Chard Properties (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05458539 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

CHARD PROPERTIES (UK) LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

A S Chard

Mrs N K Chard

SECRETARY:

B Chard

REGISTERED OFFICE:

58-78 High Street

Southall

Middlesex

UB1 5DB

REGISTERED NUMBER:

05458539 (England and Wales)

ACCOUNTANTS:

Dawn & Co.

Chartered Certified Accountants

35A High Street

Ruislip

Middlesex

HA4 7AU

The directors present their report with the financial statements of the company for the year ended 31 May 2018.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of Furniture Retailer and Property Investment.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2017 to the date of this report.

A S Chard

Mrs N K Chard

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

A S Chard - Director

7 March 2019

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

6,069,557

6,379,349

6,069,557

6,379,349

CURRENT ASSETS

Stocks

372,500

363,739

Debtors

6

90,538

93,024

Cash at bank and in hand

418,409

1,444,819

881,447

1,901,582

CREDITORS

Amounts falling due within one year

7

113,121

645,483

NET CURRENT ASSETS

768,326

1,256,099

TOTAL ASSETS LESS CURRENT LIABILITIES

6,837,883

7,635,448

CREDITORS

Amounts falling due after more than one year

8

(1,056,027

)

(1,046,193

)

PROVISIONS FOR LIABILITIES

(992,561

)

(1,005,217

)

NET ASSETS

4,789,295

5,584,038

CAPITAL AND RESERVES

Called up share capital

2,680

2,680

Retained earnings

10

4,786,615

5,581,358

SHAREHOLDERS' FUNDS

4,789,295

5,584,038

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 March 2019 and were signed on its behalf by:

A S Chard - Director

1.	STATUTORY INFORMATION

Chard Properties (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

in accordance with the property

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Tangible fixed assets

No depreciation is provided on investment properties because the current market value

exceeds the cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

160,000

AMORTISATION

At 1 June 2017

and 31 May 2018

160,000

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Short

to

property

leasehold

property

£

£

£

COST OR VALUATION

At 1 June 2017

6,335,691

8,499

171,608

Additions

171,607

-

-

Disposals

(290,525

)

(8,499

)

(171,608

)

At 31 May 2018

6,216,773

-

-

DEPRECIATION

At 1 June 2017

185,691

-

-

Charge for year

-

-

-

At 31 May 2018

185,691

-

-

NET BOOK VALUE

At 31 May 2018

6,031,082

-

-

At 31 May 2017

6,150,000

8,499

171,608

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 June 2017

75,132

55,840

2,910

6,649,680

Additions

-

-

-

171,607

Disposals

-

-

-

(470,632

)

At 31 May 2018

75,132

55,840

2,910

6,350,655

DEPRECIATION

At 1 June 2017

44,257

37,891

2,492

270,331

Charge for year

6,175

4,487

105

10,767

At 31 May 2018

50,432

42,378

2,597

281,098

NET BOOK VALUE

At 31 May 2018

24,700

13,462

313

6,069,557

At 31 May 2017

30,875

17,949

418

6,379,349

Cost or valuation at 31 May 2018 is represented by:

Improvements

Freehold

Short

to

property

leasehold

property

£

£

£

Valuation in 2016

5,785,691

8,499

171,608

Valuation in 2017

550,000

-

-

Valuation in 2018

(118,918

)

(8,499

)

(171,608

)

6,216,773

-

-

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2016

75,132

55,840

2,910

6,099,680

Valuation in 2017

-

-

-

550,000

Valuation in 2018

-

-

-

(299,025

)

75,132

55,840

2,910

6,350,655

Properties were valued on a fair value basis on 31 May 2017 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade debtors

37,666

32,228

Other debtors

52,872

60,796

90,538

93,024

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Bank loans and overdrafts

22,573

7,409

Hire purchase contracts

5,166

5,166

Trade creditors

39,010

39,099

Taxation and social security

22,871

510,955

Other creditors

23,501

82,854

113,121

645,483

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.18

31.5.17

£

£

Bank loans

1,050,000

1,035,000

Hire purchase contracts

6,027

11,193

1,056,027

1,046,193

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,050,000

1,035,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.18

31.5.17

£

£

Bank loans

1,050,000

1,035,000

The loan is secured of the properties of the company.

10.

RESERVES

Retained

earnings

£

At 1 June 2017

5,581,358

Profit for the year

12,601

Dividends

(820,000

)

Profit and loss reserve - reva luation

12,656

At 31 May 2018

4,786,615