Charon Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02371765 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Charon Properties Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

P N Davis

SECRETARY:

P N Davis

REGISTERED OFFICE:

Davis House

Lodge Causeway Trading Estate

Fishponds

Bristol

BS16 3JB

REGISTERED NUMBER:

02371765 (England and Wales)

ACCOUNTANTS:

Rhodyate Consulting Ltd

Chartered Accountants

Hillside

Rhodyate

Blagdon

Bristol

BS40 7TP

FIXED ASSETS

Tangible assets

4

41

306

Investments

5

2

2

Investment property

6

3,490,000

3,200,000

3,490,043

3,200,308

CURRENT ASSETS

Debtors

7

460,459

480,145

Cash at bank

96,369

48,944

556,828

529,089

CREDITORS

Amounts falling due within one year

8

22,577

17,770

NET CURRENT ASSETS

534,251

511,319

TOTAL ASSETS LESS CURRENT LIABILITIES

4,024,294

3,711,627

CREDITORS

Amounts falling due after more than one year

9

(1,077,870

)

(1,085,587

)

PROVISIONS FOR LIABILITIES

(163,593

)

(108,479

)

NET ASSETS

2,782,831

2,517,561

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

11

1,458,680

1,223,780

Retained earnings

1,324,149

1,293,779

2,782,831

2,517,561

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 2 September 2022 and were signed by:

P N Davis - Director

1.	STATUTORY INFORMATION

Charon Properties Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover is recognized to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment properties

Investment properties are those properties that are held either to earn rental income or for capital appreciation or both. Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Gains and losses arising from changes in the fair value of investment properties are recognized in the income statement in the year in which they arise, with a transfer to or from the fair value reserve of such a gain or loss, less the related deferred tax charge or credit.

Investment properties are stated at fair value as determined by the Directors. In determining the fair value of each investment property, the Directors make use of historical and current market data as well as existing lease agreements. Alternatively, a professional valuation will be obtained and used as the basis for fair value in the accounts, where this is deemed to be appropriate.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables and other accounts payable and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

34,803

DEPRECIATION

At 1 January 2021

34,497

Charge for year

265

At 31 December 2021

34,762

NET BOOK VALUE

At 31 December 2021

41

At 31 December 2020

306

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

2

NET BOOK VALUE

At 31 December 2021

2

At 31 December 2020

2

Investments in subsidiary undertakings represents a holding of 100% of the shares in Davisons (Property Investments) Ltd, a company registered in England & Wales.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

3,200,000

Revaluations

290,000

At 31 December 2021

3,490,000

NET BOOK VALUE

At 31 December 2021

3,490,000

At 31 December 2020

3,200,000

The investment property was revalued by ETP Property Consultants on 6 January 2022 on a fair value basis.

The original cost of the property was £1,867,444 and the cumulative fair value adjustments to date total £1,622,556.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed by group undertakings

459,405

479,060

Other debtors

1,054

1,085

460,459

480,145

Amounts owed by group undertakings are unsecured, interest-free and have no fixed repayment date.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

7,717

4,413

Trade creditors

21

-

Taxation and social security

7,110

6,906

Other creditors

7,729

6,451

22,577

17,770

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

1,077,870

1,085,587

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

3,528

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

1,050,000

1,050,000

Those bank loans which are secured are secured by a debenture and a legal charge over the investment property.

11.

RESERVES

Fair

value

reserve

£

At 1 January 2021

1,223,780

Transfer to fair value reserve

234,900

At 31 December 2021

1,458,680

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under FRS102 section 33.1A from disclosing transactions with entities that are wholly owned within the group.

The ultimate parent undertaking is Charon Holdings Ltd, a company registered in England and Wales, by virtue of its 100% shareholding in the company.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Charon Properties Ltd for the year ended 31 December 2021 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Charon Properties Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Charon Properties Ltd and state those matters that we have agreed to state to the director of Charon Properties Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charon Properties Ltd and its director for our work or for this report.

It is your duty to ensure that Charon Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Charon Properties Ltd. You consider that Charon Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Charon Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rhodyate Consulting Ltd

Chartered Accountants

Hillside

Rhodyate

Blagdon

Bristol

BS40 7TP

5 September 2022