Charter Financial Services Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03305229 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 December 2014

for

Charter Financial Services Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr T J O'Neill

REGISTERED OFFICE:

8 St John Street

Manchester

M3 4DU

REGISTERED NUMBER:

03305229 (England and Wales)

ACCOUNTANTS:

Pareto Tax & Wealth LLP

8 St John Street

Manchester

M3 4DU

FIXED ASSETS

Investment property

2

5,062,500

3,950,000

CURRENT ASSETS

Debtors

567,771

57,343

Cash at bank

329,861

327,632

897,632

384,975

CREDITORS

Amounts falling due within one year

3

231,122

164,154

NET CURRENT ASSETS

666,510

220,821

TOTAL ASSETS LESS CURRENT LIABILITIES

5,729,010

4,170,821

CREDITORS

Amounts falling due after more than one year

3

2,404,668

2,488,300

NET ASSETS

3,324,342

1,682,521

CAPITAL AND RESERVES

Called up share capital

4

2

2

Revaluation reserve

3,056,967

1,729,467

Profit and loss account

267,373

(46,948

)

SHAREHOLDERS' FUNDS

3,324,342

1,682,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 18 September 2015 and were signed by:

Mr T J O'Neill - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2008).

Turnover

Turnover represents net invoiced rental income, excluding value added tax. Turnover is matched to the period to

which the rental period relates with amounts invoiced in advance being recognised as deferred income where

appropriate.

Investment property

In accordance with SSAP 19, investment properties are not subject to periodic charges for depreciation.

Non-depreciation of investment properties represents a departure from the requirements of the Companies Act

2006. In the opinion of the director the properties are held for their investment potential, as represented by

market value, and to depreciate them would not give a true and fair view. Investment properties are revalued

annually and included in the balance sheet at their open market value. Changes in the market value of the

properties are taken to the statement of total recognised gains and losses (being a movement on the investment

revaluation reserve), unless a deficit (or its reversal) on an individual property is expected to be permanent, in

which case it is charged (or credited) to the profit and loss account.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2014

3,950,000

Disposals

(215,000

)

Revaluations

1,327,500

At 31 December 2014

5,062,500

NET BOOK VALUE

At 31 December 2014

5,062,500

At 31 December 2013

3,950,000

3.

CREDITORS

Creditors include an amount of £ 2,488,668 (31.12.13 - £ 2,606,300 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.12.14

31.12.13

£

£

Repayable by instalments

-

2,152,300

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

10

Ordinary

20p

2

2

5.	RELATED PARTY DISCLOSURES

During the year the company was under the control of Mr T O'Neill.

At the year end, the company owed Baines and Ernst Limited, a company in which Mr T O'Neill is a director and

shareholder, £Nil (2013: £842) in respect of intercompany loans.

During the year, the company sold property at market value of £215,000 to Mr T O'Neill, director.