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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Charter Financial Services Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Charter Financial Services Limited |
Charter Financial Services Limited (Registered number: 03305229) |
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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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Charter Financial Services Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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8 St John Street |
Manchester |
M3 4DU |
Charter Financial Services Limited (Registered number: 03305229) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
Charter Financial Services Limited (Registered number: 03305229) |
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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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Charter Financial Services Limited (Registered number: 03305229) |
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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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Charter Financial Services Limited is a
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The company's 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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Turnover |
Turnover represents net invoiced rental income, excluding value added tax. Turnover is matched to the period to |
which the rental period relates with amounts invoiced in advance being recognised as deferred income where |
appropriate. |
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Investment property |
In accordance with SSAP 19, investment properties are not subject to periodic charges for depreciation. |
Non-depreciation of investment properties represents a departure from the requirements of the Companies Act |
2006. In the opinion of the director the properties are held for their investment potential, as represented by |
market value, and to depreciate them would not give a true and fair view. Investment properties are revalued |
annually and included in the balance sheet at their open market value. Changes in the market value of the |
properties are taken to the statement of total recognised gains and losses (being a movement on the investment |
revaluation reserve), unless a deficit (or its reversal) on an individual property is expected to be permanent, in |
which case it is charged (or credited) to the profit and loss account. |
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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 that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
Charter Financial Services Limited (Registered number: 03305229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2016 |
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Revaluations | 637,500 |
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 2010 | 4,260,000 |
Valuation in 2012 | (525,000 | ) |
Valuation in 2014 | 1,327,500 |
Valuation in 2017 | 637,500 |
5,700,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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31.12.16 | 31.12.15 |
£ | £ |
Cost | 2,005,533 | 2,005,533 |
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Investment property was professionally valued on an open market basis in February 2017. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Other debtors |
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Sundry debtor | 50,000 | - |
Trade debtor | 120,678 | 285,273 |
Tax |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans and overdrafts |
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Corporation tax |
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Other creditors |
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Accrued expenses |
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Charter Financial Services Limited (Registered number: 03305229) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans repayable in |
1-2 years |
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Bank loans repayable in |
2-5 years |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.16 | 31.12.15 |
£ | £ |
Bank loans |
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8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2016 |
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Revaluation reserve | 637,500 |
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At 31 December 2016 |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company was under the control of Mr T O'Neill. |
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At 31 December 2016 the company was owed £250,000 (2015: £230,382) by Mr T O'Neill. The loan is |
repayable on demand and interest is charged at a commercial rate. |