Company Registration No. 03628807 (England and Wales)
CHAIGLEY HALL PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CHAIGLEY HALL PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CHAIGLEY HALL PROPERTIES LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
5
1,195,000
1,195,000
Current assets
Debtors
6
1,533
1,006
Cash at bank and in hand
42,408
33,030
43,941
34,036
Creditors: amounts falling due within one year
7
(282,653)
(286,058)
Net current liabilities
(238,712)
(252,022)
Total assets less current liabilities
956,288
942,978
Creditors: amounts falling due after more than one year
8
(120,833)
(137,500)
Provisions for liabilities
(90,300)
(90,300)
Net assets
745,155
715,178
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
745,153
715,176
Total equity
745,155
715,178
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 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.
CHAIGLEY HALL PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2021
30 November 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
JG Ingham
Director
Company Registration No. 03628807
CHAIGLEY HALL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information
Chaigley Hall Properties Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
St. Crispin House, St. Crispin Way, Haslingden, Rossendale, Lancashire, United Kingdom, BB4 4PW.
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.
1.2
Going concern
The directors have considered the financial stability of the company, while taking into account the impact of
true
COVID-19, for a period of at least 12 months from the date of signing these accounts.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.7
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.
CHAIGLEY HALL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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
profit and loss account
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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
CHAIGLEY HALL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 December 2020 and 30 November 2021
800
Depreciation and impairment
At 1 December 2020 and 30 November 2021
800
Carrying amount
At 30 November 2021
At 30 November 2020
5
Investment properties
2021
£
Fair value
At 1 December 2020 and 30 November 2021
1,195,000
Investment properties were all informally revalued by the directors on 30/11/2020. The directors confirm that the increase in fair value of the properties is reasonable to that of current market conditions.
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
451
Other debtors
1,082
1,006
1,533
1,006
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loan (secured)
16,668
16,668
Trade creditors
74,587
85,087
Taxation and social security
8,000
8,430
Other creditors
183,398
175,873
282,653
286,058
CHAIGLEY HALL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loan (secured)
120,833
137,500
9
Non-distributable profits reserve
Total reserves include non-distributable reserves of £384,965, being net property revaluations.