Company registration number 02371569 (England and Wales)
CHALEGROVE PROPERTIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CHALEGROVE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr K Azem
Mr W Smadi
Mr R Atallah
Secretary
T & H Secretarial Services Limited
Company number
02371569
Registered office
35 Landmark Square
London
E14 9AB
Auditor
Moore (South) LLP
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
CHALEGROVE PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Group profit and loss account
12
Parent company profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
Notes to the financial statements
20 - 35
CHALEGROVE PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors. during the period under review, the group sold a significant shareholding in one of it's group companies.

 

The group's results for the year show a profit before tax of £1,836,109 (2023 - loss before tax of £1,592,919). The profit after tax attributable to the shareholders of Chalegrove Properties Limited is £337,221 (2023 - £237,930).

Principal risks and uncertainties

The directors continually identify, evaluate and manage the material risks and uncertainties that the company faces. The company is currently involved in the construction phase of the City Pride Island Point project as well as the 225 Marsh Wall project, with completion of City Pride Island Point in the period.

 

The company's principal financial instruments comprise trade payables and receivables and bank balances. The main purpose of these instruments is to finance the company's operations and due to the nature of these financial instruments used by the company, there is no exposure to price risk.

 

Liquidity risk is managed by maintaining an appropriate level of working capital available in short term deposit accounts and by agreeing regular stage payments from customers.

 

The company manages its exposure to credit risk by undertaking suitable checks on potential subcontractors before entering into agreements.

 

The company does not have significant dealings in foreign currencies and as such is not exposed to exchange rate risk.

 

The board continually assesses the company's ability to continue as a going concern and has a reasonable expectation that the company has adequate resources to meet its obligations as they fall due for the foreseeable future. Accordingly the financial statements have been prepared on a going concern basis.

 

One of the group companies is expecting to re-finance an existing bank facility. The re-finance has been received positively by the market due to it being a low loan-to-value and the board considers the refinancing risk to be low. The board regularly reviews the company's financial position, cash flow forecasts and funding options and is confident in its ability to refinance and ultimately repay the facility.

Key performance indicators

As the company is involved in lengthy contracts the Directors consider that the key financial performance indicators should reflect the progress of the contracts. In the current year under review, the main project was the construction work of the 225 Marsh Wall development.

 

The group's five-year results before tax are shown below:

 

Year result before tax

 

2024 £1,836,109 profit

2023 £(1,592,919) loss

2022 £8,199,419 profit

2021 £6,307,236 profit

2020 £16,005,909 profit

 

 

Future Developments

The company is always looking for suitable development projects but there is a significant lead time between initially identifying a potential new development and commencing building work.

CHALEGROVE PROPERTIES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Section 172 Statement

We set out below how the Directors have acted in a way that promotes the success of the Company for the benefit of its members as a whole, in accordance with the requirements of the Companies (Miscellaneous Reporting) Regulations 2018, whilst having regard to the following matters set out in s.172(1) of the Act:

The likely consequences of any decision in the long term;

This reporting requirement applies to the Company for the third time this year.

The Directors understand that it is important for the business to engage with its shareholders and wider stakeholder groups.

By engaging with stakeholders, the Directors gain a better understanding of stakeholder interests and concerns and how Directors decisions have and/or may impact them. Engagement with stakeholders is embedded in the business and helps ensure high standards of business conduct. The Directors engage both directly and indirectly with our stakeholders. Engagement with shareholders and other stakeholders supports the Directors regard to the likely consequences of any decision in the long term.

The Directors appreciate that there may be situations where conflicts will arise between different stakeholder groups. In such circumstances, the Directors will seek to understand the needs and priorities of each stakeholder group during their discussions and as part of their decision making process. Any such conflicts are managed by assessing shareholder and stakeholder interests from the perspective of the long term sustainable success of the business.

On behalf of the board

Mr R Atallah
Director
6 June 2025
CHALEGROVE PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of property development. An analysis of the company's performance and principle risks are contained within the strategic report.

 

Results and dividends

The results for the year are set out on pages 11 and 12.

Ordinary dividends were paid amounting to £Nil (2023 - £Nil). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K Azem
Mr W Smadi
Mr R Atallah
Auditor

In accordance with the company's articles, a resolution proposing that Moore (South) LLP be reappointed as auditor of the company will be put to the members.

