CHEROKEE PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Company Registration No. 04235389 (England and Wales)
CHEROKEE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
CHEROKEE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
242
323
Investment properties
4
2,100,000
1,210,131
Investments
5
2,000,001
2,000,001
4,100,243
3,210,455
Current assets
Debtors
6
233,794
218,011
Cash at bank and in hand
50,643
14,058
284,437
232,069
Creditors: amounts falling due within one year
7
(1,441,856)
(872,088)
Net current liabilities
(1,157,419)
(640,019)
Total assets less current liabilities
2,942,824
2,570,436
Creditors: amounts falling due after more than one year
8
(569,822)
(598,222)
Provisions for liabilities
(47,820)
-
0
Net assets
2,325,182
1,972,214
Capital and reserves
Called up share capital
9
1,320
1,320
Share premium account
348,602
348,602
Capital redemption reserve
80
80
Non-distributable profits reserve
10
507,405
-
0
Distributable profit and loss reserves
1,467,775
1,622,212
Total equity
2,325,182
1,972,214

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 June 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.

CHEROKEE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr J I Huglin
Director
Company Registration No. 04235389
CHEROKEE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Share premium account
Capital redemption reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
1,400
348,602
-
0
-
0
1,494,160
1,844,162
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
-
-
355,827
355,827
Dividends
-
-
-
-
(227,000)
(227,000)
Own shares acquired
-
-
-
-
(775)
(775)
Redemption of shares
9
(80)
-
0
80
-
-
0
-
0
Balance at 30 June 2023
1,320
348,602
80
-
0
1,622,212
1,972,214
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
507,405
(98,437)
408,968
Dividends
-
-
-
-
(56,000)
(56,000)
Balance at 30 June 2024
1,320
348,602
80
507,405
1,467,775
2,325,182
CHEROKEE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Cherokee Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o DSG Chartered Accountants, Castle Chambers, 43 Castle Street, Liverpool, L2 9TL.

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 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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

As at 30 trueJune 2024 the company has net current liabilities of £1,045,210 (2023 - £640,019). Included within liabilities due less than one year is an amount of £1,071,921 (2023 - £765,863) owed to a subsidiary company. The directors of the subsidiary company have undertaken not to demand payment of these amounts until such time that all third party creditors have been satisfactorily settled.

 

The directors consider that it is appropriate to prepare the accounts on a going concern basis as the company will be able to meet its liabilities as they fall due. In making this assessment the directors have considered the impact of the current economic climate and cash resources to settle outstanding debt at the time of approval of these accounts.

 

Taking the above into account the directors consider it appropriate to prepare these financial statements on a going concern basis.

1.3
Turnover

Turnover represents amounts receivable for rent.

 

Revenue is recognised by reference to the period to which the rent relates.

1.4
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.

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:

Fixtures, fittings and equipment
25% 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 credited or charged to profit or loss.

CHEROKEE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Investment property

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries 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.

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

1.8
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.

1.9
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.

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 company after deducting all of its liabilities.

CHEROKEE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.10
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.

1.11
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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

CHEROKEE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 July 2023 and 30 June 2024
10,198
Depreciation and impairment
At 1 July 2023
9,875
Depreciation charged in the year
81
At 30 June 2024
9,956
Carrying amount
At 30 June 2024
242
At 30 June 2023
323
4
Investment property
2024
£
Fair value
At 1 July 2023
1,210,131
Additions
222,498
Revaluations
667,371
At 30 June 2024
2,100,000

Investment property comprises two properties. The properties have been valued by the directors as at 30 June 2024 taking into consideration any previous external valuations and current market conditions.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,000,001
2,000,001
CHEROKEE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
103,862
103,862
Other debtors
129,932
112,552
233,794
216,414
Deferred tax asset
-
0
1,597
233,794
218,011
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
28,400
31,263
Trade creditors
9,045
16,482
Amounts owed to group undertakings
1,071,921
765,863
Taxation and social security
2,494
2,892
Other creditors
329,996
55,588
1,441,856
872,088

Included within bank loans due within one year is £23,400 (2023 - £26,263) which is secured on the properties to which they relate.

 

Also included within bank loans due within one year is £5,000 (2023 - £5,000) in respect of a Coronavirus Bounce Back Loan.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
569,822
598,222
Creditors which fall due after five years are payable as follows:
Payable by instalments
477,454
477,454

Included within bank loans due after one year is £540,239 (2023 - £563,639) which is secured on the properties to which they relate.

 

Also included within bank loans due after one year is £29,583 (2023 - £34,583) in respect of a Coronavirus Bounce Back Loan.

 

The two bank loans secured on the properties to which they relate are charged interest at 2.55% over the Bank of England base rate and 4.70% over the Bank of England base rate respectively.

CHEROKEE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,120
1,120
1,040
1,040
A Ordinary shares of £1 each
280
280
280
280
1,400
1,400
1,320
1,320
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
507,405
-
At the end of the year
507,405
-
11
Related party transactions

At the balance sheet date, the company had a loan included within other creditors of £12,232 (2023 - £12,232) owed to a connected company by virtue of common shareholdings and directorships.

 

The company also had a loan included within other creditors of £197,848 (2023 - £35,223) owed to a connected pension scheme.

 

The company also had a loan included within other debtors of £122,374 (2023 - £111,249) owed to the company by a family member, with the company charging 10% interest per annum on the loan. The interest receivable from this loan during the year was £11,125 (2023 - £10,114).

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