Company registration number 01641970 (England and Wales)
CHESTERFIELD HOUSE MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
CHESTERFIELD HOUSE MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Dr A Stacey
Mr G F Hutchings
Sir C R Corness
Mrs P Gold
Mr V Vareldzis
Mr D Man Ka Ho
Secretary
Annika Blixt
Company number
01641970
Registered office
Chesterfield House
South Audley Street
London
W1K 1HA
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
CHESTERFIELD HOUSE MANAGEMENT LIMITED
CONTENTS
Page
Chairman's statement
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 15
CHESTERFIELD HOUSE MANAGEMENT LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The annual statement provides full details of the Company’s activities for the financial year ending 31st March 2023 and key points are highlighted below. It also provides the opportunity to update lessees on the matters to which the Board of Chesterfield House Management Limited has been attending in the last year.
Accounts and Overall Financial Position
The accounts show the potential tax liability on Company assets, as required under the Financial Reporting Standard FRS 102. The accounts for the year ending March 2023 show on page 8 that there is an operating loss of £55,307 compared to £607,062 for the previous year. The Company’s net assets, reported on page 9, show a small increase with values of £7,921,321 in 2023 and £7,865,064 in 2022.
Service Charge and Refurbishment Fund
The service charge demand from the lessees increased from £838,371 in 2021 / 2022 to £1,137,528 in 2022/2023 mainly due to a substantial increase in energy costs and a 5% increase in staff salaries. The annual contribution to the refurbishment fund remained at £200k in recognition of the major works that are required in the foreseeable future, as discussed below, and an energy levy was raised to cover the substantial rise in energy costs.
Administrative expenses
The total administrative expenses (i.e. service charge costs and additional costs incurred by the Company) decreased from £1,665,556 in 2021 / 2022 to £1,477,564 in 2022 / 2023. Legal fees were incurred principally in connection with two ongoing issues:
(a) the proposed development of Leconfield House, which would have had a significantly adverse impact on Chesterfield House, and
(b) a telecommunications company demanding to place a mast on the roof of the West block to which unrestricted access would have been required and which was considered to introduce a substantial health and safety hazard to residents.
Reserves
The Company’s nett current assets are made up of the income received from the Company flats and the car park, the refurbishment fund and the premia received for the lease extensions. The value of the Company’s net current assets was £383,079 on 31 March 2022 and £332,870 on 31 March 2023 (see page 9). The rental income from the garage and the flats was slightly higher than that received in the previous year.
Major Works
There is a rolling maintenance programme and the works undertaken in 2022 / 2023 were the decommissioning of the roof water tanks and the installation of new booster pumps. This was wholly funded from Company reserves. Looking ahead, there is a pressing need to replace the four passenger lifts in the South Audley Street and Chesterfield Gardens blocks, which are as old as the buildings, i.e. almost ninety years old. The programme of work has now started with the replacement of the lift in the West block. The work on the rest will be undertaken at optimal intervals.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
CHAIRMAN'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Conclusion
The year 2022 / 2023 has been a successful one: the Company undertook a substantial maintenance programme whilst also having to confront some highly challenging planning applications which would have had a significant effect on the buildings and residents of Chesterfield House had they been approved. Furthermore, the Company is in a good financial position, though the unforeseen recent increase in energy costs introduces a further challenge.
Going forward, the Board will continue to do its utmost to protect the interests of Chesterfield House at all times. I would like to thank my fellow directors, namely Sir Colin Corness, Mrs. P. Gold, Mr. G. Hutchings, Mr. D. Man, and Mr. V. Vareldzis, the General Manager, Ms. A. Blixt, and the staff of Chesterfield House for their steadfast support and commitment to Chesterfield House.
Dr A Stacey
CHML Chairman
22 November 2023
CHESTERFIELD HOUSE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of managing the property of Chesterfield House for the benefit of its residents.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr A Stacey
Mr G F Hutchings
Sir C R Corness
Mrs P Gold
Mr V Vareldzis
Mr D Man Ka Ho
Mr R S Goodwin
(Retired 24 November 2022)
Auditor
The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Dr A Stacey
Director
22 November 2023
CHESTERFIELD HOUSE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHESTERFIELD HOUSE MANAGEMENT LIMITED
- 5 -
Opinion
We have audited the financial statements of Chesterfield House Management Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHESTERFIELD HOUSE MANAGEMENT LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHESTERFIELD HOUSE MANAGEMENT LIMITED
- 7 -
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx.
