Company registration number 00267495 (England and Wales)
CHORLEY ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CHORLEY ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CHORLEY ESTATES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
455,001
455,001
Investments
5
11,486
11,486
466,487
466,487
Current assets
Debtors
4
31,644
11,281
Cash at bank and in hand
121,225
137,769
152,869
149,050
Creditors: amounts falling due within one year
6
(12,294)
(12,413)
Net current assets
140,575
136,637
Total assets less current liabilities
607,062
603,124
Creditors: amounts falling due after more than one year
7
(20,000)
(20,000)
Provisions for liabilities
(113,355)
(113,355)
Net assets
473,707
469,769
Capital and reserves
Called up share capital
5,804
5,804
Share premium account
135,176
135,176
Investment property fair value reserve
8
341,116
341,116
Profit and loss reserves
(8,389)
(12,327)
Total equity
473,707
469,769
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CHORLEY ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr B J Kevill
Director
Company Registration No. 00267495
CHORLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Chorley Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rentals provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in associated entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CHORLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CHORLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2023 - 5).
2024
2023
Number
Number
Total
5
5
3
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
455,001
Investment property comprises of rental properties and agricultural land. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors who are property professionals. The directors valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,239
3,352
Other debtors
13,405
7,929
31,644
11,281
5
Fixed asset investments
2024
2023
£
£
Investments
11,486
11,486
CHORLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2023 & 30 September 2024
11,486
Carrying amount
At 30 September 2024
11,486
At 30 September 2023
11,486
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,105
126
Other creditors
11,189
12,287
12,294
12,413
Included within accruals is £980 (2023: £490) of fixed cumulative dividends in arrears on the 4.9% preference shares. These dividends are in arrears by one year.
Included within accruals is £700 (2023: £350) of fixed cumulative dividends in arrears on the 3.5% preference shares. These dividends are in arrears by one year.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Preference shares classed as financial liabilities
20,000
20,000
Amounts included in creditors which fall due after five years are as follows:
Called-up share capital presented as a liability
20,000
20,000
8
Investment property fair value reserve
2024
2023
£
£
At the beginning and end of the year
341,116
341,116
CHORLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Investment property fair value reserve
(Continued)
- 7 -
A transfer of £nil has been made to the investment property fair value reserve from the profit and loss reserve in respect of disposals in the year (2023: £nil). A transfer of £nil asset value in respect of revaluations during the year (2023 £nil). A transfer of £nil has been made from the deferred tax liability from the investment property fair value reserve in respect of disposals, revaluations and deferred tax rate changes (2023: £nil).
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchase of services in the year
2024
2023
£
£
Key management personnel
750
4,613
During the year, preference share dividends were paid to Chorley Land Company Limited of £nil (2023: £145), a company under the common control of some of the directors.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
375
600