Charter Court (New Malden) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09413768 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Charter Court (New Malden) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M J Morris

W M Morris

REGISTERED OFFICE:

Unit 5 Woodcote Mews

Chequers Lane

Walton on the Hill

Tadworth

Surrey

KT20 7ST

REGISTERED NUMBER:

09413768 (England and Wales)

FIXED ASSETS

Investment property

4

16,045,250

14,831,933

CURRENT ASSETS

Work in progress

832,749

330,218

Debtors

5

4,887,584

5,027,012

Cash at bank

85,119

185,092

5,805,452

5,542,322

CREDITORS

Amounts falling due within one year

6

12,418,352

17,018,439

NET CURRENT LIABILITIES

(6,612,900

)

(11,476,117

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,432,350

3,355,816

CREDITORS

Amounts falling due after more than one year

7

7,878,037

2,392,389

NET ASSETS

1,554,313

963,427

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

1,554,213

963,327

SHAREHOLDERS' FUNDS

1,554,313

963,427

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2022 and were signed on its behalf by:

W M Morris - Director

1.	STATUTORY INFORMATION

Charter Court (New Malden) 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 as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors , including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover represents rents and management fees receivable during the year.

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.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing work in progress to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

14,831,933

Revaluations

1,213,317

At 31 December 2021

16,045,250

NET BOOK VALUE

At 31 December 2021

16,045,250

At 31 December 2020

14,831,933

The investment properties were revalued on fair value basis by Martin Morris, a director and shareholder of the company at 31st December 2020 at £14,831,933 (2019 - £14,831,933). The historical cost of these properties was £12,080,777. The valuation is based on yields accepted by major surveying companies and actual rentals received.

Fair value at 31 December 2021 is represented by:

£

Valuation in 2015

(590,000

)

Valuation in 2016

2,000,000

Valuation in 2017

520,000

Valuation in 2018

209,034

Valuation in 2019

612,122

Valuation in 2021

1,213,317

Cost

12,080,777

16,045,250

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

5,160

(4,317

)

Other debtors

5,468

45,360

Amounts owed by related

parties

4,835,254

4,948,727

VAT

35,427

8,420

Prepayments

6,275

28,822

4,887,584

5,027,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

-

5,250,000

Trade creditors

108,097

34,362

Amounts owed to group undertakings

12,097,641

11,460,269

Tax

(209

)

(209

)

Other creditors

10,880

69,412

Amounts owed to related

parties

193,418

183,279

Accruals and deferred income

8,525

21,326

12,418,352

17,018,439

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 2-5 years

5,250,000

-

Deferred tax

2,628,037

2,392,389

7,878,037

2,392,389

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100

Ordinary

1.00

100

100

9.

RESERVES

Retained

earnings

£

At 1 January 2021

963,327

Profit for the year

1,190,886

Dividends

(600,000

)

At 31 December 2021

1,554,213