 

Energy and carbon report

Company information

Chalegrove Properties Limited is a large enterprise qualifying for SECR reporting with net assets in excess of £18m and turnover in excess of £36m.

 

The company is incorporated under the name Chalegrove Properties Limited, having company number 02371569, with a registered office address at 35 Landmark Square, London, E19 9AB.

 

The organisational boundary for the purpose of SECR reporting is the extent of financial control of the company across the mandatory scope 1 and scope 2 emissions.

 

Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, heating and cooling consumed by the reporting company.

 

Reporting period

The SECR reporting period is coincident with the financial year reporting period between 1 April 2023 and 31 March 2024. This is the third SECR reporting period.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
261,965
554,756
CHALEGROVE PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
225.40
38.83
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
225.40
38.83
Intensity ratio
Tonnes CO2e per employee
4.1
.588
Quantification and reporting methodology

The subsidiary entities of Chalegrove Properties Limited have not been included in this report as the information is not currently available as the entities have not undertaken significant activity during the period.

 

We have followed the 2019 HM Government Environmental Reporting Guidelines. Energy data has been collected by staff from the invoices issued by suppliers, be that actual readings or estimated readings. This methodology has been used as there have been limited detailed information available during the Covid pandemic. This has also restricted business transport and journey reporting, information for which has not been included.

 

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

 

Measures taken to improve energy efficiency

Chalegrove Properties Limited understands the importance of reducing carbon emissions produced by the group. Action is being taken to reduce overall emissions, whether as part of the operational cycle or as part of office practices where increased video conferencing technology and similar efficiencies are being adopted with reduced need to travel between sites.

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

CHALEGROVE PROPERTIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
On behalf of the board
Mr R Atallah
Director
6 June 2025
CHALEGROVE PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -

The directors are responsible for preparing the Annual 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 directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHALEGROVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHALEGROVE PROPERTIES LIMITED
- 7 -
Opinion

We have audited the financial statements of Chalegrove Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the parent company profit and loss account, the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's and parent 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CHALEGROVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHALEGROVE PROPERTIES LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

 

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company and group.

CHALEGROVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHALEGROVE PROPERTIES LIMITED
- 9 -

 

Our approach was as follows:

 

 

 

 

 

 

 

 

 

In response to the risk of fraud due to management override, we:

CHALEGROVE PROPERTIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHALEGROVE PROPERTIES LIMITED
- 10 -

In response to the potential for the incorrect recognition of revenues from construction contracts and the underlying valuation of related assets and liabilities, we:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material mis-statements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 2006. Our 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 auditor's 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.

