W.Chapman & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00376331 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

W.CHAPMAN & SONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

J.C. Chapman

K.J. Chapman

S.J. Chapman

SECRETARY:

K.J. Chapman

REGISTERED OFFICE:

Scots Craig

Hillcrest Waye

Gerrards Cross

Buckinghamshire

SL9 8DN

REGISTERED NUMBER:

00376331 (England and Wales)

ACCOUNTANTS:

Collards

Chartered Accountants

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

FIXED ASSETS

Tangible assets

4

14,612

521,425

Investments

5

30,012

30,012

Investment property

6

4,218,610

-

4,263,234

551,437

CURRENT ASSETS

Debtors

7

2,112

24

Cash at bank

22,896

14,852

25,008

14,876

CREDITORS

Amounts falling due within one year

8

186,376

15,091

NET CURRENT LIABILITIES

(161,368

)

(215

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,101,866

551,222

PROVISIONS FOR LIABILITIES

701,692

-

NET ASSETS

3,400,174

551,222

CAPITAL AND RESERVES

Called up share capital

6,505

6,505

Revaluation reserve

9

-

347,601

Capital redemption reserve

600

600

Other reserves

140

140

Fair value reserve

9

3,276,179

-

Retained earnings

116,750

196,376

SHAREHOLDERS' FUNDS

3,400,174

551,222

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 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 2 June 2021 and were signed on its behalf by:

K.J. Chapman - Director

1.	STATUTORY INFORMATION

W.Chapman & Sons 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.

Turnover

Turnover represents rents receivable during the accounting period

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

During the year the properties held by the company were reclassified as investment properties in line with FRS 102 accounting standards.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2020

519,730

47,348

1,787

568,865

Additions

-

17,788

-

17,788

Reclassification/transfer

(519,730

)

-

-

(519,730

)

At 31 December 2020

-

65,136

1,787

66,923

DEPRECIATION

At 1 January 2020

-

45,653

1,787

47,440

Charge for year

-

4,871

-

4,871

At 31 December 2020

-

50,524

1,787

52,311

NET BOOK VALUE

At 31 December 2020

-

14,612

-

14,612

At 31 December 2019

519,730

1,695

-

521,425

During the year the properties held by the company were reclassified as investment properties in line with FRS 102 accounting standards.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2020

and 31 December 2020

30,012

NET BOOK VALUE

At 31 December 2020

30,012

At 31 December 2019

30,012

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

68,610

Revaluations

3,630,270

Reclassification/transfer

519,730

At 31 December 2020

4,218,610

NET BOOK VALUE

At 31 December 2020

4,218,610

Fair value at 31 December 2020 is represented by:

£

Valuation in 1994

347,601

Valuation in 2020

3,630,270

Cost

240,739

4,218,610

Investment properties were valued on an open market value basis on 1 January 2020 by the directors .

Historically the properties held by the company were shown under tangible fixed assets. The properties are now considered to be investment properties and have therefore been reanalysed as such in these accounts. Past revaluations remain under the revaluation reserve. A fair value adjustment was carried out during the year based upon recent valuations carried out by local surveyors and rolled forward by the directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

2,112

24

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

1,215

1,541

Other creditors

185,161

13,550

186,376

15,091

9.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 January 2020

347,601

-

347,601

Transfer

(347,601

)

3,276,179

2,928,578

At 31 December 2020

-

3,276,179

3,276,179

The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors 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 W.Chapman & Sons Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet 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 Board of Directors of W.Chapman & Sons Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of W.Chapman & Sons Limited and state those matters that we have agreed to state to the Board of Directors of W.Chapman & Sons Limited, as a body, 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 W.Chapman & Sons Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that W.Chapman & Sons Limited 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 W.Chapman & Sons Limited. You consider that W.Chapman & Sons Limited 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 W.Chapman & Sons Limited. 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.

Collards

Chartered Accountants

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

2 June 2021