Crystal Property & Land Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05814928 (England and Wales)

Financial Statements

for the Year Ended 31 December 2019

for

Crystal Property & Land Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J Ashworth

J Black

H P Hill

A C Park

S D Ashworth

SECRETARY:

J Black

REGISTERED OFFICE:

Bridge Street Chambers

72 Bridge Street

Manchester

M3 2RJ

REGISTERED NUMBER:

05814928 (England and Wales)

AUDITORS:

Mitten Clarke Audit Limited

Statutory Auditors

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

FIXED ASSETS

Tangible assets

5

57,031

63,368

CURRENT ASSETS

Debtors

6

504,416

2,716,775

Cash at bank

20,553

9,471

524,969

2,726,246

CREDITORS

Amounts falling due within one year

7

587,598

2,806,912

NET CURRENT LIABILITIES

(62,629

)

(80,666

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,598

)

(17,298

)

CREDITORS

Amounts falling due after more than one year

8

-

3,915

NET LIABILITIES

(5,598

)

(21,213

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

(5,599

)

(21,214

)

SHAREHOLDERS' FUNDS

(5,598

)

(21,213

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 7 October 2020 and were signed on its behalf by:

S J Ashworth - Director

A C Park - Director

1.	STATUTORY INFORMATION

Crystal Property & Land Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and are presented

in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation,

net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values

over their useful lives on the following basis:

Plant and machinery etc 10% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale

proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and

Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using

the effective interest method unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market rate of

interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more

events that occurred after the initial recognition of the financial asset, the estimated future cash

flows have been affected. If an asset is impaired, the impairment loss is the difference between the

carrying amount and the present value of the estimated cash flows discounted at the asset's original

effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment

was recognised, the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of

ownership are retained but control of the asset has transferred to another party that is able to sell

the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies,

are initially recognised at transaction price unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future payments

discounted at a market rate of interest. Financial liabilities classified as payable within one year

are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Amounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are

discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the

risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the

date of inception and the present value of the minimum lease payments. The related liability is

included in the balance sheet as a finance lease obligation. Lease payments are treated as

consisting of capital and interest elements. The interest is charged to the profit and loss account so

as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to

income on a straight line basis over the term of the relevant lease except where another more

systematic basis is more representative of the time pattern in which economic benefits from the

lease asset are consumed.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2019

and 31 December 2019

91,388

DEPRECIATION

At 1 January 2019

28,020

Charge for year

6,337

At 31 December 2019

34,357

NET BOOK VALUE

At 31 December 2019

57,031

At 31 December 2018

63,368

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

163,067

2,554,498

Amounts owed by group undertakings

-

31,911

Other debtors

53,380

17,805

Prepayments and accrued income

287,969

112,561

504,416

2,716,775

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

-

6,570

Trade creditors

380,006

140,950

Amounts owed to group undertakings

144,908

2,567,764

Corporation tax

5,405

3,039

Social security and other taxes

54,398

75,317

Accruals and deferred income

2,881

13,272

587,598

2,806,912

Obligations under finance leases of £Nil (2018: £6,570) disclosed under creditors falling due within

one year were secured over the fixed assets held.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

-

3,915

Obligations under finance leases of £Nil (2018: £3,915) disclosed under creditors falling due after

more than one year were secured over the fixed assets held.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

-

6,570

Between one and five years

-

3,915

-

10,485

Non-cancellable

operating leases

2019

2018

£

£

Within one year

7,950

6,625

Between one and five years

25,175

33,125

33,125

39,750

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Share capital 1

£1

1

1

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

We draw attention to Note 13 of the financial statements which describes the impact of post

balance sheet events on the company and the directors' assessment of the going concern status of

the company. Our opinion is not modified in this respect.

Lindsey Shepherd (Senior Statutory Auditor)

for and on behalf of Mitten Clarke Audit Limited

12.	ULTIMATE PARENT COMPANY

The company is a 100% owned subsidiary of Arrowmere Holdings Limited, which is the ultimate

parent company. The ultimate parent company prepares consolidated financial statements as at 31

December 2019 and these financial statements may be obtained from Bridge Street Chambers, 72

Bridge Street, Manchester, M3 2RJ.

13.	POST BALANCE SHEET EVENT

In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the

spread of the virus the Government has imposed restrictions on the movement of people and the

ability of businesses to continue to trade. The company has determined that these events are

non-adjusting subsequent events. Accordingly, the financial position and results of operations as of

and for the year ended 31 December 2019 have not been adjusted.

The duration and impact of the Coronavirus pandemic, as well as the effectiveness of government

and central bank responses, remains unclear at this time. It is not possible to reliably estimate the

duration and severity of these consequences, as well as their impact on the financial position and

results of the company for future periods.

In the post balance sheet period the company has taken advantage of the VAT deferment scheme.