ACCOUNTS - Final Accounts preparation

Registered number: 04337960

CHALDEAN PROPERTIES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

CHALDEAN PROPERTIES LIMITED

REGISTERED NUMBER: 04337960

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		91,692		55,269
Fixed asset investments	6		2		1
Investment property	7		22,472,470		23,190,273
			22,564,164		23,245,543
Current assets
Stocks	8	832,219		829,231
Debtors: amounts falling due after more than one year	9	58,000		32,000
Debtors: amounts falling due within one year	9	5,251,758		3,848,783
Cash at bank and in hand	10	571,857		767,682
		6,713,834		5,477,696
Creditors: amounts falling due within one year	11	(13,881,689)		(9,504,884)
Net current liabilities			(7,167,855)		(4,027,188)
Total assets less current liabilities			15,396,309		19,218,355
Creditors: amounts falling due after more than one year	12		-		(4,004,000)
Provisions for liabilities
Other provisions	15		(850,000)		(850,000)
Net assets			14,546,309		14,364,355

Capital and reserves
Called up share capital			240,000		240,000
Share premium account			5,775,000		5,775,000
Revaluation reserve			1,565,797		2,299,826
Profit and loss account			6,965,512		6,049,529
			14,546,309		14,364,355

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CHALDEAN PROPERTIES LIMITED

REGISTERED NUMBER: 04337960

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr D Morrison

Director

Date: 24 September 2025

The notes on pages 4 to 15 form part of these financial statements.

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		CHALDEAN PROPERTIES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

		Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total equity
		£	£	£	£	£
	At 1 January 2023	240,000	5,775,000	(582,099)	5,812,388	11,245,289
	Comprehensive income for the year
	Profit for the year	-	-	-	3,119,066	3,119,066
	Other comprehensive income for the year	-	-	-	-	-
	Total comprehensive income for the year	-	-	-	3,119,066	3,119,066
	Transfer to/from profit and loss account	-	-	2,881,925	(2,881,925)	-
	Total transactions with owners	-	-	2,881,925	(2,881,925)	-

	At 1 January 2024	240,000	5,775,000	2,299,826	6,049,529	14,364,355
	Comprehensive income for the year
	Profit for the year	-	-	-	181,954	181,954
	Other comprehensive income for the year	-	-	-	-	-
	Total comprehensive income for the year	-	-	-	181,954	181,954
	Transfer to/from profit and loss account	-	-	(734,029)	734,029	-
	Total transactions with owners	-	-	(734,029)	734,029	-
	At 31 December 2024	240,000	5,775,000	1,565,797	6,965,512	14,546,309

The notes on pages 4 to 15 form part of these financial statements.

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

The Company is a private limited company by shares and is incorporated in England and Wales. The address of its Registered Office is The Old Grain Store, Bromley Lane, Much Hadham, Hertfordshire, SG10 6HU.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

GOING CONCERN

As at 31 December 2024, the company had net current liabilities of £7,169,649 and made profit after tax of £180,160.
These accounts have been prepared on a going concern basis. Included in current liabilities are informal loans from related parties totalling £6,700,610. The directors have confirmed these loans will not be repaid in full within 12 months from the date the financial statement are approved. As with any company placing reliance on other related parties for financial support there can be no certainty that this support will continue although, at the date of approval of these financial statements, the directors have no reason to believe that this support will not continue as required. The company has received a written offer of refinance of its bank loans and has no reason to believe the bank loans will be called within the next 12 months.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental income
Revenue from rental income is recognised in accordance with the terms stipulated in the leases with tenants.
Fees received
Fees received for locating vacant land for development are recognised in accordance with the terms stipulated in the contract.
Sale of property development
Revenue from property development sales is recognised on the date of completion.

2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Motor vehicles	-	20%	straight line
				Office equipment	-	20%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by expert valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.13

STOCKS

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.18

FINANCIAL INSTRUMENTS

The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

3.	TURNOVER
	An analysis of turnover by class of business is as follows:
					2024	2023
					£	£

	Rent receivable	1,530,422	1,555,233
	Income from property development	38,398	38,345
		1,568,820	1,593,578

All turnover arose within the United Kingdom.

