Chilmark Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05224264 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

CHILMARK ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Wardall

I Hepburn

REGISTERED OFFICE:

Manor Farm Stud

Alvediston

Salisbury

SP5 5JY

REGISTERED NUMBER:

05224264 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

-

16,028

Investment property

5

3,045,000

1,162,683

3,045,000

1,178,711

CURRENT ASSETS

Debtors

6

5,516

16,540

Cash at bank

141,051

207,138

146,567

223,678

CREDITORS

Amounts falling due within one year

7

73,475

66,873

NET CURRENT ASSETS

73,092

156,805

TOTAL ASSETS LESS CURRENT LIABILITIES

3,118,092

1,335,516

CREDITORS

Amounts falling due after more than one year

8

(706,190

)

(631,190

)

PROVISIONS FOR LIABILITIES

(350,870

)

(67,983

)

NET ASSETS

2,061,032

636,343

CAPITAL AND RESERVES

Called up share capital

10

200

200

Share premium

11

399,900

399,900

Fair value reserve

11

1,750,531

331,917

Retained earnings

11

(89,599

)

(95,674

)

SHAREHOLDERS' FUNDS

2,061,032

636,343

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 13 December 2021 and were signed on its behalf by:

I Hepburn - Director

1.	STATUTORY INFORMATION

Chilmark Estates 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.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Revaluation of investment property

The company carries its investment property at fair value. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. The method and significant assumptions used to determine the fair value of investment property are further explained in Note 6.

Turnover

Turnover represents net invoiced sales of services, excluding 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

-

15% on reducing balance

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with short life. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase costs, together with any incidental costs of acquisition.

Government grants and covid 19

The company has received support from the UK Government as part of a package of measures introduced to support businesses during the coronavirus pandemic. Government grants are recognised in the financial statements in the period in which they become receivable.

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.

Investment property represents the company's portfolio of freehold rents. It is initially recognised at cost, which includes purchase cost and any directly attributable expenditure.

Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value at each reporting date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. Any loss arising from revaluation is also recognised in the fair value reserve unless it represents a loss below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in profit or loss for the year.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

19,968

Disposals

(19,968

)

At 31 March 2021

-

DEPRECIATION

At 1 April 2020

3,940

Charge for year

2,404

Eliminated on disposal

(6,344

)

At 31 March 2021

-

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

16,028

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

1,162,683

Additions

180,816

Revaluation

1,701,501

At 31 March 2021

3,045,000

NET BOOK VALUE

At 31 March 2021

3,045,000

At 31 March 2020

1,162,683

Investment property represents the company's portfolio of freehold rents.

Fair value at 31 March 2021 is represented by:

£

Valuation in 2021

3,045,000

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

943,598

762,782

Investment property was valued on an open market basis on 31 March 2021 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,604

2,695

Other debtors

3,912

13,845

5,516

16,540

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

7,137

13,011

Taxation and social security

2,833

1,520

Other creditors

63,505

52,342

73,475

66,873

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

706,190

631,190

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

706,190

631,190

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loan

706,190

631,190

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

100

Ordinary B

£1

100

100

200

200

11.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2020

(95,674

)

399,900

331,917

636,143

Profit for the year

1,424,689

-

-

1,424,689

Transfers

(1,418,614

)

-

1,418,614

-

At 31 March 2021

(89,599

)

399,900

1,750,531

2,060,832

Fair value reserve:

This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property.