Company registration number: 11974514
Annual report and unaudited financial statements
for the year ended 30 September 2025
for
Charro Ltd
Pages for filing with the Registrar
Company registration number: 11974514
Charro Ltd
Balance sheet
as at 30 September 2025
30 Sep 25 30 Sep 24
Note £ £ £ £
Fixed assets
Investment property 5 9,382,337 5,658,565
9,382,337 5,658,565
Current assets
Debtors 950,190 202,130
Cash at bank and in hand 27,327 16,258
977,517 218,388
Creditors: amounts falling due within one year
(70,406) (11,132)
Net current assets 907,111 207,256
Total assets less current liabilities 10,289,448 5,865,821
Creditors: Amounts falling due after more than one year
(5,794,928) (3,389,748)
Provisions for liabilities (1,056,674) (558,190)
NET ASSETS 3,437,846 1,917,883
Capital and reserves
Called up share capital 1 1
Other reserves 3,170,026 1,674,573
Profit and loss account 267,819 243,309
TOTAL EQUITY 3,437,846 1,917,883
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 September 2025.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 11974514
Charro Ltd
Balance sheet - continued
as at 30 September 2025
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 17 September 2026 and signed on its behalf by:
Mr O Dorman, Director
17 September 2026
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Charro Ltd
Notes to the financial statements
for the year ended 30 September 2025
1 Company information
Charro Ltd is a private company registered in England and Wales. Its registered number is 11974514. The company is limited by shares. Its registered office is 30 Waterfront, Brighton Marina Village, Brighton, BN2 5WA.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company’s ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Investment property
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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 balance sheet date.
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Charro Ltd
Notes to the financial statements - continued
for the year ended 30 September 2025
2 Accounting policies - continued
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3 Critical accounting judgements and estimates
Investment property valuation The carrying value of the company’s investment property is based on its most recent valuation. The valuation involves judgement in determining appropriate assumptions, including market yields and future income expectations, and changes in market conditions could give rise to different valuations in future periods. Completed properties are measured at fair value at each reporting date in accordance with FRS 102 Section 16, with changes in fair value recognised in profit or loss, and the fair value at 30 September 2025 has been determined by the director using market evidence for similar properties in the area; no external valuer was engaged in the year. Properties under development are measured at cost less any impairment, as the director considers their fair value cannot be measured reliably without undue cost or effort during the redevelopment phase; these are remeasured to fair value on practical completion. At 30 September 2025, the historic cost of the company’s investment property (purchase price plus capitalised development expenditure) was £5,155,637 (2024: £3,425,803).



Deferred taxation The recognition of deferred tax involves judgement in estimating the timing and amount of future tax liabilities arising from differences between the carrying value of investment property and its tax base. Deferred tax is recognised based on tax rates enacted or substantively enacted at the balance sheet date and is sensitive to changes in valuation assumptions and tax legislation. The deferred tax provision of £1,056,674 (2024: £558,190) relates to timing differences on the fair value of investment property.



4 Average number of employees
During the year the average number of employees was Nil (2024 - Nil).
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Charro Ltd
Notes to the financial statements - continued
for the year ended 30 September 2025
5 Investment property
£
Valuation
At 1 October 2024 5,658,565
Additions 1,729,834
Revaluations 1,993,938
At 30 September 2025 9,382,337
6 Secured debts
The company has secured borrowings which are secured over investment property.
7 Financial instruments
The company’s financial instruments comprise cash at bank, trade and other debtors, and trade and other creditors. These are initially recognised at transaction price and subsequently measured at amortised cost.
8 Share capital
The company has an issued share capital of 100 ordinary shares of £0.01 each, all of which are fully paid.
9 Related party transactions
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Charro Ltd
Notes to the financial statements - continued
for the year ended 30 September 2025
9 Related party transactions - continued
Rivers Birtwell Limited Parent company During the year Rivers Birtwell Limited charged management fees of £57,861 (2024: £46,000) to Charro Limited. At the year end £757,978 (2024: £202,130) was due from Rivers Birtwell Limited. Modial Ltd Fellow subsidiary company During the year Charro Ltd advanced a net amount of £15,000 (2024: £Nil) to Modial Ltd. At the year end £15,000 (2024: £Nil) was due from Modial Ltd. Ardra Ltd Common directors During the year Charro Ltd advanced or paid expenses on behalf of Ardra Ltd. At the year end £57,844 (2024: £Nil) was due from Ardra Ltd. Iculous Ltd Common directors During the year Charro Ltd advanced or paid expenses on behalf of Iculous Ltd. At the year end £40,000 (2024: £Nil) was due from Iculous Ltd. Big Student House Common directors During the year Big Student House Limited charged agent fees and related property costs of £115,094 (2024: £42,458) to Charro Limited. At the year end Charro Limited owed £6,976 (2024: £Nil) to Big Student House Limited. RIB Ltd Common directors During the year Charro Ltd paid expenses of £3,825 (2024: £Nil) on behalf of RIB Ltd, all of which was repaid by the year end. Elandus Ltd Common director During the year Elandus Ltd advanced £2,500 (2024: £Nil) to Charro Ltd. At the year end Charro Ltd owed £2,500 (2024: £Nil) to Elandus Ltd. Cartra Ltd Common director During the year Cartra Ltd paid expenses of £412 (2024: £Nil) on behalf of Charro Ltd, all of which was repaid by the year end. Traq Ltd Common director During the year Charro Ltd advanced £256,200 (2024: £Nil) to Traq Ltd, all of which was repaid by the year end. The outstanding balances were unsecured, interest-free and repayable on demand.



































10 Debtors
Debtors comprise prepayments and amounts owed by group undertakings at the balance sheet date. All amounts are expected to be realised within one year.
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Charro Ltd
Notes to the financial statements - continued
for the year ended 30 September 2025
11 Other reserves
Other reserves represent unrealised fair value gains on investment property recognised in profit or loss in accordance with FRS 102 Section 16. These gains are not regarded as distributable.
12 Creditors – amounts falling due after more than one year
The balance comprises bank loans secured over the company’s investment property and amounts owed to group undertakings.
13 Controlling party
The company is controlled by its parent undertaking, Rivers Birtwell Limited, registered office 30 The Waterfront, Brighton Marina Village, Brighton, BN2 5WA. The ultimate controlling party is Birtwell & Dorman LLP, for which the directors G Birtwell and O Dorman are the only members. The registered office and principal place of business of Birtwell & Dorman LLP is 30 The Waterfront, Brighton Marina Village, Brighton, BN2 5WA. The company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by section 399 of the Companies Act 2006 not to prepare group financial statements.




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