Cheldwel Property Co. Limited Filleted accounts for Companies House (small and micro)

CHELDWEL PROPERTY CO. LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00968645

Cheldwel Property Co. Limited

Filleted Unaudited Abridged Financial Statements

30 June 2021

Cheldwel Property Co. Limited

Abridged Financial Statements

Year ended 30 June 2021

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Cheldwel Property Co. Limited

Officers and Professional Advisers

The board of directors	Mr R E Jones
	Mr S E Jones

Registered office	132 Burnt Ash Road
	Lee
	London
	SE12 8PU

Accountants	R. E. Jones & Co.
	Chartered accountants
	132 Burnt Ash Road
	Lee
	London
	SE12 8PU

Bankers	HSBC Bank plc
	46 Fore Street
	Trowbridge
	Wiltshire
	BA14 8EL

Cheldwel Property Co. Limited

Abridged Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5	3,022,014	3,021,496
Investments	6	160,900	160,900
		-------------	-------------
		3,182,914	3,182,396

Current assets

Stocks	200	200
Debtors	22,493	171
Cash at bank and in hand	11,998	735
	---------	-------
	34,691	1,106

Creditors: amounts falling due within one year	73,290		43,705
	---------		---------
Net current liabilities		38,599	42,599
		-------------	-------------
Total assets less current liabilities		3,144,315	3,139,797

Creditors: amounts falling due after more than one year		497,848	524,033

Provisions

Taxation including deferred tax	257,417	257,417
	-------------	-------------
Net assets	2,389,050	2,358,347
	-------------	-------------

Capital and reserves

Called up share capital	200	200
Other reserves	115,000	115,000
Profit and loss account	2,273,850	2,243,147
	-------------	-------------
Shareholders funds	2,389,050	2,358,347
	-------------	-------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

Cheldwel Property Co. Limited

Abridged Statement of Financial Position (continued)

30 June 2021

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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged 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:

Mr R E Jones

Director

Company registration number: 00968645

Cheldwel Property Co. Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 132 Burnt Ash Road, Lee, London, SE12 8PU.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.

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:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Tangible assets

	£
Cost
At 1 July 2020	3,076,315
Additions	4,794
	-------------
At 30 June 2021	3,081,109
	-------------
Depreciation
At 1 July 2020	54,819
Charge for the year	4,276
	-------------
At 30 June 2021	59,095
	-------------
Carrying amount
At 30 June 2021	3,022,014
	-------------
At 30 June 2020	3,021,496
	-------------

6. Investments

	£
Cost
At 1 July 2020 and 30 June 2021	160,900
	----------
Impairment
At 1 July 2020 and 30 June 2021	–
	----------
Carrying amount
At 30 June 2021	160,900
	----------
At 30 June 2020	160,900
	----------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr R E Jones	( 985)	985	–
Mr S E Jones	( 1,629)	( 4,176)	( 5,805)
	-------	-------	-------
	( 2,614)	( 3,191)	( 5,805)
	-------	-------	-------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr R E Jones	( 12,854)	11,869	( 985)
Mr S E Jones	( 709)	( 920)	( 1,629)
	---------	---------	-------
	( 13,563)	10,949	( 2,614)
	---------	---------	-------

8. Related party transactions

The company was under the control of The Stephen Jones Life Interest Trust and The Laura Jones Life Interest Trust throughout the current and previous year. The aforementioned Trusts are the joint shareholders of the A shares which have voting rights. Trusts - The Jones Family Settlement and Life Interest Trusts Included in Creditors - amounts falling due after more than one year is an amount of £497,848 (2020 - £523,048) owed to - The Jones Family Settlement Trust - Beryl Marion Jones - The Jones Family Settlement Trust - Reginald Edward Jones - The Stephen Jones Life Interest Trust - The Laura Jones Life Interest Trust The beneficiaries of these trusts include Mr Stephen Jones and Miss Laura Jones, the B shareholders of the Company. Mr R E Jones has personally guaranteed the bank security on all monies and liabilities now or at any time, owing to the bank by the Company.