Chilmark Estates Limited - Accounts to registrar (filleted) - small 18.2
Chilmark Estates Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
FOR |
CHILMARK ESTATES LIMITED |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CHILMARK ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Windover House |
St. Ann Street |
Salisbury |
SP1 2DR |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
BALANCE SHEET |
31 MARCH 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Fair value reserve | 11 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
BALANCE SHEET - continued |
31 MARCH 2020 |
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 by the Board of Directors and authorised for issue on were signed on its behalf by: |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2020 |
1. | STATUTORY INFORMATION |
Chilmark Estates Limited is a |
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 |
The financial statements have been prepared on a going concern basis and 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 |
Plant and machinery | - |
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. |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2019 |
Additions |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
Additions |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
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 |
2020. |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan | 631,190 | 474,700 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2020 | 2019 |
£ | £ |
Bank loan |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 25 |
200 | 125 |
CHILMARK ESTATES LIMITED (REGISTERED NUMBER: 05224264) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2019 |
and 31 March 2020 |
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 £Nil (2019 - £100,000) which is owed to a director of the company. |