Cranbourne Estates Limited Filleted accounts for Companies House (small and micro)

CRANBOURNE ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04514461

Cranbourne Estates Limited

Filleted Unaudited Financial Statements

31 March 2019

Cranbourne Estates Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	1,835,000	1,845,000
Investments	6	250,000	250,000
		-----------	-----------
		2,085,000	2,095,000

Current assets

Debtors	7	194,170		153,009

Creditors: amounts falling due within one year	8	408,432		602,057
		---------		---------
Net current liabilities			214,262	449,048
			-----------	-----------
Total assets less current liabilities			1,870,738	1,645,952

Creditors: amounts falling due after more than one year	9		572,328	419,505

Provisions

Taxation including deferred tax	23,231	23,231
	-----------	-----------
Net assets	1,275,179	1,203,216
	-----------	-----------

Capital and reserves

Called up share capital		200	200
Revaluation reserve	10	24,100	24,100
Profit and loss account	10	1,250,879	1,178,916
		-----------	-----------
Shareholders funds		1,275,179	1,203,216
		-----------	-----------

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.

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;

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

Cranbourne Estates Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 12 June 2019 , and are signed on behalf of the board by:

P P F Upton

Director

Company registration number: 04514461

Cranbourne Estates Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park View House, Front Street, Benton, Newcastle upon Tyne, NE7 7TZ.

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'.

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 liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.

Revenue recognition

The turnover shown in the profit and loss account represents rents receivable during the year, exclusive of Value Added Tax.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset .

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.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Investments in associates

Investments in associates 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. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Average number of employees

The average monthly number of employees, including directors, during the year was 2 (2018: 2).

5. Tangible assets

	Land and buildings
	£
Cost or valuation
At 1 April 2018	1,845,000
Additions	361,074
Disposals	( 375,000)
Revaluations	3,926
	-----------
At 31 March 2019	1,835,000
	-----------
Depreciation
At 1 April 2018 and 31 March 2019	–
	-----------
Carrying amount
At 31 March 2019	1,835,000
	-----------
At 31 March 2018	1,845,000
	-----------

Investment properties were valued by an independent valuer at 31 March 2019 at an open market value .

6. Investments

	Shares in participating interests
	£
Cost
At 1 April 2018 and 31 March 2019	250,000
	---------
Impairment
At 1 April 2018 and 31 March 2019	–
	---------

Carrying amount
At 31 March 2019	250,000
	---------
At 31 March 2018	250,000
	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	25,241	14,037
Amounts owed by group undertakings and undertakings in which the company has a participating interest	93,000	116,500
Other debtors	75,929	22,472
	---------	---------
	194,170	153,009
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	301,744	508,443
Trade creditors	34,307	17,628
Social security and other taxes	9,912	25,484
Other creditors	62,469	50,502
	---------	---------
	408,432	602,057
	---------	---------

Bank loans and overdrafts in creditors: amounts falling due within one year totalling £256,744 (2018: £508,443) are secured by a charge over certain of the company's assets.

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

	2019	2018
	£	£
Bank loans and overdrafts	522,328	121,005
Other creditors	50,000	298,500
	---------	---------
	572,328	419,505
	---------	---------

Bank loans and overdrafts in creditors: amounts falling due after more than one year totalling £336,608 (2018: £121,005) are secured by a charge over certain of the company's assets.

10. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Related party transactions

Loans to participating interests are interest free and repayable on demand .