This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Clark FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
Date:
8 December 2023
Office: London
CHESTERFIELD HOUSE MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
1,415,157
1,052,594
Administrative expenses
(1,477,564)
(1,665,556)
Other operating income
7,100
5,900
Operating loss
(55,307)
(607,062)
Interest receivable and similar income
5,098
1,835
Fair value adjustment on investment properties
131,440
-
Profit/(loss) before taxation
81,231
(605,227)
Taxation
(24,974)
Profit/(loss) for the financial year
56,257
(605,227)
Other comprehensive income
-
-
Total comprehensive income for the year
56,257
(605,227)
CHESTERFIELD HOUSE MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
9,143,300
9,011,860
Current assets
Debtors
5
366,937
296,886
Cash at bank and in hand
1,198,498
816,267
1,565,435
1,113,153
Creditors: amounts falling due within one year
6
(1,232,565)
(730,074)
Net current assets
332,870
383,079
Total assets less current liabilities
9,476,170
9,394,939
Provisions for liabilities
7
(1,554,849)
(1,529,875)
Net assets
7,921,321
7,865,064
Capital and reserves
Called up share capital
8
98
98
Profit and loss reserves
7,921,223
7,864,966
Total equity
7,921,321
7,865,064
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Dr A Stacey
Director
Company Registration No. 01641970
CHESTERFIELD HOUSE MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
98
8,470,193
8,470,291
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(605,227)
(605,227)
Balance at 31 March 2022
98
7,864,966
7,865,064
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
56,257
56,257
Balance at 31 March 2023
98
7,921,223
7,921,321
CHESTERFIELD HOUSE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
1
Accounting policies
Company information
Chesterfield House Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chesterfield House, South Audley Street, London, W1K 1HA. The principal activity of the company continues to be that of the management of the property of Chesterfield House for the benefit of its residents.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified 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 amounts receivable for rents, interest and service charges within the United Kingdom.
Revenue from rental properties are recognised as they are invoiced. Rentals are generally invoiced monthly in advance of the month of occupancy, unless alternate arrangements are agreed. The lengths of the leases vary by property.
Revenue from service charges is recognised by the period to which those charges relate. Service charges are raised biannually in advance, in two six month tranches.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified 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.
Basic financial liabilities
Basic financial liabilities, including creditors are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.10
Service charge income and expenditure
The income and expenditure recognised in the accounts encompasses all transactions entered into by the company in its own right and also on behalf of the leaseholders. Any short term surpluses in relation to annual service charge income and expenditure, along with any funds held on behalf of the leaseholders for future refurbishment expenditure, are recognised as liabilities within other creditors.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
CHESTERFIELD HOUSE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
4
Investment property
2023
£
Fair value
At 1 April 2022
9,011,860
Revaluations
131,440
At 31 March 2023
9,143,300
Investment properties represent the Company's interest in the long leasehold of five flats and two other structures at the property known as Chesterfield House. The investment properties undergo regular external valuation with review undertaken, by the board of directors, of the carrying value in the intervening periods. No depreciation is provided in respect of these properties.
The fair value of the investment properties at 31 March 2023 has been arrived at on the basis of a valuation carried out by the directors. These valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
176,901
127,207
Other debtors
190,036
169,679
366,937
296,886
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
51,775
75,901
Taxation and social security
17,848
18,123
Other creditors
1,162,942
636,050
1,232,565
730,074
CHESTERFIELD HOUSE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,554,849
1,529,875
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
100
100
100
100
Issued and fully paid
Ordinary shares of £1 each
98
98
98
98
9
Controlling party
The company has no ultimate controlling party.
All of the Directors are members of the company and as lessees contribute to the service charges and ground rent on the same basis as all other lessees.
10
Non distributable profit and loss reserves
Profit and loss reserves include fair value reserve of £6,628,574 in respect of the company’s investment property. The cumulative fair value surplus of £8,183,423 (2022: £8,051,983) less the calculated £1,554,849 (2022: £1,529,875) of deferred taxation on the potential gain results in a fair value reserve of £6,628,574 (2022: £6,522,108) at the balance sheet date. The fair value reserve is not distributable.
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300Mr G F HutchingsSir C R CornessMrs P GoldMr V VareldzisMr D Man Ka HoMr R S GoodwinMr Richard GoodwinMs A BlixtAnnika Blixtfalse016419702022-04-012023-03-3101641970bus:Chairman2022-04-012023-03-3101641970bus:Director12022-04-012023-03-3101641970bus:Director22022-04-012023-03-3101641970bus:Director32022-04-012023-03-3101641970bus:Director42022-04-012023-03-3101641970bus:Director52022-04-012023-03-3101641970bus:CompanySecretary12022-04-012023-03-3101641970bus:Director62022-04-012023-03-3101641970bus:Director72022-04-012023-03-3101641970bus:Director82022-04-012023-03-3101641970bus:RegisteredOffice2022-04-012023-03-31016419702023-03-31016419702021-04-012022-03-3101641970core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3101641970core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31016419702022-03-3101641970core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101641970core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101641970core:CurrentFinancialInstruments2023-03-3101641970core:CurrentFinancialInstruments2022-03-3101641970core:ShareCapital2023-03-3101641970core:ShareCapital2022-03-3101641970core:RetainedEarningsAccumulatedLosses2023-03-3101641970core:RetainedEarningsAccumulatedLosses2022-03-3101641970core:ShareCapital2021-03-3101641970core:RetainedEarningsAccumulatedLosses2021-03-31016419702022-03-3101641970core:WithinOneYear2023-03-3101641970core:WithinOneYear2022-03-3101641970bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101641970bus:FRS1022022-04-012023-03-3101641970bus:Audited2022-04-012023-03-3101641970bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP