 2024)
Carly Murdoch-Dyson (resigned 21 August 2024)
Judith Saunderson (resigned 21 August 2024)
Ian Woolf (resigned 21 August 2024)
Jonathan Burley (appointed 21 August 2024)
Gary Fielding (appointed 21 August 2024)
Cécile Parker (appointed 21 August 2024)
Christopher Turner (appointed 21 August 2024)




COMPANY SECRETARY
Sharon Glover (resigned 21 August 2024)



REGISTERED NUMBER
09241494



REGISTERED OFFICE
49 High Street
Burnham-On-Crouch

England

CM0 8AG




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
Lloyds Bank PLC
PO Box 112

Canons House

Canons Way

Bristol

BS99 7LB




SOLICITORS
Foot Antey LLP
100 Victoria Street

Bristol

BS1 6HZ






CHILTERN VITAL BERKELEY LTD


CONTENTS



Page
Directors' report
 
1
Directors' responsibilities statement
 
2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Statement of changes in equity
 
9 - 10
Notes to the financial statements
 
11 - 20


CHILTERN VITAL BERKELEY LTD

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The Directors present their report and the financial statements for the year ended 31 July 2024.

The Company's principal activity is property development and leasing at Gloucestershire Science and Technology Park.

Directors

The directors who served during the year and up to the date of this report were as follows:

Peter Barrett (resigned 21 August 2024)
Louise Bright (resigned 21 August 2024)
Kevin Hamblin (resigned 21 August 2024)
Martin Jones (resigned 21 August 2024)
David Merrett (resigned 21 August 2024)
Carly Murdoch-Dyson (resigned 21 August 2024)
Judith Saunderson (resigned 21 August 2024)
Ian Woolf (resigned 21 August 2024)
Jonathan Burley (appointed 21 August 2024)
Gary Fielding (appointed 21 August 2024)
Cécile Parker (appointed 21 August 2024)
Christopher Turner (appointed 21 August 2024)

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Directors is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Directors has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Cécile Parker
Director

Date: 28 April 2025

49 High Street
Burnham-On-Crouch
England
CM0 8AG
Page 1


CHILTERN VITAL BERKELEY LTD

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

The Directors are responsible for preparing the Directors' 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 Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless he is 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 2


CHILTERN VITAL BERKELEY LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILTERN VITAL BERKELEY LTD
OPINION


We have audited the financial statements of Chiltern Vital Berkeley Ltd (the 'Company') for the year ended 31 July 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Directors' Report and Financial Statements other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Directors' Report and Financial StatementsOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3


CHILTERN VITAL BERKELEY LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILTERN VITAL BERKELEY LTD (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4


CHILTERN VITAL BERKELEY LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILTERN VITAL BERKELEY LTD (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
In identifying and assessing risks of material misstatement in respect of irregularities, inlcuding fraud and non compliance with laws and regulations, we considered the following.
We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management about their own identification and assessment of the risk of irregularities. 
We have reviewed the documentation of key processes and controls and performed walkthroughs of transaction to confirm that the systems are operating effectively, in line with documentation.
For any matters identified we have obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential areas for fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. 

Our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and 
Page 5


CHILTERN VITAL BERKELEY LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILTERN VITAL BERKELEY LTD (CONTINUED)

Performed detailed testing in relation to the recognition of revenue with a particular focus around the year-end cut off; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Nathan Coughlin FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

30 April 2025
Page 6


CHILTERN VITAL BERKELEY LTD

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 3 
902,083
837,792

Cost of sales
  
(827,749)
(744,373)

Gross profit
  
74,334
93,419

Administrative expenses
  
(96,550)
(54,779)

Donated fixed assets
  
-
59,560

Gain on surrender of lease
  
-
1,065,667

Fair value movements
  
127,970
94,476

Operating profit
 4 
105,754
1,258,343

Interest payable and similar expenses
 6 
(123,695)
(130,948)

(Loss)/profit before tax
  
(17,941)
1,127,395

Tax on (loss)/profit
 7 
1,241
(269,090)

(Loss)/profit for the financial year
  
(16,700)
858,305

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(16,700)
858,305

The notes on pages 11 to 20 form part of these financial statements.
Page 7


CHILTERN VITAL BERKELEY LTD
REGISTERED NUMBER:09241494

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
41,036
59,180

Investment property
 10 
4,125,753
3,997,783

  
4,166,789
4,056,963

Current assets
  

Debtors: amounts falling due within one year
 11 
444
165,679

Cash at bank and in hand
 12 
30,299
258,519

  
30,743
424,198

Creditors: amounts falling due within one year
 13 
(240,046)
(2,977,956)

Net current liabilities
  
 
 
(209,303)
 
 
(2,553,758)

Total assets less current liabilities
  
3,957,486
1,503,205

Creditors: amounts falling due after more than one year
 14 
(2,472,222)
-

Provisions for liabilities
  

Deferred tax
 16 
(436,183)
(437,424)

  
 
 
(436,183)
 
 
(437,424)

Net assets
  
1,049,081
1,065,781


Capital and reserves
  

Called up share capital 
 17 
1
1

Investment property reserve
  
1,055,050
959,073

Profit and loss account
  
(5,970)
106,707

  
1,049,081
1,065,781


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Cécile Parker
Director

Date: 28 April 2025

The notes on pages 11 to 20 form part of these financial statements.
Page 8


CHILTERN VITAL BERKELEY LTD


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 August 2023
1
959,073
106,707
1,065,781


Comprehensive income for the year

Loss for the year
-
-
(16,700)
(16,700)
Total comprehensive income for the year
-
-
(16,700)
(16,700)

Transfer to/from profit and loss account
-
-
(95,977)
(95,977)

Transfer between other reserves
-
95,977
-
95,977


Total transactions with owners
-
95,977
(95,977)
-


At 31 July 2024
1
1,055,050
(5,970)
1,049,081


The notes on pages 11 to 20 form part of these financial statements.
Page 9


CHILTERN VITAL BERKELEY LTD


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 August 2022
1
88,965
118,510
207,476


Comprehensive income for the year

Profit for the year
-
-
858,305
858,305
Total comprehensive income for the year
-
-
858,305
858,305

Transfer to/from profit and loss account
-
-
(870,108)
(870,108)

Transfer between other reserves
-
870,108
-
870,108


Total transactions with owners
-
870,108
(870,108)
-


At 31 July 2023
1
959,073
106,707
1,065,781


The notes on pages 11 to 20 form part of these financial statements.
Page 10


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

Where transactions and balances have been presented differently in the current period, the prior
period comparative has been updated to ensure consistency with the current period classification.



 
1.2

GOING CONCERN

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides the company will have sufficient funds to meet its liabilities as they fall due for that period.
In reaching this conclusion the directors have considered a letter of support provided by an entity within the Vital Holdings Limited group indicating its intention to support the company for a period of at least 12 months from the date of approval of these financial statements.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

 
1.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 11


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.ACCOUNTING POLICIES (continued)

 
1.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.8

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
1.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 12


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.ACCOUNTING POLICIES (continued)


1.9
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
5 years
Computer equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.10

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by internal valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
1.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.14

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 13


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Key sources of estimation uncertainty
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Investment property

As described within the accounting policies, investment property is held at the balance sheet date at market value. Judgements and estimates have been made surrounding market value, such as current and expected future rental yields of investment property, in order to calculate current market value.   
Impairment of debtors
The Company makes an estimate for the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.


3.


TURNOVER

2024
2023
£
£

Turnover
902,083
837,792

902,083
837,792



4.


OPERATING (LOSS)/PROFIT

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Audit of the Company's financial statements
8,350
8,150

Other accounting services
3,260
3,105


5.


EMPLOYEES

The Company has no employees other than the Directors, who did not receive any remuneration (2023:£NIL).

Page 14


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Other interest payable
123,695
130,948

123,695
130,948

Interest payable relates to interest on the loan due to SGS College and is charged at a fixed rate of 5% per annum.


7.


TAXATION


2024
2023
£
£



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
(1,241)
269,090

TOTAL DEFERRED TAX
(1,241)
269,090


TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
(1,241)
269,090

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023:higher than) the standard rate of corporation tax in the UK of 25.00% (2023:21.01%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(17,941)
1,127,395


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023:21.01%)
(4,485)
236,866

EFFECTS OF:


Income and expenses not deductible for tax purposes
(28,748)
(254,413)

Chargeable gains
31,992
243,694

Other differences leading to an increase (decrease) in the tax charge
-
42,943

TOTAL TAX CHARGE FOR THE YEAR
(1,241)
269,090

Page 15


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
7.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no material factors that may affect furture tax charges.


8.


EXCEPTIONAL ITEMS

2024
2023
£
£


Gain on surrender of lease
-
(1,065,667)

-
(1,065,667)

On 30 June 2023, a long lease in relation to part of the Company’s property was surrendered by the tenant to the Company. A gain on surrender of the lease was recognised of £1,065,667.


9.


