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Company Registration No. 00322157 (England and Wales)
CHARLESWOOD ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
CHARLESWOOD ESTATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CHARLESWOOD ESTATES LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investment properties
4
68,315,000
59,540,000
Investments
5
1,001
1,001
68,316,001
59,541,001
Current assets
Debtors
6
522,610
405,821
Cash at bank and in hand
1,351,105
944,556
1,873,715
1,350,377
Creditors: amounts falling due within one year
7
(6,319,481)
(5,694,852)
Net current liabilities
(4,445,766)
(4,344,475)
Total assets less current liabilities
63,870,235
55,196,526
Creditors: amounts falling due after more than one year
8
(14,000,000)
(10,500,000)
Provisions for liabilities
(7,400,000)
(6,840,000)
Net assets
42,470,235
37,856,526
Capital and reserves
Called up share capital
9
188,031
188,031
Fair value reserve
40,377,820
34,712,293
Profit and loss reserves
1,904,384
2,956,202
Total equity
42,470,235
37,856,526

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

CHARLESWOOD ESTATES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017
30 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2018 and are signed on its behalf by:
S P Vickery
Director
Company Registration No. 00322157
CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information

Charleswood Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 118 Piccadilly, London, W1J 7NW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 September 2017 are the first financial statements of Charleswood Estates Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 12.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent and insurance provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 10 (2016 - 10).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2016 and 30 September 2017
28,953
Depreciation and impairment
At 1 October 2016 and 30 September 2017
28,953
Carrying amount
At 30 September 2017
-
At 30 September 2016
-
4
Investment property
2017
£
Fair value
At 1 October 2016
59,540,000
Additions
3,409,867
Disposals
(275,000)
Revaluations
5,640,133
At 30 September 2017
68,315,000

Investment property comprises residential and commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 September 2017 by the directors, who include a number of members of the Royal Institute of Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 7 -
5
Fixed asset investments
2017
2016
£
£
Investments
1,001
1,001
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2016 & 30 September 2017
1,001
Carrying amount
At 30 September 2017
1,001
At 30 September 2016
1,001
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
436,677
208,022
Amounts owed by group undertakings
-
69,851
Other debtors
85,933
127,948
522,610
405,821
7
Creditors: amounts falling due within one year
2017
2016
£
£
Amounts due to group undertakings
330,149
-
Corporation tax
145,536
147,759
Other taxation and social security
85,950
69,353
Other creditors
5,757,846
5,477,740
6,319,481
5,694,852
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
14,000,000
10,500,000
CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
8
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

The bank loan is secured on one of the company's investment properties. The bank also hold a fixed and floating charge over the assets of the company.

9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
564,094 Ordinary shares of 33.3333p each
188,031
188,031
188,031
188,031
10
Related party transactions
Transactions with related parties

The directors and their associates have made loans to the company. In the year ended 30 September 2017 the rate of interest paid on the loan balances was 1.5%. The totals outstanding at the year end were:

2017
2016
Amounts owed to related parties
£
£
Key management personnel
2,357,295
2,411,361
Other related parties
66,583
12,436
11
Directors' transactions

Dividends totalling £319,150 (2016 - £319,150) were paid in the year in respect of shares held by the company's directors.

12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
45,495,424
44,696,526
Adjustments arising from transition to FRS 102:
Deferred tax provision
1
(6,917,000)
(6,840,000)
Equity reported under FRS 102
38,578,424
37,856,526
CHARLESWOOD ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
12
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
201,102
Adjustments arising from transition to FRS 102:
Deferred tax provision
1
77,000
Profit reported under FRS 102
278,102
Notes to reconciliations on adoption of FRS 102
1 Deferred tax

A provision has been included for the corporation tax that would be due if the investment properties were sold at their carrying value. FRS 102 requires that deferred tax liabilities are included in full. This provision was not required under previous UK GAAP.

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