Curtis Medical Investments Limited Filleted accounts for Companies House (small and micro)

CURTIS MEDICAL INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03135599

Curtis Medical Investments Limited

Filleted Financial Statements

For the year ended

31 December 2018

Curtis Medical Investments Limited

Financial Statements

Year ended 31st December 2018

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 11

Curtis Medical Investments Limited

Officers and Professional Advisers

The board of directors	Mr M Hill
	Mr A Bunker
	Mr J J Hill
	Mr M W Seaman-Hill
	Mrs K M A Hill

Registered office	First Floor Offices
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Auditor	Hicks and Company
	Chartered accountants & statutory auditors
	First Floor
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Bankers	Weatherbys Bank Limited
	Sanders Road
	Wellingborough
	Northamptonshire
	NN8 4BX

Curtis Medical Investments Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6	23,884,926	23,884,929
Investments	7	420,098	388,757
		-------------	-------------
		24,305,024	24,273,686

Current assets

Debtors	8	302,270	257,041
Investments	9	1,878	2,414
Cash at bank		988,340	698,109
		------------	---------
		1,292,488	957,564

Creditors: amounts falling due within one year	10	1,547,790		1,194,298
		------------		------------
Net current liabilities			255,302	236,734
			-------------	-------------
Total assets less current liabilities			24,049,722	24,036,952

Creditors: amounts falling due after more than one year	11		6,642,973	7,133,777

Provisions

Taxation including deferred tax	1,101,097	1,097,325
	-------------	-------------
Net assets	16,305,652	15,805,850
	-------------	-------------

Capital and reserves

Called up share capital	100	100
Fair value reserve	12,246,576	12,215,268
Profit and loss account	4,058,976	3,590,482
	-------------	-------------
Shareholders funds	16,305,652	15,805,850
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Curtis Medical Investments Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 24 September 2019 , and are signed on behalf of the board by:

Mr M W Seaman-Hill

Director

Company registration number: 03135599

Curtis Medical Investments Limited

Notes to the Financial Statements

Year ended 31st December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales, registered number 03135599 . The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss. The financial statements are prepared in pounds sterling, which is also the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Going concern

The directors are satisfied with the financial arrangements of the company and that the financial statements are appropriately prepared on a going concern basis.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the rents of properties and recharged expenses which are included on an accruals basis and consultancy fees excluding value added tax on properties where option to tax has been granted by H M Revenue & Customs.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Payments made under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Furniture, fixtures and fittings	-	20% straight line
Office equipment	-	20% straight line

No depreciation is provided in the year of purchase with a full years charge in the year of disposal.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in subsidiaries accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary arising before or after the date of acquisition.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs .

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2017: 5 ).

5. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	202,036	193,100

Deferred tax:

Origination and reversal of timing differences	3,772	( 190,562)
	---------	---------
Tax on profit	205,808	2,538
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2017: lower than) the standard rate of corporation tax in the UK of 19 % (2017: 19.25 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	1,105,610	914,283
	------------	---------
Profit on ordinary activities by rate of tax	210,065	175,968
Effect of expenses not deductible for tax purposes	( 6,684)	17,374
Effect of capital allowances and depreciation	( 174)	( 214)
Effect of revenue exempt from tax	( 1,171)	( 28)
Deferred tax adjustment on fair value adjustment of fixed assets	3,772	(190,562)
	------------	---------
Tax on profit	205,808	2,538
	------------	---------

6. Tangible assets

	Freehold investment properties	Furniture, fixtures and fittings	Office equipment	Total
	£	£	£	£
Cost or Valuation
At 1st January 2018	23,883,418	529,299	3,229	24,415,946
Disposals	–	–	( 3,229)	( 3,229)
	-------------	---------	-------	-------------
At 31st December 2018	23,883,418	529,299	–	24,412,717
	-------------	---------	-------	-------------
Depreciation
At 1st January 2018	–	527,791	3,226	531,017
Disposals	–	–	( 3,226)	( 3,226)
	-------------	---------	-------	-------------
At 31st December 2018	–	527,791	–	527,791
	-------------	---------	-------	-------------
Carrying amount
At 31st December 2018	23,883,418	1,508	–	23,884,926
	-------------	---------	-------	-------------
At 31st December 2017	23,883,418	1,508	3	23,884,929
	-------------	---------	-------	-------------

Included within the above is investment property as follows:

	£
	-------------
At 1st January 2018 and 31st December 2018	23,883,418
	-------------