TANGIBLE FIXED ASSETS





Motor vehicles
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 August 2023
9,000
55,560
64,560


Disposals
(6,000)
(1,300)
(7,300)



At 31 July 2024

3,000
54,260
57,260



DEPRECIATION


At 1 August 2023
750
4,630
5,380


Charge for the year on owned assets
600
10,852
11,452


Disposals
(500)
(108)
(608)



At 31 July 2024

850
15,374
16,224



NET BOOK VALUE



At 31 July 2024
2,150
38,886
41,036



At 31 July 2023
8,250
50,930
59,180



Page 16


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


INVESTMENT PROPERTY


Long term leasehold investment property

£



VALUATION


At 1 August 2023
3,997,783


Surplus on revaluation
127,970



AT 31 JULY 2024
4,125,753

The 2024 valuations were made by the Directors, on an open market value for existing use basis.




11.


DEBTORS

2024
2023
£
£


Trade debtors
444
100,303

Other debtors
-
56,236

Prepayments and accrued income
-
9,140

444
165,679



12.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
30,299
258,519

30,299
258,519


Page 17


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings interest and loan balance
123,611
2,603,096

Trade creditors
1,020
30,225

Other taxation and social security
-
79,352

Accruals and deferred income
115,415
265,283

240,046
2,977,956


Amounts owed by group undertakings as at 31 July 2023 included a loan which was due within one year (see note 15) and trading balances repayable on demand, interest is charged on significant month end balances at a rate broadly consistent with the rate charged under the facility agreement.


14.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The Company borrowed £2.5m from its parent undertaking under a facility agreement. Repayments commenced in November 2017 and were payable in equal quarterly instalments over the period of the loan. Interest is charged at 1.75% above LIBOR. The parent undertaking approved a four-year loan repayment holiday starting 1 August 2019. The facility was due for repayment in August 2023. 
During the year the loan was replaced by a new facility agreement. This new agreement is a secured term loan facility of £2,472,222. Repayments are due to commence in August 2028 with the final repayment date being August 2048. Interest is charged at 5% between the acceptance date and the initial repayment date and 1.83% above the base rate between the intitial repayment date and the final repayment date.


2024
2023
£
£

Loan from parent undertaking
2,472,222
-

2,472,222
-


Page 18


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

15.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Loan from parent undertaking
123,611
2,603,096


123,611
2,603,096

AMOUNTS FALLING DUE 1-2 YEARS

Loan from parent undertaking
2,472,222
-


2,472,222
-



2,595,833
2,603,096



16.


DEFERRED TAXATION




2024


£






At beginning of year
(437,424)


Charged to profit or loss
1,241



AT END OF YEAR
(436,183)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax losses carried forward
169,341
126,592

Investment property
(519,026)
(487,033)

Fixed asset timing differences
(86,498)
(76,983)

(436,183)
(437,424)

Page 19


CHILTERN VITAL BERKELEY LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1 (2023:1) Ordinary Shares of £1 each share of £1.00
1
1



18.


COMMITMENTS UNDER OPERATING LEASES

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
20,788
20,789

Later than 1 year and not later than 5 years
20,788
41,575

41,576
62,364


19.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption available under paragraph 33.1a of the provisions of FRS102 Related Party Disclosures, on the grounds that it is a wholly owned subsidiary of a group headed by South Gloucestershire and Stroud College, whose financial statements are publicly available.
The Company's parent during the period, South Gloucestershire and Stroud College, sponsors the South Gloucestershire and Stroud Academy Trust. K Hamblin was a director of the Company and until 31 July 2024 was also Chief Executive Officer and Accounting Officer of South Gloucestershire and Stroud Academy Trust. J Saunderson was a director of the Company and also the Chief Financial Officer for South Gloucestershire and Stroud Academy Trust. During the year the company received £ 189,497 from South Gloucestershire and Stroud Academy Trust.


20.


POST BALANCE SHEET EVENTS

In August 2024 the Company was acquired by Chiltern Vital Berkeley Holdings Ltd.


21.


CONTROLLING PARTY

As at 31 July 2024, the Company's immediate parent undertaking was South Gloucestershire and Stroud College. The ultimate parent undertaking and controlling party was South Gloucestershire and Stroud College, registered in England and Wales. The results of the Company are included in the consolidated financial statements of  South Gloucestershire and Stroud College. Copies of the ultimate parent undertaking's financial statements may be obtained from South Gloucestershire and Stroud College, Stratford Road, Stroud, Gloucestershire, GL5 4AH.
In August 2024, the Company's immediate parent became Chiltern Vital Berkeley Holdings Ltd, a company registered in England and Wales. The ultimate parent company is Vital Holdings Limited, a company registered in England and Wales. 
 
Page 20