Chiswell Maine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08808749 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Chiswell Maine Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Ahmed

REGISTERED OFFICE:

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

REGISTERED NUMBER:

08808749 (England and Wales)

ACCOUNTANTS:

Morley & Co (UK) Ltd

Chartered Certified Accountants,

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

FIXED ASSETS

Investment property

4

-

1,525,000

CURRENT ASSETS

Debtors

5

71,200

-

Cash at bank

141,853

18,156

213,053

18,156

CREDITORS

Amounts falling due within one year

6

27,831

371,013

NET CURRENT ASSETS/(LIABILITIES)

185,222

(352,857

)

TOTAL ASSETS LESS CURRENT LIABILITIES

185,222

1,172,143

CREDITORS

Amounts falling due after more than one year

7

-

(830,518

)

PROVISIONS FOR LIABILITIES

-

(54,941

)

NET ASSETS

185,222

286,684

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

9

-

234,227

Retained earnings

185,122

52,357

SHAREHOLDERS' FUNDS

185,222

286,684

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 March 2021 and were signed by:

R Ahmed - Director

1.	STATUTORY INFORMATION

Chiswell Maine Limited is a private company, limited by shares , registered in England and Wales. The 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Financial instruments

Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern

As with all businesses, it is difficult to fully predict the effect that COVID-19 will have on the company in the next 12 months, but based on the information available, the directors believe that the company is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

1,525,000

Disposals

(1,525,000

)

At 31 December 2020

-

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

1,525,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

71,100

-

VAT

100

-

71,200

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

55,746

Tax

23,731

7,100

VAT

-

4,267

Other creditors

-

299,900

Accruals and deferred income

4,100

4,000

27,831

371,013

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

-

55,746

Bank loans - 2-5 years

-

167,239

Bank loans more than 5 years

by instalments

-

607,533

-

830,518

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

-

607,533

-

607,533

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

-

886,264

Aldermore Bank PLC holds a fixed and floating charge, dated 16th August 2017, over the company's assets.

9.

RESERVES

Fair

value

reserve

£

At 1 January 2020

234,227

Fair Value Reserve

(234,227

)

At 31 December 2020

-