Chas Developments Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 July 2021
Company Registration No. 07642842 (England and Wales)
Chas Developments Limited
Company Information
Directors
C.S. Sidhu
K.K. Sidhu
Company number
07642842
Registered office
Betchworth House
57-65 Station Road
Redhill
Surrey
United Kingdom
RH1 1DL
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Chas Developments Limited
Balance Sheet
As at 31 July 2021
Page 1
2021
2020
Notes
£
£
£
£
Current assets
Stock
1,000,000
1,000,000
Debtors
3
100
100
1,000,100
1,000,100
Creditors: amounts falling due within one year
4
(1,000,000)
(1,000,000)
Net current assets
100
100
Capital and reserves
Called up share capital
5
100
100
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 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved by the board of directors and authorised for issue on 14 June 2022 and are signed on its behalf by:
C.S. Sidhu
Director
Company Registration No. 07642842
Chas Developments Limited
Notes to the Financial Statements
For the year ended 31 July 2021
Page 2
1
Accounting policies
Company information
Chas Developments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Betchworth House, 57-65 Station Road, Redhill, Surrey, United Kingdom, RH1 1DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed the impact of the worldwide COVID-19 pandemic on the company and consider any impact or delays to be short term only. Total creditors at the year end of £1,000,000 represent a balance due to Oakborough Limited, a fellow subsidiary company. Oakborough Limited has confirmed that it will not seek repayment of this balance for a period of at least twelve months from the date of approval of these financial statements and will provide additional financial support if required. As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
true
1.3
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Chas Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2021
Page 3
2
Employees
The average monthly number of persons employed by the company during the year was 0
(2020: 0).
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts due from group undertakings
100
100
4
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts due to group undertakings
1,000,000
1,000,000
5
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Related party transactions
At the year end there was a balance due to Oakborough Limited, a fellow subsidiary company, of £1,000,000 (2020: £1,000,000). The balance is in respect of a property acquired by the company from Oakborough Limited for a consideration of £1,000,000 on 27 July 2020.
At the year end there was a balance due from Chas Care Group Limited, the parent company, of £100 (2020: £100).
7
Parent company
The parent company is Chas Care Group Limited, a company registered in England and Wales. The parent company shares the same registered office address as the company.