Christopher Goodwin (Senior Statutory Auditor)
For and on behalf of Moore (South) LLP, Statutory Auditor
Chartered Accountants
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
9 June 2025
CHALEGROVE PROPERTIES LIMITED
PARENT COMPANY PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
£
£
Turnover
41,485,149
47,678,255
Cost of sales
(38,774,685)
(43,795,881)
Gross profit
2,710,464
3,882,374
Administrative expenses
(2,855,540)
(3,283,593)
Other operating income
24,494
68,250
Operating (loss)/profit
(120,582)
667,031
Interest receivable and similar income
5,285,657
-
0
Interest payable and similar expenses
(69)
(12,899)
Amounts written off investments
(5,088,000)
-
Profit before taxation
77,006
654,132
Tax on profit
76,301
44,343
Profit for the financial year
153,307
698,475
CHALEGROVE PROPERTIES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
Turnover
4
7,488,619
2,836,795
Cost of sales
(7,932,340)
(554,816)
Gross (loss)/profit
(443,721)
2,281,979
Administrative expenses
(3,190,446)
(3,931,396)
Other operating income
24,494
68,250
Exceptional item
3
5,159,503
-
0
Operating profit/(loss)
5
1,549,830
(1,581,167)
Interest receivable and similar income
9
286,348
1,147
Interest payable and similar expenses
10
(69)
(12,899)
Profit/(loss) before taxation
1,836,109
(1,592,919)
Tax on profit/(loss)
11
76,301
44,343
Profit/(loss) for the financial year
1,912,410
(1,548,576)
Profit/(loss) for the financial year is attributable to:
- Owner of the parent company
337,221
237,930
- Non-controlling interests
1,575,189
(1,786,506)
1,912,410
(1,548,576)
CHALEGROVE PROPERTIES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
£
£
Profit/(loss) for the year
1,912,410
(1,548,576)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,912,410
(1,548,576)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
337,221
237,930
- Non-controlling interests
1,575,189
(1,786,506)
1,912,410
(1,548,576)
CHALEGROVE PROPERTIES LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,831,041
1,826,559
Current assets
Stocks
15
145,486,705
104,283,476
Debtors falling due after more than one year
17
202,085
3,155,526
Debtors falling due within one year
17
2,633,229
13,732,210
Cash at bank and in hand
10,609,273
5,161,816
158,931,292
126,333,028
Creditors: amounts falling due within one year
18
(116,546,181)
(12,625,194)
Net current assets
42,385,111
113,707,834
Total assets less current liabilities
44,216,152
115,534,393
Creditors: amounts falling due after more than one year
20
-
0
(73,230,651)
Net assets
44,216,152
42,303,742
Capital and reserves
Called up share capital
22
2,000,000
2,000,000
Profit and loss reserves
18,726,066
19,448,732
Equity attributable to owner of the parent company
20,726,066
21,448,732
Non-controlling interests
23,490,086
20,855,010
Total equity
44,216,152
42,303,742
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
06 June 2025
Mr R Atallah
Director
Company registration number 02371569 (England and Wales)
CHALEGROVE PROPERTIES LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,831,041
1,826,559
Investments
13
2,912,000
8,000,000
4,743,041
9,826,559
Current assets
Stocks
15
2,122,702
2,205,406
Debtors falling due after more than one year
17
4,864,933
3,155,526
Debtors falling due within one year
17
6,614,758
12,151,033
Cash at bank and in hand
10,150,018
4,925,280
23,752,411
22,437,245
Creditors: amounts falling due within one year
18
(4,476,543)
(8,398,202)
Net current assets
19,275,868
14,039,043
Net assets
24,018,909
23,865,602
Capital and reserves
Called up share capital
22
2,000,000
2,000,000
Profit and loss reserves
22,018,909
21,865,602
Total equity
24,018,909
23,865,602

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £153,307 (2023 - £698,475).

 

The financial statements were approved by the board of directors and authorised for issue on
6 June 2025
06 June 2025
and are signed on its behalf by:
Mr R Atallah
Director
Company registration number 02371569 (England and Wales)
CHALEGROVE PROPERTIES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 April 2022
2,000,000
19,210,802
21,210,802
22,641,516
43,852,318
Year ended 31 March 2023:
Loss and total comprehensive income
-
237,930
237,930
(1,786,506)
(1,548,576)
Balance at 31 March 2023
2,000,000
19,448,732
21,448,732
20,855,010
42,303,742
Year ended 31 March 2024:
Profit and total comprehensive income
-
337,221
337,221
1,575,189
1,912,410
Disposal of shares in subsidiary to non-controlling interest
-
(1,059,887)
(1,059,887)
1,059,887
-
Balance at 31 March 2024
2,000,000
18,726,066
20,726,066
23,490,086
44,216,152
CHALEGROVE PROPERTIES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
2,000,000
21,167,127
23,167,127
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
698,475
698,475
Balance at 31 March 2023
2,000,000
21,865,602
23,865,602
Year ended 31 March 2024:
Profit and total comprehensive income
-
153,307
153,307
Balance at 31 March 2024
2,000,000
22,018,909
24,018,909
CHALEGROVE PROPERTIES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(35,032,450)
(50,312,856)
Interest paid
(69)
(12,899)
Dividends paid to equity shareholders
(5,088,000)
-
Dividends paid to non-controlling interests
(19,716,000)
-
Income taxes refunded/(paid)
93,581
(2,987,271)
Net cash outflow from operating activities
(59,742,938)
(53,313,026)
Investing activities
Purchase of tangible fixed assets
(14,407)
(23,225)
Proceeds from disposal of subsidiaries, net of cash disposed
24,804,000
-
Interest received
286,348
1,147
Net cash generated from/(used in) investing activities
25,075,941
(22,078)
Financing activities
Drawdown on bank loans
40,114,454
30,219,717
Net cash generated from financing activities
40,114,454
30,219,717
Net increase/(decrease) in cash and cash equivalents
5,447,457
(23,115,387)
Cash and cash equivalents at beginning of year
5,161,816
28,277,203
Cash and cash equivalents at end of year
10,609,273
5,161,816
CHALEGROVE PROPERTIES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(140,024)
(11,733,816)
Interest paid
(69)
(12,899)
Income taxes refunded/(paid)
93,581
(2,987,271)
Net cash outflow from operating activities
(46,512)
(14,733,986)
Investing activities
Purchase of tangible fixed assets
(14,407)
(23,225)
Interest received
197,657
-
0
Dividends received
5,088,000
-
0
Net cash generated from/(used in) investing activities
5,271,250
(23,225)
Net increase/(decrease) in cash and cash equivalents
5,224,738
(14,757,211)
Cash and cash equivalents at beginning of year
4,925,280
19,682,491
Cash and cash equivalents at end of year
10,150,018
4,925,280
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
1
Accounting policies
Company information

Chalegrove Properties Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 35 Landmark Square, London, E14 9AB.

 

The group consists of Chalegrove Properties Limited and all of its subsidiaries.

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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Chalegrove Properties Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The board continually assesses the company's ability to continue as a going concern and has a reasonable expectation that the company has adequate resources to meet its obligations as they fall due for the foreseeable future. Accordingly the financial statements have been prepared on a going concern basis.

 

One of the group companies is expecting to re-finance an existing bank facility. The re-finance has been received positively by the market due to it being a low loan-to-value and the board considers the refinancing risk to be low. The board regularly reviews the company's financial position, cash flow forecasts and funding options and is confident in its ability to refinance and ultimately repay the facility.

1.4
Turnover

Revenue comprises revenue recognised by the group in respect of services supplied, exclusive of Value Added Tax and trade discounts.

 

Revenue on long-term contracts is recorded as the contracts progress using the percentage completion method. The amounts by which turnover exceeds payments on account received is treated as amounts recoverable on contracts.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold property acquired by the subsidiary entity shortly before the year end has not been depreciated in these financial statements on the basis that the current residual value is considered to be equivalent to the cost of the asset. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
over the life of the lease
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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 current liabilities.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

 

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax assets and liabilities are calculated at the rates expected to be effective when the timing differences are expected to be reversed.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable 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 period until the date of the rent is expected to be adjusted to the prevailing market rate.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
Profitability of development contracts

The directors consider the profitability of development contracts based on anticipated revenues and forecast expenditure, having regard to the stage of completion of projects as assessed by suitably qualified experts. The Directors consider the assessment of the value of revenue and profitability to be a key area requiring judgement and estimation.

 

3
Exceptional item
2024
2023
£
£
Expenditure
Profit on disposal of shares in subsidiary
(5,159,503)
-
(5,159,503)
-
4
Turnover - group
2024
2023
£
£
Turnover analysed by class of business
Property Development
7,488,619
2,836,795
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,488,619
2,836,795
5
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange gains
-
(1,592)
Depreciation of owned tangible fixed assets
9,925
14,030
Operating lease charges
27,358
120,894
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
23,000
16,500
Audit of the financial statements of the company's subsidiaries
18,380
20,000
41,380
36,500
For other services
Taxation compliance services
3,000
2,000
All other non-audit services
6,000
5,000
9,000
7,000
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
18
19
18
19
Construction
37
47
37
47
Total
55
66
55
66

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,259,289
5,894,120
5,259,289
5,894,120
Social security costs
550,763
668,844
550,763
668,844
Pension costs
109,284
101,098
109,284
101,098
5,919,336
6,664,062
5,919,336
6,664,062
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
549,902
759,148
Company pension contributions to defined contribution schemes
3,412
2,642
553,314
761,790

