REGISTERED NUMBER: 05592971 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SHERBORNE PAPER LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

K Patel

Mrs J Patel

R Patel

N Patel

SECRETARY:

Mrs J Patel

REGISTERED OFFICE:

34 Waterloo Road

Wolverhampton

WV1 4DG

REGISTERED NUMBER:

05592971 (England and Wales)

AUDITORS:

Crombies Accountants Limited

Chartered Accountants and Statutory Auditor

34 Waterloo Road

Wolverhampton

West Midlands

WV1 4DG

FIXED ASSETS

Tangible assets

4

324,377

408,149

Investment property

5

32,288,442

29,628,005

32,612,819

30,036,154

CURRENT ASSETS

Debtors

6

(782

)

330,888

Prepayments and accrued income

175,826

154,883

Cash at bank and in hand

4,210,860

238,913

4,385,904

724,684

CREDITORS

Amounts falling due within one year

7

9,622,623

5,015,198

NET CURRENT LIABILITIES

(5,236,719

)

(4,290,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,376,100

25,745,640

CREDITORS

Amounts falling due after more than one year

8

(2,825,520

)

(4,536,324

)

PROVISIONS FOR LIABILITIES

(2,664,539

)

-

NET ASSETS

21,886,041

21,209,316

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

11,040,361

11,040,361

Retained earnings

11

10,845,580

10,168,855

SHAREHOLDERS' FUNDS

21,886,041

21,209,316

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

K Patel - Director

1.	STATUTORY INFORMATION

Sherborne Paper 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company has taken advantage of the transitional exemptions in FRS102 35.10 (d) to use a previous GAAP revaluation as its deemed cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

947,919

DEPRECIATION

At 1 January 2024

539,770

Charge for year

83,772

At 31 December 2024

623,542

NET BOOK VALUE

At 31 December 2024

324,377

At 31 December 2023

408,149

5.	INVESTMENT PROPERTY

Fair value at 31 December 2024 is represented by:

£

Valuation in 2020

9,503,482

Valuation in 2022

1,536,879

Cost

21,248,081

32,288,442

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

21,248,081

18,587,644

Investment property was valued on an open market basis on 20 February 2023 by BNP Paribas Real Estate .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

(782

)

21,218

Amounts owed by group undertakings

-

309,669

Other debtors

-

1

(782

)

330,888

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

218,750

376,650

Trade creditors

1,514,601

505,558

Amounts owed to group undertakings

5,398,614

1,610,933

Taxation and social security

2,471,209

2,038,403

Other creditors

19,449

483,654

9,622,623

5,015,198

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

2,825,520

4,536,324

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,950,520

3,029,725

9.	SECURED DEBTS

Bank borrowings are secured by fixed charges over the company's premises at City Gate Park and Unit 4N Coxwell Avenue and a fixed and floating charge over the other assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2024

10,168,855

11,040,361

21,209,216

Profit for the year

5,676,725

-

5,676,725

Dividends

(5,000,000

)

-

(5,000,000

)

At 31 December 2024

10,845,580

11,040,361

21,885,941

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Cattell FCA (Senior Statutory Auditor)

for and on behalf of Crombies Accountants Limited

13.	CAPITAL COMMITMENTS

2024

2023

£

£

Contracted but not provided for in the

financial statements

36,000,000

-

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with Chartley Holdings Limited or other wholly owned subsidiaries within the group.

15.	ULTIMATE CONTROLLING PARTY

Mr R Patel, the director is the ultimate controlling party by virtue of his shareholding in Chartley Holdings Limited

16.	ULTIMATE PARENT COMPANY

Chartley Holdings Limited, a company registered in England and Wales, who's registered office is situated at 34 Waterloo Road, Wolverhampton WV1 4DG is regarded as the ultimate parent company which produces consolidated financial statements which are available from Companies House.