Company Registration No. 10789985 (England and Wales)
Charnley Property Limited
Unaudited accounts
for the year ended 29 April 2020
Charnley Property Limited
Unaudited accounts
Contents
Charnley Property Limited
Company Information
for the year ended 29 April 2020
Company Number
10789985 (England and Wales)
Registered Office
83 Bowerham Road
Lancaster
LA1 4AQ
Accountants
The Tax Farm
Hare House
732 Whittingham Lane
Preston
PR3 2JJ
Charnley Property Limited
Statement of financial position
as at 29 April 2020
Investment property
835,000
745,000
Cash at bank and in hand
34,140
60,824
Creditors: amounts falling due within one year
(411,483)
(413,278)
Net current liabilities
(230,702)
(195,963)
Total assets less current liabilities
604,298
549,037
Creditors: amounts falling due after more than one year
(431,090)
(456,283)
Provisions for liabilities
Deferred tax
(35,447)
(26,795)
Called up share capital
20
20
Profit and loss account
137,741
65,939
Shareholders' funds
137,761
65,959
For the year ending 29 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 January 2021 and were signed on its behalf by
Peter Charnley
Director
Company Registration No. 10789985
Charnley Property Limited
Notes to the Accounts
for the year ended 29 April 2020
Charnley Property Limited is a private company, limited by shares, registered in England and Wales, registration number 10789985. The registered office is 83 Bowerham Road, Lancaster, LA1 4AQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover represents amounts receivable for rents and goods and services net of VAT and trade discounts.
Fair value at 30 April 2019
745,000
Net gain from fair value adjustments
46,160
The fair values of the investment properties have been arrived at on the basis of a valuation carried out by the directors at the year end.
Charnley Property Limited
Notes to the Accounts
for the year ended 29 April 2020
Amounts due from group undertakings etc.
146,041
156,491
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
17,376
9,559
Amounts owed to group undertakings and other participating interests
14,000
-
Taxes and social security
1,507
-
Other creditors
24,106
735
Loans from directors
352,139
401,902
7
Creditors: amounts falling due after more than one year
2020
2019
Bank loans
311,090
336,283
Other creditors
120,000
120,000
8
Deferred taxation
2020
2019
Revaluation of investment property
35,447
26,795
Provision at start of year
26,795
26,795
Charged to the profit and loss account
8,652
-
Provision at end of year
35,447
26,795
Charnley Property Limited
Notes to the Accounts
for the year ended 29 April 2020
9
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
Lancaster Property Lettings Limited. £14,000. (2019 - £0)
Amounts due from related parties
Lancaster Property Lettings Limited. £0. (2019 - £12,450)
P&D Property (Oldham) Limited. £3,500. (2019 - £61,500)
60 Church Street Limited. £142,514. (2019 - £82,541)
The amount outstanding from P&D Property (Oldham) Limited, a company in which Mr P. Charnley is a director and shareholder, is in respect of a loan. No interest was charged on the loan during the period.
The amount outstanding from 60 Church Street Limited, a company in which Mr P. Charnley is a director and shareholder, is in respect of a loan. No interest was charged on the loan during the period.
10
Average number of employees
During the year the average number of employees was 1 (2019: 1).
