Chilcomb Limited - Accounts to registrar (filleted) - small 18.2
Chilcomb Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 31 March 2022 |
| for |
| Chilcomb Limited |
| Chilcomb Limited (Registered number: 02840463) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Chilcomb Limited |
| Company Information |
| for the Year Ended 31 March 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| 4th Floor |
| 167 Fleet Street |
| London |
| EC4A 2EA |
| Chilcomb Limited (Registered number: 02840463) |
| Statement of Financial Position |
| 31 March 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
6 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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 |
| Chilcomb Limited (Registered number: 02840463) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2022 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| After considering the company's prospects and subject to the external lenders' and parent company's continued support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
| Significant judgements and estimates |
| In preparing the financial statements, estimates and judgements are made that could affect the reported amounts of assets and liabilities within the next reporting period. Estimates and judgements are continually evaluated and are based on factors such as historical experience and current best estimates of uncertain future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. |
| The critical judgements and estimates made by management that have a significant effect on the amounts recognised in the financial statements are described below: |
| Valuation of investment property |
| The investment property is stated at fair value based on the valuation performed by the directors who are experienced in property investment and have a good knowledge of the location and type of property owned. The valuation reflects observable market prices, if available, condition of the property, and likely income from the asset. As a result of the pandemic (Covid-19), significant disruption and uncertainty in the UK property market prevails which inevitably increases the risk of misstatement and the degree of judgement in arriving at values as at at 31 March 2022. |
| Turnover |
| Turnover represents rents and service charges receivable for the year, excluding 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. |
| 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. |
| Chilcomb Limited (Registered number: 02840463) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2021 - NIL). |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2021 |
| Additions |
| Revaluations | (45,164 | ) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| A third party has a 16.4% interest in the income or losses from the properties.The investment properties were revalued on an open market basis by the directors of the company as at the year end. The historical cost of the investment properties is £13,105,164 (2021: £11,102,951). |
| 4. | DEBTORS |
| 2022 | 2021 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amount due from joint property participants | 274,651 | 275,083 |
| Deferred tax | 9,540 | - |
| VAT |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Deferred tax | 153,655 | - |
| Aggregate amounts |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Trade creditors |
| Amounts owed to group undertakings |
| Other creditors |
| Accruals and deferred income |
| Chilcomb Limited (Registered number: 02840463) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Other loans - 1-2 years |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Other loans |
| The bank and other loans are secured over the company's investment property. |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | 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. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of MFC Estates plc, a company registered in England and Wales. MFC Estates plc is under the control of the director, P L Murphy, by virtue of his beneficial interest in that company's issued share capital. |