Chilton & Watson Limited - Limited company accounts 11.7

REGISTERED NUMBER: 02850523 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 May 2015

for

Chilton & Watson Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

Mr P W Chilton

Mr D Watson

REGISTERED OFFICE:

First Floor

15a Hill Avenue

Amersham

Bucks

HP6 5BD

REGISTERED NUMBER:

02850523 (England and Wales)

ACCOUNTANTS:

C D Nash Limited

First Floor

15a Hill Avenue

Amersham

Buckinghamshire

HP6 5BD

The directors present their report with the financial statements of the company for the year ended 31 May 2015.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a property owning and managing company

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2014 to the date of this report.

Mr P W Chilton

Mr D Watson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Mr P W Chilton - Director

24 September 2015

TURNOVER

28,064

25,350

Administrative expenses

3,985

3,476

OPERATING PROFIT

2

24,079

21,874

Interest payable and similar charges

5

3

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

24,074

21,871

Tax on profit on ordinary activities

3

4,815

4,374

PROFIT FOR THE FINANCIAL YEAR

19,259

17,497

PROFIT FOR THE FINANCIAL YEAR

19,259

17,497

Unrealised surplus on revaluation of properties

-

100,000

TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR

19,259

117,497

FIXED ASSETS

Investment property

5

550,000

CURRENT ASSETS

Debtors

6

200

Cash at bank

3,104

1,172

3,304

1,372

CREDITORS

Amounts falling due within one year

7

7,969

6,846

NET CURRENT LIABILITIES

(4,665

)

(5,474

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

545,335

544,526

CAPITAL AND RESERVES

Called up share capital

8

100

Revaluation reserve

9

383,490

Profit and loss account

9

161,745

160,936

SHAREHOLDERS' FUNDS

545,335

544,526

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 24 September 2015 and were signed on its behalf
by:

Mr P W Chilton - 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 April

2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Deferred tax

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

sheet date.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.5.15

31.5.14

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.5.15

31.5.14

£

Current tax:

UK corporation tax

4,815

4,374

Tax on profit on ordinary activities

4,815

4,374

4.

DIVIDENDS

31.5.15

31.5.14

£

Ordinary shares of £1 each

Final

18,450

17,700

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 June 2014

and 31 May 2015

550,000

NET BOOK VALUE

At 31 May 2015

550,000

At 31 May 2014

550,000

Cost or valuation at 31 May 2015 is represented by:

£

Valuation in 2012

283,490

Valuation in 2014

100,000

Cost

166,510

550,000

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

31.5.15

31.5.14

£

Cost

166,510

Investment property was valued on an open market basis on 31 May 2014 by the Directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.15

31.5.14

£

Other debtors

200

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.15

31.5.14

£

Tax

4,815

4,374

Accruals and deferred income

900

780

Rent in advance

2,254

1,692

7,969

6,846

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.15

31.5.14

value:

£

100

Ordinary

£1

100

9.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

At 1 June 2014

160,936

383,490

544,426

Profit for the year

19,259

Dividends

(18,450

)

(18,450

)

At 31 May 2015

161,745

383,490

545,235

10.	RELATED PARTY DISCLOSURES

Mr P W Chilton

Director of the company

Ordinary dividends paid to Mr P W Chilton in his capacity as a shareholder during the year amounted to £4,612

(2014 £4,425).

Mr D Watson

Director of the company

Ordinary dividends paid to Mr D Watson in his capacity as a shareholder during the year amounted to £4,612

(2014 £4,425).

11.	DEFERRED TAXATION

There is a potential liability to deferred taxation in respect of the revaluation of the Investment Property. The

amount of the potential liability would be the tax on any chargeable gain calculated on the revalued amount and

is estimated to be approximately £56,000 (2014 £57,000).