Chardon Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC151282 (Scotland)

Financial Statements

for the Year Ended 30 April 2019

for

Chardon Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M V Taylor

Mr A I Armstrong

Ms N J Taylor

SECRETARY:

Mr A I Armstrong

REGISTERED OFFICE:

Victoria Chambers

3rd Floor

142 West Nile Street

Glasgow

G1 2RQ

REGISTERED NUMBER:

SC151282 (Scotland)

AUDITORS:

Stevenson & Kyles

Statutory Auditor

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Investment property

3

6,047,879

6,047,879

CURRENT ASSETS

Debtors

4

23,931

52,240

Cash at bank

214,136

272,622

238,067

324,862

CREDITORS

Amounts falling due within one year

5

494,223

577,276

NET CURRENT LIABILITIES

(256,156

)

(252,414

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,791,723

5,795,465

PROVISIONS FOR LIABILITIES

898,103

898,103

NET ASSETS

4,893,620

4,897,362

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

4,578,419

4,578,419

Retained earnings

315,101

318,843

SHAREHOLDERS' FUNDS

4,893,620

4,897,362

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 4 October 2019 and were signed on its behalf by:

Mr M V Taylor - Director

1.	STATUTORY INFORMATION

Chardon Properties Limited is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

Turnover

Turnover represents rents received from the land owned by the company, stated net of value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable

within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the

profit and loss account in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income except to the extent that it relates to items recognised 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 balance sheet date.

Deferred tax

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

sheet 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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2018

and 30 April 2019

6,047,879

NET BOOK VALUE

At 30 April 2019

6,047,879

At 30 April 2018

6,047,879

In September 2018 the land at 161-165 West Nile St Glasgow was revalued by Colliers International Property

Consultants Ltd at a value of £5,725,000 and that value has been incorporated in the financial statements. The

valuation report has been made in accordance with the RICS valuation - Professional Standards 2014. In the

directors' opinion the fair value at 30 April 2019 is not significantly different from the value in the accounts.

The land owned by the company at 66-74 Broomielaw in Glasgow is included at directors' valuation. In the

directors' opinion the valuation is not significantly different from the historic cost.

The landlord's interest in the Holiday Inn Express hotel in Halbeath Road, Dunfermline is included at directors'

valuation. In the directors' opinion the value of the land at the balance sheet date is not significantly different

from the historic cost.

On a historical cost basis the net book value of the land would be £571,357 (2018 - £571,357).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

23,931

52,240

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Amounts owed to group undertakings

450,742

527,861

Taxation and social security

43,476

49,415

Other creditors

5

-

494,223

577,276

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Weir (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

7.	RELATED PARTY DISCLOSURES

The company is a subsidiary of Chardon Trading Limited which owns 100% of the share capital. Chardon

Trading Limited, whose registered office is at Victoria Chambers, 142 West Nile Street, Glasgow G1 2RQ,

prepares consolidated financial statements for the group.

8.	SECURED DEBTS

The Royal Bank of Scotland plc hold a standard security over the property owned by the company. Cross

guarantees exist between the company and the other group companies in respect of bank accounts and loans with

the Royal Bank of Scotland plc.These are supported by standard securities over the properties owned by the

group and a bond and floating charge over group assets.