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
240,719
454,079
Company pension contributions to defined contribution schemes
3,412
2,642
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
221,351
1,147
Other interest income
64,997
-
Total income
286,348
1,147
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
221,351
1,147
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
69
270
Other finance costs:
Other interest
-
12,629
Total finance costs
69
12,899
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
23,312
129,626
Adjustments in respect of prior periods
(99,613)
(173,969)
Total current tax
(76,301)
(44,343)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,836,109
(1,592,919)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
459,027
(302,655)
Tax effect of expenses that are not deductible in determining taxable profit
6,428
6,115
Under/(over) provided in prior years
(99,613)
(173,969)
Tax at marginal rate
(2,219)
-
0
Depreciation add back
2,481
5,085
Capital allowances
(149)
(5,859)
Tax on losses not utilised in year
(442,256)
426,940
Taxation credit
(76,301)
(44,343)
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
12
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,752,231
192,711
68,471
2,013,413
Additions
14,407
-
0
-
0
14,407
At 31 March 2024
1,766,638
192,711
68,471
2,027,820
Depreciation and impairment
At 1 April 2023
-
0
130,805
56,049
186,854
Depreciation charged in the year
-
0
7,441
2,484
9,925
At 31 March 2024
-
0
138,246
58,533
196,779
Carrying amount
At 31 March 2024
1,766,638
54,465
9,938
1,831,041
At 31 March 2023
1,752,231
61,906
12,422
1,826,559
Company
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,752,231
192,711
68,471
2,013,413
Additions
14,407
-
0
-
0
14,407
At 31 March 2024
1,766,638
192,711
68,471
2,027,820
Depreciation and impairment
At 1 April 2023
-
0
130,805
56,049
186,854
Depreciation charged in the year
-
0
7,441
2,484
9,925
At 31 March 2024
-
0
138,246
58,533
196,779
Carrying amount
At 31 March 2024
1,766,638
54,465
9,938
1,831,041
At 31 March 2023
1,752,231
61,906
12,422
1,826,559
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,912,000
8,000,000
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
8,000,000
Disposals
(5,088,000)
At 31 March 2024
2,912,000
Carrying amount
At 31 March 2024
2,912,000
At 31 March 2023
8,000,000
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Richardson and Partners Limited
England and Wales
Non- trading
A Ordinary and B Ordinary
100.00
-
225 Marsh Wall Propco Limited
England and Wales
Property development
Ordinary
-
10.05
225 Marsh Wall Holdco Limited
England and Wales
Holding company
Ordinary and Preference
20.50
-
225 Marsh Wall Opco Limited
England and Wales
Non-trading
Ordinary
100.00
-

During the year under review, 225 Marsh Wall Holdco Limited disposed of 51% of its holding in 225 Marsh Wall Propco Limited realising proceeds of £25.8 million.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
145,486,705
104,283,476
2,122,702
2,205,406
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
12,238,058
17,608,010
20,593,712
19,057,915
Carrying amount of financial liabilities
Measured at amortised cost
116,522,869
82,396,134
4,286,270
8,094,017
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
267,766
11,197,743
4,308,192
9,785,214
Corporation tax recoverable
1,024,358
1,147,952
1,024,358
1,147,952
Other debtors
1,329,466
1,248,451
1,270,569
1,191,895
Prepayments and accrued income
11,639
138,064
11,639
25,972
2,633,229
13,732,210
6,614,758
12,151,033
Amounts falling due after more than one year:
Gross amounts owed by contract customers
31,553
3,155,526
4,864,933
3,155,526
Prepayments and accrued income
170,532
-
0
-
0
-
0
202,085
3,155,526
4,864,933
3,155,526
Total debtors
2,835,314
16,887,736
11,479,691
15,306,559
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
94,316,768
-
0
-
0
-
0
Trade creditors
2,155,396
12,237,558
3,907,583
7,112,478
Amounts owed to group undertakings
-
0
-
0
273,007
907,380
Corporation tax payable
23,312
129,626
23,312
129,626
Other taxation and social security
166,961
174,559
166,961
174,559
Deferred income
19,768,772
-
0
-
0
-
0
Other creditors
40,958
59,886
35,104
54,032
Accruals and deferred income
74,014
23,565
70,576
20,127
116,546,181
12,625,194
4,476,543
8,398,202
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
94,316,768
54,202,314
-
0
-
0
Payable within one year
94,316,768
-
0
-
0
-
0
Payable after one year
-
0
54,202,314
-
0
-
0

