Chandler Property Investments Limited 31/05/2021 iXBRL

Chandler Property Investments Limited 31/05/2021 iXBRL

CHANDLER PROPERTY INVESTMENTS LIMITED - Company Information

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Company registration number: 10205206
Chandler Property Investments Limited
Unaudited filleted financial statements
31 May 2021
Chandler Property Investments Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Chandler Property Investments Limited
Directors and other information
Director Mr M D C Davies
Company number 10205206
Registered office 501 Middleton Road
Chadderton
Oldham
Lancs
OL9 9LY
Business address Little Birks Farm
Ballam Road
Lytham St Annes
Lancs
FY8 4NL
Accountants Wrigley Partington
Sterling House
501 Middleton Road
Chadderton
Oldham
OL9 9LY
Bankers National Westminster Bank Plc
The Square
24 St Annes-on -sea
Lytham St Annes
Lancashire
FY8 1RH
Chandler Property Investments Limited
Statement of financial position
31 May 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 155 277
_______ _______
155 277
Current assets
Stocks 879,215 844,815
Debtors 6 533 53
Cash at bank and in hand 24,760 33,807
_______ _______
904,508 878,675
Creditors: amounts falling due
within one year 7 ( 931,590) ( 902,038)
_______ _______
Net current liabilities ( 27,082) ( 23,363)
_______ _______
Total assets less current liabilities ( 26,927) ( 23,086)
_______ _______
Net liabilities ( 26,927) ( 23,086)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 27,027) ( 23,186)
_______ _______
Shareholder deficit ( 26,927) ( 23,086)
_______ _______
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2022 , and are signed on behalf of the board by:
Mr M D C Davies
Director
Company registration number: 10205206
Chandler Property Investments Limited
Notes to the financial statements
Year ended 31 May 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 501 Middleton Road, Chadderton, Oldham, Lancs, OL9 9LY.
2. Statement of compliance
The principal activity of the company during the year was property development. Its principal place of business is Little Birks Farm, Ballam Road, Lytham St Annes, Lancashire, FY8 4NL. These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There were no material departures from that standard.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33.3 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2020 823 823
Additions 229 229
_______ _______
At 31 May 2021 1,052 1,052
_______ _______
Depreciation
At 1 June 2020 546 546
Charge for the year 351 351
_______ _______
At 31 May 2021 897 897
_______ _______
Carrying amount
At 31 May 2021 155 155
_______ _______
At 31 May 2020 277 277
_______ _______
6. Debtors
2021 2020
£ £
Other debtors 533 53
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 12,831 430
Other creditors 918,759 901,608
_______ _______
931,590 902,038
_______ _______