Charm Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05477857 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Charm Investments Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Investment property

4

935,979

855,000

Current assets

Debtors

5

24,347

-

Cash at bank

125,796

116,732

150,143

116,732

Creditors

Amounts falling due within one year

6

961,453

844,349

Net current liabilities

(811,310

)

(727,617

)

Total assets less current liabilities

124,669

127,383

Capital and reserves

Called up share capital

7

1

1

Fair value reserve

8

21,492

21,492

Retained earnings

103,176

105,890

Shareholders' funds

124,669

127,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2020 and were signed on its behalf by:

H M Vans Agnew - Director

1.	Statutory information

Charm Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05477857

Registered office:

Slough Place Farm

Staplefield Road

Cuckfield

West Sussex

RH17 5JD

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income during the year.

Investment property

Investment property is initially recognised at cost and subsequently carried at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. 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.

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.

3.	Employees and directors

The average number of employees during the year was NIL (2019 - NIL).

4.	Investment property

Total

£

Fair value

At 1 April 2019

855,000

Additions

80,979

At 31 March 2020

935,979

Net book value

At 31 March 2020

935,979

At 31 March 2019

855,000

The investment properties have been valued at fair value at the balance sheet date by the directors, based on the open market value of similar properties.

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

8,000

-

Other debtors

16,347

-

24,347

-

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Taxation and social security

-

426

Other creditors

961,453

843,923

961,453

844,349

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

8.

Reserves

Fair

value

reserve

£

At 1 April 2019

and 31 March 2020

21,492

9.	Directors' advances, credits and guarantees

During the year, the company advanced the directors an amount of £nil (2019: £8) and the directors repaid £nil (2019: £412). At the year end, the directors owed the company £nil (2019: £nil). The company charged interest at 3.5%. The advances were unsecured and repayable on demand.

10.	Related party disclosures

During the year, the company paid interest amounting to £5,926 (2019: £2,452) to the directors. At the year end, the company owed the directors £383,336 (2019: £292,449).

During the year, the company voted dividends amounting to £nil (2019: £20,000) and paid interest amounting to £27,118 (2019: £25,798) to the shareholders. At the year end, the company owed the shareholders £577,152 (2019: £550,034).