Company registration number 02384793 (England and Wales)
OFFLEY CHASE ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
OFFLEY CHASE ESTATES LIMITED
COMPANY INFORMATION
Directors
J M Chamberlain
V Chambury
C Bugden
O E Flack
P Wayte
Secretary
V Chambury
Company number
02384793
Registered office
Houghton Hall
The Green
Houghton Regis
Dunstable
Beds
LU5 5DY
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
OFFLEY CHASE ESTATES LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
OFFLEY CHASE ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The Directors present their Annual Report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the Company continued to be that of letting its own investment properties.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
J M Chamberlain
V Chambury
C Bugden
S Charlton
(Resigned 25 March 2025)
O E Flack
P Wayte
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force at the reporting date. A Directors and Officers insurance policy is maintained by the Company's parent company on behalf of the Group's Directors to cover this indemnity.
Post reporting date events
There have been no significant events affecting the Company since the year end.
Auditor
Mercer & Hole LLP were appointed as Auditor to the Company and in accordance with Section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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 Company’s Auditor 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 Company’s Auditor is aware of that information.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.
On behalf of the Board
C Bugden
Director
26 June 2025
OFFLEY CHASE ESTATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OFFLEY CHASE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OFFLEY CHASE ESTATES LIMITED
- 3 -
Opinion
We have audited the financial statements of Offley Chase Estates Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
OFFLEY CHASE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OFFLEY CHASE ESTATES LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
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 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and the industry, we identified that there were no specific laws or regulations that were critical to the operation of the business. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to understate revenue or overstate expenditure, and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries.
OFFLEY CHASE ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OFFLEY CHASE ESTATES LIMITED (CONTINUED)
- 5 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Ross Lane (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
72 London Road
St Albans
Hertfordshire
AL1 1NS
27 June 2025
OFFLEY CHASE ESTATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
109,073
114,044
Property management and maintenance expenses
(189,782)
(201,968)
Administrative expenses
(62,309)
(43,993)
Other operating expenses
(2,944)
Operating loss
4
(143,018)
(134,861)
Fair value gains and losses on investment properties
9
105,000
3,501,414
(Loss)/profit before taxation
(38,018)
3,366,553
Tax on (loss)/profit
7
(25,100)
(878,293)
(Loss)/profit for the financial year
(63,118)
2,488,260
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages 9 to 17 form part of these financial statements.
OFFLEY CHASE ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
11,648
13,710
Investment property
9
21,595,000
21,490,000
21,606,648
21,503,710
Current assets
Debtors
10
21,051
22,634
Cash at bank and in hand
48,296
13,652
69,347
36,286
Creditors: amounts falling due within one year
11
(4,127,625)
(3,953,608)
Net current liabilities
(4,058,278)
(3,917,322)
Total assets less current liabilities
17,548,370
17,586,388
Provisions for liabilities
Deferred tax liability
12
3,336,964
3,311,864
(3,336,964)
(3,311,864)
Net assets
14,211,406
14,274,524
Capital and reserves
Called up share capital
14
500,002
500,002
Profit and loss reserves
15
13,711,404
13,774,522
Total equity
14,211,406
14,274,524
The notes on pages 9 to 17 form part of these financial statements.
The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
J M Chamberlain
C Bugden
Director
Director
Company registration number 02384793 (England and Wales)
OFFLEY CHASE ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
500,002
11,286,262
11,786,264
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,488,260
2,488,260
Balance at 31 December 2023
500,002
13,774,522
14,274,524
Year ended 31 December 2024:
Loss and total comprehensive income
-
(63,118)
(63,118)
Balance at 31 December 2024
500,002
13,711,404
14,211,406
The notes on pages 9 to 17 form part of these financial statements.
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
Offley Chase Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Houghton Hall, The Green, Houghton Regis, Dunstable, Beds, LU5 5DY.
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 £1.
The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
This Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flows and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the Company are consolidated in the financial statements of Chamberlain Holdings Plc. These consolidated financial statements are available from Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the Directors have a reasonable expectation that the Company 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.
1.3
Turnover
Turnover comprises rental income from investment properties. It is recognised on a straight line basis over the lease term, and to the extent that it can be reliably measured and it is probable the economic benefit will flow to the Company.
Lease incentives are recognised as a reduction to rental income over the lease term on a straight line basis.
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:
Plant and equipment
15% straight line
Fixtures and fittings
20% straight line
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
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.
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. Changes in fair value are recognised in profit or loss.
1.6
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.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
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.
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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.
Impairment of financial assets
Financial assets, other than those held at fair value through the Statement of Comprehensive Income, 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 Company 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 Company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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 Company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.10
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 profit as reported in the Statement of Comprehensive Income 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 Statement of Comprehensive Income, 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.
