Chalford Property Company Limited Filleted accounts for Companies House (small and micro)

CHALFORD PROPERTY COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02891858

Chalford Property Company Limited

Filleted Unaudited Financial Statements

30 June 2021

Chalford Property Company Limited

Statement of Financial Position

30 June 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	4,997,401	5,935,626
Investments	6	36,415	36,415
		--------------	--------------
		5,033,816	5,972,041

Current assets

Stocks		41,640	33,466
Debtors	7	304,914	303,266
Cash at bank and in hand		1,136,856	235,806
		--------------	-----------
		1,483,410	572,538

Creditors: amounts falling due within one year	8	318,492	326,738
		--------------	-----------
Net current assets		1,164,918	245,800
		--------------	--------------
Total assets less current liabilities		6,198,734	6,217,841
		--------------	--------------

Capital and reserves

Called up share capital	100	100
Share premium account	375,120	375,120
Revaluation reserve	700,966	700,966
Profit and loss account	5,122,548	5,141,655
	--------------	--------------
Shareholders funds	6,198,734	6,217,841
	--------------	--------------

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 income statement has not been delivered.

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Chalford Property Company Limited

Statement of Financial Position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 24 March 2022 , and are signed on behalf of the board by:

J M Hickman

Director

Company registration number: 02891858

Chalford Property Company Limited

Notes to the Financial Statements

Year ended 30 June 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 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Turnover

Turnover represents the gross proceeds of complete sales and gross rents receivable.

Deferred tax

Deferred tax is recognised, calculated by the liability method, in respect of all timing differences that have originated but not reversed at the Balance Sheet date to the extent that it is probable that the tax will become payable. No provision is made for potential deferred taxation on the potential sales of the company's investment properties at valuation.

Losses

Losses are provided for in the year in which the Company first becomes aware of the likelihood of such losses being incurred.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Short leasehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 July 2020	5,918,912	77,664	5,996,576
Additions	3,395	850	4,245
Disposals	( 938,079)	–	( 938,079)
	--------------	---------	--------------
At 30 June 2021	4,984,228	78,514	5,062,742
	--------------	---------	--------------
Depreciation
At 1 July 2020	–	60,950	60,950
Charge for the year	–	4,391	4,391
	--------------	---------	--------------
At 30 June 2021	–	65,341	65,341
	--------------	---------	--------------
Carrying amount
At 30 June 2021	4,984,228	13,173	4,997,401
	--------------	---------	--------------
At 30 June 2020	5,918,912	16,714	5,935,626
	--------------	---------	--------------

The Freehold properties which are included at open market value, are investment properties. The freehold properties were revalued at 30 June 2014 by a Director, Mr James Hickman. The historical costs of the freehold properties at the Balance Sheet date was £4,283,262 (2020 - £5,217,946). No provision has been made for taxation which might become payable if the investment properties were sold at the revalued amounts, the maximum potential liability to taxation would be approximately £48,350 (2020 - £48,350).

6. Investments

	Other investments other than loans
	£
Cost
At 1 July 2020 and 30 June 2021	36,415
	---------
Impairment
At 1 July 2020 and 30 June 2021	–
	---------

Carrying amount
At 30 June 2021	36,415
	---------
At 30 June 2020	36,415
	---------

7. Debtors

	2021	2020
	£	£
Trade debtors	3,160	4,172
Unsecured loan - Parent company Ember Estates Limited	173,878	173,878
Other debtors	127,876	125,216
	-----------	-----------
	304,914	303,266
	-----------	-----------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	4,234	11,920
Corporation tax	23,728	17,132
Social security and other taxes	11,690	8,950
Unsecured loan - Cox & Readman Developments Limited	263,446	264,810
Other creditors	15,394	23,926
	-----------	-----------
	318,492	326,738
	-----------	-----------

Included in other creditors is an amount of £11,505 (2020 - £11,505) due to Marprook Property Company Limited.

9. Related party transactions

During the period ended 30 June 2021 Mr M Hickman was interested as a Shareholder in Cox & Readman Developments Limited and Marprook Property Company Limited. Details of Unsecured Loans from those Companies are shown in Notes 8 and 9. At 30 June 2021 the company owed £3,889 (2020 - £3,887) to the Directors and their connected parties. These amounts are unsecured and carry interest at 2% over Base Rate.