Company registration number 03655242 (England and Wales)
CHARTLAND PROPERTIES LIMITED
Unaudited Financial Statements
For The Year Ended 31 October 2024
Pages For Filing With Registrar
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Contents
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 7
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Chartland Properties Limited For The Year Ended 31 October 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chartland Properties Limited for the year ended 31 October 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Chartland Properties Limited, as a body, in accordance with the terms of our engagement letter dated 10 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Chartland Properties Limited and state those matters that we have agreed to state to the board of directors of Chartland Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chartland Properties Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Chartland Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chartland Properties Limited. You consider that Chartland Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chartland Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
England
22 July 2025
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Balance Sheet
As At 31 October 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5
2,822,005
Investment property
4
2,405,000
-
0
2,405,005
2,822,005
Current assets
Debtors
5
65,617
69,613
Cash at bank and in hand
138,620
92,974
204,237
162,587
Creditors: amounts falling due within one year
6
(123,852)
(108,519)
Net current assets
80,385
54,068
Total assets less current liabilities
2,485,390
2,876,073
Creditors: amounts falling due after more than one year
7
(75,000)
(75,000)
Provisions for liabilities
(188,453)
(292,703)
Net assets
2,221,937
2,508,370
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,233,614
1,546,364
Profit and loss reserves
988,223
961,906
Total equity
2,221,937
2,508,370
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Balance Sheet (Continued)
As At 31 October 2024
31 October 2024
- 3 -

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
Mrs K Martin
Director
Company registration number 03655242 (England and Wales)
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Statement Of Changes In Equity
For The Year Ended 31 October 2024
- 4 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
100
1,616,613
949,620
2,566,333
Year ended 31 October 2023:
Profit
-
-
131,786
131,786
Other comprehensive income:
Tax relating to other comprehensive income
-
(70,249)
-
0
(70,249)
Total comprehensive income
-
(70,249)
131,786
61,537
Dividends
-
-
(119,500)
(119,500)
Balance at 31 October 2023
100
1,546,364
961,906
2,508,370
Year ended 31 October 2024:
Profit
-
-
141,817
141,817
Other comprehensive income:
Revaluation of tangible fixed assets
-
(417,000)
-
(417,000)
Tax relating to other comprehensive income
-
104,250
-
0
104,250
Total comprehensive income
-
(312,750)
141,817
(170,933)
Dividends
-
-
(115,500)
(115,500)
Balance at 31 October 2024
100
1,233,614
988,223
2,221,937
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Notes To The Financial Statements
For The Year Ended 31 October 2024
- 5 -
1
Accounting policies
Company information

Chartland Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Bank Street, Ashford, Kent, England, TN23 1DA.

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.

1.2
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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 and fittings
20% Straight line

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.

1.4
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.

1.5
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.

Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
2,822,000
3,913
2,825,913
Transfers
(2,822,000)
-
0
(2,822,000)
At 31 October 2024
-
0
3,913
3,913
Depreciation and impairment
At 1 November 2023 and 31 October 2024
-
0
3,908
3,908
Carrying amount
At 31 October 2024
-
0
5
5
At 31 October 2023
2,822,000
5
2,822,005
Chartland Properties Limited
CHARTLAND PROPERTIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 October 2024
- 7 -
4
Investment property
2024
£
Fair value
At 1 November 2023
-
0
Transfers
2,822,000
Revaluations
(417,000)
At 31 October 2024
2,405,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 7 November 2024 by Martine Waghorn Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
35,988
59,688
Prepayments and accrued income
29,629
9,925
65,617
69,613
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
46,029
37,390
Other taxation and social security
8,973
12,038
Other creditors
21,582
14,705
Accruals and deferred income
47,268
44,386
123,852
108,519
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
75,000
75,000
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