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Registered number: 14886228












CHENISTON CAPITAL MAYFAIR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

 

CHENISTON CAPITAL MAYFAIR LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 8


 

CHENISTON CAPITAL MAYFAIR LIMITED
 
COMPANY INFORMATION


Directors
M Cooke 
T Cooke 




Registered number
14886228



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:14886228
CHENISTON CAPITAL MAYFAIR LIMITED

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
Note
£

  

Current assets
  

Stocks
 4 
7,291,724

Debtors: amounts falling due within one year
 5 
1,500

Cash at bank and in hand
  
15,877

  
7,309,101

Creditors: amounts falling due within one year
 6 
(1,390,769)

Net current liabilities
  
 
 
5,918,332

Total assets less current liabilities
  
5,918,332

Creditors: amounts falling due after more than one year
 7 
(5,929,804)

  

Net liabilities
  
(11,472)


Capital and reserves
  

Called up share capital 
 9 
100

Profit and loss account
  
(11,572)

Net liabilities
  
(11,472)


Page 2


 
REGISTERED NUMBER:14886228
CHENISTON CAPITAL MAYFAIR LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with 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: 




T Cooke
Director

Date: 22 May 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 

CHENISTON CAPITAL MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.


General information

Cheniston Capital Mayfair Limited is a private company limited by shares and registered in England and Wales. Its registered office is 16 Great Queen Street, London, England, WC2B 5AH.
These financial statements have been prepared for a long period from 22 May 2023 (incorporation) to 30 September 2024. 

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders and development loan to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.


2.3

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes 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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors and cash and bank balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 4

 

CHENISTON CAPITAL MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)




Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Page 5

 

CHENISTON CAPITAL MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Stocks

Stock represents a development property which is held at the lower of cost and net realisable value. Costs comprise development expenditure and financing costs directly attributable to the project.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

  
2.9

Share capital

Ordinary shares are classified as equity.

Page 6

 

CHENISTON CAPITAL MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Stocks

2024
£

Development properties
7,291,724

7,291,724


Included within development properties are capitalised borrowing costs of £300,399.


5.


Debtors

2024
£


Amounts owed by associated companies
1,500



6.


Creditors: amounts falling due within one year

2024
£

Trade creditors
1,800

Amounts owed to group undertakings
560,257

Other taxation and social security
6,175

Other creditors
816,537

Accruals
6,000

1,390,769


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


7.


Creditors: Amounts falling due after more than one year

2024
£

Bank loans
4,332,352

Other loans
1,597,452

5,929,804


Page 7

 

CHENISTON CAPITAL MAYFAIR LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
£




Amounts falling due after more than 5 years

Bank loans
4,332,352

Other loans
1,597,452


The external borrowings of £1,597,452 from Strata Residential Finance Plc are secured by fixed and floating charges over the assets of the company. A loan facility was obtained for £1,465,000 from Strata Residential Plc with interest charged at a rate of 20% per annum. The loan term is for 18 months.
The external borrowings of £4,332,352 from Close Brothers Property Finance is secured by fixed and floating charges over the assets of the company. A bank loan facility was obtained for £5,800,000 from Close Brothers Property Finance with interest charged at a rate of 10.5% per annum. The loan term is for 18 months.


9.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


Upon incorporation 22 May 2023, 100 Ordinary £1 shares were allotted and fully paid up.


10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Included within debtors is an amount of £1,500 due from a related party. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.
Included within other creditors is an amount of £816,537 due to the director of the company. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.

 
Page 8