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CHOLSO LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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CHOLSO LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CHOLSO LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
62/63 Westborough |
Scarborough |
North Yorkshire |
YO11 1TS |
CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Fair value reserve | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Cholso Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements are set out below. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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. |
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Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Pension costs and other post-retirement benefits |
As from April 1999 the company pays regular amounts into a Regular Contribution Pension Plan. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Disposals | ( |
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( |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
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Additions |
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Revaluations | 169,026 |
At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Cost or valuation at 31 December 2016 is represented by: |
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£ |
Valuation in 2014 | 814,109 |
Valuation in 2015 | 104,235 |
Valuation in 2016 | 169,026 |
Cost | 987,630 |
2,075,000 |
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6. | STOCKS |
2016 | 2015 |
£ | £ |
Work-in-progress |
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CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Directors' current accounts |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more than 5 years repayable by
instalments |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 years repayable by
instalments |
181,569 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank overdraft |
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Bank loans |
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CHOLSO LIMITED (REGISTERED NUMBER: 02909590) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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12. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2016 |
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Revaluation of investment properties | 169,026 |
Deferred tax on revaluation of investment
properties |
(33,805 |
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At 31 December 2016 |
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13. | RELATED PARTY DISCLOSURES |
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Included in Other Creditors is a loan of £100,000 (2015 - £100,000) from J C & D Holdings Limited, a Jersey |
based trust, in which Mr C E Nicholson is a discretionary beneficiary. During the period interest charged in the |
accounts relating to this loan amounted to £2,500 (2015 - £2,500). |
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14. | FIRST YEAR ADOPTION |
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Investment property |
Under FRS 102 section 1A, both properties owned by the company qualify as investment properties and should |
be carried at fair value. The impact has been to increase the value of the company's assets, net of deferred tax, |
by £651,287 at 1 January 2015 and by a further £83,388 in the year to 31 December 2015. |
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Deferred taxation |
Under FRS 102 section 1A, deferred tax must be provided for on investment properties which have been |
revalued to fair value. This resulted in a provision of £162,822 being introduced at 1 January 2015 which was |
supplemented by a further provision of £20,847 during the year to 31 December 2015. |
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