Charon Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02371765 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Charon Properties Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

P N Davis

Mrs S J Huggett

SECRETARY:

P N Davis

REGISTERED OFFICE:

Davis House

Lodge Causeway Trading Estate

Fishponds

Bristol

BS16 3JB

REGISTERED NUMBER:

02371765 (England and Wales)

ACCOUNTANTS:

Rhodyate Consulting Ltd

Chartered Accountants

Hillside

Rhodyate

Blagdon

Bristol

BS40 7TP

FIXED ASSETS

Tangible assets

4

1,523

2,241

Investments

5

2

2

Investment property

6

3,050,000

2,950,000

3,051,525

2,952,243

CURRENT ASSETS

Debtors

7

1,452

2,759

Cash at bank

919

20,496

2,371

23,255

CREDITORS

Amounts falling due within one year

8

523,677

578,255

NET CURRENT LIABILITIES

(521,306

)

(555,000

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,530,219

2,397,243

CREDITORS

Amounts falling due after more than one year

9

(118,185

)

(126,337

)

PROVISIONS FOR LIABILITIES

(71,612

)

(54,451

)

NET ASSETS

2,340,422

2,216,455

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

1,110,730

1,027,730

Retained earnings

1,229,690

1,188,723

2,340,422

2,216,455

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 August 2019 and were signed on its behalf by:

P N Davis - Director

1.	STATUTORY INFORMATION

Charon Properties Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on

the Company Information page.

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 historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover comprises rental income received or receivable by the company during the year,

exclusive of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment properties

Investment properties are those properties that are held either to earn rental income or for

capital appreciation or both. Investment properties are measured initially at cost including

transaction costs and thereafter are stated at fair value, which reflects market conditions at

the balance sheet date. Gains and losses arising from changes in the fair value of

investment properties are recognized in the income statement in the year in which they

arise, with a transfer to or from the fair value reserve of such a gain or loss, less the related

deferred tax charge or credit.

Investment properties are stated at fair value as determined by the Director. In determining

the fair value of each investment property, the Director makes use of historical and current

market data as well as existing lease agreements. Alternatively, a professional valuation will

be obtained and used as the basis for fair value in the accounts, where this is deemed to

be appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the statement of financial position 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 have been enacted or substantively enacted

by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis

over the period of the lease.

Going concern

The statement of financial position at 31 December 2018 shows net current liabilities of

£521,306 (2017: £555,000), including amounts owed to its parent undertaking of £487,306

(2017: £535,692). The directors of the company's parent undertaking, Charon Holdings Ltd,

have confirmed it will not seek repayment of these amounts to the detriment of third parties

and that it will provide sufficient funding so as to ensure that Charon Properties Ltd is able

to meet its financial obligations as they fall due.

The company continues to be profitable post year end as well as having significant net

assets, and current forecasts anticipate that it will remain profitable and cash generative

over the next twelve months.

Accordingly, the directors have a reasonable expectation that the company will be able to

continue in operational existence for the foreseeable future and so consider it appropriate

to adopt the going concern basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

34,803

DEPRECIATION

At 1 January 2018

32,562

Charge for year

718

At 31 December 2018

33,280

NET BOOK VALUE

At 31 December 2018

1,523

At 31 December 2017

2,241

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2018

and 31 December 2018

2

NET BOOK VALUE

At 31 December 2018

2

At 31 December 2017

2

Investments in subsidiary undertakings represents a holding of 100% of the shares in

Davisons (Property Investments) Ltd, a company registered in England & Wales.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

2,950,000

Revaluations

100,000

At 31 December 2018

3,050,000

NET BOOK VALUE

At 31 December 2018

3,050,000

At 31 December 2017

2,950,000

The investment property was revalued on 9 October 2018 on a fair value basis by Andrew

Forbes Chartered Surveyors.

The original cost of the property was £1,867,444 and the cumulative fair value adjustments

to date total £1,182,556.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

-

855

Other debtors

1,452

1,904

1,452

2,759

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

24,979

24,979

Trade creditors

500

166

Amounts owed to group undertakings

487,306

535,692

Taxation and social security

9,662

13,881

Other creditors

1,230

3,537

523,677

578,255

Amounts owed to group undertakings are unsecured, interest-free and have no fixed

repayment date.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

118,185

126,337

31.12.18

31.12.17

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

16,268

24,420

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank loans

143,164

151,316

The bank loan is secured by a debenture and a legal charge over the investment property.

11.

RESERVES

Fair

value

reserve

£

At 1 January 2018

1,027,730

Transfer to fair value reserve

83,000

At 31 December 2018

1,110,730

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under FRS102 section

33.1A from disclosing transactions with entities that are wholly owned within the group.

The ultimate parent undertaking is Charon Holdings Ltd, a company registered in England

and Wales, by virtue of its 100% shareholding in the company.

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act

2006, the company is only required to file a Statement of Financial Position. Readers are

cautioned that the Income Statement and certain other primary statements and the Report

of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of Charon Properties Ltd for the year ended

31 December 2018 which comprise the Income Statement, Statement of Financial Position and

the related notes from the company's accounting records and from information and explanations

you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Charon Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Charon Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Charon Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charon Properties Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Charon Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charon Properties Ltd. You consider that Charon Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Charon Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rhodyate Consulting Ltd

Chartered Accountants

Hillside

Rhodyate

Blagdon

Bristol

BS40 7TP

4 September 2019