Company registration number NI054993 (Northern Ireland)
CHIEFTAN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
CHIEFTAN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CHIEFTAN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,176
1,384
Investment properties
5
2,934,140
2,934,140
Investments
6
530,000
-
0
3,465,316
2,935,524
Current assets
Stocks
1,985,861
2,141,698
Debtors
7
2,106,227
901,102
Cash at bank and in hand
204,218
68,232
4,296,306
3,111,032
Creditors: amounts falling due within one year
8
(2,122,101)
(2,585,290)
Net current assets
2,174,205
525,742
Total assets less current liabilities
5,639,521
3,461,266
Creditors: amounts falling due after more than one year
9
(2,707,637)
(735,910)
Provisions for liabilities
(294)
-
0
Net assets
2,931,590
2,725,356
Capital and reserves
Called up share capital
10
240
240
Profit and loss reserves
2,931,350
2,725,116
Total equity
2,931,590
2,725,356

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

CHIEFTAN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 May 2026 and are signed on its behalf by:
Mr Ian Cochrane
Director
Company Registration No. NI054993
CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Chieftan Properties Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Craigavon Road, Fintona, Co. Tyrone, BT78 2BN.

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 amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.9
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.

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.

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 payments 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. Amounts 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.

1.10
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.

1.11
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.

CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 June 2024 and 31 May 2025
4,410
Depreciation and impairment
At 1 June 2024
3,026
Depreciation charged in the year
208
At 31 May 2025
3,234
CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
4
Tangible fixed assets
Fixtures, fittings & equipment
£
(Continued)
- 7 -
Carrying amount
At 31 May 2025
1,176
At 31 May 2024
1,384
5
Investment property
2025
£
Fair value
At 1 June 2024 and 31 May 2025
2,934,140

The directors are satisfied that the carrying amounts of the investment properties are a reasonable reflection of their market value.

6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
530,000
-
0
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 June 2024
-
Additions
530,000
At 31 May 2025
530,000
Carrying amount
At 31 May 2025
530,000
At 31 May 2024
-
CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
23,275
39,263
Other debtors
2,082,952
861,839
2,106,227
901,102
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
303,395
219,579
Trade creditors
617
12,342
Amounts owed to group undertakings and undertakings in which the company has a participating interest
46,545
552,226
Corporation tax
62,952
22,995
Other taxation and social security
1,542
3,293
Other creditors
1,707,050
1,774,855
2,122,101
2,585,290
CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
8
Creditors: amounts falling due within one year
(Continued)
- 9 -

Loyds Banking Group plc holds security for banking facilities it provides to Chieftan Properties Limited. Security for these debts is provided by Chieftan Properties Limited. Specific details of the security are as follows:

- An unlimited debenture dated 20/08/2013 incorporating a fixed and floating charge.

- A first legal charge over each of the following properties:

- 199 Church Road, Yardley, Birmingham, B25 8UR dated 04/02/2021;

- 21 Bridge Street, Taunton, Somerset, TA1 1TQ dated 04/02/2021;

- 40 Trelowarren Street, Camborne, TR14 8AF dated 04/02/2021;

- 116 Queen Street, Newton, Abbot, TQ12 2EU dated 04/02/2021;

- 80 and 80A Gregson Avenue, Bridgemary, Gosport, PO13 0UR dated 04/02/2021;

- 81 & 82 Fernwood Drive, Rugeley, WS15 2PY dated 04/02/2021;

- 4 & 4A The Parade, Valley Drive, Gravesend, DA12 5RT dated 04/02/2021;

- 54 and 56 Coleridge Way, Crewe, CW1 5LE dated 04/02/2021;

- 47/49 Chandag Road, Keynsham, Bristol, BS31 1PW dated 17/10/2013;

- 5 Purbrook Chase Precinct, Waterlooville, PO7 5QH dated 17/10/2013;

- 318 Gloucester Road, Horfield, Bristol, BS7 8TJ dated 17/10/2013;

- 52 Wrotham Road, Welling. DA16 1LN dated 17/10/2013;

- 21 Homleigh Parade, Tuffley, Gloucester and Garage, GL4 0QU dated 17/10/2013;

- 5 Ashridge Parade, Wimborne Road, Bournemouth, BH10 7AN dated 17/10/2013;

- 61 Station Road, Birchington, CT7 9RE dated 17/10/2013;

- 61a Station Road, Birchington, CT7 9RE dated 17/10/2013;

- 10 Brassey Parade, Brassey Avenue, Eastbourne, BN22 9NG dated 17/10/2013;

- 3 Ferrymead Station Road, Pulborough, RH20 1AH dated 17/10/2013;

- 49 Greasby Road, Wirral, CH49 3NF dated 17/10/2013;

- 79 Magdalen Way, Gorleston, Great Yarmouth, NR31 7AA dated 19/11/2015;

- 1035 London Road, Thornton Heath, CR7 6JF dated 14/03/2017;

- 126 Kingston Road, Portsmouth, PO2 7PD dated 14/03/2017;

- 173 Canterbury Road, Urmston, Manchester, M41 0SE dated 14/03/2017;

- 8 Brassey Parade, Brassey Avenue, Eastbourne, BN22 9NG dated 14/03/2017;

CHIEFTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
8
Creditors: amounts falling due within one year
(Continued)
- 10 -

- 91 Magdalen Way, Gorleston, NR31 7AA dated 14/03/2017;

- 10 Melbourne Street, Stalybridge, SK15 2JE dated 14/03/2017;

- 1033 London Road, Thornton Heath, CR7 6JF dated 14/03/2017;

- 145 Rowner Lane, Gosport, PO13 9SP dated 09/04/2014;

- 198-198a Elm Park Avenue, Hornchurch, RM12 4SD dated 13/12/2013;

- 90 Lower Road, Belvedere, DA17 6DZ dated 16/06/2015;

- 4 Millbrook Square, Grove, Wantage and Garage, OX12 7JZ dated 02/09/2013;

- 4 Tatnum Crescent, Poole, BH15 2HG dated 16/11/2018;

- 1 The Triangle, Upton, Poole, BH16 5PG dated 16/11/2018;

- 305 Holdenhurst Road, Bournemouth, BH8 8BX dated 16/11/2018;

- 8 Madeira Parade, Madeira Avenue, Bognor Regis and Garage, PO22 8DX dated 16/11/2018;

- 121 and 123 Sutton Road, Southend On Sea, SS2 5PB dated 16/11/2018;

- Land on the west side of, 23 Ashton Road, Denton, Manchester, M34 3LF dated 16/11/2018;

- 57 Great Bridge, Tipton, DY4 7HF, dated 16/11/2018;

- 12 Bemisters Court, Gosport, PO12 1HB dated 08/07/2016;

- 157 Rowner Lane, Gosport, PO13 9SP dated 09/04/2014;

- 212/212a Hawthorne Road, Birmingham, B44 8PP dated 02/09/2013.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,707,637
735,910
10
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
240 Ordinary Shares of £1 each
240
240
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