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Company No: 03115851 (England and Wales)

CHIMESTONE PROPERTY DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

CHIMESTONE PROPERTY DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

CHIMESTONE PROPERTY DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
CHIMESTONE PROPERTY DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 357 26,567
Investment property 4 2,700,000 2,700,000
2,700,357 2,726,567
Current assets
Debtors 5 94,688 88,037
Cash at bank and in hand 10,175 311,222
104,863 399,259
Creditors: amounts falling due within one year 6 ( 135,007) ( 425,709)
Net current liabilities (30,144) (26,450)
Total assets less current liabilities 2,670,213 2,700,117
Provision for liabilities 7 ( 511,995) ( 520,296)
Net assets 2,158,218 2,179,821
Capital and reserves
Called-up share capital 8 35,000 35,000
Profit and loss account 2,123,218 2,144,821
Total shareholders' funds 2,158,218 2,179,821

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

Directors' responsibilities:

The financial statements of Chimestone Property Developments Limited (registered number: 03115851) were approved and authorised for issue by the Board of Directors on 05 June 2025. They were signed on its behalf by:

K P Despard
Director
CHIMESTONE PROPERTY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
CHIMESTONE PROPERTY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Chimestone Property Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Halo, Counterslip, Bristol, BS1 6AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2024 30,350 858 31,208
Disposals ( 30,350) 0 ( 30,350)
At 31 December 2024 0 858 858
Accumulated depreciation
At 01 January 2024 4,426 215 4,641
Charge for the financial year 5,941 286 6,227
Disposals ( 10,367) 0 ( 10,367)
At 31 December 2024 0 501 501
Net book value
At 31 December 2024 0 357 357
At 31 December 2023 25,924 643 26,567

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 2,700,000
As at 31 December 2024 2,700,000

Valuation

As at 30 November 2021, freehold investment property was professionally valued at the amount of £2,160,000. This revaluation was performed by a professional qualified valuer. As at 31 December 2024, the freehold investment property was revalued by the directors at an amount of £2,700,000.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 558,008 558,008

5. Debtors

2024 2023
£ £
Trade debtors 0 345
Other debtors 94,688 87,692
94,688 88,037

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 94 2,094
Amounts owed to directors 2,138 2,936
Accruals and deferred income 46,615 86,689
Other taxation and social security 10,282 6,465
Other creditors 75,878 327,525
135,007 425,709

7. Provision for liabilities

2024 2023
£ £
Other provisions 511,995 520,296

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
17,500 Class A ordinary shares of £ 1.00 each 17,500 17,500
17,500 Class B ordinary shares of £ 1.00 each 17,500 17,500
35,000 35,000

9. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £1,606,494 (2023: £1,606,494).