2
Judgements and key sources of estimation uncertainty
In the application of the Company’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment property valuations
The 2024 valuations were agreed by the Board being informed by a qualified valuer, who is a Director of the Company, acting as an internal expert, on the basis of fair value and through income and market approaches (comparative and investment methods), by capitalising present and future rental income streams, adopting rents, yields and capital values and comparing the properties with similar assets for which rental and sale information is available.
On occasion, external valuations are obtained from an independent external valuer, who holds a professional qualification with the Royal Institution of Chartered Surveyors, and these are considered as part of the valuation process.
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Rent receivable
109,073
114,044
All turnover arose within the United Kingdom.
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
2,062
656
5
Auditor's remuneration
2024
2023
Fees payable to the Company's Auditor and associates:
£
£
For audit services
Audit of the financial statements of the Company
2,500
2,400
The Company has taken advantage of the exemption available not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the parent company.
6
Directors' remuneration
The Company has no employees. Directors are remunerated by the parent company and a proportion recharged to the Company for services provided in the period.
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
25,100
878,293
From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profit rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applied as profits increase. Deferred tax is provided for at 25% as that is the rate temporary timing differences are expected to unwind.
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 14 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(38,018)
3,366,553
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(9,505)
791,813
Tax effect of expenses that are not deductible in determining taxable profit
2,315
Effect of change in corporation tax rate
51,995
Group relief
32,924
28,560
Other permanent differences
(634)
5,925
Taxation charge for the year
25,100
878,293
8
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
23,742
14,160
37,902
Depreciation and impairment
At 1 January 2024
10,136
14,056
24,192
Depreciation charged in the year
2,041
21
2,062
At 31 December 2024
12,177
14,077
26,254
Carrying amount
At 31 December 2024
11,565
83
11,648
At 31 December 2023
13,606
104
13,710
9
Investment property
2024
£
Fair value
At 1 January 2024
21,490,000
Net gains or losses through fair value adjustments
105,000
At 31 December 2024
21,595,000
Please see details in notes 1.5 and 2 for more information.
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Investment property
(Continued)
- 15 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
4,066,013
4,022,052
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,708
4,366
Other debtors
324
1,544
Prepayments and accrued income
15,019
16,724
21,051
22,634
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
10,701
10,505
Amounts owed to group undertakings
4,077,301
3,909,678
Taxation and social security
104
Deferred income
13
19,624
8,996
Other creditors
12,826
12,450
Accruals
7,173
11,875
4,127,625
3,953,608
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,912
3,429
Capital gains on revaluations
3,334,052
3,308,435
3,336,964
3,311,864
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Deferred taxation
(Continued)
- 16 -
2024
Movements in the year:
£
Liability at 1 January 2024
3,311,864
Charge to profit or loss
25,100
Liability at 31 December 2024
3,336,964
The deferred tax liability set out above is not expected to reverse within 12 months and relates to accelerated capital allowances and capital gains arising on revaluation of investment properties.
13
Deferred income
2024
2023
£
£
Other deferred income
19,624
8,996
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,002
500,002
500,002
500,002
15
Profit and loss reserves
Profit and loss reserves represents cumulative profits and losses of the Company after the payment of dividends and revaluation surpluses.
16
Financial commitments, guarantees and contingent liabilities
The Company has given an unlimited guarantee for borrowings held by its parent company, Chamberlain Holdings Plc, secured by a floating charge over the remainder of the Company's assets.
However, in view of the financial position of the Group, the Directors do not consider that any contingent liability arises.
17
Operating lease commitments
The Company rents out land and buildings to third parties. At 31 December 2024 the Company had future minimum lease payments receivable under non-cancellable operating leases as follows:
OFFLEY CHASE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Operating lease commitments
(Continued)
- 17 -
2024
2023
Future amounts receivable under operating leases:
£
£
Within 1 year
72,245
19,461
Years 2-5
188,000
After 5 years
129,153
389,398
19,461
18
Events after the reporting date
There have been no significant events affecting the Company since the year end.
19
Related party transactions
The Company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 not to disclose transactions entered into between two or more members of a group, as the Company is a wholly owned subsidiary undertaking of the Group to which it is party to the transactions.
20
Ultimate controlling party
The immediate and ultimate holding company is Chamberlain Holdings Plc, a company incorporated in England and Wales.
The ultimate controlling party is Mr J M Chamberlain.
The largest and smallest group in which the results of the Company are consolidated is that headed by Chamberlain Holdings Plc. The consolidated group financial statements of Chamberlain Holdings Plc are available to the public and may be obtained from Companies House.
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