Registration number:
Charterhouse Property Management Limited
for the Year Ended 31 December 2024
Charterhouse Property Management Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Charterhouse Property Management Limited
(Registration number: NI030387)
Balance Sheet as at 31 December 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Debtors |
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Other financial assets |
1 |
1 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Client accounts |
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Bank accounts |
1,727,608 |
2,331,523 |
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Amounts due to clients |
(1,727,608) |
(2,331,523) |
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- |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
16,000 |
16,000 |
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Retained earnings |
808,898 |
762,785 |
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Shareholders' funds |
824,898 |
778,785 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
Charterhouse Property Management Limited
(Registration number: NI030387)
Balance Sheet as at 31 December 2024
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......................................... |
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
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 £.
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
At 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.
Auditor's information
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.
The auditor's report was signed on 30 September 2025 by Ross Boyd (Senior Statutory Auditor) on behalf of RBCA Limited.
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
2% per annum straight line |
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Plant and equipment |
20% per annum straight line |
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Fixtures and fittings |
20% per annum straight line |
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Motor vehicles |
20% per annum straight line |
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its 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 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.
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 trade and other creditors and loans from fellow group companies, are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs.
Client monies
The company manages 173 developments; all transactions are dealt with through individual property management companies set up for each development. The company act as an agent for each property management company and also collects rents on behalf of landlords in relation to lettings therefore none of these transactions are reflected in the accounts of Charterhouse Property Management Limited. In acting for these property management companies and landlords, the company collects money from leaseholders in respect of managed development fees and rent, which is treated as client money.
The company has legal title to the client monies as they are held in Charterhouse Property Management Limited bank accounts, with full control over the monies held and the administration of the accounts but has no beneficial interest in the sums held.
The monies held and corresponding liability to the property management companies and landlords are presented separately on the balance sheet as in the opinion of the directors this is necessary for a true and fair view, to show clearly that for all client monies held there is a corresponding liability to clients.
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Critical accounting judgements and estimation uncertainty
Estimates and judgements made in the process of preparing the Company's financial statements are continually evaluated and are based on historical expenses and other factors, including expectations of future events that believed to be reasonable under the circumstances.
(a) Critical judgement in applying the entity's accounting policies
There are no critical judgements in applying the entity's accounting policies.
(b) Critical accounting estimates and assumptions
The Directors make estimates and assumptions concerning the future in the process of preparing the Company's financial statements. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of fixed assets
The annual depreciation on fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reviewed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
(ii) Bad debt provisions
It is part of the Company's credit control process to regularly monitor the recoverability of trade debtors and make adequate provision for any doubtful amounts. Bad debt provisions are calculated both on a specific and general basis using all information available to the company at the time.
(iii) Accruals
The Company assesses at each period end the amount of income and expenditure that has not yet been invoiced and records an accrual. Income invoiced in advance is identified and the portion which relates to a future period is deferred accordingly.
There are no other critical accounting estimates and assumptions.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Leasehold improvements |
Fixtures and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 31 December 2023 |
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- |
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Investments |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Northern Ireland |
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Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Other financial assets (current and non-current) |
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Financial assets at cost less impairment |
Total |
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Subsidiary undertaking |
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Cost or valuation |
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At 1 January 2024 |
1 |
1 |
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At 31 December 2024 |
1 |
1 |
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Carrying amount |
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At 31 December 2024 |
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1 |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Non-current |
2024 |
2023 |
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Other debtors |
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Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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12,000 |
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12,000 |
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4,000 |
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4,000 |
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Related party transactions |
During the year the company advanced to A Steele, the controlling party, £223,527 (2023: £177,662). A Steele paid on behalf of the company a total of £190,026 (2023: £122,754). The payments related to rent charges of £21,000 (2023: £21,000), software hire of £84,000 (2023: £63,000), and other costs of £85,026. During the year, an amount of £356,917 was introduced into the company by A Steele. At the balance sheet date the company owed A Steele £378.213 (2023: £54,796). No interest was charged on the amounts advanced.
During the year the company made payments for directorship and management accountancy services rendered by K Smyth as a director of £109,975 (2023: £105,439) to Priority Business Solutions Limited, controlled by the director of the company. At the balance sheet date the company had an outstanding balance with Priority Business Solutions of £nil (2023: £Nil).
Charterhouse Property Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Prior year misstatement |
A prior year adjustment was necessary to correct the omission of two client bank accounts in the prior year.
As a result, the comparative figures have been restated to reflect an increase in client bank balances of £124,849 and a corresponding increase in monies owed to clients of £124,849. The adjustment had no impact on net assets.