CAUDWELL PROPERTIES (100) LTD

CAUDWELL PROPERTIES (100) LTD

CAUDWELL PROPERTIES (100) LTD - Company Information

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CAUDWELL PROPERTIES (100) LTD

Company Registration Number:
06698255 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2019

Period of accounts

Start date: 01 October 2018

End date: 30 September 2019

CAUDWELL PROPERTIES (100) LTD

Contents of the Financial Statements

for the Period Ended 30 September 2019

Balance sheet
Notes

CAUDWELL PROPERTIES (100) LTD

Balance sheet

As at 30 September 2019


Notes
2019
2018


£
£
Fixed assets
Tangible assets: 3 0 6,627,435
Total fixed assets: 0 6,627,435
Current assets
Debtors: 4 9,688,098 7,959,627
Cash at bank and in hand: 26,912 678,038
Total current assets: 9,715,010 8,637,665
Creditors: amounts falling due within one year:   (111,031) (173,364)
Net current assets (liabilities): 9,603,979 8,464,301
Total assets less current liabilities: 9,603,979 15,091,736
Creditors: amounts falling due after more than one year: 5 (1,053,691) (8,887,387)
Total net assets (liabilities): 8,550,288 6,204,349
Capital and reserves
Called up share capital: 100 100
Revaluation reserve:601,592,665
Profit and loss account: 8,550,188 4,611,584
Shareholders funds: 8,550,288 6,204,349

The notes form part of these financial statements

CAUDWELL PROPERTIES (100) LTD

Balance sheet statements

For the year ending 30 September 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 June 2020
and signed on behalf of the board by:

Name: Richard Bosson
Status: Director

The notes form part of these financial statements

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

2. Employees

2019 2018
Average number of employees during the period 0 18

As at the year end date the company had no employees as they were TUPEd to the parent company, Caudwell Collection in May 2019.

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

3. Tangible Assets

Total
Cost £
At 01 October 2018 6,627,435
Additions 2,243,682
Disposals (8,871,117)
At 30 September 2019 0
Net book value
At 30 September 2019 0
At 30 September 2018 6,627,435

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

4. Debtors

2019 2018
££
Debtors due after more than one year: 4,643,868 5,191,355

These relate to loans to related undertakings. The loans are unsecured and receivable on 30 days notice when the Board of Directors of each borrowing entity determines that the entity has surplus cash which they consider is not required to meet its liabilities as they fall due. The loans bear interest at rates between one month BOE base rate +3% and one month LIBOR +5%. Interest of £265,844 (2018– £204,849) was receivable during the year. As the directors have assessed that this is the market rate payable for a similar loan from an external party they are classified as basic financial instruments under section 11 of FRS 102 and are held at amortised cost.

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

5. Creditors: amounts falling due after more than one year note

This relates to a loan from the shareholder. Following the group restructure implemented on 1st October 2018 the loan was novated from John Caudwell to Caudwell Collection Limited, the new parent company. The loan bears interest at 3% + the BoE base rate. £279,386 of interest was accrued in the year and this capitalises on the 30th of September each year. The loan is unsecured. As the directors have assessed that this is the market rate payable for a similar loan from an external party they are classified as basic financial instruments under section 11 of FRS 102 and are held at amortised cost.The 2018 loan was unsecured, and bore interest at a rate of one month BOE base rate +3% until 1st November 2013, at which point the director waived the right to charge interest. The loan is repayable on 30 days notice when the Board of Directors determines that the company has cash which it considers is not required to meet its liabilities as they fall due. In compliance with the FRED 67 amendment to FRS 102 applicable to small companies (effective 8th May 2017) the 2018 loan was been measured at transaction price.

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

6. Revaluation reserve

2019
£
Balance at 01 October 2018 1,592,665
Surplus or deficit after revaluation (1,592,665)
Balance at 30 September 2019 0

The concept of a revaluation reserve for investment properties does not exist under FRS 102 and so any cumulative gains or losses on revaluation of investment property, and deferred tax impacts thereon have been ring fenced in the non-distributable fair value reserve until the gains or losses are realised when the relevant property is sold. When the property was sold in 2019 the balance on the non-distributable fair value reserve was transferred to the profit and loss reserve.

CAUDWELL PROPERTIES (100) LTD

Notes to the Financial Statements

for the Period Ended 30 September 2019

7. Related party transactions

The company is controlled by J D Caudwell. The immediate parent company is Caudwell Collection Limited and the ultimate parent company is Broughton Holdings Limited. No consolidated accounts have been prepared as the group qualifies as small for the year ended 30 September 2019. The company has not undertaken any material transactions which were not conducted under normal market conditions and so no related party transactions are disclosed in these financial statements under section 1A of FRS 102.