Company registration number 01129973 (England and Wales)
CHARD PROPERTIES (WIRRAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
CHARD PROPERTIES (WIRRAL) LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 5
The detailed profit and loss account does not form part of the financial statements
Detailed profit and loss account
CHARD PROPERTIES (WIRRAL) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CHARD PROPERTIES (WIRRAL) LIMITED FOR THE YEAR ENDED 31 AUGUST 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chard Properties (Wirral) Limited for the year ended 31 August 2021 which comprise, the statement of financial position 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 at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Chard Properties (Wirral) Limited, as a body, in accordance with the terms of our engagement letter dated 20 May 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Chard Properties (Wirral) Limited
and state those matters that we have agreed to state to the Board of Directors of Chard Properties (Wirral) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chard Properties (Wirral) Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Chard Properties (Wirral) 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 Chard Properties (Wirral) Limited. You consider that Chard Properties (Wirral) 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 Chard Properties (Wirral) 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.
Bishops
4 May 2022
Chartered Accountants
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
CHARD PROPERTIES (WIRRAL) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2021
31 August 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
420,000
420,000
Current assets
Debtors
4
5,863
4,882
Cash at bank and in hand
34,375
35,825
40,238
40,707
Creditors: amounts falling due within one year
5
(37,500)
(43,409)
Net current assets/(liabilities)
2,738
(2,702)
Total assets less current liabilities
422,738
417,298
Provisions for liabilities
(49,153)
(49,153)
Net assets
373,585
368,145
Capital and reserves
Called up share capital
100
100
Revaluation reserve
6
313,209
313,209
Profit and loss reserves
60,276
54,836
Total equity
373,585
368,145
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CHARD PROPERTIES (WIRRAL) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 May 2022 and are signed on its behalf by:
Mr R Hennity
Director
Company Registration No. 01129973
CHARD PROPERTIES (WIRRAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 4 -
1
Accounting policies
Company information
Chard Properties (Wirral) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
221, Goldhawk Road, London, United Kingdom, W12 8ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable from the company's tenants.
1.3
Investment properties
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CHARD PROPERTIES (WIRRAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
3
Investment property
2021
£
Fair value
At 1 September 2020 and 31 August 2021
420,000
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
5,863
4,882
5
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
4,771
6,250
Other creditors
32,729
37,159
37,500
43,409
6
Revaluation reserve
2021
2020
£
£
At the beginning and end of the year
313,209
313,209
7
Directors' advances, credits and guarantees
The director's loan account remained in credit throughout the year.
8
Ultimate controlling party
The ultimate controlling party is Ms S E Trimble, who owns 97% of the company's issued share capital.