Chipperfield & Butler Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00168800 (England and Wales)

CHIPPERFIELD & BUTLER LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C C K Butler

Mrs J A Butler

SECRETARY:

N W H Ericsson

REGISTERED OFFICE:

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

REGISTERED NUMBER:

00168800 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

FIXED ASSETS

Investments

4

615,133

566,597

Investment property

5

2,350,000

2,350,000

2,965,133

2,916,597

CURRENT ASSETS

Debtors

6

25,954

23,080

Cash at bank

27,054

3,319

53,008

26,399

CREDITORS

Amounts falling due within one year

7

103,099

55,120

NET CURRENT LIABILITIES

(50,091

)

(28,721

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,915,042

2,887,876

PROVISIONS FOR LIABILITIES

8

203,601

195,458

NET ASSETS

2,711,441

2,692,418

CAPITAL AND RESERVES

Called up share capital

9

8,646

8,646

Other reserves

5,938

5,938

Fair value reserve

1,514,238

1,514,238

Retained earnings

1,182,619

1,163,596

SHAREHOLDERS' FUNDS

2,711,441

2,692,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 29 September 2020 and were signed on its behalf by:

C C K Butler - Director

1.	STATUTORY INFORMATION

Chipperfield & Butler 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Revenue is measured at fair value of the consideration received or receivable.

Turnover represents gross rent receivable from the letting of the company's investment properties. Rent

receivable is recognised on a straight-line basis over the lease term.

Revenue includes income from subsidiaries and income from listed investments.

Interest receivable is recognised using the effective interest rate method.

Investment property

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

in fair value is recognised in profit or loss and transferred to the fair value reserve at the balance sheet date.

Investments

Investments in shares that are publicly traded or their fair value can otherwise be reliably measured are stated at

fair value, with the exception of investments in subsidiaries. Movements in fair values are recognised in the profit

and loss account. If fair values cannot be reliably measured, such investments are stated at cost less

impairments.

Investments in subsidiary undertakings are recognised and stated at cost less impairments.

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 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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 February 2019

11,815

554,782

566,597

Additions

-

138,127

138,127

Disposals

-

(129,804

)

(129,804

)

Revaluations

-

40,213

40,213

At 31 January 2020

11,815

603,318

615,133

NET BOOK VALUE

At 31 January 2020

11,815

603,318

615,133

At 31 January 2019

11,815

554,782

566,597

Cost or valuation at 31 January 2020 is represented by:

Shares in

group

Listed

undertakings

investments

Totals

£

£

£

Valuation in 2020

-

124,734

124,734

Cost

11,815

478,584

490,399

11,815

603,318

615,133

Market value of listed investments at 31 January 2020 - £ 603,318 (2019 - £ 554,782 ).

The fair values of listed investments are determined by reference to an active market at the balance sheet date.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2019

and 31 January 2020

2,350,000

NET BOOK VALUE

At 31 January 2020

2,350,000

At 31 January 2019

2,350,000

The directors consider the value of the investment property as at 31 January 2020 to be fair value. The fair value

has been determined by reference to properties of a similar size, condition, location and letting potential to those

held by the company.

Fair value at 31 January 2020 is represented by:

£

Valuation in 2016

1,484,411

Valuation in 2018

275,000

Valuation in 2019

(50,000

)

Cost

640,589

2,350,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

9,036

8,791

Amounts owed by group undertakings

15,375

7,000

Other debtors

1,543

7,289

25,954

23,080

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

18,644

24,250

Other creditors

84,455

30,870

103,099

55,120

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

203,601

195,458

Deferred

tax

£

Balance at 1 February 2019

195,458

Charge to Income Statement during year

8,143

Balance at 31 January 2020

203,601

Following the year end, but prior to the approval of these Financial Statements, the UK government substantively

enacted and then enacted legislation to maintain the corporation tax rate of 19% from 1 April 2020. This results

in estimated increases in the company's deferred tax provision and charges to the profit and loss account of

£22,961 and £992 in respect of its investment properties and listed investments respectively, based on their

aggregate fair values of £2,350,000 and £603,318 respectively at 31 January 2020. The financial effects of this

event have not been recognised in these Financial Statements, since the recognition criteria were not met at the

balance sheet date.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

34,584

Ordinary

25p

8,646

8,646

10.	POST BALANCE SHEET EVENTS

On 11 March 2020 the World Health Organization declared the Coronavirus (COVID-19) outbreak a pandemic due

to its rapid spread worldwide, having affected more than 150 countries. The majority of governments are taking

restrictive measures to contain the spread, including: isolation, confinement, quarantine and restrictions on the

free movement of people, the closure of public and private premises (except for basic necessities and health

services), border closures and a drastic reduction in air, sea, rail and land transport. This situation is having a

significant impact on the global economy due to the interruption or slowdown of supply chains and the substantial

increase in economic uncertainty, evidenced by greater volatility in asset prices and exchange rates, and a drop in

long-term interest rates.

The consequences derived from COVID-19 are considered an event after the reporting period that does not

require an adjustment in the financial statements for the year ended 31 January 2020.

Although it is not possible to estimate the present and future impacts of this crisis on the company at the date the

financial statements were authorised for issue, the consequences include:

- Decreases in the fair values of the company's investment properties from those disclosed in the balance sheet at

31 January 2020.

- A decrease in the aggregate fair values of the company's listed investments from those disclosed in the balance

sheet at 31 January 2020.

During the year ending 31 January 2021, the company will assess the continuing impact on the equity and

financial position at 31 January 2021 and on the results of operations and cash flows for the year then ended.