Charteroak Estates Limited - Accounts to registrar (filleted) - small 18.2
Charteroak Estates Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 March 2020 |
| for |
| Charteroak Estates Limited |
| Charteroak Estates Limited (Registered number: 05326545) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Charteroak Estates Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor and Chartered Accountants. |
| 58 Clarendon Road |
| Watford |
| WD17 1DE |
| BANKERS: |
| 12 Rolle Street |
| Exeter |
| Devon |
| EX8 1HD |
| Charteroak Estates Limited (Registered number: 05326545) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Charteroak Estates Limited (Registered number: 05326545) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Charteroak Estates Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Notwithstanding net liabilities of £2.8 million (2019: £2.6 million), net current liabilities of £2.8 million (2019: £2.6 million), as at 31 March 2020 and a loss for the year then ended of £0.2 million (2019: £0.3 million), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. |
| The Directors monitor the liquidity of the Company and other subsidiaries within RO Trading Limited and RO Properties Limited ('the Group') centrally. The directors of the Group have prepared cash flow forecasts incorporating impacts of COVID-19 for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides incorporating no growth projections, the Group is able to cover its operating costs and service its outstanding debt obligations inline with the agreed repayment dates with no resulting cash-shortfall. Those forecasts are dependent on RO Trading Limited not seeking repayment of the amounts currently due to the Company, which at 31 March 2020 amounted to £6.7 million, and providing additional financial support during that period. RO Trading Limited has indicated its intention to continue to make available such funds as are needed by the Company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
| Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. |
| Turnover |
| Turnover is stated net of VAT and represents amounts receivable from third parties in respect of Lodge sales, commissions receivable and Lodge maintenance. All turnover arises in the UK. |
| Lodge sales are recognised as receivable on receipt of a non-refundable deposit and agreement of sale. Commission receivable and holiday lets income is recognised on date of arrival. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation as follows: |
| Plant and Machinery | 25% Reducing Balance |
| Fixtures and Fittings | 15% Reducing Balance |
| Motor Vehicles | 25% Reducing Balance |
| Computer Hardware | 25% Reducing Balance |
| Investments in subsidiaries |
| Investments in shares in group undertakings are shown at cost less provision for impairment. |
| Stock |
| Stocks and work in progress are stated at the lower of cost and net realisable value. Cost comprises land purchases, building costs and directly attributable overheads. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal. |
| Charteroak Estates Limited (Registered number: 05326545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| Taxation |
| 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 |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. |
| Cash and cash equivalents. |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on demand. |
| Consolidation |
| The company is exempt from the obligation to prepare group accounts as it is itself a subsidiary company and is included in the consolidated accounts of the ultimate holding company RO Properties Limited. The accounts therefore present information about the company as an individual undertaking and not about its group. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Charteroak Estates Limited (Registered number: 05326545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Charteroak Estates Limited (Registered number: 05326545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 6. | STOCKS |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Stocks |
| Stock recognised as cost of sales during the year was £550,814 (2019 : £1,134,358) |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| VAT |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to associates | 6,731,293 | - |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Auditors' Report was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 11. | POST BALANCE SHEET EVENTS |
| There have been no other events since the balance sheet date that materially affect the state of affairs of the company as at 31 March 2020 or that requires disclosure. |
| Charteroak Estates Limited (Registered number: 05326545) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 12. | ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY |
| The company is ultimately owned by RO Properties Limited, a company incorporated in England and Wales. |
| Mr R G St J Rowlandson, a director of RO Properties Limited and members of his close family, control the company as a result of them owning and controlling the issued share capital of RO Properties Limited. |
| RO Properties Limited is the parent company of the largest and smallest group of which the company is a member for which consolidated accounts are prepared. Copies of its group accounts can be obtained from Graham House, 7 Wyllyotts Place, Potters Bar, Hertfordshire, EN6 2JD |