4.	TAXATION

					2024	2023
					£	£

	Corporation tax
	Current tax on profits for the year	102,035	130,898

	Total current tax	102,035	130,898

	Deferred tax
	Origination and reversal of timing differences	12,361	(307,128)
	Total deferred tax	12,361	(307,128)


	Taxation on profit/(loss) on ordinary activities	114,396	(176,230)

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.TAXATION (CONTINUED)

	FACTORS AFFECTING TAX CHARGE FOR THE YEAR
	The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
					2024	2023
					£	£

Profit on ordinary activities before tax

296,350

2,942,836

	Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	74,088	692,155
	Effects of:
	Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	13,357	14,230
	Capital allowances for year in excess of depreciation	-	(2,227)
	Impairment of investment	-	(20,164)
	Revaluation of investment property	79,451	(841,318)
	Change in tax rate leading to an increase (decrease) in the tax charge	-	(18,178)
	Group relief	-	(728)
	Profit on Disposal of Property	(52,500)	-
	Total tax charge for the year	114,396	(176,230)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 9

CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	TANGIBLE FIXED ASSETS

		Motor vehicles	Office equipment	Total
		£	£	£
	Cost or valuation
	At 1 January 2024	92,115	39,279	131,394
	Additions	94,762	-	94,762
	Disposals	(92,115)	(1,344)	(93,459)
	At 31 December 2024	94,762	37,935	132,697
	Depreciation
	At 1 January 2024	36,846	39,279	76,125
	Charge for the year on owned assets	21,494	-	21,494
	Disposals	(55,270)	(1,344)	(56,614)
	At 31 December 2024	3,070	37,935	41,005
	Net book value
	At 31 December 2024	91,692	-	91,692
	At 31 December 2023	55,269	-	55,269

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies	Unlisted investments	Total
		£	£	£
	Cost or valuation
	At 1 January 2024	1	176,954	176,955
	Additions	1	-	1
	At 31 December 2024	2	176,954	176,956
	Impairment
	At 1 January 2024	-	176,954	176,954
	At 31 December 2024	-	176,954	176,954
	Net book value
	At 31 December 2024	2	-	2
	At 31 December 2023	1	-	1

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	INVESTMENT PROPERTY

		Freehold investment property
		£
	Valuation
	At 1 January 2024	23,190,273
	Disposals	(400,000)
	Surplus on revaluation	(317,803)
	At 31 December 2024	22,472,470

The 2024 property valuations for part of the portfolio were valued by Colliers International Property Consultants Limited on the basis of market value and market rent for the purpose of loan security. The remaining 2024 property valuations were made by the Directors, on an open market value for existing use basis.

	If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
					2024	2023
					£	£

Historic cost

21,050,841

21,447,702

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	STOCKS
					2024	2023
					£	£

	Work in progress	832,219	829,231

9.	DEBTORS
					2024	2023
					£	£

	Due after more than one year
	Prepayments and accrued income	58,000	32,000

					2024	2023
					£	£

	Due within one year
	Trade debtors	342,896	485,810
	Amounts owed by group undertakings	4,596,212	3,033,629
	Other debtors	197,080	139,884
	Prepayments and accrued income	54,046	115,575
	Deferred taxation	61,524	73,885
		5,251,758	3,848,783

10.	CASH AND CASH EQUIVALENTS
					2024	2023
					£	£

	Cash at bank and in hand	571,857	767,682

The company holds a guarantee with the National House Building Council to the value of £20,000 (2023 - £20,000). This guarantee can be cancelled with a 30 day notice period by either party.

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CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	CREDITORS: Amounts falling due within one year
					2024	2023
					£	£

	Bank loans	6,250,836	1,796,836
	Trade creditors	49,157	61,365
	Corporation tax	102,057	130,898
	Other taxation and social security	66,272	136,217
	Other creditors	7,077,768	7,020,456
	Accruals and deferred income	335,599	359,112
		13,881,689	9,504,884

12.	CREDITORS: Amounts falling due after more than one year
					2024	2023
					£	£

	Bank loans	-	4,004,000

Secured loans
The bank loans amounting to £6,250,836 (2023 - £5,800,836) are secured over all the investment properties to which they relate, as well as personal guarantees from D Morrison and G Morrison.

13.	LOANS
	Analysis of the maturity of loans is given below:
					2024	2023
					£	£

	Amounts falling due within one year
	Bank loans	6,250,836	1,796,836

	Amounts falling due 2-5 years
	Bank loans	-	4,004,000

		6,250,836	5,800,836

Page 14

CHALDEAN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	DEFERRED TAXATION

		2024	2023
		£	£

	At beginning of year	73,885	(233,243)
	Charged to profit or loss	(12,361)	307,128
	At end of year	61,524	73,885

	The deferred tax asset is made up as follows:
					2024	2023
					£	£

	Accelerated capital allowances	17,285	29,646
	Investment Impairment	44,239	44,239
		61,524	73,885

15.	PROVISIONS

		Other provision
		£

	At 1 January 2024	850,000
	At 31 December 2024	850,000

Other provisions relate to the estimated liability arising from a loan guarantee provided to Mr G Morrison.

16.	PENSION COMMITMENTS

The company made pension contributions in the year of £19,070 (2023 - £18,039) into employees' personal pension plans.

17.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 24 September 2025 by Darren Amott (Senior Statutory Auditor) on behalf of Price Bailey LLP.

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