Chalford Property Company Limited Filleted accounts for Companies House (small and micro)
Chalford Property Company Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
02891858
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Statement of Financial Position |
2019 |
2018 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Investments |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves
Called up share capital |
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Share premium account |
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Revaluation reserve |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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Statement of Financial Position (continued) |
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
20 March 2020
, and are signed on behalf of the board by:
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Director |
Company registration number:
02891858
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Notes to the Financial Statements |
Year ended 30 June 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Turnover
Turnover represents the gross proceeds of complete sales and gross rents receivable. .
Deferred tax
Deferred tax is recognised, calculated by the liability method, in respect of all timing differences that have originated but not reversed at the Balance Sheet date to the extent that it is probable that the tax will become payable. No provision is made for protential deferred taxation on the potential sales of the company's investment properties at valuation
Losses
Losses are provided for in the year in which the Company first becomes aware of the likelihood of such losses being incurred.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings |
- |
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Motor Vehicles |
- |
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Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Tangible assets
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2018 |
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Additions |
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– |
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At 30 June 2019 |
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Depreciation |
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At 1 July 2018 |
– |
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Charge for the year |
– |
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At 30 June 2019 |
– |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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The Freehold properties which are included at open market value, are investment properties. The freehold properties were revalued at 30 June 2014 by a Director, Mr James Hickman. The historical costs of the freehold properties at the Balance Sheet date was £5,198,405 (2018 - £5,192,592). No provision has been made for taxation which might become payable if the investment properties were sold at the revalued amounts, the maximum potential liability to taxation would be approximately £48,350 (2018 - £48,350).
6.
Investments
Other investments other than loans |
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£ |
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Cost |
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At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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Impairment |
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At 1 July 2018 and 30 June 2019 |
– |
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Carrying amount |
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At 30 June 2019 |
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At 30 June 2018 |
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7.
Debtors
2019 |
2018 |
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£ |
£ |
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Trade debtors |
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Unsecured loan - Parent company Ember Estates Limited |
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– |
Other debtors |
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8.
Creditors:
amounts falling due within one year
2019 |
2018 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Unsecured loan - Cox & Readman Developments Limited |
268,250 |
269,799 |
Unsecured loan - Parent company Ember Estates Limited |
– |
122,583 |
Other creditors |
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Included in other creditors is an amount of £11,505 (2018 - £11,505) due to Marprook Property Company Limited.
9.
Related party transactions
During the period ended 30 June 2019 Mr M Hickman was interested as a Shareholder in Cox & Readman Developments Limited and Marprook Property Company Limited. Details of Unsecured Loans from those Companies are shown in Notes 8 and 9. At 30 June 2019 the company owed £3,885 (2018 - £3,882) to the Directors and their connected parties. These amounts are unsecured and carry interest at 2% over Base Rate.