Chilmark Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05224264 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

CHILMARK ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Wardall

I Hepburn

REGISTERED OFFICE:

Manor Farm Stud

Alvediston

Salisbury

SP5 5JY

REGISTERED NUMBER:

05224264 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

16,618

2,868

Investment property

5

1,014,000

1,014,000

1,030,618

1,016,868

CURRENT ASSETS

Debtors

6

29,037

35,972

Cash at bank

100,671

99,732

129,708

135,704

CREDITORS

Amounts falling due within one year

7

188,466

184,423

NET CURRENT LIABILITIES

(58,758

)

(48,719

)

TOTAL ASSETS LESS CURRENT LIABILITIES

971,860

968,149

CREDITORS

Amounts falling due after more than one year

8

(474,700

)

(474,700

)

PROVISIONS FOR LIABILITIES

(67,983

)

(67,983

)

NET ASSETS

429,177

425,466

CAPITAL AND RESERVES

Called up share capital

10

125

125

Share premium

99,975

99,975

Fair value reserve

11

331,917

331,917

Retained earnings

(2,840

)

(6,551

)

SHAREHOLDERS' FUNDS

429,177

425,466

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved and authorised for issue by the Board of Directors on 9 December 2019 and were signed on its behalf by:

I Hepburn - Director

1.	STATUTORY INFORMATION

Chilmark Estates Limited 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.

The financial statements have been prepared on a going concern basis which is thought appropriate because the

directors intend to provide additional funds to meet the company's liabilities as they fall due. The financial

statements do not contain any adjustment that might be necessary if the additional funds were not available. The

statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the

amounts reported for turnover and expenses during the year. However, the nature of estimation means that

actual outcomes could differ from those estimates. The following judgements (apart from those involving

estimates) have had the most significant effect on amounts recognised in the financial statements:

Revaluation of investment property

The company carries its investment property at fair value. Any fair value gains arising are not realised profits and

therefore are transferred to a separately designated non-distributable fair value reserve. The method and

significant assumptions used to determine the fair value of investment property are further explained in Note 6.

Turnover

Turnover represents net invoiced sales of services, excluding 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

-

15% on reducing balance

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low

value with short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit

and loss account. The cost of fixed assets is their purchase costs, together with any incidental costs of acquisition.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Investment property represents the company's portfolio of freehold rents. It is initially recognised at cost, which

includes purchase cost and any directly attributable expenditure.

Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair

value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a

separately designated non-distributable fair value reserve. Any loss arising from revaluation is also recognised in

the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment

property is expected to be permanent, in which case it is recognised in profit or loss for the year.

Taxation

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

Retained Earnings, 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.

Deferred tax

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

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event

that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can

be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount

after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

3,370

Additions

14,360

At 31 March 2019

17,730

DEPRECIATION

At 1 April 2018

502

Charge for year

610

At 31 March 2019

1,112

NET BOOK VALUE

At 31 March 2019

16,618

At 31 March 2018

2,868

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

1,014,000

NET BOOK VALUE

At 31 March 2019

1,014,000

At 31 March 2018

1,014,000

Investment property represents the company's portfolio of freehold rents. The fair value (open market basis) of

investment property was assessed by the directors and in their opinion this remains unchanged at 31 March 2019.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

18,693

23,941

Other debtors

10,344

12,031

29,037

35,972

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

19,461

18,793

Taxation and social security

1,381

664

Other creditors

167,624

164,966

188,466

184,423

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

474,700

474,700

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

474,700

474,700

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loan

474,700

474,700

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

25

Ordinary B

£1

25

25

125

125

11.

RESERVES

Fair

value

reserve

£

At 1 April 2018

and 31 March 2019

331,917

Fair value reserve:

This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a

loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax

(charge)/credit on fair value changes in investment property.

12.	RELATED PARTY DISCLOSURES

Creditors due within one year include £100,000 (2018 - £100,000) which is owed to a director of the company.