Company registration number 06548550 (England and Wales)
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
COMPANY INFORMATION
Directors
Mr M Dwan
Mr A J Dwan
Mr N Charlesworth
Mr C McLaren
Secretary
North Consulting Limited
Company number
06548550
Registered office
Building 1000
Kings Reach Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HG
Auditor
Azets Audit Services
Fleet House
New Road
Lancaster
United Kingdom
LA1 1EZ
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of the trade of maintenance of assets and services for use by community based parties.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Dwan
Mr A J Dwan
Mr N Charlesworth
Mr C McLaren
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
By order of the board
North Consulting Limited
Secretary
12 November 2025
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
- 3 -
Opinion

We have audited the financial statements of Community 1st Oldham (Chadderton) Limited (the 'company') for the year ended 30 April 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Susanna Cassey
Senior Statutory Auditor
For and on behalf of Azets Audit Services
18 November 2025
Chartered Accountants
Statutory Auditor
Fleet House
New Road
Lancaster
United Kingdom
LA1 1EZ
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
2025
2024
Notes
£
£
Turnover
1,948,036
2,079,275
Cost of sales
(688,738)
(868,295)
Gross profit
1,259,298
1,210,980
Administrative expenses
(160,336)
(69,949)
Operating profit
1,098,962
1,141,031
Interest payable and similar expenses
(485,278)
(499,150)
Fair value gains and losses on investment properties
4
-
0
6,838,918
Profit before taxation
613,684
7,480,799
Tax on profit
(153,422)
(1,870,200)
Profit for the financial year
460,262
5,610,599
Other comprehensive income
Cash flow hedges (loss)/gain arising in the year
(87,865)
215,598
Total comprehensive income for the year
372,397
5,826,197

The profit and loss account has been prepared on the basis that all operations are continuing operations.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
23,380,000
23,380,000
Current assets
Debtors
6
156,541
288,110
Cash at bank and in hand
822,598
637,932
979,139
926,042
Creditors: amounts falling due within one year
7
(837,994)
(944,342)
Net current assets/(liabilities)
141,145
(18,300)
Total assets less current liabilities
23,521,145
23,361,700
Creditors: amounts falling due after more than one year
8
(7,068,168)
(7,299,647)
Provisions for liabilities
(3,610,152)
(3,591,625)
Net assets
12,842,825
12,470,428
Capital and reserves
Called up share capital
100
100
Hedging reserve
10
(352,138)
(264,273)
Profit and loss reserves
10
13,194,863
12,734,601
Total equity
12,842,825
12,470,428

The notes on pages 9 to 16 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 12 November 2025 and are signed on its behalf by:
Mr M Dwan
Director
Company Registration No. 06548550
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 8 -
Share capital
Hedging reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2023
100
(479,871)
7,124,002
6,644,231
Year ended 30 April 2024:
Profit for the year
-
-
5,610,599
5,610,599
Other comprehensive income:
Cash flow hedges gains
-
215,598
-
215,598
Total comprehensive income for the year
-
215,598
5,610,599
5,826,197
Balance at 30 April 2024
100
(264,273)
12,734,601
12,470,428
Year ended 30 April 2025:
Profit for the year
-
-
460,262
460,262
Other comprehensive income:
Cash flow hedges gains
-
(87,865)
-
(87,865)
Total comprehensive income for the year
-
(87,865)
460,262
372,397
Balance at 30 April 2025
100
(352,138)
13,194,863
12,842,825
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
1
Accounting policies
Company information

Community 1st Oldham (Chadderton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Building 1000, Kings Reach Yew Street, Stockport, Cheshire, United Kingdom, SK4 2HG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net assets of £12,842,825 (2024 - £12,470,428) reporting an operating profit of £1,098,962 (2024 - £1,141,031) and has net current assets of £141,145 (2024 - £18,300 liabilities). The Directors are required to prepare the financial statements on a going concern basis unless it its inappropriate to presume that the Company will continue in business.true

In satisfaction of this responsibility, the Directors have considered the Company's ability to meet its liabilities as they fall due for a period of at least twelve months from the signing date of the financial statements. Based on the overall review, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the going concern basis of accounting has been adopted in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Lease turnover is recognised in the period to which the revenue relates. Where the Company have offered any lease incentives these are spread equally over the length of the lease. Other income and recharges are recognised in the period in which the services have been provided.

1.4
Investment property

The Company is an operator of LIFT (Local Improvement Finance Trust) contracts which were entered into prior to the transition to FRS 102. Therefore, the accounting has been continued using the accounting policies applied prior to the date of transition to FRS 102. The underlying asset was deemed to be an asset of the Company under FRS 5, Application Note F, because the risks and rewards of ownership as set out in that Standard are deemed to lie principally with the Company.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 10 -

Investment property is carried at fair value determined annually by the Directors and derived from current market rents and investment property yields, adjusted if necessary for any difference in the nature, location or condition of the specific asset or the length of rental contracts which the property holds. When valuing the investment properties the Directors have regard to a combination of external valuations, recent sales and arm's length offers made by third parties. No depreciation is provided on investment property. Changes in fair value are recognised in the Statement of Comprehensive Income.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Interest income is recognised in the Statement of Comprehensive income using the effective interest method.

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carry amount. Issue costs are initially recognised as a reduction in the proceeds of associated capital instruments.

