Churngold Ventures Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Churngold Ventures Limited

Balance Sheet

31 May 2025

	Note	2025 £ 000	2024 £ 000
Fixed assets
Investment property	4	3,831	2,931
Current assets
Debtors	5	82	91
Cash at bank and in hand		135	794
		217	885
Creditors: Amounts falling due within one year	6	(112)	(54)
Net current assets		105	831
Total assets less current liabilities		3,936	3,762
Provisions for liabilities		(67)	(85)
Net assets		3,869	3,677
Capital and reserves
Called up share capital	7	3,130	3,130
Profit and loss account		739	547
Shareholders' funds		3,869	3,677

Churngold Ventures Limited

Balance Sheet

31 May 2025

For the financial year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 January 2026 and signed on its behalf by:
 

......................................... R N V Mead Director

Company Registration Number: 09544287

Churngold Ventures Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 4A
Severn View Industrial Estate
Central Avenue
Hallen
Bristol
BS10 7SD

These financial statements were authorised for issue by the Board on 8 January 2026.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

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

The directors consider that the company has sufficient resources available in terms of related party funding to justify preparing the financial statements on a going concern basis.

Functional and Presentational Currencies

The financial statements are presented in sterling which is also the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £000, except where otherwise indicated.

Churngold Ventures Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2025

Key accounting judgements and sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. 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 discussed below.

The key estimate is in respect of the valuation of investment properties. Investment properties are carried at fair value, which requires estimation as to the current market value of the properties. These valuations have been undertaken by the director with reference to independent third party valuations and wider market data and knowledge. The carrying amount is £Nil (2024 -£2,930,500).

Revenue recognition

Turnover is the total amount receivable for rental income, stated net of VAT and trade discounts. Where amounts are invoiced in advance or arrears, an element is deferred or accrued accordingly.

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 corporation 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 all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuations and updated annually by Director's valuations. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Leases

The Company as Lessor - Operating leases
Rental income from assets leased under operating leases is recognised on a straight-line basis over the term of the lease. Rent free periods or other incentives given to the lessee are accounted for as a reduction to the rental income and recognised on a straight-line basis over the lease term.

Churngold Ventures Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2025

Financial Instruments

Classification
Financial instruments are classified as liabilities and equity instruments 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.

Recognition and measurement
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost.

 

3	Staff numbers

The average number of persons employed by the company during the year, was 0 (2024 - 0).

4	Investment properties

	2025 £ 000
At 1 June	2,931
Additions	900
At 31 May	3,831

The principal investment property was revalued by professional valuers, Jones Lang LaSalle, in December 2023 on the basis of open market value under the existing tenancy. As at May 2025 the Directors consider that the valuation remains materially correct. The property is currently leased to a tenant for a period of 21 years (starting August 2015), with a break permitted at 15 years. If it were stated on a historical cost basis, it would have a carrying value of £2,376,000 (2024: £2,376,000).

An additional investment property was built during the year at a cost of £899,500. This property is currently leased to a tenant for a period of 15 years (starting September 2024), with a break permitted at 10 years. If it were stated on a historical cost basis, it would have a carrying value of £1,030,500 (2024: £130,500). The Directors consider this a reasonable valuation of the property.
 

Churngold Ventures Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2025

5

Debtors

	2025 £ 000	2024 £ 000
Prepayments and accrued income	82	91
	82	91

6

Creditors

Creditors: amounts falling due within one year

	2025 £ 000	2024 £ 000
Due within one year
Corporation tax control	47	42
Taxation and social security	16	8
Accruals and deferred income	49	4
	112	54

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No. 000	£ 000	No. 000	£ 000
Ordinary shares of £1 each	3,130	3,130	3,130	3,130