Chinewood Developments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03971801 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CHINEWOOD DEVELOPMENTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

N A J Ellis

A N Ellis

J D M Ellis

SECRETARY:

C Ellis

REGISTERED OFFICE:

Old Library House

4 Dean Park Crescent

Bournemouth

Dorset

BH1 1LY

REGISTERED NUMBER:

03971801 (England and Wales)

ACCOUNTANTS:

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

120,870

120,870

Investment property

6

850,000

850,000

970,870

970,870

CURRENT ASSETS

Stocks

190,000

190,000

Debtors

711,591

711,005

Cash at bank

303

258

901,894

901,263

CREDITORS

Amounts falling due within one year

545,146

525,555

NET CURRENT ASSETS

356,748

375,708

TOTAL ASSETS LESS CURRENT LIABILITIES

1,327,618

1,346,578

CREDITORS

Amounts falling due after more than one year

7

(122,008

)

(147,297

)

PROVISIONS FOR LIABILITIES

(2,743

)

(2,743

)

NET ASSETS

1,202,867

1,196,538

CAPITAL AND RESERVES

Called up share capital

23

23

Other reserves

120,396

120,396

Retained earnings

1,082,448

1,076,119

1,202,867

1,196,538

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 3 May 2024 and were signed on its behalf by:

A N Ellis - Director

1.	STATUTORY INFORMATION

Chinewood Developments 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

The financial statements have been prepared under the historical cost convention,modified to include

the revaluation of investment properties.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

1,545

DEPRECIATION

At 1 April 2022

and 31 March 2023

1,545

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2022

and 31 March 2023

120,870

NET BOOK VALUE

At 31 March 2023

120,870

At 31 March 2022

120,870

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

850,000

NET BOOK VALUE

At 31 March 2023

850,000

At 31 March 2022

850,000

The valuations of investment properties were reviewed as at 31 March 2023 by the directors of the company on an open market basis. No depreciation is provided on these properties.

On a historical cost basis these would have been included on an original cost of £726,862 (2022 £726,862).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2023

2022

£

£

Repayable by instalments

Bank loans more 5 yr by instal

-

26,303

8.	RELATED PARTY DISCLOSURES

The bank loan is secured on properties owned by the company and a joint guarantee given by the directors of the company, limited to £400,000.

At the balance sheet date the company was owed £644,080 (2022 £644,080) by companies in the which the directors have an interest.

At the balance sheet date the company owed £435,572 (2022 £397,063) to companies in the which the directors have an interest.

At the balance sheet date the company owed £29,800 (£40,468) to its directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chinewood Developments Limited for the year ended 31 March 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Chinewood Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chinewood Developments Limited and state those matters that we have agreed to state to the Board of Directors of Chinewood Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chinewood Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Chinewood Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chinewood Developments Limited. You consider that Chinewood Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Chinewood Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

3 May 2024