Cheshunt Properties Ltd - Accounts to registrar (filleted) - small 18.2

Cheshunt Properties Ltd - Accounts to registrar (filleted) - small 18.2

CHESHUNT PROPERTIES LTD - Company Information

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REGISTERED NUMBER: 10228865 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2020

FOR

CHESHUNT PROPERTIES LTD
CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,660,000 2,603,647

CURRENT ASSETS
Debtors 5 301,850 86,743
Cash at bank 12,946 12,418
314,796 99,161
CREDITORS
Amounts falling due within one year 6 514,866 1,009,602
NET CURRENT LIABILITIES (200,070 ) (910,441 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,459,930
1,693,206

CREDITORS
Amounts falling due after more than one year 7 (2,400,315 ) (1,638,950 )

PROVISIONS FOR LIABILITIES 9 (10,709 ) -
NET ASSETS 48,906 54,256

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 45,644 -
Retained earnings 3,162 54,156
48,906 54,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 notes form part of these financial statements

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CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2020


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 24 February 2021 and were
signed on its behalf by:





Mr S T Savage - Director


The notes form part of these financial statements

Page 2
CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020

1. STATUTORY INFORMATION

Cheshunt Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address are as below:

Registered number: 10228865

Registered office: 1 Kings Avenue
London
N21 3NA

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual
results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised where the revision affects only that period or in the
period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property.
Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the
purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes
in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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.


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CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2020

2. ACCOUNTING POLICIES - continued
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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term
deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid
investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of
changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference
and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in
profit and loss.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2019 2,603,647
Revaluations 56,353
At 28 February 2020 2,660,000
NET BOOK VALUE
At 28 February 2020 2,660,000
At 28 February 2019 2,603,647

Fair value at 28 February 2020 is represented by:

£   
Valuation in 2020 56,353
Cost 2,603,647
2,660,000

Investment property was valued on an open market basis on 28 February 2020 by the directors. .

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CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2020

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 43,500 -
Other debtors 258,350 86,743
301,850 86,743

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts - 76,200
Trade creditors 2,190 1,481
Amounts owed to group undertakings 495,420 906,917
Other creditors 17,256 25,004
514,866 1,009,602

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Bank loans 2,400,315 1,638,950

8. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 2,400,315 1,715,150

The bank loans are secured by way of fixed and floating charge on the investment property of the company and
contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2020 2019
£    £   
Deferred tax
Other timing differences 10,709 -

Deferred
tax
£   
Provided during year 10,709
Balance at 28 February 2020 10,709

10. RESERVES
Fair
value
reserve
£   
Movement during the year 45,644

At 28 February 2020 45,644

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CHESHUNT PROPERTIES LTD (REGISTERED NUMBER: 10228865)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2020

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions
with wholly owned subsidiaries within the group.

Page 6