Crystal Fountain Properties Limited - Period Ending 2019-01-31

Registration number: 05345816

Crystal Fountain Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2019

Pages for Filing with Registrar

Crystal Fountain Properties Limited

(Registration number: 05345816)
Balance Sheet as at 31 January 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	5	180,000	180,000
Current assets
Debtors	6	427	1,624
Cash at bank and in hand		2,064	739
		2,491	2,363
Creditors: Amounts falling due within one year	7	(2,162)	(1,020)
Net current assets		329	1,343
Total assets less current liabilities		180,329	181,343
Creditors: Amounts falling due after more than one year	7	(267,569)	(261,367)
Net liabilities		(87,240)	(80,024)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(87,241)	(80,025)
Total equity		(87,240)	(80,024)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Crystal Fountain Properties Limited

(Registration number: 05345816)
Balance Sheet as at 31 January 2019

For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2019 and signed on its behalf by:
 

.........................................

E A Talbot

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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Crystal Fountain Properties Limited

Notes to the Financial Statements for the Year Ended 31 January 2019

1	General information

The company is a incorporated in England and Wales.

The address of its registered office is:
Sovereign House
212-224 Shaftesbury Avenue
London
WC2H 8HQ
United Kingdom

Principal activity

The principal activity of the company is maintaining and improving the company's property in France.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a loss in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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Crystal Fountain Properties Limited

Notes to the Financial Statements for the Year Ended 31 January 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

No depreciation is provided in respect of freehold buildings as in the opinion of the directors, the property is maintained in a state of repair such that the estimated residual value is not loss than the costs.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by directors. Changes in fair value are recognised in profit or loss.

Financial instruments

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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairmnet. If objective evidence of impariment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Crystal Fountain Properties Limited

Notes to the Financial Statements for the Year Ended 31 January 2019

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4	Staff numbers

There were no employees during the current year or the previous year.

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Crystal Fountain Properties Limited

Notes to the Financial Statements for the Year Ended 31 January 2019

5	Investment properties

	2019 £
At 1 February	180,000
At 31 January	180,000

The directors have based the valuation of the property on similar properties at the same location.

6

Debtors

	2019 £	2018 £
Other debtors	427	1,624

7

Creditors

	Note	2019 £	2018 £
Due within one year
Other creditors		2,162	1,020
Due after one year
Loans and borrowings	8	267,569	261,367

8	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Other borrowings	267,569	261,367

9	Related party transactions

Shareholder Loan
During the year, the shareholder paid expenses on behalf of the company amounting £6,202 (2018 - £5,886). As at the year end, the loan balance stands at £267,569 (2018 - £261,367).

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