Chaleview Properties Limited Filleted accounts for Companies House (small and micro)

CHALEVIEW PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03680610

Chaleview Properties Limited

Filleted Unaudited Financial Statements

31 July 2018

Chaleview Properties Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4	464	580
Investments	5	1,700,001	1,700,001
		------------	------------
		1,700,465	1,700,581

Current assets

Debtors	6	17,427	36,201
Cash at bank and in hand		173,008	189,973
		---------	---------
		190,435	226,174

Creditors: amounts falling due within one year	7	43,816		52,707
		---------		---------
Net current assets			146,619	173,467
			------------	------------
Total assets less current liabilities			1,847,084	1,874,048

Provisions

Taxation including deferred tax	160,440	168,425
	------------	------------
Net assets	1,686,644	1,705,623
	------------	------------

Capital and reserves

Called up share capital	125,000	125,000
Profit and loss account	1,561,644	1,580,623
	------------	------------
Shareholders funds	1,686,644	1,705,623
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Chaleview Properties Limited

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 30 April 2019 , and are signed on behalf of the board by:

A J Smith
Director

Company registration number: 03680610

Chaleview Properties Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bramford House, 23 Westfield Park, Bristol, BS6 6LT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Investment properties

Investment properties have been revalued by directors at the year end and will be revalued annually in future in accordance with the provisions of FRS 102.

The aggregate surplus or deficit on revaluation is transferred to the profit and loss account.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed by the balance sheet date, except for timing differences arising on revaluations of fixed assets which are not intended to be sold and gains on disposal of fixed assets which will be rolled over into replacement assets. No provision is made for taxation on permanent differences. Deferred tax assets are recognised to the extent that is more likely than not that they will be recovered.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 August 2017 and 31 July 2018	1,380	5,348	6,728
	-------	-------	-------
Depreciation
At 1 August 2017	1,318	4,830	6,148
Charge for the year	12	104	116
	-------	-------	-------
At 31 July 2018	1,330	4,934	6,264
	-------	-------	-------
Carrying amount
At 31 July 2018	50	414	464
	-------	-------	-------
At 31 July 2017	62	518	580
	-------	-------	-------

5. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 August 2017 and 31 July 2018	1	1,700,000	1,700,001
	----	------------	------------
Impairment
At 1 August 2017 and 31 July 2018	–	–	–
	----	------------	------------

Carrying amount
At 31 July 2018	1	1,700,000	1,700,001
	----	------------	------------
At 31 July 2017	1	1,700,000	1,700,001
	----	------------	------------

The fair value of the freehold investment properties at 31 July 2018 is estimated by the directors to be £1,700,000 (2017 - £1,700,000). The historic aggregate cost of the investment properties, including at valuation, is £792,125 (2017 - £792,125).

The following were subsidiary undertakings of the company:

8/9 St James Parade Management Co Ltd 100%

Aggregate capital and reserves 2018 2017

8-9 St James Parade Management Co. Ltd (£1,505) £123

Profit and (loss) for the year

8-9 St James Parade Management Co. Ltd (£1,628) £nil

6. Debtors

	2018	2017
	£	£
Trade debtors	3,788	15,518
Amounts owed by group undertakings and undertakings in which the company has a participating interest	12,669	19,892
Other debtors	970	791
	--------	--------
	17,427	36,201
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	9,219	17,796
Other creditors	34,597	34,911
	--------	--------
	43,816	52,707
	--------	--------

8. Related party transactions

The company was under the joint control of the board of directors throughout the current and preceding year. During the year A J Smith - a director of the company, received income of £2,500 (2017 - £7,500) from the company as payment in lieu of management services performed on behalf of the company. Each of the five directors received dividends of £12,500 each during the year (2017 - £10,000 each).