| Chancery Construction Limited |
| Registered number: |
04268660 |
| Balance Sheet |
| as at 31 August 2018 |
|
| Notes |
|
|
2018 |
|
|
2017 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
7,681,186 |
|
|
7,026,231 |
|
| Current assets |
| Debtors |
4 |
|
3,791 |
|
|
41 |
| Cash at bank and in hand |
|
|
3,896,866 |
|
|
3,576,179 |
|
|
|
3,900,657 |
|
|
3,576,220 |
|
| Creditors: amounts falling due within one year |
5 |
|
(547,555) |
|
|
(474,640) |
|
| Net current assets |
|
|
|
3,353,102 |
|
|
3,101,580 |
|
| Net assets |
|
|
|
11,034,288 |
|
|
10,127,811 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Non-distributable reserves |
|
|
|
1,337,568 |
|
|
1,337,568 |
| Profit and loss account |
|
|
|
9,696,620 |
|
|
8,790,143 |
|
| Shareholders' funds |
|
|
|
11,034,288 |
|
|
10,127,811 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial staetments. |
| The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
| The financial statements were approved and authorised for issue by the board on: |
|
|
|
|
| R. Beygi |
| Director |
| Signed on behalf of the board on 1 November 2018 |
|
| Chancery Construction Limited |
| Notes to the Accounts |
| for the year ended 31 August 2018 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
Chancery Construction Ltd is a company limited by shares incorporated in England within the United Kingdom. The registration number and the address of the registered office is given in the company information on page 1 of these financial statements. The company's principle place of business is at Flat 1, 9 Fawley Road, London, NW6 1SL.
The financial statements cover the individual entity, are presented in sterling which is the functional currency of the company and are not rounded.
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 1A (this is the company's first time adoption and there is no transition adjustment to report) , The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The significant accounting policies applied in the preparation of these financial statements are set out below. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Rent & Services charges are measured as per rental agreement. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Freehold buildings |
Nil |
|
Properties equipment, fixtures & Fittings |
25% straight line |
|
Plant and machinery |
over 5 years |
|
Fixtures, fittings, tools and equipment |
25% reducing balance |
|
|
Investments properties |
|
Investment properties are stated at fair market valuations. Surplus or deficits arising on the revaluation are transferred to the profit and loss accounts |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Leased assets |
|
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2018 |
|
2017 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Fixtures, fitting & equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 September 2017 |
7,020,152 |
|
39,347 |
|
7,059,499 |
|
Additions |
656,475 |
|
- |
|
656,475 |
|
At 31 August 2018 |
7,676,627 |
|
39,347 |
|
7,715,974 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2017 |
- |
|
33,268 |
|
33,268 |
|
Charge for the year |
- |
|
1,520 |
|
1,520 |
|
At 31 August 2018 |
- |
|
34,788 |
|
34,788 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2018 |
7,676,627 |
|
4,559 |
|
7,681,186 |
|
At 31 August 2017 |
7,020,152 |
|
6,079 |
|
7,026,231 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2018 |
|
2017 |
| £ |
£ |
|
Historical cost |
6,065,100 |
|
5,408,625 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
6,065,100 |
|
5,408,625 |
|
The properties were revalued at fair market value to £7,020,152 in 2016 by the director. The value of the properties have not changed since then and figure shown in the account reflect the current market value. |
|
|
| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
3,791 |
|
41 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Accruals |
3,597 |
|
6,523 |
|
Taxation and social security costs |
207,704 |
|
190,848 |
|
Director's account |
10,597 |
|
3,310 |
|
Other creditors |
325,657 |
|
273,959 |
|
|
|
|
|
|
547,555 |
|
474,640 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Other financial commitments |
2018 |
|
2017 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
9,347 |
|
18,693 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
Directors |
|
During the year director received dividend of £19,000. |
|
|
| 8 |
Controlling party |
|
|
Mr R Beygi is the ultimate controlling party |
