Registered number:
06914855
CHAZ LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
|
CHAZ LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
The directors are responsible for preparing the directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
|
CHAZ LIMITED
REGISTERED NUMBER:
06914855
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Chaz Limited is a private company, limited by shares, registered in England and Wales, registration number 06914855. The registered office is 20-22 Jute Lane, Enfield, Middlesex, EN3 7PJ.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006 as modified by fair value for investment property
.
Monetary amounts are rounded to the nearest £.
The following principal accounting policies have been applied:
The directors pay careful attention to the cost base of the company ensuring not only that it is kept at a level to satisfy the commercial requirements but also that it remains appropriate to the level of activity of the company and the financial resources available to it.
The loan facility is contingent on the company meeting certain covenants as defined in the loan facilities agreement. The directors are confident that covenants will be met and sufficient facilities will continue to be available in the foreseeable future to support the company’s capital requirements.
The company is reliant upon the trade of its group to meet its working capital requirements and remain a going concern. The group has confirmed its support to the company to enable it to continue to trade satisfactorily for the foreseeable future, being a period of at least twelve months from the approval of these financial statements. There has been and it is expected that there will be no material impact as a result of the COVID-19 pandemic.
Based on the above, the directors expect the company to have adequate resources to continue to adopt the going concern basis of accounting in preparing these financial statements.
Rental income from operating leases is credited to profit and loss on a straight line basis over the term of the relevant lease.
Investment property is initially measured at cost and subsequently measured at fair value. Fair value is determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit and loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.
Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
All borrowing costs are recognised in profit and loss in the year in which they are incurred.
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
In the application of the company’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Investment property held at valuation has been revalued by an independent valuer on 17 June 2022. The director considers that the value of the investment property is representative of the market value at the balance sheet date. See note 5 for further information.
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
|
The company had no paid employees during the year. No directors received remuneration from the company during the year. Information regarding directors' remuneration is given in the annual report of Cake Box Holdings Plc, the company's ultimate parent undertaking.
|
|
The average monthly number of employees, including directors, during the year was 2
(2021 -
2
)
.
|
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The valuation at 1 April 2021 has been restated following a prior year adjustment. See note 11 for further details.
On 17 June 2022 all existing freehold property was revalued by an independent qualified valuer, in accordance with the RICS Valuation – Global Standards 2017 (the Red Book). The director has deemed these valuations to be representative of the value as at the balance sheet date.
|
If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment properties with a carrying value of £7,881,176
(2021 - £6,631,001)
are used in operating leases. The company received rental income in relation to these operating leases amounting to £263,400
(2021 - £263,400)
.
|
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured loans
Bank loans of £1,353,732
(2021 - £1,485,759)
are secured by way of fixed and floating charges upon the company assets. Interest rates of 2.15% - 2.23% above Bank of England base rate are charged on the loans. The loans are repayable in monthly instalments with final payments due between March 2024 and November 2025. The repayment dates can be extended as agreed with the bank by obtaining a new loan product.
|
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due within one year
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
Amounts falling due after more than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Revaluation
reserve
The revaluation reserve represents cumulative non-distributable profits arising from the revaluation of investment properties.
Profit & loss account
The profit and loss represents historic cumulative distributable profits and losses net of dividends and other adjustments.
During the year it was discovered that an uplift in fair value of £1,612,000 in freehold properties was not properly reflected in the financial statements in the prior year. This has been corrected in the financial statements with a net uplift of profit and net assets of £1,305,720 (after deferred tax).
|
Commitments under operating leases
|
|
Lessor
One investment property is formally leased. The total future value of minimum lease receipts is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due between one to five years
|
|
|
|
Lessee
The company had no commitments under non-cancellable operating leases at the reporting date.
|
|
Related party transactions
|
|
The company has taken advantage of the exemption under FRS 102 paragraph 1.12 and paragraph 33.1A from disclosing transactions with key management and from other related party transactions with other companies wholly owned within the group.
|
The company is a wholly owned subsidiary of Cake Box Holdings Plc, company number 08777765 and registered office at 20-22 Jute Lane, Enfield, Middlesex, EN3 7PJ, which is the ultimate parent company undertaking. The company considers there is no ultimate controlling party.
Cake Box Holdings Plc is the smallest and largest consolidation including the final results of Chaz Limited.
|
CHAZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The auditor's report on the financial statements for the year ended 31 March 2022 was unqualified.
The audit report was signed on
25 November 2022
by
Andrew Moyser FCCA FCA
(Senior statutory auditor) on behalf of
MHA MacIntyre Hudson
.
|