CHR Estates Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00281565 (England and Wales)

CHR Estates Limited

Financial Statements

for the Year Ended 28 June 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Smillie

Ms J R Fletcher OBE

Mrs H E Craven

REGISTERED OFFICE:

33 George Street

Wakefield

West Yorkshire

WF1 1LX

REGISTERED NUMBER:

00281565 (England and Wales)

ACCOUNTANTS:

Jolliffe Cork LLP

Chartered Accountants

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

3

28,305

-

Investments

4

1

-

Investment property

5

-

2,076,491

28,306

2,076,491

CURRENT ASSETS

Stocks

1,829,798

-

Debtors

6

386,428

319,577

Cash at bank and in hand

127,662

49,590

2,343,888

369,167

CREDITORS

Amounts falling due within one year

7

864,589

1,560,708

NET CURRENT ASSETS/(LIABILITIES)

1,479,299

(1,191,541

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,507,605

884,950

CREDITORS

Amounts falling due after more than one year

8

540,000

-

NET ASSETS

967,605

884,950

CAPITAL AND RESERVES

Called up share capital

10

700

700

Retained earnings

966,905

884,250

SHAREHOLDERS' FUNDS

967,605

884,950

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 23 March 2018 and were signed on its behalf by:

Mr N Smillie - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This is the first year that the company has presented its results under FRS 102. The last financial statements

under previous UK GAAP were for the period ended 28 June 2016, the date of transition to FRS 102 was 29

June 2015.

Prior to the adoption of FRS 102, the company had accounted for any gains and losses arising from changes in

the fair value of investment properties through the statement of recognised gains and losses and the investment

property revaluation reserve. FRS 102 requires that such changes in fair value be recognised in the income

statement. On adoption of the requirements of FRS 102, the balances in the investment property revaluation

reserve at the date of transition of £355,520 was transferred to retained earnings and the revaluation during the

period ended 28 June 2016 of £319,000 has now been recognised through the Income Statement.

Going concern

The directors are of the opinion that the company continues to be a going concern and have therefore adopted

that basis in the preparation of the financial statements.

Turnover

Turnover in respect of property development is recognised once the sale has legally completed.Turnover in

respect of rents receivable is recognised on an accruals basis.

Tangible fixed assets

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

Motor vehicles

-

25% on cost

Tangible fixed assets are recorded initially at cost.

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.

Operating lease agreements

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the

lessor are charged against profits on a straight line basis over the period of the lease.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 1 ) .

3.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

37,974

At 28 June 2017

37,974

DEPRECIATION

Charge for year

9,669

At 28 June 2017

9,669

NET BOOK VALUE

At 28 June 2017

28,305

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1

At 28 June 2017

1

NET BOOK VALUE

At 28 June 2017

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 29 June 2016

2,076,491

Disposals

(775,000

)

Reclassification/transfer

(1,301,491

)

At 28 June 2017

-

NET BOOK VALUE

At 28 June 2017

-

At 28 June 2016

2,076,491

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed by related undertakings

313,609

311,164

VAT

-

3,113

Prepayments and accrued income

72,819

5,300

386,428

319,577

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

15,142

5,401

Amounts owed to related undertakings

719,659

660,147

Tax

24,838

18,263

VAT

2,608

-

Other creditors

95

319,500

Director's current account

88,343

452,919

Accruals and deferred income

13,904

104,478

864,589

1,560,708

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

540,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other creditors

540,000

300,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

700

Ordinary

£1

700

700

11.	RELATED PARTY DISCLOSURES