Company No: 05012387 (England and Wales)

Contents

• Balance Sheet
• Notes to the Unaudited Financial Statements

		2021		2020
	Note	£		£
Fixed assets
Intangible assets	3	5,667		22,667
Tangible assets	4	1,296,434		985,411
		1,302,101		1,008,078
Current assets
Stocks	5	500		500
Debtors	6	8,832		17,495
Cash at bank and in hand		202,059		126,167
		211,391		144,162
Creditors
Amounts falling due within one year	7	( 160,222)		( 171,732)
Net current assets/(liabilities)		51,169		(27,570)
Total assets less current liabilities		1,353,270		980,508
Creditors
Amounts falling due after more than one year	8	( 533,263)		( 272,657)
Provisions for liabilities		( 5,571)		( 6,940)
Net assets		814,436		700,911
Capital and reserves
		1,000		1,000
		813,436		699,911
Total shareholder's funds		814,436		700,911

For the financial year ending 30 April 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Chiefplace Estates Limited (registered number: 05012387) were approved and authorised for issue by the Director on 25 November 2021. They were signed on its behalf by:

Paul Hedges Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Chiefplace Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Chiefplace Estates Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings - 20% reducing balance basis
Office equipment - 3 year straight line basis

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Income and Retained Earnings, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	10		12

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 May 2020	170,000		170,000
At 30 April 2021	170,000		170,000
Accumulated amortisation
At 01 May 2020	147,333		147,333
Charge for the financial year	17,000		17,000
At 30 April 2021	164,333		164,333
Net book value
At 30 April 2021	5,667		5,667
At 30 April 2020	22,667		22,667

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 May 2020	945,351		228,094		1,173,445
Additions	318,864		416		319,280
At 30 April 2021	1,264,215		228,510		1,492,725
Accumulated depreciation
At 01 May 2020	0		188,034		188,034
Charge for the financial year	0		8,257		8,257
At 30 April 2021	0		196,291		196,291
Net book value
At 30 April 2021	1,264,215		32,219		1,296,434
At 30 April 2020	945,351		40,060		985,411

5. Stocks

	2021		2020
	£		£
Stocks	500		500

6. Debtors

	2021		2020
	£		£
Trade debtors	0		187
Other debtors	8,832		17,308
	8,832		17,495

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts (secured £ 31,776)	38,443		30,000
Trade creditors	6,942		6,620
Other creditors	87,891		117,863
Corporation tax	31,355		11,863
Other taxation and social security	( 4,409)		5,386
	160,222		171,732

8. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans (secured £ 489,930)	533,263		272,657

Bank loans totalling £521,706 (2020: £302,657) are secured.