REGISTERED NUMBER: 04354617 (England and Wales)

CHURCHILL PROPERTY MANAGEMENT SERVICES

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S V Short

D J Hewett

SECRETARY:

D J Hewett

REGISTERED OFFICE:

Churchgate House

3 Church Road

Whitchurch

Cardiff

SOUTH GLAMORGAN

CF14 2DX

REGISTERED NUMBER:

04354617 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

731

825

Investment property

5

2,070,000

1,707,395

2,070,731

1,708,220

CURRENT ASSETS

Debtors

6

58,635

175,279

Cash at bank

218,324

43,789

276,959

219,068

CREDITORS

Amounts falling due within one year

7

2,281,690

2,326,486

NET CURRENT LIABILITIES

(2,004,731

)

(2,107,418

)

TOTAL ASSETS LESS CURRENT LIABILITIES

66,000

(399,198

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

65,999

(399,199

)

SHAREHOLDERS' FUNDS

66,000

(399,198

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

D J Hewett - Director

1.	STATUTORY INFORMATION

Churchill Property Management Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

At the date 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 and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Investment properties - The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental Income:

Turnover is recognised at the fair value of rent received or receivable in the normal course of business, net of value added tax. Rental income is recognised in the period which it relates.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives:

Plant and machinery - 10% - 25% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement.

Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it.

Cash & cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

938

DEPRECIATION

At 1 January 2024

113

Charge for year

94

At 31 December 2024

207

NET BOOK VALUE

At 31 December 2024

731

At 31 December 2023

825

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

1,707,395

Disposals

(202,000

)

Changes to fair value

564,605

At 31 December 2024

2,070,000

NET BOOK VALUE

At 31 December 2024

2,070,000

At 31 December 2023

1,707,395

Fair value at 31 December 2024 is represented by:

£

Valuation in 2022

(207,926

)

Valuation in 2022

(369,713

)

Valuation in 2024

564,605

Cost

2,083,034

2,070,000

The company's investment properties were valued at £2,070,000 as of 31 December 2024 by Knight Frank, independent chartered surveyors. The valuation was conducted in accordance with the Royal Institution of Chartered Surveyors (RICS) Valuation.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

10,180

14,876

Other debtors

48,455

160,403

58,635

175,279

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,543

3,469

Taxation and social security

3,677

-

Other creditors

2,274,470

2,323,017

2,281,690

2,326,486

8.	DEFERRED TAX

£

Balance at 1 January 2024

(144,410

)

Investment properties

141,151

Available tax losses

(32,360

)

Balance at 31 December 2024

(35,619

)

The deferred tax asset recognised in the period arises due to the temporary difference between the carrying value of the investment properties measured at fair value and cost, and also includes an amount relating to available tax losses. The deferred tax has been calculated at the expected rate of corporation tax.

9.	TRANSACTIONS WITH DIRECTORS

As at 31 December 2024 the company owed to a director £2,152,485 (2023: £2,153,760), which is included within creditors amount falling due within one year. The balance is repayable on demand and is interest free.

10.	RELATED PARTY DISCLOSURES

As at 31 December 2024 an amount of £90,650 (2023: £135,442) was owed to Short Bros (Developments) Limited. Short Bros (Developments) Limited is a company with common directors and ownership. The amount is included within creditors falling due within one year. The balance is interest free and repayable on demand.

During the year, the company disposed of an investment property with a carrying value of £202,000 to a self-invested personal pension scheme (SIPP) controlled by one of the company's directors. The transaction was conducted at market value as determined by an independent professional valuation. The consideration of £202,000 was fully settled.