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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
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FOR |
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CHANTRIES AND PEWLEYS ESTATE AGENTS LTD |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
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FOR |
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CHANTRIES AND PEWLEYS ESTATE AGENTS LTD |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
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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 | 4 |
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Chartered Accountants' Report | 9 |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD |
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COMPANY INFORMATION |
for the year ended 31 December 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
39 Berwyn Road |
Richmond |
Surrey |
TW10 5BU |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR |
7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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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. |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 December 2022 |
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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 and authorised for issue on
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CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
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1. | Statutory information |
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Chantries and Pewleys Estate Agents Ltd is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Chantries and Pewleys Estate Agents Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Significant judgements |
The directors have not been required to make any material critical judgements in the process of applying the company's accounting policies. |
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Turnover |
Turnover represents commissions on sales of properties. Commissions are recognised when the outcome of the transaction can be estimated reliably, usually on exchange of contracts for the sale of the property. |
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Tangible fixed assets |
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Office furniture and equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
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2. | Accounting policies - continued |
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Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise cash, trade and other debtors and trade and other creditors. |
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Cash - these include deposits held with banks. |
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Trade and other debtors - these are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable, net of any impairment. |
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Trade and other creditors - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
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Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement. |
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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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Employee benefits |
Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. An accrual is recognised for short term compensated absences where entitlement has accumulated, but has not been taken, at the reporting date. |
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Defined contribution pension scheme |
The company operates a defined contribution pension scheme, the assets of which are held separately from those of the company in independently administered funds. Contributions payable are recognised in the income statement in the year to which the contributions relate. |
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Operating leases |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
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Going concern |
The company has established a strong presence in the market and a well respected brand. |
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The directors maintain a tight control on overheads and have a conservative policy on maintaining cash reserves in order to cover any deficit caused by unexpected trading conditions. The directors believe the company is well placed to manage its business risks for the foreseeable future. |
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Therefore the directors have adopted the going concern basis of accounting in preparing these financial statements. |
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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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CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
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4. | Tangible fixed assets |
Office |
furniture |
and |
equipment |
£ |
Cost |
At 1 January 2022 |
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Additions |
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At 31 December 2022 |
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Depreciation |
At 1 January 2022 |
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Charge for year |
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At 31 December 2022 |
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Net book value |
At 31 December 2022 |
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At 31 December 2021 |
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5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2022 |
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Additions |
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Disposals | ( |
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At 31 December 2022 |
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Net book value |
At 31 December 2022 |
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At 31 December 2021 |
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At 1 January 2022 fixed asset investments comprised the entire share capital of Chantries Independent Estate Agents Limited and Guildford Town and Villages Ltd. These companies were dissolved on 25 January 2022 and 4 January 2022 respectively. |
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On 26 April 2022 the company invested in 75 ordinary shares of £1 each in Chantries & Pewleys Estate Agents Cranleigh Limited. The shares were issued on incorporation at par. The company owns 75% of the issued share capital and voting rights in Chantries & Pewleys Estate Agents Cranleigh Limited. |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
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6. | Debtors |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Loans to directors | 10,000 | - |
Prepayments and accrued income |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Other debtors falling due after more than one year represents rent deposits which will be repaid when the relevant properties are vacated or earlier as agreed with the landlord. |
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7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Directors' loan accounts | - | 11,167 |
Accruals and deferred income |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
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Ordinary | 10p | 90 | 90 |
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The ordinary shares are divided into 150 each of A, B, C, D, E and F ordinary shares of 10p each. They rank pari passu in all respects except that the D, E and F ordinary shares are non-voting and variable dividends may be paid. |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD (REGISTERED NUMBER: 12760920) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
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9. | Operating lease commitments |
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Minimum lease payments under non-cancellable operating leases of land and buildings fall due as follows: |
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2022 | 2021 |
£ | £ |
Within one year | 35,500 | 35,500 |
Between one and five years | 29,604 | 65,104 |
65,104 | 100,604 |
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10. | Loans to directors |
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During the year the company made a loan of £10,000 to Christopher Dean, a director. Nothing has been repaid so the full £10,000 was outstanding at 31 December 2022. |
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11. | Related party disclosures |
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During the year, total dividends of £96,833 (2021 - £190,000) were paid to the directors . |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CHANTRIES AND PEWLEYS ESTATE AGENTS LTD |
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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 Chantries and Pewleys Estate Agents Ltd for the year ended 31 December 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 Chantries and Pewleys Estate Agents Ltd, 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 Chantries and Pewleys Estate Agents Ltd and state those matters that we have agreed to state to the Board of Directors of Chantries and Pewleys Estate Agents Ltd, 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 Chantries and Pewleys Estate Agents Ltd 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 Chantries and Pewleys Estate Agents Ltd 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 Chantries and Pewleys Estate Agents Ltd. You consider that Chantries and Pewleys Estate Agents Ltd 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 Chantries and Pewleys Estate Agents Ltd. 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 |
39 Berwyn Road |
Richmond |
Surrey |
TW10 5BU |
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