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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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CHALEWORTH LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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CHALEWORTH LIMITED |
CHALEWORTH LIMITED (REGISTERED NUMBER: 05214150) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 7 |
CHALEWORTH LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
CHALEWORTH LIMITED (REGISTERED NUMBER: 05214150) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
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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 Board of Directors on
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CHALEWORTH LIMITED (REGISTERED NUMBER: 05214150) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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1. | STATUTORY INFORMATION |
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Chaleworth 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Monetary amounts are rounded to the nearest pound. |
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Turnover |
Turnover is the total amount of rent receivable by the company during the year. |
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Investment property |
In accordance with Statement of Standard Accounting Practice No. 19, certain of the company's investment |
properties are held for long term investment and are included in the Balance Sheet at their open market values. |
The surplus or deficit on the annual revaluation of such properties are transferred to the investment property |
revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold |
investment properties are not amortised where the unexpired term is over twenty years. |
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This policy represents a departure from statutory accounting principles, which require depreciation to be |
provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial |
Statements may give a true and fair view because current values and changes in current values are of prime |
importance rather than the systematic annual depreciation. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
at transaction price including transaction and where material are subsequently measured at amortise cost using |
the effective interest method, less any impairment |
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Impairment of financial assets |
Financial assets, other than those held at fair value are assessed for indicators or impairment at each reporting |
end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. |
The impairment loss is recognised in the Statement of Total Comprehensive Income. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or |
when it transfer the financial asset and substantially all the risks and rewards of ownership to another entity. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other payables and loans from company undertakings that are |
classified as debt are initially measured at transaction price unless the arrangement constitute a financing |
transaction, where the debt instrument is measured at the present value of the future payments discounted at |
the market rate of interest. |
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Trade creditors are obligations to pay for goods or services that have been acquired int he ordinary course of |
business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one |
year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at |
transaction price and where material are subsequently measured at amortised cost using the effective interest |
method. |
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CHALEWORTH LIMITED (REGISTERED NUMBER: 05214150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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 |
statement of financial position 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. |
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Cash and cash equivalent |
Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid |
investments with original maturities of three months or less. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Going concern |
The financial statements have been prepared under the going concern basis. This is deemed appropriate due to |
the ongoing support of the director. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 July 2018 |
and 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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Fair value at 30 June 2019 is represented by: |
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£ |
Valuation in 2016 | (56,277 | ) |
Cost | 2,706,277 |
2,650,000 |
CHALEWORTH LIMITED (REGISTERED NUMBER: 05214150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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4. | INVESTMENT PROPERTY - continued |
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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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2019 | 2018 |
£ | £ |
Cost | 2,706,277 | 2,706,277 |
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Investment property was valued on an open market basis on 30 June 2016 by W Reid, a director . |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 July 2018 | ( |
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Profit for the year |
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At 30 June 2019 | ( |
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CHALEWORTH LIMITED (REGISTERED NUMBER: 05214150) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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9. | RELATED PARTY DISCLOSURES |
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The Remet Property Company Limited |
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A company under common control |
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The loan is repayable on demand. |
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2019 | 2018 |
£ | £ |
Amount due to related party at the balance sheet date | 2,876,780 | 2,149,256 |
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The Remet Company Limited |
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A company under common control |
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Interest on the loan is charged at 3% p.a. The loan is repayable on demand. |
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2019 | 2018 |
£ | £ |
Amount due to related party at the balance sheet date | 15,000 | 759,649 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CHALEWORTH LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Chaleworth Limited for the year ended 30 June 2019 which comprise the Income Statement, |
Statement of Financial Position and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Chaleworth Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chaleworth Limited and state those matters that we have agreed to state to the Board of Directors of Chaleworth Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chaleworth Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Chaleworth Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chaleworth Limited. You consider that Chaleworth Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Chaleworth Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
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