Basic financial assets

Basic financial assets, which include 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Hedge accounting

The company designates certain hedging instruments, including derivatives, embedded derivatives and non-derivatives, as either fair value hedges or cash flow hedges. At the inception of the hedge relationship, the company documents the relationship between the hedging instrument and the hedged item along with risk management objectives and strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

For derivatives that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of the hedge is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss.

Any gain or loss previously recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. This occurs when the hedging instrument expires or no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged debt instrument is derecognised, or the hedging instrument is terminated.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 12 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment properties

Investment properties are valued annually using a yield of methodology using market rental values capitalised at a market capitalisation rate, but there is an inevitable degree of judgement involved in that each property is unique and value can only be reliably tested in the market itself.

3
Employees

The Company employed no staff other than the Directors during either year. The emoluments of the Directors are paid by a fellow group undertaking, which makes no recharge to the Company.

2025
2024
Number
Number
Total
0
0
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
4
Investment property
2025
£
Fair value
At 1 May 2024 and 30 April 2025
23,380,000

The fair value of the Company's investment properties are annually reviewed by Directors and periodically reviewed by independent professionally qualified valuers. In the current year, the Company's investment properties are valued at fair value, determined by the Directors, and derived from current market rents and investment property yields, adjusted if necessary for any difference in the nature, location or condition of the specific asset or the length of rental contracts which the property holds. A formal valuation was performed by Gerald Eve on 30 June 2024 which supports the value determined by the directors.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
8,818,469
8,818,469
Accumulated depreciation
(2,964,690)
(2,788,317)
Carrying amount
5,853,779
6,030,152

Interest payable and similar expenses of £574,403 (2024 - £574,403) have been capitalised within investment properties.

5
Financial instruments
2025
2024
£
£
Carrying amount of financial liabilities
Measured at fair value through other comprehensive income
- Other financial liabilities
352,138
264,273
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
63,062
223,563
Other debtors
93,479
64,547
156,541
288,110
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 14 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
295,815
278,997
Other borrowings
23,528
20,940
Trade creditors
62,988
210,652
Corporation tax
57,271
-
0
Other taxation and social security
79,993
85,147
Accruals and deferred income
318,399
348,606
837,994
944,342

The bank loan is secured on the assets of the company.

The loan notes are secured on the assets of the company.

8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
5,897,008
6,192,824
Other borrowings
819,022
842,550
Derivative financial instruments
352,138
264,273
7,068,168
7,299,647

The bank loan is secured on the assets of the company.

The loan notes are secured on the assets of the company.

Bank loans consist of fixed rate loans totalling £6,192,823 (2024 - £6,471,822) at an interest rate of 5.94% p.a. repayable over 15 years.

Other Loans consist of fixed rate loans totalling £842,550 (2024 - £863,490) at an interest rate of 12% p.a. repayable over 15 years.

Long term inter-company sub debt is repayable over 15 years at an interest rate of 12%.

The financial derivatives represent the fair value of interest rate swaps held by the Company to fix the interest rate payable on the Company's variable rate loans.

Amounts included above which fall due after five years are as follows:
Payable by instalments
5,214,867
5,626,225
COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 15 -
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
605,347
597,866
Tax losses
-
(10,477)
Revaluations
3,004,805
3,004,805
Short term timing differences
-
(569)
3,610,152
3,591,625
2025
Movements in the year:
£
Liability at 1 May 2024
3,591,625
Charge to profit or loss
18,527
Liability at 30 April 2025
3,610,152

The Company has tax losses of £Nil (2024 - £41,908) available to offset against future taxable profits.

The deferred tax balance has been calculated based on the rate as of the year-end date and is not expected to reverse in the next 12 months.

10
Reserves
Hedging reserve

The Company has identified a number of its interest rate sweeps as hedging instruments. To the extent that the hedge is considered effective, any movement in the fair value of these instruments is included in a cash flow hedging reserve in the Company's reserves.

Profit and loss reserve

The Company has a profit and loss reserve of £13,194,863 (2024 - £12,734,601). Of this, £11,555,726 (2024 - £11,555,726) is non-distributable.

11
Related party transactions
Transactions with related parties

Community Health Partnerships holds a 20% shareholding in Community 1st Oldham (Chadderton) Limited.

The Oldham Borough Council holds a 20% shareholding in Community 1st Oldham (Chadderton) Limited.

All other entities are related parties due to common Directors and shareholding.

During the year the company entered into the following transactions with related parties:

COMMUNITY 1ST OLDHAM (CHADDERTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
11
Related party transactions
(Continued)
- 16 -
Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Group undertakings on normal commercial terms
-
-
60,747
8,611
Oldham Borough Council
1,588,333
1,525,457
-
-
Entities under common control
-
-
443,172
361,486
Interest Payable
2025
2024
£
£
Group undertakings on normal commercial terms
-
32,246
Oldham Borough Council
20,524
21,189
Entities under common control
61,572
31,320
Community Health Partnerships
20,524
21,189
2025
2024
Amounts due to related parties
£
£
Group undertakings on normal commercial terms
-
4,665
Oldham Borough Council
170,192
174,421
Entities under common control
510,576
528,303
Community Health Partnerships
170,192
174,421

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Oldham Borough Council
58,976
-
Entities under common control
356
-
12
Parent company

The smallest group in which the results of the Company are consolidated is that headed by Equity Solutions Asset Management Limited, a company incorporated in England and Wales. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate parent company is ESAML (Intermediate Holdings) 2023 Limited a company incorporated in England and Wales. The company's accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

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