The fair value of the freehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company. The valuations were made on an open market value, value evidence basis for existing use on 31st December 2018.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold investment properties
	£
At 31st December 2018
Aggregate cost	10,736,998
Aggregate depreciation	–
	-------------
Carrying value	10,736,998
	-------------

At 31st December 2017
Aggregate cost	10,736,998
Aggregate depreciation	–
	-------------
Carrying value	10,736,998
	-------------

7. Investments

	Shares in participating interest	Other investments other than loans	Total
	£	£	£
Cost or Valuation
At 1st January 2018	50	471,117	471,167
Fair value adjustment	–	35,080	35,080
	----	---------	---------
At 31st December 2018	50	506,197	506,247
	----	---------	---------
Impairment
At 1st January 2018	–	82,410	82,410
Impairment losses	–	3,739	3,739
	----	---------	---------
At 31st December 2018	–	86,149	86,149
	----	---------	---------

Carrying amount
At 31st December 2018	50	420,048	420,098
	----	---------	---------
At 31st December 2017	50	388,707	388,757
	----	---------	---------

Shares in participating interest

Shares held in the participating interest by the company relates to Curtis Medical Investments (Letchworth) Limited:

Name of Company - Curtis Medical Investments (Letchworth) Limited

Country of Incorporation - England & Wales

Holding - Ordinary Shares

Proportion Held - 50%

Nature of Business - Property Investment and Development

Extracts from the audited financial statements of the participating interest at 31st December 2018 are as follows:

Capital and Reserves £466,580

Profit for the year after taxation £ 25,675

Investments held at valuation

The fair value of quoted investments is the market price in an active market on 31st December 2018.

Unquoted investments are valued by the directors on an appropriate valuation basis, with due consideration for the size of the holding.

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Other investments other than loans
	£
At 31st December 2018
Aggregate cost	304,944
Aggregate depreciation	–
	---------
Carrying value	304,944
	---------

At 31st December 2017
Aggregate cost	304,944
Aggregate depreciation	–
	---------
Carrying value	304,944
	---------

8. Debtors

	2018	2017
	£	£
Trade debtors	873	205
Other debtors	301,397	256,836
	---------	---------
	302,270	257,041
	---------	---------

9. Investments

	2018	2017
	£	£
Current asset Investments	1,878	2,414
	-------	-------

10. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans (secured)	490,805	455,251
Trade creditors	31,616	80,050
Corporation tax	202,036	193,100
Social security and other taxes	48,425	32,381
Rent and insurance in advance	629,670	299,391
Other creditors	145,238	134,125
	------------	------------
	1,547,790	1,194,298
	------------	------------

11. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans (secured)	6,642,973	7,133,777
	------------	------------

Included within creditors: amounts falling due after more than one year is an amount of £4,523,980 (2017: £5,024,676) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured by a first charge over the freehold investment properties.

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions	1,101,097	1,097,325
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Fair value adjustment of investment property	1,069,573	1,069,573
Other revaluations	31,524	27,752
	------------	------------
	1,101,097	1,097,325
	------------	------------

13. Financial instruments at fair value

	2018	2017
	£	£

Financial assets measured at fair value through profit or loss

Fixed asset investments	419,667	384,587
	---------	---------

14. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Later than 5 years	77,018	88,428
	--------	--------

15. Contingencies

As at 31st December 2018 the following contingent liability existed: Additional purchase consideration of £10,000 in respect of an investment property purchased during the year ended 31st December 1998 upon obtaining a final satisfactory surveyor's report. To date this remains to be resolved.

16. Summary audit opinion

The auditor's report for the year dated 24 September 2019 was unqualified.

The senior statutory auditor was PHILIP DEAN FCA , for and on behalf of Hicks and Company .

17. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2018	2017
	£	£
Mr A A Hill	( 127)	( 127)
	----	----

The above existing loan is unsecured, interest free and repayable on demand.

18. Related party transactions

Included in other debtors are the following loans made to businesses in which certain directors have an interest:

	2018	2017
	£	£
Curtis Land Limited	50,000	50,000

The above existing loan is unsecured, repayable on demand and subject to interest at 3% per annum.

	2018	2017
	£	£
Peaktoll Limited	50,000	50,000
Mahone Bay Limited	50,000	50,000
Messrs John Shilcock	40,000	–

The above existing loans are unsecured, interest free and repayable on demand.