Berkeley Charterhouse Limited - Accounts to registrar (filleted) - small 23.2.5
Berkeley Charterhouse Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2023 |
| FOR |
| BERKELEY CHARTERHOUSE LIMITED |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 29 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| BERKELEY CHARTERHOUSE LIMITED |
| COMPANY INFORMATION |
| for the year ended 29 March 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 5th Floor |
| Palladium House |
| 1-4 Argyll Street |
| London |
| W1F 7TA |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| BALANCE SHEET |
| 29 March 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Investments | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| 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. |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| BALANCE SHEET - continued |
| 29 March 2023 |
| 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 |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 29 March 2023 |
| 1. | STATUTORY INFORMATION |
| Berkeley Charterhouse Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Berkeley Charterhouse Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Revenue |
| Revenue consists of gross rental income calculated on an accruals basis and excluding value added tax. |
| 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. |
| Investments in associates |
| 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. |
| 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. |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 29 March 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| 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. |
| Going concern |
| At the balance sheet the company had net current liabilities of £3,284,775 which includes amounts of £7,241,238 owed to the director of the company. The director has confirmed that he will not seek full repayment of this loan balance to the detriment of the company within 12 months of the date of these accounts. |
| The financial statements have therefore been prepared on a going concern basis. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities. |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 29 March 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 29 March 2023 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Office | Motor | Computer |
| refurbishment | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 30 March 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29 March 2023 |
| DEPRECIATION |
| At 30 March 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29 March 2023 |
| NET BOOK VALUE |
| At 29 March 2023 |
| At 29 March 2022 |
| 6. | FIXED ASSET INVESTMENTS |
| 2023 | 2022 |
| £ | £ |
| Participating interests |
| Other investments not loans |
| Additional information is as follows: |
| Interest |
| in |
| associate |
| £ |
| COST |
| Additions |
| At 29 March 2023 |
| NET BOOK VALUE |
| At 29 March 2023 |
| Investments (neither listed nor unlisted) were as follows: |
| 2023 | 2022 |
| £ | £ |
| Other investments | 4,011,925 | 11,925 |
| Investment in subsidary | 1,199,200 | 1,000,000 |
| 5,211,125 | 1,011,925 |
| The investment in associates during the year relates to 50% in Zevhub Bermondsy Ltd. |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 29 March 2023 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 30 March 2022 |
| and 29 March 2023 |
| NET BOOK VALUE |
| At 29 March 2023 |
| At 29 March 2022 |
| 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 2023 is represented by: |
| £ |
| Valuation in 2023 | 727,115 |
| Cost | 5,793,937 |
| 6,521,052 |
| The investment properties were valued at £6,521,052 in March 2023 by the directors of the company. |
| 8. | DEBTORS |
| 2023 | 2022 |
| £ | £ |
| Amounts falling due within one year: |
| Amounts owed by related undertakings | 2,223,363 | 2,441,461 |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 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 |
| 2023 | 2022 |
| £ | £ |
| Listed investments | 19,126 | 18,880 |
| Market value of listed investments at 29 March 2023 - £ 19,126 (2022 - £ 18,880 ). |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 29 March 2023 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Other loans (see note 12) |
| Amounts owed to group undertakings |
| Amounts owed to related undertakings | 61,540 | 61,540 |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 7,241,238 | 7,903,274 |
| Accruals and deferred income |
| 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 |
| 2023 | 2022 |
| £ | £ |
| Bank loans (see note 12) |
| Other Creditors |
| 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: |
| 2023 | 2022 |
| £ | £ |
| 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 |
| 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 2023 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 |
| 2023 | 2022 |
| £ | £ |
| Deferred tax | 97,000 | 97,000 |
| BERKELEY CHARTERHOUSE LIMITED (REGISTERED NUMBER: 01715597) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 29 March 2023 |
| 13. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 30 March 2022 |
| Balance at 29 March 2023 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 30 March 2022 |
| Profit for the year |
| At 29 March 2023 |
| Within retained earnings, there is an amount of £630,115 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 £1,978,833 (2022: £2,051,261) 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 (2022: £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 £244,530 (2022: £344,530) 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 £Nil (2022: £45,670) 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 (2022: £1,562,672) 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. |