Berkeley Charterhouse Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01715597 (England and Wales)

Unaudited Financial Statements for the Year Ended 29 March 2022

for

BERKELEY CHARTERHOUSE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Banks

Mrs A L Banks

P J Tarran

SECRETARY:

P J Tarran

REGISTERED OFFICE:

Suite 2, First Floor Old Sorting Office

21 Station Road

London

England

SW13 0LF

REGISTERED NUMBER:

01715597 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

5

34,501

38,209

Investments

6

1,011,925

1,011,925

Investment property

7

6,521,052

6,521,052

7,567,478

7,571,186

CURRENT ASSETS

Debtors

8

11,198,516

8,495,602

Investments

9

18,880

17,194

Cash at bank

797,638

3,201,627

12,015,034

11,714,423

CREDITORS

Amounts falling due within one year

10

10,888,432

11,124,932

NET CURRENT ASSETS

1,126,602

589,491

TOTAL ASSETS LESS CURRENT LIABILITIES

8,694,080

8,160,677

CREDITORS

Amounts falling due after more than one year

11

(4,900,000

)

(4,900,000

)

PROVISIONS FOR LIABILITIES

13

(97,000

)

(97,000

)

NET ASSETS

3,697,080

3,163,677

CAPITAL AND RESERVES

Called up share capital

14

10,000

10,000

Retained earnings

15

3,687,080

3,153,677

SHAREHOLDERS' FUNDS

3,697,080

3,163,677

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2022 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 17 March 2023 and were signed on its behalf by:

C Banks - Director

1.	STATUTORY INFORMATION

Berkeley Charterhouse 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue

Revenue consists of gross rental income calculated on an accruals basis and excluding value added tax. Where a rent-free period is included in a lease, the rental income foregone is allocated evenly over the period from the date of the lease commencement to the lease end date.

Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews are recorded as income in the periods in which they are earned.

Tangible fixed assets

Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor Vehicles

over 4 years

Computer Equipment

over 3 years

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment properties

Investment properties are accounted for in accordance with section 16 of FRS 102 as follows:

(i) investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold

(ii) no depreciation is provided in respect of investment properties. Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view in accordance with FRS 102, because the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciation.

Investment in subsidiaries and associates

Investments in subsidiaries are stated at cost less any provisions for impairment.

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.

Investments

Fixed asset investments are stated at cost less any provisions for impairment.

Current asset listed investments are stated at market value and any gains or losses are recognised through the profit and loss account.

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit and loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

b) Basic financial liabilities

Financial liabilities are classified as liabilities and equity instruments 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 company after deducting all of its liabilities.

Trade creditors, other loans and other creditors are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Bank loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Office

Motor

Computer

refurbishment

vehicles

equipment

Totals

£

£

£

£

COST

At 30 March 2021

50,945

83,665

3,297

137,907

Additions

12,038

-

-

12,038

At 29 March 2022

62,983

83,665

3,297

149,945

DEPRECIATION

At 30 March 2021

12,736

83,665

3,297

99,698

Charge for year

15,746

-

-

15,746

At 29 March 2022

28,482

83,665

3,297

115,444

NET BOOK VALUE

At 29 March 2022

34,501

-

-

34,501

At 29 March 2021

38,209

-

-

38,209

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2022

2021

£

£

Other investments

11,925

11,925

Investment in subsidary

1,000,000

1,000,000

1,011,925

1,011,925

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 30 March 2021

and 29 March 2022

6,521,052

NET BOOK VALUE

At 29 March 2022

6,521,052

At 29 March 2021

6,521,052

The investment properties are subject to a lease of 999 years with effect from 26th November 2007.

The investment properties are secured by way of a legal charge.

Fair value at 29 March 2022 is represented by:

£

Valuation in 2022

727,115

Cost

5,793,937

6,521,052

The investment properties were valued at £6,521,052 in March 2022 by the directors of the company.

8.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Amounts owed by related undertakings

2,441,461

2,182,393

Other debtors

3,238,751

2,079,215

5,680,212

4,261,608

Amounts falling due after more than one year:

Other debtors

5,518,304

4,233,994

Aggregate amounts

11,198,516

8,495,602

Amounts owed by related undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Within other debtors due within one year, there is a loan amount of £2,084,996 which is secured by way of a secondary legal charge on the assets owned by the borrower.

9.	CURRENT ASSET INVESTMENTS

2022

2021

£

£

Listed investments

18,880

17,194

Market value of listed investments at 29 March 2022 - £ 18,880 (2021 - £ 17,194 ).

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other loans (see note 12)

641,710

641,710

Amounts owed to group undertakings

1,562,672

1,572,861

Amounts owed to related undertakings

61,540

61,540

Corporation tax

126,925

196,441

Social security and other taxes

4,847

3,213

Other creditors

556,769

565,784

Directors' current accounts

7,903,274

8,060,583

Accruals and deferred income

30,695

22,800

10,888,432

11,124,932

Amounts owed to related group undertakings and to a director are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans (see note 12)

3,900,000

3,900,000

Other Creditors

1,000,000

1,000,000

4,900,000

4,900,000

The other creditors is the deferred consideration in respect of the acquisition of the share capital of a subsidiary.

12.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Property Development Loan

641,710

641,710

Amounts falling due between two and five years:

Bank loans - 2-5 years

3,900,000

3,900,000

The property development loan is unsecured, repayable after 5 years initially and thereafter on three months notice and bears interest at 5% per annum payable on maturity of loan commencing from the 1st October 2009. The interest for the period ending 29 March 2022 has been waived by the lender.

Bank loans are secured on the company's investment properties. The loan is repayable on 26 January 2026 and interest is charged at 4.35%.

13.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

97,000

97,000

Deferred

tax

£

Balance at 30 March 2021

97,000

Balance at 29 March 2022

97,000

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10,000

Ordinary

£1

10,000

10,000

15.

RESERVES

Retained

earnings

£

At 30 March 2021

3,153,677

Profit for the year

533,403

At 29 March 2022

3,687,080

Within retained earnings, there is an amount of £633,115 in relation to the revaluation surplus on the company's investment property net of deferred tax provision. This amount does not form part of the company's distributable reserves.

16.	CONTINGENT LIABILITIES

The company has a credit facility with a borrower of £4,000,000. At the year end, the company has lent £2,084,996 which is secured by way of a secondary legal charge on the assets of the borrower.

17.	RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £2,051,261 (2021: £1,821,683) was owed by Old Sorting Office Limited, a company under common control. This amount is unsecured, interest free and is repayable on demand.

At the balance sheet date an amount of £61,540 (2021: £61,540) was owed to IPS Financial Services Limited, a company under common control. This amount is unsecured, interest free and has no repayment date.

At the balance sheet an amount of £344,530 (2021: £345,040) was owed by Old Barnes Sorting Office Limited, a company under common control. This amount is unsecured, interest free and is repayable on demand.

At the balance sheet date an amount of £45,670 (2021: £15,670) was owed by Raffles Chelsea Limited, a company who is controlled by Mrs A Banks, a director of the company. This amount is unsecured, interest free and is repayable on demand.

At the balance sheet date an amount of £1,562,672 (2021: £1,572,861 was owed to Eurocaste Limited which is a 100% owned subsidiary of the company. The company acquired investment properties from its subsidiary at £5.2 million in the year ended 29 March 2021.

18.	ULTIMATE CONTROLLING PARTY

The company is controlled by C Banks, a director and majority shareholder.