Curtis Medical Investments Limited Filleted accounts for Companies House (small and micro)
Curtis Medical Investments Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
03135599
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For the year ended |
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Financial Statements |
Year ended 31st December 2019
Contents |
Pages |
Officers and professional advisers |
1 |
Statement of financial position |
2 to 3 |
Notes to the financial statements |
4 to 11 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditors |
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First Floor |
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99 Bancroft |
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Hitchin |
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Hertfordshire |
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SG5 1NQ |
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Bankers |
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Sanders Road |
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Wellingborough |
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Northamptonshire |
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NN8 4BX |
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Statement of Financial Position |
2019 |
2018 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Investments |
7 |
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Current assets
Debtors |
8 |
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Investments |
9 |
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Cash at bank |
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Creditors: amounts falling due within one year |
10 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
11 |
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Provisions
Taxation including deferred tax |
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Net assets |
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Capital and reserves
Called up share capital |
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Fair value reserve |
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Profit and loss account |
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Shareholders funds |
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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.
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
14 August 2020
, and are signed on behalf of the board by:
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Director |
Company registration number:
03135599
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Notes to the Financial Statements |
Year ended 31st December 2019
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
3.
Accounting policies
Basis of preparation
Going concern
Consolidation
Judgements and key sources of estimation uncertainty
Revenue recognition
Taxation
Operating leases
Tangible assets
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 |
- |
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Office equipment |
- |
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No depreciation is provided in the year of purchase with a full years charge in the year of disposal.
Investment property
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
Impairment of fixed assets
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2018:
5
).
5.
Tax on profit
Major components of tax expense
2019 |
2018 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
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Tax on profit |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2018: lower than) the
standard rate of corporation tax in the UK
of
19
% (2018:
19
%).
2019 |
2018 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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Profit on ordinary activities by rate of tax |
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Effect of expenses not deductible for tax purposes |
(
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(
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Effect of capital allowances and depreciation |
(
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(
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Effect of revenue exempt from tax |
(
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(
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Deferred tax adjustment on fair value adjustment of fixed assets |
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Tax on profit |
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6.
Tangible assets
Freehold investment properties |
Furniture, fixtures and fittings |
Total |
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£ |
£ |
£ |
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Cost or Valuation |
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At 1st January 2019 and 31st December 2019 |
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Depreciation |
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At 1st January 2019 and 31st December 2019 |
– |
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Carrying amount |
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At 31st December 2019 |
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At 31st December 2018 |
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Included within the above is investment property as follows:
£ |
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At 1st January 2019 and 31st December 2019 |
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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 2019.
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 |
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£ |
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At 31st December 2019 |
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Aggregate cost |
10,736,998 |
Aggregate depreciation |
– |
------------- |
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Carrying value |
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At 31st December 2018 |
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Aggregate cost |
10,736,998 |
Aggregate depreciation |
– |
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Carrying value |
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7.
Investments
Shares in participating interests |
Other investments other than loans |
Total |
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£ |
£ |
£ |
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Cost or Valuation |
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At 1st January 2019 |
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Disposals |
– |
(
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(
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Fair value adjustment |
– |
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At 31st December 2019 |
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Impairment |
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At 1st January 2019 |
– |
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Reversal of impairment losses |
– |
(
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(
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At 31st December 2019 |
– |
– |
– |
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Carrying amount |
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At 31st December 2019 |
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At 31st December 2018 |
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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 2019 are as follows:
Capital and Reserves
£493,932
Profit for the year after taxation
£ 27,352
Investments held at valuation
The fair value of quoted investments is the market price in an active market on 31st December 2019.
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 |
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£ |
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At 31st December 2019 |
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Aggregate cost |
98,237 |
Aggregate depreciation |
– |
-------- |
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Carrying value |
98,237 |
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At 31st December 2018 |
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Aggregate cost |
304,944 |
Aggregate depreciation |
– |
--------- |
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Carrying value |
304,944 |
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8.
Debtors
2019 |
2018 |
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£ |
£ |
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Insurance arrears |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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– |
Other debtors |
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9.
Investments
2019 |
2018 |
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£ |
£ |
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Current asset Investments |
1,717 |
1,878 |
------- |
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10.
Creditors:
amounts falling due within one year
2019 |
2018 |
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£ |
£ |
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Bank loans (secured) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Rent and insurance in advance |
281,179
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629,670
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Other creditors |
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11.
Creditors:
amounts falling due after more than one year
2019 |
2018 |
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£ |
£ |
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Bank loans (secured) |
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Included within creditors: amounts falling due after more than one year is an amount of £315,988 (2018: £4,523,980) 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:
2019 |
2018 |
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£ |
£ |
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Included in provisions |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2019 |
2018 |
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£ |
£ |
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Fair value adjustment of investment property |
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Other revaluations |
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1,104,208 |
1,101,097 |
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13.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
2019 |
2018 |
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£ |
£ |
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Financial assets measured at fair value through profit or loss
Fixed asset investments |
256,449 |
419,667 |
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14.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019 |
2018 |
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£ |
£ |
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Later than 5 years |
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15.
Contingencies
16.
Summary audit opinion
The senior statutory auditor was
PHILIP DEAN FCA
, for and on behalf of
Hicks and Company
.
17.
Related party transactions
Included in other debtors are the following loans made to businesses in which certain directors have an interest:
2019 | 2018 | ||
£ | £ | ||
Curtis Land Limited | 50,000 | 50,000 | |
The above existing loan is unsecured, repayable on demand and subject to interest at 3% per annum.
2019 | 2018 | ||
£ | £ | ||
Peaktoll Limited | 50,000 | 50,000 | |
Mahone Bay Limited | 50,000 | 50,000 | |
Messrs John Shilcock | 38,000 | 40,000 | |
The above existing loans are unsecured, repayable on demand and subject to interest at 2.5% per annum.