The funding loans are secured by fixed charges over the freehold land known as 225, Marsh Wall, London and by a composite guarantee provided by 225 Marsh Wall Holdco Limited. The loans are part of an overall facility from First Abu Dhabi Bank which is repayable in June 2024 and bears interest at 4 per cent over LIBOR.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
19
-
0
54,202,314
-
0
-
0
Trade creditors
-
0
3,155,526
-
0
-
0
Deferred income
-
0
15,872,811
-
0
-
0
-
0
73,230,651
-
0
-
0

The long-term loans are secured by fixed charges over the freehold land known as 225, Marsh Wall, London and by a composite guarantee provided by 225 Marsh Wall Holdco Limited. The loans are part of an overall facility from First Abu Dhabi Bank which is repayable in June 2024 and bears interest at 4 per cent over LIBOR.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,284
101,098

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
2,562
48,359
2,562
48,358
Between two and five years
10,248
-
10,248
-
12,810
48,359
12,810
48,358
24
Related party transactions
Transactions with related parties
Other information

During the year Chalegrove Properties Limited provided construction services to 225 Marsh Wall Propco Limited and AA Europe Limited amounting to £34 million and £1 million respectively. At 31 March 2024, £9 million was due from 225 Marsh Wall Propco Limited.

 

During the year the group paid dividends of £Nil (2023 - £Nil) to Chalegrove Capital Limited, its parent company.

25
Controlling party

The company regards Chalegrove Capital Limited, incorporated in the British Virgin Islands, as the ultimate parent company. There is no overall controlling party.

 

CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
26
Cash absorbed by group operations
2024
2023
£
£
Profit/(loss) for the year after tax
1,912,410
(1,548,576)
Adjustments for:
Taxation credited
(76,301)
(44,343)
Finance costs
69
12,899
Investment income
(286,348)
(1,147)
Depreciation and impairment of tangible fixed assets
9,925
14,030
Movements in working capital:
Increase in stocks
(41,203,229)
(49,258,225)
Decrease/(increase) in debtors
13,928,828
(5,585,146)
(Decrease)/increase in creditors
(13,213,765)
190,226
Increase in deferred income
3,895,961
5,907,426
Cash absorbed by operations
(35,032,450)
(50,312,856)
27
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
153,307
698,475
Adjustments for:
Taxation credited
(76,301)
(44,343)
Finance costs
69
12,899
Investment income
(5,285,657)
-
0
Depreciation and impairment of tangible fixed assets
9,925
14,030
Other gains and losses
5,088,000
-
Movements in working capital:
Decrease/(increase) in stocks
82,704
(2,205,406)
Decrease/(increase) in debtors
3,703,274
(5,621,075)
Decrease in creditors
(3,815,345)
(4,588,396)
Cash absorbed by operations
(140,024)
(11,733,816)
28
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
5,161,816
5,447,457
10,609,273
Borrowings excluding overdrafts
(54,202,314)
(40,114,454)
(94,316,768)
(49,040,498)
(34,666,997)
(83,707,495)
CHALEGROVE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
29
Analysis of changes in net funds - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
4,925,280
5,224,738
10,150,018
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr K AzemMr W SmadiMr R AtallahT & H Secretarial Services Limitedfalse02371569bus:Consolidated2023-04-012024-03-31023715692023-04-012024-03-3102371569bus:Director12023-04-012024-03-3102371569bus:Director22023-04-012024-03-3102371569bus:Director32023-04-012024-03-3102371569bus:CompanySecretary12023-04-012024-03-3102371569bus:RegisteredOffice2023-04-012024-03-31023715692024-03-3102371569bus:Consolidated2024-03-31023715692022-04-012023-03-3102371569bus:Consolidated2022-04-012023-03-3102371569bus:Consolidated12023-04-012024-03-3102371569bus:Consolidated12022-04-012023-03-3102371569core:Non-controllingInterestsbus:Consolidated2023-04-012024-03-3102371569core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-04-012024-03-3102371569core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-012023-03-3102371569core:Non-controllingInterestsbus:Consolidated2022-04-012023-03-3102371569bus:Consolidated2023-03-31023715692023-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-03-3102371569core:FurnitureFittingsbus:Consolidated2024-03-3102371569core:MotorVehiclesbus:Consolidated2024-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3102371569core:FurnitureFittingsbus:Consolidated2023-03-3102371569core:MotorVehiclesbus:Consolidated2023-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3102371569core:FurnitureFittings2024-03-3102371569core:MotorVehicles2024-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3102371569core:FurnitureFittings2023-03-3102371569core:MotorVehicles2023-03-3102371569core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3102371569core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3102371569core:WithinOneYearbus:Consolidated2024-03-3102371569core:WithinOneYearbus:Consolidated2023-03-3102371569core:Non-currentFinancialInstruments2024-03-3102371569core:Non-currentFinancialInstruments2023-03-3102371569core:WithinOneYear2024-03-3102371569core:WithinOneYear2023-03-3102371569core:AfterOneYearbus:Consolidated2024-03-3102371569core:AfterOneYearbus:Consolidated2023-03-3102371569core:AfterOneYear2024-03-3102371569core:AfterOneYear2023-03-3102371569core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102371569core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102371569core:ShareCapitalbus:Consolidated2024-03-3102371569core:ShareCapitalbus:Consolidated2023-03-3102371569core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3102371569core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3102371569core:Non-controllingInterestsbus:Consolidated2024-03-3102371569core:Non-controllingInterestsbus:Consolidated2023-03-3102371569core:ShareCapital2024-03-3102371569core:ShareCapital2023-03-3102371569core:RetainedEarningsAccumulatedLosses2024-03-3102371569core:RetainedEarningsAccumulatedLosses2023-03-3102371569core:ShareCapital2022-03-3102371569core:RetainedEarningsAccumulatedLosses2022-03-31023715692022-03-31023715692023-03-3102371569bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102371569core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3102371569core:FurnitureFittings2023-04-012024-03-3102371569core:MotorVehicles2023-04-012024-03-3102371569core:FinancialAssetsAmortisedCostbus:Consolidated2023-04-012024-03-3102371569core:FinancialLiabilitiesAmortisedCostbus:Consolidated2023-04-012024-03-3102371569dpl:Item1bus:Consolidated2023-04-012024-03-3102371569dpl:Item1bus:Consolidated2022-04-012023-03-3102371569dpl:Item22023-04-012024-03-3102371569dpl:Item22022-04-012023-03-3102371569core:UKTaxbus:Consolidated2023-04-012024-03-3102371569core:UKTaxbus:Consolidated2022-04-012023-03-3102371569bus:Consolidated22023-04-012024-03-3102371569bus:Consolidated22022-04-012023-03-3102371569bus:Consolidated32023-04-012024-03-3102371569bus:Consolidated32022-04-012023-03-3102371569bus:Consolidated42023-04-012024-03-3102371569bus:Consolidated42022-04-012023-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-03-3102371569core:FurnitureFittingsbus:Consolidated2023-03-3102371569core:MotorVehiclesbus:Consolidated2023-03-3102371569bus:Consolidated2023-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3102371569core:FurnitureFittings2023-03-3102371569core:MotorVehicles2023-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-04-012024-03-3102371569core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3102371569core:MotorVehiclesbus:Consolidated2023-04-012024-03-3102371569core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3102371569core:Subsidiary12023-04-012024-03-3102371569core:Subsidiary22023-04-012024-03-3102371569core:Subsidiary32023-04-012024-03-3102371569core:Subsidiary42023-04-012024-03-3102371569core:Subsidiary112023-04-012024-03-3102371569core:Subsidiary222023-04-012024-03-3102371569core:Subsidiary332023-04-012024-03-3102371569core:Subsidiary442023-04-012024-03-3102371569core:Subsidiary212023-04-012024-03-3102371569core:CurrentFinancialInstruments2024-03-3102371569core:CurrentFinancialInstruments2023-03-3102371569core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3102371569core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3102371569core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3102371569core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3102371569core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3102371569core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102371569core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3102371569core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3102371569core:BetweenTwoFiveYearsbus:Consolidated2024-03-3102371569core:BetweenTwoFiveYears2024-03-3102371569dpl:Item12023-04-012024-03-3102371569bus:FRS1022023-04-012024-03-3102371569bus:Audited2023-04-012024-03-3102371569bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3102371569bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP